Packaging machinery is used to package products before they are dispatched to distribution networks and for storage. Packaging machinery are used in the primary and secondary packaging of food, beverage, and pharmaceutical and personal care products. Primary packaging is an important part of the marketing mix as it has a strong impact on the buying decision. In addition, packaging machinery is widely used for filling, labeling, coding, and wrapping products.

Technavio estimates that the PET plastic packaging market by thermoformed process will post a CAGR of 4.55% during the forecast period. The growth is mainly driven by the growing demand from end-users, including the food and beverage sector.North America is the dominant player in the market, and the region accounted for a share of 48% in 2015. This is mainly because of the presence of large plastic packaging companies such as Pactiv LLC, Sonoco Plastics, Berry Plastics, and Winpak. The average sales of thermoformed packaged products per company was $50.5 million in 2015.The thermoformed plastic packaging market in Europe is estimated to post a CAGR of 4.31% during the forecast period. The growth of the plastic sheet market in Europe is the major reason for the growth of the thermoformed packaging market in Europe. The plastic sheet market in Europe was valued at $393 billion in 2015 and is expected to post a CAGR of 1.2% during the forecast period.There is a growing demand for thermoformed packaging for food products from food manufacturers, as this packaging helps eliminate the waste material by 35%-40%. The amount of raw material that goes into the making of this packages is reduced by almost 50%. In addition, smaller packages cut down the shipping costs by 35%.

Flavors and fragrances mainly comprise a class of compounds such as esters, alcohol, acids, lactones, aldehydes, and ketones. These are derived from natural and synthetic compounds and are used to enhance the appeal of consumer goods, and food products and beverages. The global flavors and fragrances market includes flavor blends, fragrance blends, essential oils, and aroma chemicals. The formulation of flavors and fragrances involves mixing and blending of different ingredients.

投资建议：节后三个交易日，雄安主题板块发酵，食品饮料板块相对平淡，跑输大盘 1.5 个百分点。4 月进入年报及一季报披露期，从我们跟踪的情况看，认为一季报多数白酒公 司业绩将符合预期，同时我们认为市场目前尚未将年初以来以及全年的提价幅度充分反映 在 18-19 年的预测当中，一季报后部分白酒公司的预测或存在向上修正可能；在原材料、 包材、运费等成本上涨情况下，对多数食品公司季报保持谨慎。我们全年的观点及推荐标 的本周保持不变，对于白酒认为：1、本轮复苏的主要驱动力是消费升级，复苏具备持续 性；2、行业复苏是分化的，受益的是全国化名酒及地方龙头；3、当前高端酒的量价表现 是超春节前预期的；4、下半年白酒估值会进一步提升，板块溢价+超配成为常态。对于必 须消费品，一季度是成本压力最大时期，全年看成本端压力逐季趋缓，布局提价能力强， 估值有优势的龙头公司，包括伊利、安琪、重啤、双汇及调味品公司。

 原料、包材、运输成本上涨，大众品“人心思涨”。2017 年以来，且不论 不同的原料，大众品普遍经历了显著的包材和运输成本上涨。包材平均上 涨 20%-30%，且由于油价原因和超载查处，运输费大幅提升。原料上，由 于国际主要大豆产区在拉尼娜影响下预期减产且饲料需求提振豆粕价格， 国内大豆价格上涨趋势较为明显，另青菜头涨价近 30%，对调味品企业形 成压力，乳业上，随着国际原奶价格上涨向国内奶价传导以及国内原奶供 需关系改善，国内原奶价格今年上半年有望小幅上涨，将对乳企成本端形 成一定压力。今年来，海天味业于 1 月上调包括酱油、耗油、调味酱在内 的大部分产品出厂价 4%-5%，提价产品占比近 60%，终端价涨幅高于出厂 价；2 月 9 日起陵榨菜：调 80g 和 88g 榨菜主力 9 个单品的产品到岸价格， 提价幅度为 15%-17%不等；3 月中炬高新上调美味鲜和厨邦产品价格 5%-6%，大众品“人心思涨”，调味品首当其冲。