The report covers the detailed analysis of the trends and future estimations, and offers a thorough study of the global market on the basis of type and region. It analyses government regulations, and policies, to provide information on the current market trends in different regions and suggests the future growth opportunities. The report covers the overall net value of different products of airport duty-free liquor consumed by various consumers across the globe. The study highlights Porter’s five forces analysis to determine the factors affecting the market growth. These factors include raw material prices, intense competition, end users, manufacturers, and suppliers. To understand the market, drivers, restraints, and opportunities are explained in the report.

经过前期快速、大幅调整，板块已经开始企稳筑底，有信息催化的个股已经开始反弹。从市场沟通情况来看，投资者对于“美债”敏感性在逐渐降低、对“抱团”的态度也逐渐友善，导致板块下跌的负面扰动逐渐钝化，预计业绩兑现将逐渐取代宏观信息成为板块行情的主要矛盾。

前三轮白酒牛市每次终结时均出现大级别调整，茅台下跌36%-63%。白酒板块分别于2008 年、2013 年、2018 年经历牛市结束后的大级别调整，期间白酒企业基本面受挫，估值业绩“双杀”，茅台下跌36-63%。（1）第一轮牛市末，因高估值叠加金融危机调整，2008 年茅/五/泸调整63%/77%/65%，PE（股价/当年EPS，下同）从57/133/86 倍调整至21/25/18 倍。（2）第二轮牛市末，因12 年底“八项规定”出台调整，2013 年茅/五/泸调整54%/62%/64%，PE 从21/15/15 倍调整至9/9/6倍。（3）第三轮牛市末，因经济去杠杆叠加“贸易战”调整，2018 年茅/五/泸调整36%/46%/49%，PE 从29/25/30 倍调整至18/13/15 倍。

本周A 股下跌，上证指数收于3404.66 点，周变动-1.40%。食品饮料板块周变动-0.70%，表现强于上证指数0.71 个百分点，位居申万一级行业分类第15 位。