Cider is an alcoholic beverage made from the fermented juice of apples. The juice of any variety of apple can be used to make cider, however cider apples are most suited for cider production. The alcohol content in cider varies from 1.2% ABV to 8.5% or more in traditional English ciders and 3.5% to 12% in continental ciders. Cider is more popular in Europe, and within Europe, it is more popular in the UK. The appearance of the cider ranges from cloudy with sediment to completely clear; its color also ranges from clear to amber to brown.

Globally, the commercial coffee brewer market is driven by numerous factors such as increasing consumer preference for fresh brewed coffee, food service establishments' need to offer coffee with a better and consistent taste, and influx of new models of commercial coffee brewers with better controls and features. In addition, globally, many coffee providers are also gaining a preference for using eco-friendly coffee brewers that use less water and also minimize coffee wastage. In 2014, Bloomfield introduced the ECO series coffee brewer, which uses up to 20% less energy and also helps in minimizing water wastage. Moreover, to ensure compliance to safety features, many manufacturers of coffee brewers are also focusing on getting certifications like National Sanitation Foundation (NSF), Underwriters Laboratories (UL), and Canadian Safety Association. Such certifications ensure that the product has been tested properly and adheres to all the set safety standards.

Coconut water has emerged as a popular ready-to-drink healthy beverage. Over the last few years, the demand for coconut water has increased significantly, especially in North America and Europe. Coconut water has emerged as a good substitute for carbonated drinks and processed juices, owing to its nutritional and blending capabilities.

The global commercial beverage blender market is segmented on the basis of blender capacity, container construction, and end-users. Beverage blenders with plastic containers are more popular than the stainless steel and glass containers. This is mainly because of their low price, durable nature, and lightweight. Nowadays, many beverage blenders with plastic containers are being made available with improved quality such as Bisphenol A (BPA) free and scratch resistant features.

上市白酒企业景气向上趋势再次得以确认，2017Q1 白酒板块收入、归母净利同比分别增长 18.5%、15.2%，2016Q4白酒板块收入、归母净利同比分别增长 22.6%、11.8%。

5 月 12 日，生猪价格 14.35 元/公斤，环比下降 2.58%，同比下降 31.18%；猪肉价格 22.96元/公斤，环比下降 4.49%，同比下降 23.21%。5 月 10 日，国内生鲜乳平均价格 3.46元/公斤，环比略降，同比持平； 5 月 16 日，新一轮恒天然奶粉拍卖价格中全脂奶粉 3312美元/吨，环比上升 1.30%；脱脂奶粉 1988 美元/吨，环比上升 1.00%。

坚定持有优质白酒（贵州茅台、五粮液、泸州老窖、古井贡酒、水井坊、伊力特），建议增配。一线白酒龙头重点关注：（1）贵州茅台：是估值中枢，长期价值投资首选，若出厂价年底提升至999元，估值还有提升空间。（2）五粮液：性价比最高，混改释放动力最足（类似2年前的茅台，经销商参与定增获利支持企业发展，提价+放量）。

主线一，克服“恐高症”，系好“安全带”。白酒优选确定性强的龙头，推荐泸州老窖、贵州茅台、五粮液；主线二，寻找品类红利。安琪酵母 Q1 已超预期，预计全年有望延续强势表现；关注西王食品受齐星事件影响超跌机会；港股推荐周黑鸭、合生元；主线三，看大众品相对定价权和提价剪刀差。关注处于拐点左侧的伊利股份和已经提价的海天味业；主线四，看拐点。关注啤酒行业变局暗涌，推荐重庆啤酒。

前期食品饮料板块（尤其白酒）受业绩分化、市场调整、主题分流资金等因素共同作用回调明显，但我们认为在板块业绩横向比较优秀、主流标的估值不贵的情况下，调整带来加强布局优质标的的机会。