Traditional Chinese tea, commonly referred to as oolong tea, is characterized by its oxidation level, which is between that of green tea and that of black tea. The leaves of oolong tea are derived from the same plant that is used to cultivate all types of tea in China, and the oxidation level of the tea is usually between 10% and 80%. This oxidation level gives oolong tea a distinctive flavor and aroma.

Flavored powder drinks are processed beverage products in powdered form. These flavored powders are used to prepare various beverages, such as flavored milk beverages, fruit-based flavored drinks, and energy drinks. Flavored powders are mixed with both milk and water. Water-based drinks are usually cold beverages, including energy drinks, flavor-based soft drinks, and fruit mix drinks.

Chocolates containing alcohol are the type of premium chocolates that contain alcohol as an ingredient. These chocolates can be available in the form of dark, white, or milk chocolate and are widely demanded during seasonal occasions.

Gluten-free beer can be described as a beer that is devoid of any gluten (a protein primarily found in wheat, barley, and rye). The gluten-free beer market forms only a minor part of the overall global gluten-free food and beverages market. However, the market has grown significantly over the past five years due to an increase in demand among consumers with celiac disease. Gluten-free beers are manufactured predominantly from ingredients like sorghum, buckwheat, rice millet, corn, and Kebari barley. However, in recent years, companies like Dohler and Koninklijke DSM have come up with innovative techniques to brew gluten-free beer using regular ingredients, such as barley and wheat.

Organic dairy products are dairy items, such as milk, cheese, yogurt, butter, and cream, which are produced in accordance with organic farming practices. These products are made from milk that is obtained from dairy cattle that is raised with organic feed under specific guidelines and regulations, which are designed to promote sustainable and environment-friendly agricultural practices.

Champagne is an alcoholic beverage made from a variety of grapes and flavors, such as citrus, almond, and apple, to enhance the overall flavor. It is aged for several years to add texture and complexity and comes in varying levels of sweetness. At present, champagne is widely consumed as a celebration drink on special occasions like anniversaries, parties, weddings, sports events, and corporate events around the world.

展望来年，尽管需求复苏力度转强仍需观察，但板块估值大幅回调后，经营稳健且盈利预测置信度高的龙头估值切换空间已清晰，超跌的优质个股也具有修复机会。同时，食品饮料正处于长期“换挡”和“重构”的时代窗口期，白酒的周期运行逻辑正在重构，头部酒企酒价和业绩波动性在明显降低，背后是头部酒企全面往现代化经营转型的根本变化；而大众品龙头增速中枢下降后，估值定价范式和企业资本策略也将迎来重构。