CS 食饮板块21H1 营收/扣非归母净利同比+15%/+20%，Q2 分别同比+6%/+10%；其中白酒/啤酒/乳制品/调味品/速冻/休闲食品21Q2 营收同比+19%/+1%/+10%/-12%/+10%/+3%，扣非净利同比+26%/-2%/-1%/-29%/-42%/-5%。白酒21Q2 收入延续较快增长，盈利能力提升显著，高端稳健， 次高端弹性凸显， 21Q2 高端/次高端/ 中端及以下酒营收同比+13%/+47%/+3%；大众品受基数效应/需求较淡/社区团购等渠道分流/原材料成本上行等因素冲击，盈利能力阶段性承压，其中调味品/休闲食品受影响较大，具备成本转嫁能力及独占渠道优势的企业展现更强抗风险能力。

白酒：高端稳健，次高端弹性凸显，势能仍足 ............................................................................................................. 4
业绩表现符合预期，Q2 高增延续，预收款表现亮眼 ............................................................................................ 4
结构维度：高端稳健，次高端增长加速 ................................................................................................................ 6
大众品：Q2 整体业绩表现承压，期待逐步改善 ........................................................................................................... 9
啤酒：Q2 多因素干扰动销，成本上涨及费投增加致盈利能力下行....................................................................... 9
乳制品：Q2 营收稳健增长，利润虽有下滑但预期改善 ....................................................................................... 10
调味品：Q2 业绩低谷，等待需求拐点 ................................................................................................................ 11
休闲食品： Q2 业绩表现承压，静待拐点 ........................................................................................................... 12
速冻食品：高基数效应下21Q2 业绩表现承压 .................................................................................................... 14
重点公司推荐 .............................................................................................................................................................. 16
风险提示.............................................................................................................................................................. 19