Probiotics are microorganisms, which on consumption, exert a positive effect on the health of human beings and animals. Probiotics have been generating interest among many since the 1990s. Doctors today often prescribe probiotics to combat issues like digestive problems, bowel irregularities, and weak immune system. The most common types of microbes used at a commercial level in products and applications in the market are lactic acid bacteria (LAB) and bifidobacteria.

Wine is an alcoholic drink produced by the fermentation of grapes or other fruits. It has various health benefits, if consumed in adequate amounts. Wine is the third-largest segment of the global alcoholic drinks market. The wine market has become mature in Europe, especially in Germany, France, and Italy. However, APAC has the most potential for the manufacturers and is growing at a rapid rate.

2016 年“二胎”新生儿出生人口将超过 1750 万，高于预期，有专家预测 2017 年新生儿有望达到 2100 万人，预计 2017 年奶粉市场总体规模会有较大的增幅。我国 0-6 月婴幼儿纯母乳喂养率逐年走低，随着居民可支配收入提高，婴幼儿人均消费增加，再加上消费渠道升级，我国奶粉需求进入上升周期。 

中国单身经济正在崛起。中国正经历第四次单身潮，我们认为单身经济消费主力人群为 20-35 岁的白领女性人群。该单身人群收入水平高，消费意愿高，注重生活质量，没有下一代抚养压力且相对年轻，储蓄保险率较低，是优质的消费主体。定位该人群的商品将不仅仅关注品质和实用价值，并在美观、服务、心理价值方面突出。国际上单身家庭的增多对食品饮料的影响已有先例，如美国单人餐饮消费逐年提升、并推动了零食迅速增长。

2016年度策略报告中我们提出以下三大行业趋势，其中前两点得到充分印证，特别是可选消费板块逆势大涨，成为A股亮点。展望2017年，我们认为三大趋势仍将持续，第三点尤为重要。可选景气优于必需。必需消费品（如乳制品、肉制品、软饮料、中低端白酒）受宏观经济拖累，预计景气度持续低迷；可选消费品（高端白酒）因为调整时间早、幅度大，需求端已经企稳回升，预计17年量、价至少保持个位数增长，供给端份额向优质企业集中。