Bubble tea, popularly known as boba tea, is a Taiwanese drink prepared with tea or milk as the base component. This tea is glazed with boba, which are soft, chewy, and gummy tapioca pearls extracted from cassava root. Other ingredients, such as jelly and fruit balls, are used for enhancing the texture of the tea. Bubble tea is served in a hot or cold form, according to the preference of consumers and a fat straw is used through which the pearls can be easily eaten by the consumers. Bubble tea is slowly gaining popularity in Asia-Pacific countries such as China and India, and globally too.

春糖会期间主要高端次高端酒均召开了经销商大会，我们对其进行了持续的跟踪。高端酒增长确定性较高，茅台经销商大会提出 2018 年公司整体要稳中有进，进中向好。对终端价格仍要求稳定在一个合理范围内，节后茅台批价回落至 1520-1550 元，相对合理。我们预计全年销量增长 10%左右，加上提价，全年收入增长 30%左右。茅台控制价格利好公司和行业长期发展，拉长白酒景气周期。

本周食品饮料行业下跌 5.41%，跑输沪深 300 （-3.73%），其中葡萄酒（-1.69%）、调味发酵品（-3.02%）、肉制品（-3.38%）跌幅最小。主要由于春节糖酒会期间市场反馈符合预期，增量信息有限，市场催化效应较弱。同时受到中美贸易摩擦等预期影响，市场风险偏好降低，食品饮料重仓股以及前期涨幅较为充分的个股调整明显。

行业格局固化，护城河保护下寡头垄断形成，未来三强提价控费、收割利润趋势将延续，龙头净利率有望向 10%方靠拢，百草味未来三年净利率提升至 6%确定性提升。