2021 年1-4 月食品饮料板块股价跑输市场。2021Q1 基金持仓食品饮料比例回落，但仍是基金配置主流。其中白酒持仓比例略有下滑，大众品除啤酒外，其他行业配置比例均有回落，基本面向好、一季度业绩增速较快的公司更易获得基金青睐。随着国内疫情逐渐得到控制，餐饮缓慢复苏，带动整体消费回暖。

食品饮料整体持仓回落，其中白酒维持高位、食品下降。2021Q1 基金食品饮料板块配臵比例为9.81%，较Q4 下滑0.27pct。基金在2020Q1-2021Q1 的食品饮料持仓分别为6.81%、7.00%、8.54%、10.08%、9.81%， 2020 年Q4 到达历史最高点后开始小幅回落。

21Q1 伊利、光明的电视广告投入同比小幅加强，伊利延续了20Q3 以来电视广告投入同比小幅提高的趋势，对目前的市场地位进行巩固。蒙牛电视广告投入同比小幅下滑，结束了过去几个季度大幅加强广告投放强度的态势。光明电视广告则坚持错位竞争，紧守核心市场。三强的策略一定程度上印证了我们对于行业竞争小幅降温的判断，伊利、蒙牛对电视广告投入均持相对谨慎态度，以便获得更大的软广及线下推广的资源腾挪空间。

3 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3 月线上销售情况来看，受去年疫情背景下高基数影响，多数行业增速放缓，且子行业间呈现分化，白酒、调味品、乳业、保健品等子行业线上维持增长。

我们在此前市场低迷期坚定推荐，很早提出向次高端和区域酒倾斜的逻辑，3月14 日起连续多次在周报中强调“季报期寻找业绩超预期个股”、“反弹时精选性价比”，近期板块大涨也验证了我们此前的逻辑！我们认为行情火热的本质不是低基数高增长的数字游戏，是逻辑和基本面的超预期。

市场回顾：本周上证综指下跌0.7%，沪深300 下跌1.37%，食品饮料板块上涨1.48%，强于上证综指和沪深300。食品饮料各子板块中，白酒上涨2.56%，啤酒上涨3.34%，其它酒类上涨3.54%，软饮料上涨2.72%，葡萄酒上涨3.74%，黄酒上涨4.40%，肉制品上涨0.05%，调味发酵品下跌2.82%，乳品下跌1.88%，食品综合下跌0.34%。

2021Q1 基金食品饮料行业整体持仓比例回落至17.52%，环比下降1.02pct；食品饮料基金持股总市值为5491.3 亿元，环比下降0.18pct；食品饮料板块超配幅度由2020Q4 的9.47%下降至2021Q1 的9.09%，环比下降0.38pct。对比其他行业来看，2021Q1 食品饮料行业仍然最受基金青睐，全行业中持仓比例仍然位居第一，食品饮料持仓比例高出第二名医药生物4.66pct。

近期港股食品饮料板块虽有波动，但 2021 上半年消费复苏趋 势不改，行业龙头仍具投资价值。1）啤酒板块：21Q1 销量基本恢复至疫情前 水平，高端升级趋势依旧。Q2 以来龙头花式提价值得关注。百威亚太进军高 端及超高端，预计 ASP 整体增速较快。2）乳制品板块：Q2 龙头企业将持续 布局高端产品，加固自身“护城河”。本周各板块波动较剧烈。

Liquid dietary supplements are nutritional supplements that are available in fluid form. They are usually consumed to enhance body metabolism to reduce occurrences of lifestyle disorders. Liquid dietary supplements are largely used by consumers that are unable to consume dietary supplements in capsule, thick gel and solid tablet forms. Furthermore, the report provides market dynamics and trends related to the global liquid dietary supplements market. In addition, it presents estimations and forecast of the market. The study estimates revenue generated from sales of liquid dietary supplements products that are used for different application such as bone & joint health, heart health, immune health, sports nutrition, weight loss, digestive health and others. However, the report excludes revenue generated from post-sale services and service costs associated with the market.

The global sugar alcohol market is analyzed on the basis of its prospects and future growth rate. The report highlights numerous factors that influence growth of the sugar alcohol market, which include market forecast, drivers, restraints, opportunities, and role of different key players operating in the market. The report further emphasizes on current market trends and future growth opportunities of various types, form, and applications of sugar alcohol. Sugar alcohols are organic compounds, typically derived from sugars, comprising a class of polyols. They are neither sugar nor alcoholic beverages. Sugar alcohols are white, water-soluble solids that can occur naturally or are produced industrially from sugars. They are used as bulk sweeteners in reduced calorie foods and are part of human diet as good sugar substitutes for consumers with health issues. Sugar alcohols are