保健品可以细分为膳食营养补充剂、中草药产品以及运动营养、体重管理等子品类，其中膳食营养补充剂为最大宗。据 Euromonitor 数据， 2015 年中国保健品市场销售额为 1851 亿元，美国为 426 亿美元。2006 年至 2015 年，我国膳食营养补充剂占全保健品行业比重一直稳定在 60%左右，而无论是在美国还是中国，膳食营养补充剂行业增速均高于保健品行业整体水平或与行业整体水平相当。

重点关注 CPI 抬头对食品饮料板块的正面影响。2 月 CPI 同比上涨 2.3%， 创下近期新高，其中食品类价格连续 4 月上涨，2 月同比上涨高达 7.3%。猪 肉 CPI 大幅提升，乳制品、白酒 CPI 温和抬头，而历史经验表明，CPI 和食 品饮料指数具有高相关性。

通过电话并实地调研了山东、河南、安徽中低端白酒代理商、经销商情况。2015 年整体来看，中低端白酒销售收入虽略有增长，但在销售量上有 10%下滑，因消费结构调整不同区域差异很大。

聚焦核心单品，品牌专营模式明显见效。省内省外消费升级稳步推进。

看好品种 是老白干酒，公司经营策略就会偏重幵购重组，且利润率释放仅是开始，时间 上可看 3 年，空间上足以翻倍，建议耐心等待赢利。随着高端白酒市场价量调 整完成，五粮液竞争环境边际已在改善，两会期间信息显示深港通有望提速， 也有利于五粮液股价。经济增速下滑导致消费增速低于预期，重大食品安全亊件。

在中国液体乳需求增速 16 年仍难见明显改善的假设下，上下游乳 品企业盈利能力的恢复更多寄望于供给端变化带动的生鲜乳价格 回升。截至 3 月，我国主产区生鲜乳平均价与大牧场生鲜乳销售 价仍未见明显改善。未来原奶价格回升主要取决于：1）上游去产 能速度；2）大包粉库存消化程度；3）国际奶价变动。

我们近期一直强烈推荐白酒板块，并且看好板块的行情持续到四月底。上周公布 2 月份 CPI 数据，同比增长 2.3%，创 14 年 7 月以来的新高，再通胀周期窗口已经启动，食品饮料首先受益，建议重点配置，首推白酒，下半年再关注大众品。

经济增速持续下行、主要品类人均消费量遇短期瓶颈，大众品增速持续放缓；2016年春节白酒销售平稳，中高端低于低端，反映基本面见底弱复苏，消费升级趋势延续；机构重仓食品饮料比例处于历史低点，当前股价充分反应了市场较为悲观的预期。

基建行情、集团数据指引和草根动销调研三方向好，茅台近期走势强动，建议关注白酒板块型行情。

The revenue generated from alcoholic drinks, in general, has increased over the years, with EMEA leading the market in terms of revenue contribution in 2015. The changing lifestyles of consumers, introduction of new products and flavors, and increase in the number of breweries, wineries, and distilleries worldwide are some of the major factors driving the market in this region. Stagnate demand for beer poses a significant threat to the growth of the market. However, the increased emergence of craft breweries and a high demand for local beer is expected to have a positive influence on the market during the forecast period.

Frozen yogurt is made with milk, sugar, and other ingredients such as corn syrup, yogurt cultures, and non-fat yogurt powder. It is enriched with probiotics and has low fat and sugar content. It is perceived as a nutritious and healthy alternative to desserts like ice cream.

Soft drinks are non-alcoholic drinks that include the following segments: CSDs, juices and concentrates, ready-to-drink (RTD) tea and coffee, and functional drinks. Soft drink packaging provides product support, external environment protection, and tamper resistance. It aids in the reliable distribution of soft drinks among the value chain and reduces post-production damage. The different types of materials used in packaging of soft drinks are glass, plastic, metal, and paperboard. The application of these packaging materials is for hot beverages, packaged water, CSD, and sports and energy drinks.

Coffee is one of the most widely consumed hot beverages in the world. It is produced by brewing processed, roasted, or decaffeinated coffee seeds. Fresh roasted and ground coffees include coffee beans and packaged coffee powder. Arabica and Robusta are the two main species used in the production of coffee around the world.