保健品行业是一个需求景气度向上的消费细分赛道，在与机构投资者密集 沟通交流后，我们发现市场对于保健食品的定义、蓝帽子的概念与申报要 求、注册制与备案制的审批流程、保健品行业的监管体系等问题较为关注， 但也存在概念混淆。我们针对于市场关注的保健食品蓝帽子的相关问题进 行了如下的系统性梳理:

食品饮料行业深度报告：居民健康观念升级，保健品行业迎来新机遇－保健品行业研究系列报告一

食品饮料行业深度报告－海外酒类研究系列报告

Pretzels are crisp, brittle, and salted baked snack foods made of flour dough. These are available in various shapes and have shiny outer surfaces. Raw materials that are used to produce pretzels are flour, yeast, leavening agents, and shortenings. Different varieties of pretzels are available in the market in terms of shape and flavor. Companies sell pretzels as on- the-go snacks in packages, and some sell freshly made pretzels at foodservice outlets. The modern production process of pretzels is completely automated. It involves multiple steps, such as mixing the dough, forming pretzels, dipping, and salting, cooking, and packaging. These steps vary depending on the type of pretzel.

Nutraceuticals are considered the future of intelligent foods that have medicinal benefits. Functional foods, nutritional supplements, clinically formulated foods, and sports & energy drinks dramatically accelerate the market growth.

Proteins produce amino acids essential for a range of bodily functions, including the building, maintaining, and repairing muscle fibers. High-protein food items include fish, chicken, nuts, lentils, beans, eggs, and soy. Pre-workout protein consumption helps in improving athletic performance, according to experts. The consumption of protein (alone or with carbs) before exercise increases muscle protein synthesis. In addition, it helps in better anabolic response or muscle growth, improved muscle recovery, increased strength and lean body mass, and increased muscle performance. Protein is the building block for muscles in the human body. Muscles are depressed during workouts. The body requires dietary protein to rebuild muscles. Protein consumption depends on the type of activities and the rest given to the body. It is recommended to take 20 to 40 grams of protein after exercise.

In 2022, the global market for specialty food ingredients was valued at $71.00 billion, projected to increase to $104.79 billion by 2028. Specialty food ingredients are additives used in the food industry to provide a different taste, flavor, texture, and other ingredients. High-quality specialty food ingredients contain fewer calories, resulting in zero or low-calorie content. Specialty ingredients are used with high-quality ingredients to create specialty, high-value food. These ingredients can be produced through chemical synthesis or extracted from plants and are accessible to consumers in various forms, such as packets, powders, or small tablets. These foods are generally in small amounts yet are more nutritious than other foods. However, these specialty foods are comparatively more expensive than other foods.

大众品整体:我们梳理出大众品2025年两条投资主线，渠道变迁结构性机会下受益的真成长公司与餐饮加速修复下受益的子板块。具体看:一 是选品模式商超迅速发展带来的渠道变迁结构性机会下，可能受益的板块及公司(详见我们此前外发的深度报告《从渠道变迁角度挖掘优质消 费品企业投资机会》);二是刺激政策落地带动餐饮端消费加速修复下，率先受益的餐饮供应链、调味品板块。具体看,各细分子行业: 休闲食品:高势能渠道&健康化浪潮兴起，利好优质供应商。整体看，各公司在自身优势单品基础上，坚持全渠道覆盖，积极拥抱山姆&零食量 贩&抖音等新渠道，并持续夯实供应链优势(提升自动化程度&积极布局上游原材料)。在优势单品外，各家持续打造创新单品，为后续发展提 供储备。建议关注:【盐津铺子】、【卫龙美味】、【三只松鼠】、【有友食品】。

中国汉堡市场发展现状 西式快餐消费需求释放，连锁化发展推动行业增长。餐饮连锁化率的提升不仅提高 了行业效率，也带动了品牌创新与经济发展。塔斯汀通过手擀现烤堡胚工艺开创中 国汉堡赛道，以产品创新、品牌塑造和多维赋能助力行业升级。中国汉堡市场以 64%的年复合增长率展现强劲扩张态势，预计2027年规模达704亿元。在政策支持、 资本助力和供应链本地化推动下，产业链完善促进品类协同发展。塔斯汀凭借严格 品控、灵活加盟模式及线上运营优势，打造全方位竞争力，并通过融合中国文化与 潮流树立“国货之光”品牌形象，快速扩张全国市场并收获广泛消费群体。