The global whiskey market is analyzed on the basis of its prospects and future growth rate. The report highlights numerous factors that influence the growth of the whiskey market, which include market forecast, drivers, restraints, opportunities, and role of different key players operating in the market. The report further emphasizes on the current market trends and future growth opportunities of the various product types and distribution channels of whiskey. Whiskey refers to a dark distilled spirit produced from a variety of grains, including rye, wheat, barley and corn. It is regarded as the most popular liquor and is also distilled throughout the world, more prevalently in Ireland, Scotland, the U.S., Canada, and Japan. The characteristic of whiskey is distinctive in nature owing to the differences in method of production, the quality of water employed and character of the cereal grains.

当前时点食品饮料板块估值处于历史的高位区间，未来估值进一步提升的空间相对有限，我们认为板块上涨动力将切换至由业绩增长主导，因此我们建议食品饮料板块（大众品）明年从以下两条主线着手布局：一是高成长，即行业处于成长红利期，龙头企业凭借领先优势有望获得快于行业的增长水平，通过高成长更加顺利地消化高估值，如速冻食品、低温奶、复合调味料等细分行业。二是边际改善，主要包括外部竞争格局优化及内部公司经营改革等带来的边际改善，前者如常温奶领域份额持续向两寡头集中+利润诉求强化有望带来常温奶业务盈利的稳步释放；后者如海天自我修正，恒顺和中炬实施的由内而外的激励推进。

年初至今，食品饮料板块整体上涨61.39%，行业跑赢沪深300 指数41.98个百分点，位列中信29 个一级行业第一。子板块中，酒类上涨67.14%，饮料上涨26.60%，食品上涨67.91%。

考虑到板块估值均在高位，自下而上的选股更为适宜。本文梳理了2021 年三条投资主线：一，选择高增长的行业和标的，以高增长对抗高估值，相关标的包括天味食品、安井食品、海欣食品；二，选择潜在的细分市场的未来“冠军”，等候市值与规模共同成长，相关标的包括克明面业、桃李面包、洽洽食品、三全食品；三，看好外需市场，疫情以来出口型企业的全球份额持续增加，全球刚需下，公司的业绩确定性较大，相关标的包括安琪酵母、晨光生物和双塔食品。