2016 年把握三条投资主线：挖掘高景气、寻找新机遇、紧跟国企改革。

截止到 2015 年 11 月 18 日，食品饮料指数自年初的收益率达 18.48%，沪深300 指数涨幅 5.15%。食品饮料板块基本跟随大盘主要波动趋势，但大盘上涨趋势中，食品饮料相对收益有限，大盘下跌过程中，食品饮料相对收益率明显。从全行业指数收益率比较来看，食品饮料年初以来涨幅在所有行业中排名靠后。大盘年内大幅波动，食品饮料股价弹性不强，但估值低，体现较强防御性。

消费的冰火两重天：传统渠道遇寒冬，线上消费增长火爆。1、从需求角度来看：人均消费量和消费单价的增长短期放缓，长期看细分领域量价提升有较大空间；2、从渠道角度来看：传统线下渠道低速增长（原因在于跨区域扩张费用高企、信息不对称、电商及跨境电商的分流），而食品饮料的线上销售实现爆发式增长。

报告对黄酒行业的市场发展状况、竞争格局等方面作了深入分析。

食品饮料行业龙头债券属性显现：低速稳定增长+高比例分红。

2015年食品饮料板块无论市场表现还是经营状况均不理想，预计2016年宏观经济增速继续放缓，导致行业需求不足，同时在社会改革、传统行业转型的大背景下推荐竞争格局较为理想的成长股。

基本面平淡，扩容式增长丌再：经济增速持续下行、主要品类人均消费量遇短期瓶颈，大伒品增速持续放缓；白酒在低基数及2015年旺季时间较长带劢下增速同比改善，但未来增速丌容乐观。

Leading food and beverage companies throughout theAsia-Pacific reported mixed financial results over the lastsix months, as market growth slowed in many developedmarkets but growth maintained momentum locally.

The origin of the word tequila is still unknown. However, it is believed to be derived from the ancient Nahuatl term meaning "the place of harvesting plants" or "a place to pay tribute." In certain contexts, the word tequila also means "the rocks that cut." Tequila is made from the blue agave plant found in Mexico. According to Mexicans, agave can be grown only in the following regions: Jalisco, Nayarit, Tamaulipas, Michoacán, and Guanajuato. Blue agave that is used in the preparation of 100% tequila is grown only in the state of Jalisco in Mexico.

In Europe, Germany ranks second-largest in terms of population after Russia. The revival of the German economy has resulted in an increase in GDP per capita, ranking Germany the third among European countries. We expect the beer market in Germany to grow at a steady rate over the next five years with the increase in per capita expenditure by consumers.

Glass can be molded into different shapes and dimensions such as bottles and jars, making it highly applicable for packaging. The inert nature and ability of glass to preserve products for a long period makes it a popular choice for packaging in the food and beverage industry. The global glass packaging market for food and beverage will grow at a slow rate, posting a CAGR of 2.72% during the forecast period. In 2014, in terms of type, glass packaging for beverages accounted for the major share of the market. This was due to an increase in demand for hot drinks and packaged water beverages, globally.