filled milk powders are a range of skimmed milk powders that are enriched with vegetable fat before dehydration. Fat filled milk powder is obtained by blending high quality skimmed milk powder with vegetable fat. Powder is atomized (spray drying) in order to easily reconstitute the product. Fat filled milk powder is a total or partial whole milk substitute. This substitute has the same physical, chemical and organoleptic properties as a dairy product. It helps reducing formulation costs for a product without any impact on its quality. In fat filled milk powders, proteins come indeed from non-fat milk solids, whereas fat is of vegetable origin.

The report covers the detailed analysis of the trends, future estimations, and a thorough study of the global market based on type, channel, 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 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.

中高端白酒市场稳健发展，未来仍具有较大的提升空间。近几年，我国中高端白酒市场发展态势良好，营收占比持续增加。但与发达国家相比仍存在一定差距，未来具有较大发展潜力。在经历行业调整期后，白酒消费结构从以政务消费为主转向以大众消费为主。在消费结构转变的同时，居民收入水平不断提高，中产阶级队伍不断壮大。在消费水平提高与消费结构升级的市场环境下，我国中高端白酒市场存在确定性发展机遇，市场份额有望进一步向龙头企业靠拢。

商超数据显示2021年14月液态奶/酸奶/奶粉销售额同比+4%/-15%/-8%;液态奶行业及伊利/蒙牛液态奶产品累计ASP均同比提升，显示出液态奶竞争趋缓态势。疫情后期高端白奶需求旺盛，同时2021年奶牛养殖成本上涨、原奶供给端仍处偏紧状态，因此我们预计2021年奶价将继续处于高位。今年各大乳企继续加速布局低温乳品，我们建议关注低温产品崛起趋势。

浓香酒具有悠久的历史，其市场份额占据所有香型的51%。白酒行业在2016 年后随着落后产能持续出清，整体产量持续减少，分化发展和存量博弈成为主要特征。我们认为由于浓香型白酒历史悠久，风格特点在广大白酒消费群体中有较高的接受度，加之浓香型白酒的名优酒较多，产能较大，产品供应充足，市场普及度较高，在未来10-20 年内仍将保持白酒第一大香型。浓香酒的发展前景也将朝着全国化、品质品牌化和高端化发展，而产能特别是高端产能将成为浓香酒的竞争基础。建议关注在品牌、渠道、产品力方面均处于行业领先地位的高端浓香酒企，相关标的：五粮液、泸州老窖。

我们认为，白酒行业景气应能延续，龙头企业保持理性可控，留有余力，有望继续稳健增长，拉平行业周期。从价值投资角度看，建议拿住一线品种，这些品种仍然最具竞争优势，如茅台、五粮液、泸州老窖、山西汾酒；从估值角度看，茅台、五粮液更具有稳健性；从行业演变发展角度看，现阶段估值相对较低的一些二线品种，也可作为选择配置，比如古井贡酒、今世缘、洋河股份；从当下风格角度看，现在处于博弈中小盘三四线白酒的风格时期，弹性和风险兼具。