据国家统计局数据显示，2019年1一10月中国食品行业主要产品产量有增有减，其中植物油和肉类产品产量下降。食用植物油成品产量4330．5万吨，累计下降0．6％。糖产量达983．9万吨，累计增长&3％：鲜、冷藏肉产量达2344．2万吨，累计微降0．1％：乳制品产量达2242．2万吨，累计增长&3％。

2019年1一7月我国农产品行业规模以上企业数量达到22210家，其中亏损企业数量3973家，亏损面17．89％，2019年1一7月农产品行业亏损总额206．1亿元，同比大增32．3％。

据国家统计局数据显示，2019年1一9月中国食品行业主要产品产量整体保持增长态势，另外肉类产品产量下降。其中，食用植物油成品产量3894．9万吨，累计增长I.5％。糖产量达942．2万吨，累计增长7．6％：鲜、冷藏肉产量达2127．4万吨，累计下降2．1％：乳制品产量达2023．7万吨，累计增长&8％。

据国家统计局数据显示，2019年1一8月中国食品行业主要产品产量整体保持增长态势，另外肉类产品产量开始微增。其中，食用植物油成品产量3569万吨，累计增长2．。糖产量达925．2万吨，累计增长9．1％；鲜、冷藏肉产量达1922．4万吨，累计微增0．4％；乳制品产量达1792．0万。

Increasing demand for low calorie sweeteners from food and beverages manufacturers have been increased from last few years, owing to the rising concern over obesity and diabetes across the world. Many key players in beverages are introducing the products with natural low-calorie sweeteners mainly stevia.  For instance, in 2018, Coca-Cola launched Coke “Coca-Cola Life” sweetened with 100% stevia in New Zealand. The company is also planning to introduce this product in the South Pacific region in upcoming years.  Increasingly, consumers from developed economies such as the United States, Germany, and the United Kingdom are inclined toward low-sugar fruits and vegetable juices, which is driving the demand of stevia for beverages application.

The global malt ingredients market report (henceforth, referred to as the market studied) offers key insights into the latest developments. It analyzes the recent trends, drivers, and challenges affecting the market. Opportuni ties pertaining to the market have also been taken into consideration. The market has been segmented by source, application, and geography. By source, the market can be segmented into barley, wheat, and other sources. By application, the market can be segmented into alcoholic beverages, non- alcoholic beverages, food, pharmaceutical, and animal feed. By geography, the market covers major countries in the region North America, Europe, Asia-Pacific, South America, and Middle East & Africa. The report also gives insights on the barley and wheat production and its impact on the demand and prices of malt ingredients.

For the purpose of the report, the meat substitute market is defined as the market for artificial meats (raw artificial meats) and that of wide variety of meat substitute based food & snack products (breakfast, lunch, and dinner). Meat substitutes prepared from tofu, Tempeh, textured vegetable proteins, seitan, Quorn, and other plant-based sources are covered in the report. Moreover, the market is studied under three major categories— frozen, refrigerated, and shelf-stable. Raw materials used in the preparation of meat substitutes are primarily certified as organic, Non-Genetically Modified (Non- GMO), and plant based, containing high level of proteins and low in cholesterol content.

股市充满不确定性，如何从不确定中受益是我们每一位投资者需 要思考的问题，食品饮料行业大公司多、商业模式好、格局稳定，增长 确定性和可持续性强。在增长愈发不确定的市场有望持续受益。2019 年对食品饮料板块投资者而言又是丰收的一年，也是我们反思最多的一 年。我们首次提出了使用 2 套思维模型来解释股票的超预期，创造性的 提出并解释消费升级、降级与消费跳级并存的现象，明确指出系统的反 脆弱性具有较强的价值。站在当下，如何看待估值水平趋于合理的行业 龙头？如何挖掘成长股的机会？如何寻求具备改善预期的标的？本篇 策略报告带您理解我们的思维方式并掘金 2020 年食品饮料投资机会。