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

传统美食步入新阶段，千亿市场具增长潜力。卤制品属于传统日常美食，拥有广泛的群众基础，具有区域性和季节性特征。卤制品行业目前已经由小作坊模式逐步转向流水线自动化生产模式。终端门店多位于人流密集的商圈或生活圈，年轻人和家庭为主要消费者。

上半年，预制食品的销售大体保持了较高的增长水平，但是与上年同期相比，增幅局部收窄。销售下游分布广泛，覆盖经销渠道、直营渠道、品牌商直供以及出口业务的公司销售更加稳健，没有出现大的收入波动。

This class includes: Grain milling: production of flour, groats, meal or pellets of wheat, rye, oats, maize (corn) or other cereal grains Rice milling: production of husked, milled, polished, glazed, parboiled or converted rice; production of rice flour Vegetable milling: production of flour or meal of dried leguminous vegetables, of roots or tubers, or of edible nuts Manufacture of cereal breakfast foods Manufacture of flour mixes and prepared blended flour and dough for bread, cakes, biscuits or pancakes

This class includes: Manufacture of food consisting chiefly of fruit or vegetables, except ready-made dishes in frozen or canned form Preserving of fruit, nuts or vegetables: freezing, drying, immersing in oil or in vinegar, canning etc. Manufacture of fruit or vegetable food products Manufacture of fruit or vegetable juices Manufacture of jams, marmalades and table jellies Processing and preserving of potatoes: Manufacture of prepared frozen potatoes Manufacture of dehydrated mashed potatoes Manufacture of potato snacks Manufacture of potato crisps Manufacture of potato flour and meal

This class includes: 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 yoghurt Manufacture of cheese and curd Manufacture of whey Manufacture of casein or lactose Manufacture of ice cream and other edible ice such as sorbet

This data equals output data for the following ISIC Rev. 4 code: 1073 Manufacture of Cocoa, Chocolate and Sugar Confectionery This class includes: 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 This class excludes.

This data equals output data for the following ISIC Rev. 4 code: 1071 Manufacture of Bakery Products This class includes: 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. This class excludes: Manufacture of farinaceous products (pastas), see ISIC Code - 1074 Manufacture of potato snacks, see ISIC Code - 1030 Heating up of bakery items for immediate consumption

食品饮料利润表现较好，收入增长较差。2022年上半年食品饮料（申万）行业实现营业收入4819亿元，同比增长6.59%；归母净利润976亿元，同比增长12.79%。在申万31个一级行业中排名分别为第22和第11位，食品饮料中白酒、预加工食品收入利润增长稳定。食品饮料今年以来涨幅位于A股中下，历史来看当前估值处于历史中枢水平。当前A股整体估值10.9倍，食品饮料（申万）PE-TTM为36.57倍，食品饮料行业过去13年估值的均值约为31倍，当前估值处于历史估值中枢上下。