The global tonic water market is analyzed on the basis of its prospects and future growth rate. The report highlights numerous factors that influence the growth of the tonic water market, which include market forecast, drivers, restraints, opportunities, and role of different key players operating in the market. The report further emphasizes on the current market trends and future growth opportunities of the various flavors, packaging type and distribution channels of tonic water. Tonic water is a carbonated soft drink infused with quinine, derived bark of the cinchona tree. The higher the level of quinine in the water, the more bitter it tastes. Traditionally, the drink was used to treat malaria, however now with significantly lower quinine content, it is vastly used as a mixer in alcoholic beverages. By flavor, the market is bifurcated into plan and flavored. On the basis of packaging type, the market is bifurcated into bottle and cans.

去年12 月至今年1 月初板块涨幅较大，估值在高位。但今年年初，国内疫情再度散点发生，市场担忧疫情扩散以及人口流动限制政策会对白酒春节旺季产生较大影响。因此市场对白酒公司业绩增长预期有所降低，板块整体回调。

疫情整体可控，基本面仍稳健，回调创造买点 。从当前情况来看，疫情整体可控，国家已经具备严密有效 的防控，各大酒企对也都对疫情应对有了经验，预计今年白酒春节动销的整体影响小于 2020 年。根据历史经验，龙头企业危机应对能力较强，更能穿越周期，建议近期回调中布局高端白酒（茅台、五粮液、泸州老窖 ），以及疫情下优势加强及份额加速提升的二线龙头

板块基金持仓概述：板块持仓稳居第一，白酒仓位明显提升。食品饮料板块持仓比例稳居第一。2020 年报基金食品饮料整体持仓继续提升，持仓比例18.54%，环比上升2.66pct。主要系白酒、啤酒仓位上行，持仓比例分别环比上升2.64pct、0.28pct 至15.13%、0.52%。食品饮料板块超配幅度由2020Q3 的7.96%上升至2020Q4 的9.47%，环比上升1.51pct。

1月31日，中国酒业协会官方微信号发布了2020年全国酒业经济指标。2020年全国酿酒产业规模以上企业销售收入8353 亿元，同比增长1.4%，利润总额1792 亿元，同比增长11.7%。