Mushrooms are porous, fleshy, and spongy and are most often considered as vegetables. They have both individual consumers and foodservice providers as primary consumers. Because of their medicinal and nutritional values, consumers in Singapore are willing to pay more for healthy, fresh, and hygienically-packed fresh mushrooms. However, Singapore is a net importer of fresh mushrooms with more than 95% of its fresh mushrooms being imported from other APAC countries.

Hay is grass or legumes that have been cut, dried, stored, and transformed into bales for feeding livestock. It is used as animal fodder when animals are not able to graze due to unsuitable weather or when they are kept in stables or barns. Haying machinery is used to cut the crops, which are then stored in the form of silage or bales. Forage is plant material that livestock graze on. Forage machinery is widely used for harvesting forage grains. The North American haying and forage machinery market constitutes a dominant part of the global haying and forage machinery market that accounts for a small portion, i.e., 7.78% of the global agricultural machinery market.

Trace minerals are inorganic or organic minerals that are crucial for normal functioning of living organisms. They are required in minute quantities. Inorganic trace minerals are common oxides, sulfates, carbonates, and chlorides of minerals. Organic trace minerals are formed by combining inorganic trace minerals with the organic molecules (e.g., polysaccharides and amino acids) called chelates. Organic trace minerals in animal feed are designed to improve the bioavailability and enhance the gut absorption of these minerals in animals.

Cocoa is cultivated primarily in countries located in the belt between 10ºN and 10ºS of the equator on account of the favorable climatic conditions. Cocoa plants thrive well in relatively high temperature environments with a maximum annual average of around 30ºC -32ºC and a minimum average of about 18ºC-21ºC. The demand for cocoa is increasing rapidly with the growth of chocolate confectioneries and other end-products.

There is a continuous demand from food manufacturers to extend the shelf life of food products without compromising their chemical and physical properties or adding any unnatural ingredients. The popularity of preservation through modified atmosphere packaging is rapidly growing worldwide. It is an efficient and natural preservation method that complements alternative preservation methods.

超额收益明显，趋势仍然延续。过去的 2016 年白酒估值业绩双升，股价大幅超越市场，核心在于业绩回升确认和市场寻求确定性收益品种。当前白酒整体估值 16 年为 24 倍，17 年预计在 21 倍，整体估值较为合理，龙头估值相对偏低。对比市场整体估值和增速，仍然具备优势，同样对比海外消费品公司有两位数增长的 17 年都给到了 30 倍，且市值体量都有数千亿。随着 A 股投资者越来越国际化、机构化、价值化（保险机构、养老金等愈加重要），在行业稳定增长趋势并未变化下，部分低估值品种仍有望提升。

2016 年，受益于渠道库存持续消化、消费升级加快、猪肉价格上涨以及货币宽松等因素刺激，食品饮料行业整体实现稳定增长，前三季度营收和净利润双增的子行业有 6 个。从市场表现来看，截至 11 月 18 日，食品饮料板块上涨 8.18%，位居所有板块的第一名，同期上证综指下跌 9.79%。其中涨幅居前的子行业包括白酒、肉制品和软饮料。从基金配置情况来看，截至三季度末，基金的股票投资市值中食品饮料的配置比例为 1.70%，同比提高 0.16 pct，环比降低 1.53 pct，处于历史低位。

当前市场环境下，食品行业受关注度提升，居民食品消费支出保持快速增长，消费升级产品、新兴消费市场或模式、产业并购领域蕴含投资机会，17 年最看好的三个子行业包括乳制品、白酒和烘焙等。 

预计未来 5 年常温酸奶市场保持 20%-25%增速，低温酸奶保持 10%以上增速；龙头公司盈利能力大幅上行，毛利率均有所提升。调味品：行业增速下滑明显，健康化与功能化是酱油消费升级方向。肉制品：明年猪价将继续下跌，龙头双汇盈利能力有望持续改善。5、葡萄酒：行业略微恢复增长，中长期看好张裕进口酒业务布局。

根据东吴非银判断，保险举牌大势所趋。在低利率环境下，加大权益类、海外投资、商业地产投资比例是保险资金配置的自然需求，险资提升权益配置比例是大趋势。长期来看，保险资金对于资本市场具有重要战略意义：一方面，随着险资凭借资金规模大+期限长的优势获得市场定价权，保险将引导市场价值发现并成为市场的稳定器；另一方面，目前很多产业整体增速放缓，形成寡头垄断格局，小公司很难靠原有的外延式扩张的模式发展，行业进入大并购阶段，金融资本在此阶段可深度参与推进产业的整合升级。

中端产品战略加快推进。预计前三季 1573 增 100%、中档酒增 50%以上、低档酒下滑 30%，Q3 单季 1573 虽受停货影响略有下滑，但趋势向好，预计公司整体完成全年增长目标问题不大，来年整体收入有望实现 20%快速增长；当前 1573 仍未达最高产能，预计来年仍为增长主力，公司将窖龄和特曲打造为战略性产品，以拓展新的利润增长点，技改项目推出将提高中端酒储备，未来有望助力中端酒接力 1573 实现快速增长；公司对提价保持谨慎，预计竞品挺价成功前 1573 价格仍保持平稳；品牌专营公司运作良好，目前销售人员配臵已基本到位（约 6600 人），后续将加大力度培养骨干。