The PET packaging market will grow at a moderate rate between 2015 and 2020,showcasing a CAGR of 5.3%. The increased demand for bottled water and easyto-use packaging will boost the sales of the market during the forecast period.PET containers weigh 60%-70% less than glass containers. Thus, if PET containers are used instead of glass containers, fewer trucks are required for transportation. As a result, transportation charges are reduced by 30%-40% and carbon emission is decreased by 50%.Beverage companies are focusing on light-weight packaging by reducing the use of raw material while manufacturing PET bottles. For instance, beverage producer Dr.Pepper recycles more than 85% of the solid waste generated by its manufacturing plant and has conserved more than 60 million pounds of plastic by usingredesigned and lightweight packaging.Asia-Pacific (APAC) is estimated to account for a share of 35.71% of the market in 2016. In 2015, the demand for PET products from Asia accounted for 43% of the global demand; the share of the demand from Asia will increase and reach 48% in 2020. China is the dominant player in Asia. It alone accounted for 32% of the global PET bottles consumption in 2015. Its demand for PET bottles is expected to increase by 20%-30% in 2016.PET packaging in South and Central America reached $4.37 billion in 2015 and is expected to reach $5.95 billion in 2020, growing at a CAGR of 6.37% during the forecast period. Many international companies are expanding their business in this region through M&A. For instance, recently, DAK Americas acquired CabelmaPET to expand its business in Argentina to include recycling of PET resins.

Millennials, those aged between 20 and 35 years, are the target consumers for the global pizza market. For instance, in 2015, it was estimated that around 33% of the millennials in the US use social media, online advertising, and online ratings to gain information about the pizzas sold in various foodservice outlets.Fluctuating prices of food commodities such as wheat flour, vegetables, meat, andcheese will hinder market growth.Pizza manufacturers should adapt to consumers’ evolving demands for unique,high-quality, and better-for-you pizza ingredients to increase their market reach during the forecast period.In 2015, the US emerged as the largest market for pizza. It has been analyzed from various research studies that for almost 40% of US consumers, unique toppings are “most important,” while for around 32% of US consumers, the information about the pizza’s nutritional content is “most important" when purchasing a pizza.

The technological developments in the area of radio-frequency identification (RFID) sensors and communication are playing a significant role in its adoption in the food sector. Compared to technologies like barcode and data loggers, RFID has shown various advantages and is now increasingly being utilized in food supply chain management, cold chain logistics, and monitoring food retail.Passive, ultra-high frequency (UHF) RFID (RAIN RFID) sensors are making headway into the market; these RFID sensors are likely to see a significant increase in their market share during the forecast period. Increased inventory accuracy and fewer misshipments, reduced processing costs, and improved delivery efficiency are some of the features offered by these RFID sensors.Vendors introduce snew traceability solutions with additions of in-store analytics and inventory intelligence to improve operations, deliver exceptional performance,and improve sales.

预计板块仍具上行空间，建议回调积极布局，继续看好至一季报：白酒板块本周上涨 4.07%，领跑食品饮料板块，山西汾酒、古井贡酒、口子窖等酒企涨幅靠前，验证了我们上周提出的板块大小市值白酒公司轮动的判断。我们整理了白酒公司 17年的业绩增速和目前的估值水平，大部分公司的估值水平在 20倍出头，个别公司还在 20 倍以下，在春节旺销、一季报可能超预期的背景下，预计板块仍具上行空间，建议回调积极布局! 

上周沪深 300 指数涨幅 1.53%，食品饮料行业指数（sw）涨幅 2.82%，相对收益 1.28%，年初至今累计超额收益为 1.73%。上周沪深 300 平均估值 14 倍，食品饮料行业平均估值31 倍，相对估值 2.3 倍。其中白酒板块估值 27 倍，非白酒板块 31 倍。

国际与国内奶价：近期恒天然拍卖价格指数与国内生鲜乳收购均价环比稳中微降。国内方面，春节后中国进入需求淡季，同时天气转暖原奶产量逐步恢复，预计供需关系的季节性不均衡可能带来奶价的阶段性回调，待下半年需求旺季到来奶价有望温和回升。