包装饮用水行业规模及格局：1）我国行业规模破二千亿元，未来空间及 增速均可期。根据Euromonitor，预计2025 年，我国包装水市场规模将达 至3,131 亿元，占全部软饮料的40.9%，2021-2025 年复合增速将为5.0%， 预计未来5 年行业规模将再增1,000 亿元。2）TOP3 水企连续3 年坐稳头 部，2020 年集中度高达24.5%。根据Euromonitor, 2020 年农夫山泉及华 润怡宝的市占率分别为11.4%、8.4%，为我国包装水市场的主流产品及品 牌，且主流趋势仍将持续。根据Euromonitor，预计2021 年农夫山泉及华 润怡宝市占率将达到11.8%、8.1%，稳居行业前二。

食品饮料行业收入利润增速中庸，全行业排名偏下。按照申万行业分类，2021年前三季度食品饮料行业实现营业收入6707.亿元，同比增长12.02%；归母净利润1241亿元，同比增长12.35%。在申万28个一级行业中排名分别为第25和第18位。

2020年末，网络纪录片《味道中原》在优酷视频热播美食纪录片排行榜中排名第一。这部由河南华之杰文化传播有限公司出品的40集网络纪录片，寻味大河南的地道美食，真实展现中华大地乡村美食中蕴含的中原文化与风土人情，得到网友青睐，体现互联网纪录片的草根特性，彰显民营纪录片公司与视频网站“联姻”后，互联网纪录片产业发展的新空间。

This study covers different types of pet food ingredients—probiotics, prebiotics, health ingredients (glucosamine, chondroitin, melatonin, omega-3 fatty acids), and others (vitamins, organic acids, organic trace minerals, enzymes). The application scope of the research includes dogs, cats, and other pets (ornamental birds, small mammals, aquaria, and reptiles).

Textured vegetable protein is a type of protein ingredient specifically derived from the sources such as soyabean, pea, and wheat. It has substantial protein content and fiber with a very low fat. The global textured vegetable protein market is analyzed on the basis of its prospects and future growth rate. The report highlights numerous factors that influence the growth of the market. These include market forecast, drivers, restraints, opportunities, and roles of different key players operating in the market.

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。