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

21 年11 月30 日，牛根生正式辞去公司非执行董事及战略及发展委员会成员职 务，同时，一批中粮集团主导的干部上任。中粮在蒙牛的控制力进一步提高， 有利于其发挥更强的作用，且有利于集团主导的战略进一步落到实处。在此背 景下，21 年1 月蒙牛首提“2025 年再创一个新蒙牛”的发展目标，制定了发展 战略“五年计划”。

3 月大众食品板块需求与成本承压明显。Q1 开始全国各地频繁出现疫情，对 板块需求端恢复产生了一定影响。同时，原材料、包材价格近期出现快速上 涨，为行业带来成本压力。但拉长视角来看，在疫情防控的经验积累，管控 措施的精细化下，消费需求受疫情的影响将会逐步减弱。而原材料价格上涨 为突发事件造成的短期供需失衡，龙头企业可凭借产品提价、供应链提效及 原材料锁价等手段逆势扩大份额，待成本回落更有望释放业绩弹性。

第一轮严格管控期（2020.1.22-2020.3.28）：以茅五泸为代表的高端酒风险抵御能力相对较好。2020 年春节疫情大规模爆发，严格的管控措施使得白酒的消费场景受到限制，居家隔离导致人口流动减少，终端需求及动销受到较大压制。从基本面来看，1）高端酒需求前置，受疫情影响最小，库存水平合理，春节前基本完成打款，20Q1 营收/净利润平均同比增长4.34%/15.24%；2）次高端酒收入整体表现不佳，业绩有所分化，20Q1营收/净利润平均同比下降17.90%/5.22%，仅汾酒和酒鬼酒实现净利润正增长；3）地产酒因宴席聚饮场景缺失，需求端迅速萎缩，库存消化受阻，20Q1 营收/净利润平均同比下降22.27%/ 24.02%；4）大众酒现金压力加剧，中小酒企加速出清，20Q1 营收/净利润平均同比下降31.00%/50.65%（净利润剔除金种子酒）。