根据魔镜数据，2022 年3 月京东食品饮料行业线上销售额为43.0 亿元，同比减13.5%；其中销量同比减少13.8%至0.8 亿件，商品均价同比增0.4%至56.4 元。销售额减少主要由销量下降导致。

食品饮料整体持仓延续回落，白酒持仓下降，食品持仓现分化。22Q1 基金食品饮 料板块（A 股）配臵比例为7.01%，较Q4 下降0.53pct。基金在21Q1-22Q1 的食 品饮料持仓分别为9.81%、9.21%、8.12%、7.54%、7.01%，自21Q1 起呈逐步回 落趋势。白酒股持仓下降，超配幅度加大。22Q1 白酒持仓（A 股）比例5.98%，白 酒市值占 A 股（剔除银行石油石化）市值比重为5.30%，超配幅度为0.68pct.，超 配幅度增大（21Q4 超配幅度为0.65pct）。食品股持仓现分化。22Q1 乳品、食品综 合、调味发酵品、肉制品持仓0.54%、0.16%、0.07%、0.05%，环比变动0.03pct、 -0.02pct、-0.01pct、0.03pct。根据基金重仓股中食品饮料持股比例口径，22Q1 白 酒持股总市值占基金重仓股总市值的比例为11.25%，环比减少1.12pct；食品饮料 持股总市值占基金重仓股总市值的比例为13.45%，环比下降1.32pct。虽然重仓比 例下降，但食品饮料重仓比例仍继续保持板块第一。

本周观点：本周市场情绪波动导致多数行业承压，食饮板块表现偏理性。3 月爆发的大规模疫情对社会消费尤其是餐饮行业有较大冲击。国家统计局数 据显示，3 月社会消费品零售总额34233 亿元，同比下降3.5%。其中餐饮 收入2935 亿元，同比下降16.4%。接近4 月尾声，全国疫情仍未见拐点， 管控措施普遍趋严，市场担忧仍存。本周我们梳理近期渠道调研情况，持续 跟踪公司基本面的改善情况，并对疫情后的投资机会进行展望。

本周三国务院常务会议部署促进消费的政策举措引爆食品饮料板块得投资 热情，本周食品饮料板块涨幅5.8%，在31 个行业中排名中第二。我们认为食品 饮料情绪恢复，一方面是政策利好对消费有直接的促进，另一方面也是疫情取 得阶段性胜利，市场对消费复苏信心增强。从短期来看我们认为疫情取得阶段 性胜利给消费带来复苏希望，从长期来看行业竞争格局未发生明显变化、长期 增长动能没有发生逆转，优选竞争格局被强化、估值有优势的企业。

Amid the tragic consequences of COVID-19, life sciences and medtech companies emerged as lights in the darkness. Decades of scientific work and investment seemed to be overnight successes. The heroic dedication of health care providers was met by the fastest novel vaccine development in history. Traditional competitors partnered to accelerate research and manufacturing. When one company failed, it joined the other to accelerate the development and manufacture of a successful vaccine. Governments, retail pharmacies, health systems, payers, and nonprofits are working together to provide widespread distribution and administration.

Humans are hugely dependent on animals for resources, specifically food. Since time immemorial, the most consumed meat for humans has been derived from animals. One of the many objectives behind humans rearing livestock & continuing to do so is to derive food out of animal meat. As a protein-rich food source, meat is usually preferred by humans to include in their diet. However, with the current global population sky-rocketing every year, it is evident that animals alone would not be able to meet the insatiable urge of humans to be fed. Moreover, it has been a growing concern for an adequate lot of humans being allergic and intolerant toward animal meat. The reasons for this can be variable.

1）短期来看：三全产品更加toC，且当前估值水平相对较低，建议重点关注；2）长期来看：随着疫情影响逐渐消散后，行业竞争逻辑核心演变为规模效应下的低成本和强渠道，后续需重点关注行业 B 端需求恢复情况及原材料成本拐点，把握板块布局机会。首推产能、渠道、产
品优势突出的安井食品及单品优势强劲，深耕B 端渠道的千味央厨；预制菜产品充分受益于此次疫情期间消费者教育加深及消费习惯的培养，建议重点关注味知香；烘焙行业具有高成长性，建议关注立高食品。

原料端：平稳增长，发展相对成熟。1）从增长空间看，烘焙面粉、烘焙油脂、奶油、酵母等原料在下游的发展已经较为成熟，过去三到五年的规模CAGR 基本在10%左右，预期未来延续平稳增长。2）从竞争格局看，烘焙面粉、油脂、低端奶油等基础性原料竞争相对激烈，酵母市场集中度高、格局牢固。未来发展的关键为继续增强规模效应，奶油等品类需把握市场需求变化、关注产品升级。

Agriculture is one of the leading sectors providing livelihood to many globally. Therefore, blockchain in agriculture and food market has a vast potential to revolutionize the food production industry in the future. Innovation merged with advanced technologies such as blockchain and artificial intelligence (AI) extends agricultural output results. Blockchain technology will be a revolutionary change as it offers tamper-proof, precise statistics about the farms, inventory, credit scores, and food tracking. The agriculture and food market required a lot of inconsistent paperwork and dependency on paper-based documentation. Therefore, blockchain provides a systematic digital ledger for storing land records and other data, keeping them safe during natural calamities. Using blockchain as a customized solution for farmers can promote sustainability in farming. Moreover, farmers do not have to wait for payments through blockchain as the finances are settled quickly through this system. In addition, farmers are not required to pay any intermediary or additional costs.

The Global Baby Food Market by product is divided into Milk Formula and Baby Food Based on product, the Milk Formula holds the largest market share of the baby food market in 2021 The milk formula sector dominates the global baby food market with a market share of 60 5 in 2021 majorly due to rising Breast feeding issues in women and increasing professional women's therefore they choose prepared milk based infant food In coming years it is expected to continue to hold the largest market share due to an increase in milk formula manufacturing facilities around the world