基本面和公司业绩来看，Q3 的低库存加上 H1 延迟消费的回补，中秋国庆白酒旺季会迎来消费高峰，酒企的动销及报表端都会变好。从现行指标批价来看，茅台的批价已经突破历史新高达到2850，五粮液国窖也都达到历史高点，国窖、今世缘、山西汾酒的提价，底气就在于市场动销恢复，渠道低库存和竞争格局的优化。

中报充分延续验证食品饮料必选属性下的强劲基本面。①2020Q2 白酒景气复苏，酒企控货挺价&消化库存，报表普遍承压。其中高端龙头茅五泸&强势区域龙头汾酒、今世缘等表现靓丽，单季度实现正增长，行业结构性景气延续&格局加速集中。②疫情后健康需求爆发，乳制品景气高企&格局改善，伊利&蒙牛收入增长加速、弹性充分释放，大超市场预期。③餐饮产业链短期餐饮渠道承压、家庭需求强劲，多数细分板块业绩兼具弹性，龙头公司表现最为出众。④Q2 啤酒行业快速复苏，高毛利&低费用率下盈利能力显现，国内龙头企业表现优于行业，行业高端化在疫情下持续推进。

8 月数据显示，高端白酒批价继续延续上行趋势，包装材料价格尤其玻璃价格明显上涨。其中，一线高端白酒一批价几乎已超过去年高点，茅台一批价已达到2790 元一线。啤酒及葡萄酒价格未有明显波动出现，7 月啤酒产量同比继续维持正向增长但是增速环比下降。成本环境方面，猪肉价格高位震荡，生鲜乳价大幅回升，农产品价格则涨跌不一，包装材料价格环比反弹明显，目前来看成本环境面临一定压力。

优选行业行业领导者及高成长标的。1）短期白酒业绩环比改善兑现，中长期消费场景恢复叠加中秋旺季催化，建议关注：贵州茅台、五粮液、泸州老窖、山西汾酒、古井贡酒、今世缘等；2）当前高端啤酒仍处于持续扩容期，而头部厂商在高档啤酒领域具备品牌、渠道、产品等先发优势，建议关注：青岛啤酒；3）行业集中度提升以及消费行为改变，建议关注：绝味食品、桃李面包、广州酒家、良品铺子、甘源食品等

白酒：重点推荐复苏弹性比较大的二三线标的，如今世缘、古井贡酒、山西汾酒等，当前高端茅五泸估值性价比在白酒内部已经开始显现，建议在批价松动、股价回调时大胆布局，对于中报超预期的舍得酒业、Q3 弹性大的水井坊、酒鬼酒，重点关注，对于低估值、改善逻辑明显的洋河股份建议左侧布局。

收入端：常温奶改善明显，低温奶、奶粉势头良好。1）常温奶：高端常温奶复苏，环比显著改善，伊利蒙牛逆势提升份额。高端化常温白奶和酸奶均有较好恢复，Q2 伊利金典增速25%，安慕希增速10%，Q2 蒙牛特仑苏增速19%。同时，伊利、蒙牛在疫情影响下份额进一步提升。

据阿里渠道数据显示，8 月白酒行业量价齐升，贵州茅台销售额持续大幅提升；啤酒行业业绩主要受销量驱动。我们预计白酒中秋国庆动销或超预期，建议把握配置机会。

2020 年一季度全国严格执行疫情防控措施，全行业停摆，消费行业也遭受重创，2020 年1-2 月社会消费品零售总额同比降至-20.50%，3 月同比-15.80%。

The rate at which the development of autonomous vehicles is very astonishing. About a year ago, few would have argued that the existence of these cars is not reality. But at present, these vehicles are being piloted in number of countries and few are running on the public roads as well. The question is, when are all the cars on roads becoming fully autonomous. It is believed that it may take 10 years or 30, the implications are so far-reaching that policymakers need to star t planning now for autonomous vehicles future. Major automaker companies, technology giants and specialist star t-ups have invested more than USD 50 billion over the past five years, in order to develop autonomous vehicle (AV) technology, with 70% of the money coming from other than the automotive industry. At the same time, public authorities see that AVs offer huge potential economic and social benefits.

Biosensors are an analytical device that convert a biological response into an electrical signal. This report involves the study of different applications in which these biosensors are mainly used such as point-of-care, home diagnostics, research labs, biodefense, environmental monitoring, and food & beverages industry. In addition, it covers technologies including electrochemical biosensors, optical biosensors, piezoelectric biosensors, thermal biosensors, nanomechanical biosensors, and nanomechanical biosensors. Moreover, this report provides a detailed analysis of the current market trends and future estimations from 2019 to 2026.