引领年轻潮流的辣味休闲食品行业。我国休闲食品行业空间广阔，2020 年市场规模达7749亿元。让世界爱上中国味——卫龙掀起的休闲食品革命。公司以辣条起家，深耕 辣味休闲食品近20年，已成为最具知名度的辣味休闲龙头企业。

核心观点：基于近期原材料价格上涨的背景和对大众品行业提价周期的复盘，本文针对原材料价格变动对于各子行业盈利能力的影响进行了定量分析，研究发现原材料价格变动将对大众品行业毛利率产生显著负向影响，且影响持续时间平均维持2-4 个季度，但企业通过直接提价+产品升级可有效转移成本压力、改善业绩水平，其中改善幅度、时长存在个股分化。本文希望通过定量分析，在商品价格大涨时期给予投资者一

些借鉴。

Vitamins play a major role in several industries, including food and beverages, public health, dietary supplements, and medical nutrition. Vitamins such as D3 are considered the major constituents and active pharmaceutical ingredients (API) in the pharmaceutical industry. The outbreak of COVID-19, the increasing demand for nutricosmetics, the rising intake of nutritional supplements, and growth in investments in the animal feed industry are expected to drive the market for vitamin D during the forecast period. While the industry is expected to pose an absolute growth of 62% by 2026, over 75% of the growth is expected to come from APAC, North America, and Europe regions.

The global reishi mushroom market is analyzed on the basis of its prospects and future growth rate. The report highlights numerous factors that influence the growth of the reishi mushroom market, which include market forecast, drivers, restraints, opportunities, and role of different key players operating in the market. The report further emphasizes on the current market trends and future growth opportunities of the various form, end use, and nature of reishi mushroom. Reishi mushroom, also known as Ganoderma Lucidum, is a type of mushroom that has been used in Chinese medicine for approximately 2000 years. It has a bright surface, a woody texture, and a deep red color. It is pharmacologically as well as commercially the most important medicinal mushroom in the world. Various biological properties of this mushroom make it useful in the treatment of diseases and improvement of overall health. These biological properties are due to the presence of bioactive constituents like polysaccharides, triterpenoid, nucleotides, steroids, and fatty acids.

白酒：板块有所回落，均价持续提升。乳制品：板块景气持续，品类均价分化。调味品：增速同比转负，集中度有所下降。保健食品：板块量价齐升，需求趋势向好。休闲食品：业绩有所下滑，集中度环比下降。奶粉：飞鹤销量高增，均价平稳增长。

白酒板块，全年来看，高端白酒及次高端白酒消费升级趋势明显，扩容提速，相关 酒企动销进度远好于去年同期。啤酒板块，2021Q1 全国啤酒总产量 821.99 万千升，同比增长 50.66%。乳制品板块，上游奶源供给偏紧价格持续上行，带动下游竞争趋缓，同时一季度同 比均呈现明显改善。卤制品板块，持续看好卤味龙头绝味食品。调味品板块，建议关注低估值存在预期差企业。

Dairy proteins are derived from milk and are consumed widely in food & beverages, personal care applications, and various nutrition products. The report scope includes various types of dairy protein including whey protein, casein & derivatives, and milk protein concentrates. In addition, the report also provides the market categorization based on form into solid and liquid. The applications of dairy protein considered in the scope of the study include food & beverages, nutrition, personal care & cosmetics, feed, and others.

The potato 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 potato protein market, which include market forecast, drivers, restraints, opportunities, and role of different key players operating in the market. The report further emphasizes on the current market trends and future growth opportunities of various types and applications of potato protein. Potato protein is considered as a highly valuable non-animal protein, as it acts as a rich source of essential amino acids. It is an added-value ingredient produced from a by-product (such as potato juice) of starch production. The study analyzes the types of potato protein as isolates and concentrates.

整体观感：下半场的变局与机会。年内节奏看，市场主线仍是业绩兑现支撑估值，需求复苏和成本传导走向下半场，一是需求由反弹式高增走向平稳式增长，二是上游提价逐步传导，下游成本抬升和提价概率提高。同时产业新趋势和新机会显现，一是新的景气赛道出现，如预制菜等，二是集中成为传统赛道新主题，如啤酒企业布局果酒领域。