Around the world, rising health-consciousness is boosting the market for non-alcoholic beers Rising demand for: 1) low-alcohol & premium beers 2) Low-calorie & “healthy” beers Increasing affinity for craft, flavoured & fresh hop beer Use of AIand machine learning to gather & evaluate feedback & develop new beer recipes

Gin is a distilled alcoholic drink generally available with the range of 20–55% of alcohol-by-volume (ABV), based on the market preferences. For the purpose of analysis, the report segments the global gin market based on type, price point, distribution channel, and region. The report covers information about the various types of gin available in the market, which include London dry gin, old tom gin, plymouth gin, and others (navy strength gin & bols genever). Furthermore, it outlines the particulars about standard, premium, and luxury gins and along with detailed analysis of the consumer spending pattern. Furthermore, it provides details about the revenue generated from the sale of gin through diversified distribution channels such as on-trade (pubs, restaurants, bar, and others) and off-trade (online retailers, specialty stores, supermarkets, convenience stores, and others). Moreover, it analyzes the current market trends of gin across different regions such as North America, Europe, Asia-Pacific, and LAMEA and suggests the future growth opportunities by analyzing the government regulations & policies, thereby increasing the consumer acceptance of gin.

板块周度表现：近两周沪深300 上涨0.60%，创业板指上涨1.29%，食品饮料（中信） 指数上涨0.69%，较沪深300 的相对收益为0.09%，在中信29 个子行业中排名第10 位。其中分子板块来看，肉制品板块近两周下跌1.61%，调味品板块近两周上涨5.66%， 休闲食品板块近两周下跌2.87%，速冻食品板块近两周下跌4.97%，其他食品板块近两 周下跌3.49%。

白酒板块首推泸州老窖、山西汾酒、洋河股份，估值切换下，仍建议关注贵州茅台、五粮液、酒鬼酒、古井贡酒、水井坊、舍得酒业等；大众品板块推荐乳制品龙头伊利股份。

Super Dry？Super Dry 是朝日啤酒于1985 年推出的一款主打“口感顺滑、清澈无杂味”的啤酒，Super Dry 每年销量占日本传统啤酒销量比近50%为什么Super Dry 能够成为国民级啤酒大单品？时势造英雄。究其本质，我们认为尊重消费者喜好的产品创新是Super Dry 成功的直接原因，通过在东京和大阪大范围的市场调研掌握一线消费者的喜好，进而推出针对性的产品，取得成功是情理之中，而更深层次的原因是日本国家人口结构的变化，同时竞争对手误判行业发展趋势“推波助澜”，朝日啤酒优化供应链完善竞争优势，叠加行业发展趋势变迁，提升供应链效率，随着日本啤酒行业性加税转移了各家啤酒的研发与投入重点，啤酒产品的竞争积累成都有所下降，种种因素堆叠助推Super Dry 成功。

近期除了关注秋糖反馈，亦需加大对21Q3 酒企业绩预期的关注（本月已进入业绩披露期），同时需关注高端及次高端酒配置的平衡性。推荐配置稳健性强的高端酒，比如：贵州茅台、泸州老窖；推荐估值具性价比/业绩具备弹性的次高端标的，比如：舍得酒业、古井贡酒、水井坊、迎驾贡酒等。

本周进入三季报披露期，各酒企逐渐向市场释放经营向好的积极信号，舍得、酒鬼高增势头不减，茅台稳定增长巩固市场信心。我们认为，酒企三季度的业绩兑现表明白酒行业正保持良好发展，行业景气度高。