2021H1，食品饮料行业营业总收入同比增长15.15%，归母净利润同比增长15.87%。分季度看，2021Q2行业营业总收入与归母净利润分别同比增长6.76%与2.91%。考虑到二季度食品饮料行业部分板块基数较高，行业Q2业绩增速环比出现下滑。分板块看，行业内细分板块表现分化。其他酒类上半年业绩增速领涨，调味品、肉制品板块表现相对弱势，白酒、啤酒、乳品板块稳增。

1.食品饮料行业上半年业绩 ..................................................................................................................................... 5
1.1 行业上半年业绩增速环比下降 ................................................................................................................. 5
1.2 行业内细分板块表现分化 ......................................................................................................................... 5
2.白酒板块：高端白酒确定性强，次高端白酒弹性增长 ..................................................................................... 6
2.1 白酒板块上半年业绩实现双位数增长 ..................................................................................................... 6
2.2 白酒板块上半年毛利率同比提升 ............................................................................................................. 8
2.3 白酒板块上半年预收账款回暖 ............................................................................................................... 10
2.4 白酒板块上半年经营活动现金流改善 ................................................................................................... 11
2.5 白酒重点公司梳理 ................................................................................................................................... 13
3.调味品板块：多因素扰动，二季度业绩承压 ................................................................................................... 15
3.1 调味品板块二季度业绩承压 ................................................................................................................... 15
3.2 调味品板块上半年盈利能力下降 ........................................................................................................... 16
3.3 调味品重点公司梳理 ............................................................................................................................... 17
4.啤酒板块：二季度业绩承压，高端化推动盈利能力上行 ............................................................................... 19
4.1 啤酒板块二季度业绩承压 ....................................................................................................................... 19
4.2 啤酒板块上半年盈利能力提升 ............................................................................................................... 20
4.3 啤酒重点公司梳理 ................................................................................................................................... 21
5.乳品板块：上半年业绩稳健，成本上涨使Q2 利润端承压 ............................................................................. 22
5.1 乳品板块二季度基于高基数营收仍实现正增长 ................................................................................... 22
5.2 乳品板块上半年毛利率下降，净利率增加 ........................................................................................... 23
5.3 乳品重点公司梳理 ................................................................................................................................... 24
6.投资策略................................................................................................................................................................ 25
7.风险提示................................................................................................................................................................ 26