本周，央行降准及新冠特效药的研发等宏观变化提振了消费信心，茅台股价重回2000元，白酒板块情绪高涨，高端酒及区域名酒此轮补涨。根据渠道反馈，茅台近期已全面取消拆箱政策，进一步促进茅台酒价格市场化，尊重市场及消费者需求，改善供需矛盾。

2021 年11 月，膳食营养补充剂行业销售跌幅扩大，Swisse 和汤臣降幅明显小于行业；休闲食品行业需求持续低迷，良品近几个月同比表现优于竞对；乳制品行业需求回落，蒙牛液奶增速快于竞对，婴儿配方牛奶粉跌幅扩大，龙头增速均好于行业；酒类、调味品行业高基数下仍为负增长，且降幅较大；自热火锅高基数下延续负增长。

回溯2021 年，食品饮料板块从去年波澜壮阔的行情演变为今年极致分化的走势，从去年的业绩估值的戴维斯双击演变为今年业绩增速分化下的估值重塑。

Proper infant nutrition is fundamental to a child’s continued health from birth to late adulthood. During the first three years of an infant's life, proper feeding plays an instrumental role in lowering morbidity and mortality and preventing chronic diseases throughout the life span. A balanced diet also promotes the cognitive and physical development of an infant. According to the United Nations Convention on the Rights of the Child, every infant has the right to good nutrition. However, only one-fourth of infants have access to the requisite dietary diversity and feeding frequency in most countries. Improper feeding practices account for almost a third of all cases of malnutrition worldwide.

事件：11 月阿里线上电商数据披露，我们重点对白酒、乳制品、调味品、保 健食品、休闲食品及奶粉等子板块线上销售情况进行分析。从11 月线上销售 情况来看，在线上消费需求疲软、去年双十一高基数影响下，各板块销售额均 有所下滑，龙头集中度提升趋势较为显著。为保证口径同期可比，双十一预售 产品的销量、销额均未计入11 月行业数据。同时阿里数据仅代表部分品类线 上销售情况，其它线上平台分流亦会对其准确度产生影响，且对于白酒等线下 销售为主的板块代表性较差，实际动销情况好于线上表现。因此，线上阿里系 数据仅供参考。

10 月线下商超数据统计披露，我们重点对白酒、调味品、啤酒及乳制品板块线下商超 数据进行分析。白酒行业均价维持增长，次高端表现较好。调味品行业销售量维持增 长，均价涨幅收窄。啤酒行业均价有所下滑，集中度环比下降。乳制品行业酸奶板块 持续承压，奶酪板块保持增长。

2021 年11 月数据显示，高端白酒批价有所回落，大众品原材料价格上涨有 所缓解。其中，飞天茅台53 度(500ML) 高端白酒一批价格节后回调幅度有 限，今年春节之前价格最高点达3300 元，十一节前价格屡创新高达到3880 元之后回落，近期由于取消拆箱销售政策价格回落幅度较大，原箱一批价进 一步走低。啤酒及葡萄酒价格未有明显波动出现，截止11 月啤酒产量累计同 比2019 年小幅下滑。成本环境方面，猪肉价格已经接近相对底部，短期价 格有所反弹，生鲜乳价环比继续小幅回落，农产品价高位震荡，包装材料价 格高位震荡，目前来看成本环境仍然面临一定压力但已度过最困难的阶段， 各细分子品类均已开始通过调整产品结构以及提价加以应对。

The personalized nutrition approach is based on customized nutritional intake and personal diet as per an individual’s personal health goals. Personalized nutrition plans improve health and minimize risks associated with developing several chronic conditions such as obesity, type II diabetes, and cardiovascular diseases. Each individual has unique dietary requirements as some people opt for customized food for good hair, skin, and nails, while some prefer foods with the least environmental impact. Several consumers adopt ideal diet plans based on their genetic makeup, lifestyle, and environment. Nutrient intake and dietary plans can be adjusted according to the personal health goals of people.

Nutrition plays a significant role in sports performance. Sports nutrition is the study and practice of nutrition and diet for improving an individual’s athletic performance. Nutrition is an important part of most sports training regimens and popular strength sports such as weightlifting and bodybuilding and endurance sports such as running, swimming, cycling, and rowing. Sports nutrition focuses on the type and quantity of fluids and food consumed by an athlete. In addition, it deals with the consumption of nutrients such as minerals, vitamins, supplements, natural and organic substances that include protein, carbohydrates, and fats.