目前包装用纸福建地区瓦楞纸价格下调，重庆玖龙、重庆理文，京津冀纸价维持平稳；生活用纸：周均价与上周持平（6450 元/吨）；进口针叶浆周均价环比上行 1.46%，俄针叶浆周均价环比上行 0.90%。

报告期内，公司经营业绩与上年同期相比有小幅下降。其中，公司实现营业收入 19,373,193,032 元，比上年同期增长-6.18%；营业利润 668,705,875 元，比上年同期增长-3.97%；归属于上市公司股东的净利润 418,329,950 元，比上年同期增长-26.66%；基本每股收益 0.34 元，比上年同期增长-27.66%。

互联网彩票或将重启：我们认为，互联网彩票重启只是时间问题，未来可能通过牌照等方式进行监管。出于谨慎原则，第一批牌照数量估计不会多，因此获得首批牌照的企业将拥有先发优势，一些中小平台有可能被叫停、分流。2016 年是体育大年，奥运会、欧洲杯以及国内可能推出中超即开型彩票；加上下半年互联网彩票可能重启，我们建议投资者关注互联网彩票主题，关注美股-500 彩票网；港股-华彩控股、亚博科技；A 股-鸿博股份、东港股份、安妮股份、中体产业。

近期观点：1）白酒龙头一季报业绩无忧，提价印证复苏趋势明确，估值仍有提升空间。春节中高端白酒增速超越行业平均，龙头预收款创新高，一季报无忧；近期古井贡酒对核心单品提价，印证基本面复苏趋势明确，将强势聚拢渠道资源，我们认为古井提价只是白酒龙头提价的开始，预计后续 1573 提价可能性较大。未来 2-3 年白酒龙头两位数业绩增长确定性较高，当前动态 PE15-22 倍，基本面向上周期下估值仍有提升空间。2）跨境电商税改持续完善，国内奶粉、保健品洗牌正加速。税改遵循新食安法下注册/备案制，保健品、奶粉宽限期至 2016/7/1、2018/1/1，行业洗牌态势不改，伊利、贝因美、汤成倍健等国内龙头有望受益格局改善。3）双塔食品：2015 年业绩符合市场预期，2016 年受益低纯度蛋白客户重大拓展，整体订单有望翻倍，预计管理层仍将大力度增持。

截至 4 月我国主产区生鲜乳平均价与大牧场生鲜乳销售价仍未见明显回升，未来原奶价格走势主要取决于：1）上游去产能速度；2）奶粉库存消化程度；3）国际奶价变动。截至 3 月我国奶牛存栏量同比下降 6.6%，盈利能力持续恶化的小型养殖户有望加速退出，存栏量维持减少趋势；受终端需求持续疲软影响，上游大型牧场和部分下游乳企仍然面临较大喷粉压力，预计国内奶粉库存水平难见明显改善；此外一季度全球原料奶主产国平均价仍然维持低位。综合以上，当前国内奶价暂不具备良好上升基础，但后期走势仍值得关注。奶价低迷使得一季度下游价格战力度仍无明显缓和，上游企业继续冲量或令行业竞争维持严峻。

小票中我们最看好老白干酒，有动力、有实力，并购龙头潜力十足，且本身利润率释放刚开始，时间可看 3 年，空间可翻倍，赢利只需耐心。茅台控量挺价 4 月份效果显现，有利于五粮液竞争环境边际改善，同时五粮液报表或渠道的管理能力持续提升，且有并购预期，股价值得看好。伊利正处于营收和盈利增速筑低阶段，但我们更要看到其与主要竞争对手差距加速拉大，各业务线均如此，之后利润率上升空间大，且公司股权结构、股息回报率均佳，16 年被长久期资金举牌概率高。我们相信，多因素已推动三全传统主业利润率见底回升，公司业务周期、市场预期类似 2H14 安琪酵母和 2008 年伊利，代表垂直整合工业化的鲜食机将在 4 月底铺市测试和一季报可能是股价催化剂。克明面业主业竞争力强大，14 年开始的渠道变革和华夏一面等新产品、新技术可继续推动公司份额上升并降低成本，净利持续增长可期，我们预计 1Q16 营收仍可维持快速增长势头。3 月母猪存栏环比持平，生猪存栏拐点已现，饲料股可能受益于养殖后

Baking ingredients are added to food to enhance taste, add color, and enhance texture and for preservation. Adding these ingredients help with the easy production, processing, packaging, transportation, and storage of bakery products. Baking ingredients help in preventing food spoilage, maintaining consistency in quality, adding and enhancing taste, providing texture and color, and adding nutritional value. Baking ingredients usually come in two forms: natural and artificial.

Dairy whiteners are widely used as a substitute for fresh milk in tea; coffee; hot chocolate; and other food products such as soups, sauces, puddings, and cereal dishes. They are available in fluid and dried forms. The production of dairy whiteners has gone up owing to their being convenient, shelf stable, and ready to reconstitute. The main ingredients of dairy whiteners are.

Gluten is a protein composite primarily found in wheat, barley, rye, and triticale. A gluten-free food product does not contain gluten-rich grains such as spelt wheat. Gluten-free food products are processed and gluten is removed from them. A glutenfree diet is prescribed for patients with celiac disease. Gluten-free food products are healthier and easier to digest.

Ice cream is a popular frozen dessert. It is made from milk and cream and is combined with fruits and other flavors. Non-dairy ice cream varieties made from soymilk and almond milk are also available. Ice cream was introduced in America in the 1700s, and the first ice cream parlor opened in the US in 1776. Vanilla is the most popular flavor of ice cream around the world. The ice cream market is moderately capital-intensive and has numerous players competing for market share.

Malt ingredients impart flavor and color to end products. These ingredients are also used to help modify or stabilize the texture of food and beverages. These ingredients are used in a wide range of beverages, especially in the production of alcoholic beverages. From a global perspective, interest in malt ingredients is expected to increase in developing regions where consumer spending on alcohol is rising.

Food stabilizers are added to stabilize and improve the texture, prevent crystallization (sugar and ice), stabilize foams and emulsions, reduce the stickiness of icings on baked products, and to retain moisture and flavor of food products. Polysaccharide gum, arabic gum, and guar gum are the most commonly used stabilizers and thickeners. Gelatin is another commonly used non-carbohydrate stabilizer obtained from several animal-by products.

Generally, soups are made by combining ingredients such as meat, vegetables, and water or another liquid and are usually served warm. Soups are classified into two types: clear soup and thick soup. Soup is considered to be as old as the history of cooking. Soups served as the foundation for the first public restaurants in Paris in the 18th century. Soup is a heterogeneous food category and differ in nutrient content from beverages, which is the other principal source of energy-yielding dietary fluid.