2022Q3 旺季啤酒产销量加速提升，Q3 单季青岛啤酒表现突出。2022Q3 啤酒行业受益于“旺季”来临产销量提升加速，弥补了上半年疫情受损销量影响，各家酒企全年销量目标达成率确定性增强。2022 前三季度啤酒产量2,947.9 万千升（yoy+1.4%），Q3 单季啤酒产量1,125.1 万千升（yoy+9.6%）。前三季度酒企追回受损销量，Q3 单季青岛啤酒销量增双，表现突出。2022 前三季度青岛啤酒/重庆啤酒/珠江啤酒/惠泉啤酒销量分别为728/253/110/19 万千升（yoy+2.8/+4.5/+4.5/+2.5%），2022Q3 青岛啤酒/重庆啤酒/珠江啤酒/惠泉啤酒销量分别为256/88/46/8 万千升（yoy+10.6/+1.3/+7.0/+10.2%）。

大众品22Q3 业绩总结：22Q3 食品饮料板块收入/归母净利润同比+1.9%/+5.0%，环比-4.3%/-4.1%。疫情扰动下，行业环比未见明显改善，各板块表现分化，调味品、乳制品、卤制品需求仍疲软，休闲食品头部企业延续高成长，速冻食品受益于餐饮渠道弱复苏收入环比改善。利润端来看，成本总体承压，部分原材料价格如油脂油料环比下滑，休闲零食、烘焙有望受益。

经历了2021 年的市场主动补库存，白酒2022 年的销售增长自然回落，但是依然保持强劲，预计增长放缓将持续至四季度。尽管白酒的增长中枢下沉，房地产政策转向以及基建项目实施对于白酒消费的繁荣仍具有中期积极意义。整体来看，在动销放缓及高档消费偏弱的情况下，白酒的盈利并没有大幅下滑。20221Q，白酒盈利向上急速修复；20222Q，由于疫情防控扩大化，白酒盈利再次下行。相比2021 年，2022 年白酒上市公司的库存压力相对较小，市场环境一旦转暖，上市公司的反应将更加灵活，盈利有望很快上行。

Manufacture of bread and rolls Manufacture of fresh pastry, cakes, pies, tarts etc. Manufacture of rusks, biscuits and other "dry" bakery products Manufacture of preserved pastry goods and cakes Manufacture of snack products (cookies, crackers, pretzels etc.), whether sweet or salted Manufacture of tortillas Manufacture of frozen bakery products: pancakes, waffles, rolls etc.

Manufacture of cocoa, cocoa butter, cocoa fat, cocoa oil Manufacture of chocolate and chocolate confectionery Manufacture of sugar confectionery: caramels, cachous, nougats, fondant, white chocolate Manufacture of chewing gum Preserving in sugar of fruit, nuts, fruit peels and other parts of plants Manufacture of confectionery lozenges and pastilles

Manufacture of fresh liquid milk, pasteurized, sterilized, homogenized and/or ultra heat treated Manufacture of milk-based drinks Manufacture of cream from fresh liquid milk, pasteurized, sterilized, homogenized Manufacture of dried or concentrated milk whether or not sweetened Manufacture of milk or cream in solid form Manufacture of butter

Manufacture of pastas such as macaroni and noodles, whether or not cooked or stuffed Manufacture of couscous Manufacture of canned or frozen pasta products

Manufacture of meat or poultry dishes Manufacture of fish dishes, including fish and chips Manufacture of prepared dishes of vegetables Manufacture of canned stews and vacuum-prepared meals Manufacture of other prepared meals (such as "TV dinners", etc.) Manufacture of frozen or otherwise preserved pizza

Manufacture of meat or poultry dishes Manufacture of fish dishes, including fish and chips Manufacture of prepared dishes of vegetables Manufacture of canned stews and vacuum-prepared meals Manufacture of other prepared meals (such as "TV dinners", etc.) Manufacture of frozen or otherwise preserved pizza