The global biscuit market is growing at a moderate rate (4.32%) owing to factors like rising urbanization, demand for convenience foods, increasing disposable income, and busy lifestyles. As the consumers are becoming increasingly concerned about ingredients and health benefits, many players in the market are emphasizing on factors like low sugar and lowcalorie content to develop health and wellness biscuits. Many players are also introducing organic products, eliminating artificial flavors and preservatives, highfructose corn syrups (HFCS), and other such unhealthy ingredients.

Metal cans are single-walled containers made of materials such as steel and aluminum that are used for the storage and distribution of goods such as food, beverages, oil, and chemicals. Consumers prefer metal cans over other traditional packaging materials because of benefits such as long shelf life, recyclability, UV and moisture resistance, excellent printability, and protection against microbes. It also has the ability to retain flavor.

Oat-based snacks are becoming increasingly popular across the globe. Companies are strategizing on launching innovative flavors of oat-based snacks, like cookies, bars, cakes, or savory snacks, to extend their consumer base, which will in return help them augment their respective market shares. As per Technavio's analysis, the market will be predominantly dominated by the prominent vendors, who will take part in most of the innovations in terms of new product launches and formulate comprehensive marketing strategies. Yet the relatively smaller and regional companies are also anticipated to increase their market share by offering culture-specific oat-based snacks.

2017 前三季度食品饮料行业涨幅近 50%位居市场第一，白酒涨幅78%领涨，印证行业复苏、需求回暖逻辑；调味品涨幅跟随白酒录得 49%，基于产品结构升级和行业性提价带来的业绩提升、盈利能力增强。而啤酒、葡萄酒、肉制品、软饮等亦或行业格局难以改善抑或终端需求未见起色，子行业分化趋势延续。 

2017年（截止11月30日），食品饮料板块涨幅较好，位居申万行业指数第一，取得较显著的超额收益（跑赢沪深300指数20个点）。这得益于居民消费升级带来的头部企业营收盈利增速超预期，以及板块周期性较弱带来的二级市场资金抱团效应。

受市场风格、资金抱团基本面好且业绩稳健的消费龙头等因素的影响，2017 年前三季度食品饮料板块表现抢眼，在申万 28 个行业中，食品饮料上涨 39.32%，涨幅排名第一。

我们定义的食品饮料核心主流板块有三个，白酒、调味品和乳制品，在 2016 年上涨 29%的基础上，白酒板块 2017 年（截止 12 月 5 日）再度继续上涨 76.83%，调味品和乳制品2016 年分别下跌 1.04%和 18.26%，2017 年则分别上涨 18.04%（扣除非酱醋类涨幅预计超过 50%）和 47.12%。

中国是食用菌生产大国和消费大国，随着居民收入水平的提高，人们对食用菌的消费量会不断增加，对食用菌的产品质量也会提出更高的要求， 传统栽培方式将难于满足未来人们对食用菌产量和品质的需求，工厂化种植是必然的趋势所在。在借鉴欧美、日韩发达国家和地区的经验基础上，我国食用菌工厂化栽培正处于快速崛起阶段。 

我们认为，结合全球的经验来看，啤酒行业挣格局的钱，行业的集中度对净利润的影响较大。从国内的发展态势来看，目前的格局较好的是华润啤酒和百威，其次是青岛，燕京和嘉士伯随后。当下行业逐步步入良性，行业提价跃跃越试，随着消费升级的不断进行以及结构的优化，新一轮的成长周期打开，建议重点关注格局较好的啤酒标的。

我们定义的食品饮料核心主流板块有三个，白酒、调味品和乳制品，在 2016 年上涨 29%的基础上，白酒板块 2017 年（截止 12 月 5 日）再度继续上涨 76.83%，调味品和乳制品2016 年分别下跌 1.04%和 18.26%，2017 年则分别上涨 18.04%（扣除非酱醋类涨幅预计超过 50%）和 47.12%。

12 月 5 日恒天然全脂奶粉、脱脂奶粉拍卖价格分别自年初下降 14%、 33%，国际大包粉价格上涨乏力，主要是由于主要乳制品出口国供给开始恢复。复盘原奶历史周期看，原奶价格的主要驱动是供给，但是同时需求、饲料价格、库存因素亦是原奶价格重要影响因素。

随着国民经济的发展、居民收入水平的提高和城市生活节奏的加快，消费者对于速冻食品的需求呈现增长态势，速冻食品的消费逐渐从节日型消费转为日常型消费。同时，大中城市超市连锁企业实现了蓬勃发展，零售终端配套各式冷藏柜，冷藏产业链得到逐步完善，从而保障了产品的供给。速冻鱼糜行业市场快速扩张，2008 年~2014 年主营业务收入复合增长率达到 16.85%，是我国发展最快的食品行业之一，建议关注行业变化，静待行业整合所带来的投资机会。