近年来，城镇化率的持续提升，使得居民潜力需求红利逐步释放，需求量和品质均有显著提升，城市在让生活和消费更加美好。展望来年，白酒行业持续加速复苏，高端稳赚业绩，次高端蕴含更大潜力， 食品板块受益城镇化提速及消费升级，龙头尽享行业红利，改善企业焕发新春，板块估值可看更高，子行业中乳业及调味品最优，伊利等公司有望重走 15 年茅台、16 年海天的估值提升之路。全年节奏上，行业 Q1 报表低基数高增长，春节及一季报是重要时点，白酒有望重演 17 年，估值切换提前，食品 Q1 后业绩预测上调市值上新台阶，Q3 后当年估值有望再创新高。

2017年板块回顾：前三季度，食品饮料板块涨幅第一，表现最好的是白酒、乳制品、调味品。估值上，板块整体和饮料制造高于历史均值，食品加工略低于历史均值。配置上，17Q3基金配置对食品饮料尤其是白酒的配置水平已高于09年均值，但未到高点，板块整体配置系数2.47处于超配状态。

2017年白酒各企业焕发生机，稳中求变。展望2018年，白酒行业仍处于上行通道，龙头酒企带领行业大步向前。17Q4：中秋销售火爆，高端酒供需关系紧张。四季度泸州老窖、剑南春、洋河等品牌调整了酒类价格体系，为明年做准备。随着中高端白酒市场的持续扩容和大众品消费的回暖，名优酒量价齐升有望逐步恢复到2012年水平。

Savory snacks can be categorized under the snack foods segment. Although there are many variants in terms of ingredients used, the global savory snacks market can be divided into seven major categories: potato chips, extruded snacks, nuts and seeds, traditional snacks, popcorn, meat snacks, and other savory snacks. Potatoes, corn, nuts, seeds, wheat, rice, tapioca, and oats are most commonly used as ingredients in the preparation of savory snacks.

Medicated confectionery refers to sugar boiled confectionery that is used as a remedy for cough and throat. Medicated confectionery also includes sugar-free sweets fortified with vitamins and minerals and containing herbs and plant extracts. There are many factors driving the growth of the global medicated confectionery market. Smoking bans in public places across many countries in the world, growing cases of hay fever and other cold and cough related health issues, and the growing demand for sugar-free confectionery are the major drivers of the market.

Honey is a sweet food produced by bees foraging nectar from flowers. Honey bees convert nectar to honey through regurgitation and evaporation. The bees store the honey as a primary food source in wax honeycombs inside beehives. The beekeepers extract the honey by removing the honey comb and then by crushing it or using a honey extractor. Honey bees form an important part of the food chain as they aid in pollination, which is required to support the food chain.

The global sweetener market is growing at a moderate rate (4.47%) owing to the growing concerns about excessive intake of sugar. Consumers are purchasing products that have low sugar and calorie content to maintain a suitable body weight and avoid health problems such as obesity, high/low blood pressure, and tooth decay. Sweeteners are now becoming common in homes across the globe, appearing in many “sugar-free” or “diet” candies, cookies, and beverages. Players are thus using sweeteners across industries, including confectionery, bakery, beverages, cereal, ice cream, and dairy. Non-nutritive sweeteners, both low-calorie and zero-calorie variants, are replacing sugar and corn syrup in food and beverage, healthcare, and personal care products. Significant investments in state-of-the-art equipment and new technologies and the introduction of new crop varieties have resulted in increased zero-calorie sweetener production.