年初至今（截至9 月14 日），食品饮料板块整体上涨54.98%，沪深300 指数上涨13.53%，行业跑赢沪深300 指数41.45 个百分点，位列中信29 个一级行业第二。子板块中，酒类上涨56.10%，饮料上涨29.47%，食品上涨71.43%。

1.季度观点 ....................................................................................................................................................................... 6

1.1 中期业绩得到兑现，投资逻辑转向长期 ......................................................................................................... 6

1.2 高端白酒价格继续上行，生产成本面临一定压力 ......................................................................................... 6

2.高端白酒价格上行，上游包材价格上涨 .................................................................................................................... 7

2.1 白酒 .................................................................................................................................................................... 7

2.2 啤酒&葡萄酒 ..................................................................................................................................................... 8

2.3 乳制品 .............................................................................................................................................................. 10

2.4 肉制品 .............................................................................................................................................................. 10

2.5 成本环境 .......................................................................................................................................................... 11

3.年初至今涨幅居前，估值溢价持续走高 ................................................................................................................. 13

3.1 行情回顾 .......................................................................................................................................................... 13

3.2 估值 .................................................................................................................................................................. 14

3.3 北向资金跟踪 .................................................................................................................................................. 14

4.2020Q2 板块整体业绩提速 ...................................................................................................................................... 16

4.1 白酒 .................................................................................................................................................................. 17

4.2 大众品 .............................................................................................................................................................. 18

5.风险提示 ..................................................................................................................................................................... 21