Frozen French fries are manufactured from potatoes and served hot in different shapes, including crinkle-cut, thin strips, curly, and waffles. Frozen French fries can be deep-fried or baked and are a convenient snack worldwide. The growth of the global frozen French fries market is attributed to the expanding count of critical players offering their products with the incorporation of different cuisine flavors and seasonings. These key players extensively offer their products through online food delivery services and retail outlets. Retail services and foodservice chains have made ordering food items easy and convenient. Hence, all these factors collectively drive the frozen French fries market during the forecast period.

本篇从纵向机构筹码及横向国际比较视角定量刻画当前中国消费板块的性 价比水平。1）纵向机构筹码：公募对中国消费板块的配置力度已回落至2016 年水平，其中对 ADR 消费股配置力度＜港股＜A 股；外资在中国资产中历来偏好消费，但对中国权益资产的整体配置力度也已回落至 2016年水平；2）横向国际比较：①分国别，PB-ROE 及 PE-G 双视角下，中国消费龙头较美国/印度可比公司具备明显的性价比优势，较日本/西欧也具有一定优势；②分行业，必选中的白酒、医疗器械，可选商品中的电商、商超、个护、家居，服务业中的旅游休闲、教培等赛道性价比优势更突出。  

Functional milk, often enriched with additional nutrients and bioactive compounds, offer several potential benefits. One notable advantage is the enhanced nutritional profile, as functional milk may contain added vitamins, minerals, and other bioactive substances that contribute to overall health. For instance, some functional milk products are fortified with omega-3 fatty acids, antioxidants, or probiotics, which can support cardiovascular health, boost the immune system, and promote gut health.

The increase in demand for convenient food products and the drive for greater taste, safety, and consistency are the major factors driving the frozen bakery products market. The need for convenient snacks is growing because of changing social and economic trends and increased spending on food and beverages. • Convenient frozen bakery goods, such as frozen pastries, croissants, muffins, pies, and others, are becoming increasingly popular, particularly among the working population and the growing number of young generation consumers owing to their hectic lifestyles. The manufacturers are offering frozen bakery products in line with the on-the-go- the snacking concept that is associated with convenience and is relatively easy to consume. Snacking is a regular part of many consumers’ diets.

需求：24 年 4 月重点跟踪的 8 个行业中 6 个保持正增长，2 个负增长。实现双位数增长的行业有次高端及以上白酒（主要受贵州茅台带动）、速冻食品和餐饮；个位数增长的行业包括软饮料、调味品和啤酒；乳制品和大众及以下白酒负增长。与上月相比，3 个行业增速加快或降幅收窄，4 个行业增速下滑，1 个持平。进入传统消费淡季和去年高基数原因，导致 4 月消费行业依然弱增长。

整体来看，白酒板块 23 年表现稳健。23 年主要白酒上市公司营收和归母净利润同比分别增长 16%/19%。17 家主要白酒上市公司中，有除了此前高端化增长较粗放、正在推进渠道改革的酒鬼酒，以及进行地产业务剥离的顺鑫农业以外，其他酒企 23 年均实现营收正增长。在白酒消费渐进式复苏的背景下，多数企业维持了稳健增长，个股之间表现持续分化。

食品饮料行业2023年业绩稳健增长，2024Q1归母净利润实现双位数增长。2023年SW食品饮料行业实现营业总收入10342.3亿元，同比增长6.9%；实现归母净利润2058.9亿元，同比增长16.9%。今年春节，居民走亲访友、外出旅游等意愿高涨，礼赠、宴席等消费场景向好，一定程度上带动了终端需求增加，行业2024Q1营收与归母净利润同比均实现了不同程度的增长。2024Q1，食品饮料行业实现营业总收入3129.1亿元，同比增长6.7%；实现归母净利润812.7亿元，同比增长16.0%。

量贩景气度延续，供应链企业受益持续突出。1）收入端：渠道变革红利延续，零食量贩渠道+内容电商销售额保持高增，积极拥抱全渠的企业已经获得先发优势且红利期较长。供应链型企业盐津铺子、三只松鼠积极调整拥抱新渠道后收入保持领先增速。产品型企业享受爆款红利，新大单品鹌鹑蛋再添动能。2）利润端：大部分原材料成本下行，叠加规模效应显现，盈利水平整体提升。2023 年底以来鹌鹑蛋、瓜子成本持续回落，预期 2024 年劲仔、洽洽释放更大利润弹性。

食品u板块业绩概览：需求维持弱复苏，零食、饮料赛道维持较高景气度，成本红利下盈利能力季度间出现改善。2023 年营业收入同降 0.44%，归母净利润同增 6.34%，收入在需求弱复苏下表现平淡，利润在部分原料成本红利、结构变化下快于收入。剔除春节备货错期干扰，23Q4+24Q1 收入同降 8.02%，归母净利润同增 26.44 %，收入在居民渠道比价竞争加剧、餐饮弱复苏背景下增长承压，毛利率提升、费投效 率提升为板块盈利改善主因。

023全年业绩披露完毕，全年收入增速为3.26%（同比-1.04pct），归母净利润增速为9.14%（同比+12.84pct）。24Q1收入实现1.81%（同比-6.84pct）；归母净利润 为17.62%（同比+2.55pct）。分板块来看，23年收入增速提升较快的主要是软饮料板块和烘焙板块，主要得益于消费场景的修复；利润增速提升较快的主要是卤制品、调味品、零食和烘焙板块，主要得益于原材料价格下降的影响。2024Q1收入增速提升较快的主要是零食板块，主要系春节错峰和需求较旺所致；利润增速提升较快的主要是乳制品板块，主要系原料价格影响。