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.

白酒板块首推泸州老窖、山西汾酒、洋河股份，估值切换下，仍建议关注贵州茅台、五粮液、酒鬼酒、古井贡酒、水井坊、舍得酒业等；大众品板块推荐乳制品龙头伊利股份。

近期，我们以问卷调查的形式调研了2021年中秋国庆双节期间的消费情况，受访者共202人，其中71.8%来自一线城市。 量：疫情反复，居民外出受限。从过节方式来看，本次双节期间受访者以就地过节为主，占比51.5%，探亲访友/外出旅游分别占比 24.8%/20.8%。双节期间市场总体安全平稳有序，但还未恢复至疫情前水平。综合各地文化和旅游部门、通讯运营商、线上旅行服务商数 据，经文化和旅游部数据中心测算，10月1日至7日，全国国内旅游出游5.15亿人次，按可比口径同比减少1.5%，恢复至疫前同期的70.1%。 价：疫情冲击，消费者购买力下降。疫情对消费者购买力产生冲击，居民消费意愿降低。受访者中2021年双节消费预算同比降低的比例最 高，为38.1%。经文化和旅游部数据中心测算， 10月1日至7日，国内旅游实现收入3890.61亿元，同比减少4.7%，恢复至疫前同期的 59.9%。

2021 年9 月数据显示，高端白酒批价高位运行，大众品上游成本望有所缓解。 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，节后小幅回落目前价格屡创新高达到3880 元小幅回落。啤酒及葡萄酒价格未有明显波动出现，截止9 月啤酒产量累计 同比2019 年小幅下滑。成本环境方面，猪肉价格中期拐点确立继续下降， 生鲜乳价环比有所回落，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，部分品类通过调整 产品结构以及提价加以应对。

10月12日晚间，海天味业公告称由于主要原料、运输、能源等成本持续上 行，公司决定对酱油、蚝油、酱料等部分产品的出厂价格提价3%～7%不等， 新价格将于2021年10月25日开始实施。

投资分析意见：短期来看，三季度收官，中秋国庆动销表现略超预期，高端酒稳健增长， 次高端头部品牌动销超预期，秋季糖酒会在即，预计将反馈积极信息传递信心，建议重点 关注三季报有望超预期品种。中长期看，高端酒是兼具高确定性和高景气度的优质赛道， 量价齐升趋势确定。次高端仍然是高成长性赛道，且价格带的分层会不断深化。我们看好 高景气优质赛道（高端+次高端）及自身品牌力强且管理与团队优秀的头部企业，首推山 西汾酒与贵州茅台，重点推荐泸州老窖、洋河股份、五粮液；关注顺鑫农业、古井贡酒、 今世缘。