我国包装水行业：量增驱动增长，竞争格局趋于稳固。2019 年我国包 装水行业规模达到 2017 亿元，量增为主要驱动因素，未来向家庭消费场 景渗透加快大包装水增长。高端包装水增速更快，推动单价稳步提升。经 历 30 年激荡变局，包装水行业龙头几经更替，于 2015 年后农夫山泉市 占率持续提升，2019 年达到 28%，双寡头向单寡头格局演变。

中报披露在即，建议关注业绩表现较好，确定性强的公司，如五粮液、 山西汾酒。【五粮液】由于团购发力，全国化进程明显，且动销逐渐升温， 我们预计 2020-2022 年收入为 577、658、757 亿元，2020-2022 年净利润 为 214、290、348 亿元，对应 2020-2022 年 EPS 为 5.51、7.46、8.96 元/ 股，基于行业集中度提高，高档酒行业壁垒带来头部企业的增速保证，维 持“推荐”评级。【山西汾酒】预计公司 20、21、22 年分别收入为 143、 185、250 亿，增速分别为 20%、30%、35%，预计 20-22 年净利润分别为 24.6、34.7、49.7 亿，同比 26.9%、40.9%、43.3%，对应的 EPS 为 2.82、 3.98、5.70。

6 月2 日，中国食品报讯，为解决黄颡鱼个头小、出肉率低、生长缓慢的问题，中国水产科学院珠江水产研究所与南京尧顺禹生物科技有限公司合作，采用基因编辑技术培育生长快速、肉质量高和规格大的新品系黄颡鱼，并于近日培育成功。这是国际上首次实现水产养殖鱼类的基因敲除。

陆股通：前10 中白酒非白酒四六开，增持源于基本面修复和成长。（1）占比前10：截至2020 年6 月30 日，陆股通持股比例前5 分别为安琪酵母、中炬高新、伊利股份、洽洽食品、贵州茅台；持股比例6-10 为五粮液、重庆啤酒、水井坊、海天味业、洋河股份。（2）增持变化：2020Q2 相较2020Q1，陆股通增持比例前10 分别是重庆啤酒、天味食品、洽洽食品、光明乳业、双塔食品、伊力特、安琪酵母、舍得酒业、中炬高新、伊利股份。

疫后一线名酒间接提价，通过产品结构升级、加大直营占比、减少传统渠道配额等方式以实现吨价上提；疫后主流次高端白酒企业淡季直接提价，以实现刺激渠道商提前备货回款、实现核心产品提前站位、提升品牌力三方面目的。

板块持仓分析：白酒加仓，食品减仓，板块整体持仓回落。截止2020年二季度末，食品饮料板块的基金持仓比例为13.64%，环比下降0.58pct，自19Q2 以来连续四个季度回落，板块超配比例也从10.64%降至9.74%。分板块来看，20Q2 白酒板块基金持仓比例为10.46%，环比回升0.65pct，大众品板块仓位则有所回落，其中乳制品、调味品、食品综合持仓比例分别环比下降0.55/0.31/0.35pct。总结而言，白酒和大众品配置继续明显分化，且与Q1 配置方向恰恰相反，主要是Q2 疫情明显改善，白酒消费场景复苏，动销逐月回暖，而大众品刚需优势相对减弱，因此资金配置呈现出可选回升、必选回落的趋势。

The global gluten-free products market encompasses various types of gluten-free products. Some of the major types include gluten-free baby food, gluten-free pasta, and gluten-free ready meals. By region, the gluten-free products market is studied across North America, Europe, Asia-Pacific, and LAMEA. Further, the report also covers the strategies adopted by the key market players to sustain competitive environment and increase their market share. ConAgra food Inc., Hain Celestial Group, Inc., General Mills, Inc., Kellogg Company, The Kraft Heinz Company, Freedom Foods Group Limited, Mondelez International Inc., Koninklijke Wessanen N.V, Quinoa Corporation, and Valeo Foods Group Limited are some of the major players discussed in the report, which cater to the gluten-free products market. In the coming years, there would be increase in prevalence of celiac disease patients, and food manufacturing companies are expected to invest in gluten-free products industry. Drivers, restraints, and opportunities are explained in the report to understand the market movement. Further, the key strategies adopted by potential market leaders to facilitate effective planning have also been discussed under the scope of the report.

Growing consumption of the packaged food and beverage, along with rising health awareness, is anticipated to drive the market studied. Furthermore, increasing utilization of fruit powders across manufacturing of the flavored beverages may further drive the growth of the market studied. The functional beverage and ready-to-drink sectors are providing significant opportunities for the market’s growth. Fruit powders are being used in the beverage and tea industries for juices, fruit juice beverages, nectars, ice tea, and as additive in alcoholic drinks. The functional beverage is an important segment within the industry, and the developing markets have a growth potential for these beverages. Within the functional beverage segment, enhanced water and ready-to-drink beverages are witnessing an increased consumer demand. Fruit powders are poised to witness increased utilization in the foreseeable future. Fruit mixes are gaining popularity among consumers as a result of their unique flavor. Also, rising demand for convenience food and ready-to-drink products is expected to positively impact the market over the forecast period. Some current trends in the beverage market are stick packs with real fruit and vegetable powders, smoothie mixes with multiple berry and fruit blends, and powdered fruit mixes with protein, fiber, tea, and other naturally healthy components. The trend of fruit powders can also be witnessed in the retail market, with the innovations of leading beverage companies like Pepsi Co., which launched Tropicana Fruit Powders in Mixed Fruit (containing juice of 7 fruits), Juicy Orange, and Refreshing Lemon flavors.