Molasses is a byproduct of the sugar refining industry. A hundred tons of sugar cane will give 10-11 tons of sugar and 34 tons of molasses. Sugar cane molasses is an organic waste material obtained from raw sugar during the refining process at sugar refineries. The effects of cane molasses percentage replacement on bitumen were examined by means of a various laboratory tests including PG (Performance Grade), RTFO (Rolling Thin- Film Oven).

The global confectionery market is analyzed on the basis of its prospects and future growth rate. The report highlights numerous factors that influence the growth of confectionery products, which include market forecast, drivers, restraints, opportunities, and role of different key players operating in the market. The report analyses government regulations, policies, and patents to provide information on the current market trends in different regions and suggests future growth opportunities.

国内餐饮市场规模持续增长、连锁化发展带动标准化食材需求不断扩容，传统生鲜食材供应链难以满足需求，催生供应链企业规模化发展；相对初级生鲜，速冻食品子赛道竞争激烈度较低，产品附加值较高，盈利模式较清晰稳定，有望持续受益、强者更强。亚洲渔（A20363.SZ）、千味央厨（A20196.SZ）等速冻食品企业主要围绕B 端渠道开展垂直运营，近年业务规模实现稳步增长。建议增持安井食品，受益标的三全食品等。

去年12 月至今年1 月初板块涨幅较大，估值在高位。但今年年初，国内疫情再度散点发生，市场担忧疫情扩散以及人口流动限制政策会对白酒春节旺季产生较大影响。因此市场对白酒公司业绩增长预期有所降低，板块整体回调。

板块基金持仓概述：板块持仓稳居第一，白酒仓位明显提升。食品饮料板块持仓比例稳居第一。2020 年报基金食品饮料整体持仓继续提升，持仓比例18.54%，环比上升2.66pct。主要系白酒、啤酒仓位上行，持仓比例分别环比上升2.64pct、0.28pct 至15.13%、0.52%。食品饮料板块超配幅度由2020Q3 的7.96%上升至2020Q4 的9.47%，环比上升1.51pct。

卤制品行业规模有多大？考虑疫情对于行业的影响，我们预计卤制品行业2020年规模为2888亿元左右，2016-2021年CAGR为6%。行业中参考较多的两个数据间的差异主要来自于下游消费场景的统计区别。卤制品行业中休闲卤制品规模预计为1235亿元，余下为餐桌（佐餐）及情景消费。