Caviar is a luxury food item that is usually consumed as an appetizer. Traditionally, roefrom the wild sturgeon found in the Caspian and Black seas are termed caviar. The roe from other species of fish such as paddlefish, salmon, and others are considered substitutes of caviar. The main varieties of sturgeon that are harvested for caviar are Beluga, sterlet, Ossetra, and Sevruga. The fish eggs can be fresh or pasteurized.However, the pasteurized variety has lower economic as well as culinary value.Because of overfishing of sturgeon for caviar production, most species of the fish are becoming extinct and have been declared as endangered species or rated vulnerable in the IUCN Red List of endangered species. From 2006, there has been a ban on the trade of wild caviar. Owing to the ban imposed on the fishing of sturgeon, players in the market have resorted to aquaculture to develop sturgeon for caviar production. The players are also investing in developing new methods to extract caviar without killing the fish.

餐饮行业总规模超过 3.8 万亿元，总量上保持 10%以上的温和增长较为确定，高于 GDP 增速和社零总额增速。“民以食为天”，我国的餐饮文化厚重，即使居民可支配收入有了大幅增长，恩格尔系数依然保持相对稳定。

从 2015 年底、2016 年初开始，宏观经济数据、旅游行业数据等数据逐渐显现出餐饮旅游行业企稳和市场复苏的迹象。进入 2017 年，旅游行业的增长趋势越发明朗，各种经营数据支持了旅游业复苏的判断。 

基于酒店投资时钟框架，探讨行业周期中酒店经营指标与业绩指标的波动规律，寻找估值提升与获取超额收益的领先指标，把握行业周期性复苏下的投资机会。 

根据国内旅游抽样调查结果，2017 年上半年，三游数据均略高于年初预期。实现国内旅游收入达 2.17 万亿元，同比增长 15.8%。由于供需关系及中端酒店的持续发力，酒店行业回暖趋势得到延续。