上周食品饮料板块下跌1.9%，跑输沪深300，其中调味品（1.5%）领涨，乳品（-5.4%）跌幅较大。季季报收官，白酒如期高增。白酒继续领跑行业，其它酒类总体平淡，伊利收入符合预期、净利略低于预期，调味品分化较大，肉制品行业受益于猪价下降，其它食品公司中，好想你、涪陵榨菜、桃李面包、养元饮品业绩超市场预期，后续可重点跟踪。白酒重点推荐山西汾酒、顺鑫农业、五粮液、贵州茅台，食品重点推荐中炬高新、伊利股份。

The Ukrainian Institute of Agrarian Economics stated in November 2017 that year-on-year (y-o-y) growth in exports of meat increased by 38.2% in January to September 2017 compared to the same period of 2016. This represented an increase in value from USD294.8mn to USD397mn. In a display of the diversification in export markets since the conflict with Russian-backed separatists emerged, Egypt has become the primary export destination for Ukrainian meat, buying 17.1% of the total, followed by the Netherlands (14.3%) and Iraq (8.8%). Ukraine's exports of agricultural and food products to the EU increased by 30.8% to USD8.1bn during 2017, according to the Deputy Agrarian Policy and Food Minister of Ukraine on European Integration Olga Trofimtseva (Ukinform.net).

Chile is a major producer and exporter of foodstuffs. It benefits from abundant natural resources for food production. Chile is in the southern hemisphere, which means that there is high demand in major trade partner the US for its fresh fruit and vegetables, for example, during the US winter.

Food services are boosted by high-income consumers, who are increasingly adopting Western-style consumption patterns, and a large expatriate population. Bahrain's fishing sector is the country's fastest-growing agricultural segment. Halal food imports are growing within the Middle East region.

In November 2017, Colombia signed an agreement with the UN to cut production of coca. Under the agreement, worth USD300mn, farmers who make the move from growing coca to other crops will receive compensation. In September 2017, Mexico-based Grupo Bimbo opened a new production and distribution plant in Tenjo. The USD86mn plant will produce bread and pastry products.

2017 年白酒股价涨幅领跑食品饮料板块，继续跑赢沪深 300 指数。2017年白酒板块实现 94.1%的绝对正收益，跑赢沪深 300 指数 72.4 个百分点，在食品饮料各子板块中涨幅位列第一。

2017年白酒板块收入1,690亿/同比+27.7%，净利润523亿/同比+43.3%。18Q1板块收入629亿/同比+27.9%，净利润218亿/同比+37.5%。我们对白酒板块态度仍然乐观，主要在于我们认为：白酒板块前期两大隐忧——（1）市场风格向成长转换、（2）高位下业绩难超预期，正在被市场走势打破。首先是高风险偏好的成长板块近期受中美贸易战持续发酵影响表现有所反复,；其次伴随白酒板块业绩预期下行，多家企业一季报均给予超预期回应，板块情绪显著回暖。我们认为18年白酒板块基本面确定性趋势向上仍是主旋律，继续维持对白酒板块的乐观判断不变。