从2 月到3 月初的走势来看，食品板块中必选属性较强标的（如：千禾味业、涪陵榨菜、克明面业等）阶段性涨幅在30%左右，而白酒板块在2 月初经历了10-15%的调整后，股价走势相对平稳。3 月16 日以来板块整体又出现了较大幅度的调整，主要系海外疫情的扩散，油价等资产的暴跌引发了投资人对于全球经济增速的预期调整，这是我们在1 月初做分析讨论时所未曾预想到的变量。

1、食品饮料行业核心观点 .......................................................................................................................................3

1.1 白酒板块一季报前瞻：增速同比放缓，高端酒相对影响较小 ..........................................................................5

1.2 大众品板块前瞻 ..........................................................................................................................................6

1.2.1 调味品 ..............................................................................................................................................6

1.2.2 啤酒 .................................................................................................................................................7

1.2.3 乳制品 ..............................................................................................................................................7

1.2.4 休闲卤制品 .......................................................................................................................................7

2、重点个股分析 ....................................................................................................................................................8

2.1 高端酒 .......................................................................................................................................................8

2.2 次高端 .......................................................................................................................................................9

2.3 地产酒 .......................................................................................................................................................9

2.4 基础调味料 ................................................................................................................................................9

2.5 复合调味料 .............................................................................................................................................. 10

2.6 其他品类调味料 ........................................................................................................................................ 10

2.7 啤酒......................................................................................................................................................... 10

2.8 卤制品 ..................................................................................................................................................... 11

2.9 速冻食品 ................................................................................................................................................. 11

风险提示 .............................................................................................................................................................. 12