21Q3 啤酒/ 乳制品/ 调味品/ 休闲/ 速冻食品营收同比+0.4%/+9.5%/-1.8%/+8.2%/+17.5%，营收增速环比Q2 -1.0/-0.5/+10.1/+5.6/+7.2pct，调味品、速冻食品及休闲食品营收增速均实现环比显著改善，系基数效应/社区团购等渠道分流减弱，库存及动销改善。

往2022年展望，大背景环境是疫情后期经济活动仍在缓慢复苏。经济2021年的经济波动，消费走弱后，从基本面的角度来看，多数子行业2022年应处于回暖改善过程；从估值角度来看，食品饮料已步入合理区间。2022年估值稳定，板块仍需回归业绩增长主线。我们选取2022年食品饮料交易策略四条主线：一是紧扣消费升级主线，布局白酒；二是关注价格传导主题，布局提价品种；三是关注共同富裕背景下的乡村振兴带来的投资机会。

本周进入三季报披露期，各酒企逐渐向市场释放经营向好的积极信号，舍得、酒鬼高增势头不减，茅台稳定增长巩固市场信心。我们认为，酒企三季度的业绩兑现表明白酒行业正保持良好发展，行业景气度高。

板块周度表现：近两周沪深300 上涨0.60%，创业板指上涨1.29%，食品饮料（中信） 指数上涨0.69%，较沪深300 的相对收益为0.09%，在中信29 个子行业中排名第10 位。其中分子板块来看，肉制品板块近两周下跌1.61%，调味品板块近两周上涨5.66%， 休闲食品板块近两周下跌2.87%，速冻食品板块近两周下跌4.97%，其他食品板块近两 周下跌3.49%。

A bar, which contains proteins & carbohydrates and provides high amount of energy is known as an energy bar. It acts as a supplement to the meal as it is made up of a variety of cereals and nuts. It can be distinguished from other bars due to its high carbohydrate and nutrition content, which contributes to its high energy value. Energy bar is mostly consumed by athletes. It is used as an energy source in a variety of athletic events such as marathon and triathlon. Energy bar comes in a wide variety of flavors. The flavors range from dark chocolate to peanut butter.

DriversRising urbanization and disposable income Rising consumer willingness to buy quality packaged food Increasing affinity for low-fat, vegan, low-salt and artisanal cheesesChanging dietary patterns Increasing number of fast-food chains, cloud kitchens and food delivery platforms globally Rising promotion of cheese as an adult protein snack Increasing awareness about the source and quality of food Higher consciousness and awareness about healthy food products, boosted by the Covid-19 pandemic

The global Macarons market is evolving and a greater number of organisations are leveraging them to their advantage due to the demand. As the market is growing, many local and international players are having their focus onto the Macarons and claim the benefits of the growing opportunity. Hence, more than the threat of new entrants, existing players would be more of a threat during the forecasted period for this market. This also makes a good opportunity to new entrants to only focus on the particular macarons product type or flavor type and make their own niche.