事件摘要：贵州茅台召开股东大会审议议案《贵州茅台集团财务有限公司 2016-2018 年度向关联方提供金融服务的议案》遭到否决。目前来看该类关联交易对于上市公司本身并不存在较大的危害，反而是好处居多，贵州茅台大股东的此项议案遭到否决或许是因为相关资金在搅局。

板块连续3个季度业绩靓丽；近期龙头轮番提价，行业进入新一轮提价、渠道补库存的繁荣周期；古井贡酒收购黄鹤楼发力区域扩张，以自身管理模式嫁接黄鹤楼品牌和产品，开启白酒供给侧改革序幕；基金配置白酒比例仍处历史低位，龙头估值与历史平均相当，但基本面趋势向上，估值仍有提升空间。

Dairy whiteners are widely used as a substitute for fresh milk in tea; coffee; hot chocolate; and other food products such as soups, sauces, puddings, and cereal dishes. They are available in fluid and dried forms. The production of dairy whiteners has gone up owing to their being convenient, shelf stable, and ready to reconstitute. The main ingredients of dairy whiteners are

Demand for fresh milk products is expected to increase during the forecast period due to various factors such as increasing investment by large manufacturers, increasing milk production globally, and the increasing global population. The global population is expected to reach 7.6 billion by 2020. There has been an increase in per capita milk consumption in recent years. Manufacturers have also broadened their product ranges with the inclusion of new flavors. Their various packaging innovations, aimed at increasing the shelf life of fresh milk, will likely contribute to the growth of this market.

The global milk packaging market is expected to grow at a CAGR of 3.35% by revenue and 5.33% by volume during the forecast period. In 2015, Europe dominates the global milk packaging market, and it is expected to dominate during the forecast period. Many drivers contribute to the growth of the market. One of the main factors that positively affects the market is the increased demand from developing countries. The rate of milk consumption is high in the growing economies in APAC such as India and China, which is driving the growth of the market. Other major drivers propelling the growth of the global milk packaging market are the popularity of biodegradable rigid plastic packaging and the increased adoption of pouch packaging.

Brandy is a part of the larger spirits market that comprises other beverages like whiskey, vodka, and rum. The global brandy market is estimated to grow steadily during the forecast period, though relatively slower than other spirits such as vodka and whiskey. Whiskey has had the highest growth over the past five years, and this is expected to continue over the forecast period, due to increasing consumption in countries such as China and India. This also will ensure that APAC maintains its dominance in the global spirits market. China leads the spirits market in APAC, but India is expected to grow the fastest. Sales of imported spirits in China have grown four times in the last 10 years. In India, about 88% of alcohol consumers consume spirits, while the remaining 12% consume beer and wine.

随着“ 优质乳工程” 不断推进，以及消费者对乳制品消费健康、安全意识的不断提高和全面二孩政策的实施， 2016 年的乳业将走向何方？市场表现来看，国产品牌促销降价幅度较大，最高降幅超过 50%；进口品牌也全线降价，其中主打品牌降价超 30%。另外，部分进入中国市场的进口品牌奶粉销售不畅，库存积压严重。