There is a wide variety of fruit and vegetable juices in varied packaging formats available across the world. This, in turn, attracts consumers to buy fruits juices based on their taste preference and convenience. Attractive and innovative packaging is considered as one of the best ways to pull new consumers and create a good demand. Convenient, single-serving, and portable features, along with better packaging are becoming important parameters for consumers to judge a brand and its offerings. Currently, many players are coming up with attractive and innovative packaging in their juices offerings. 

Globally, the emerging and expanding hemp market has impacted the agricultural and retail markets around the world. Hemp is a fast-growing and environmentally friendly crop with a low cost of production. As an agricultural commodity, hemp is grown for seeds, fibers, and flowers and also as a multi-crop. Hemp belongs to the family and genus of Cannabis, the same as marijuana.

Russia’s food and beverage sector features a medium-to-high level of competition with about 45,000 companies operating in the sector as of October 2018, according to the latest figures provided by the statistics office. The food subsector is more fragmented, with a large number (38,400 enterprises) of both small and large-scale companies. The top 10 companies earned 17% of the subsector’s total sales in 2017. The high fragmentation calls for consolidation and creates opportunities for acquisitions. The beverage subsector is more consolidated, with the top 10 players generating 53% of total sales in 2017. Foreign companies are well-established in the sector, occupying leading market positions. Still, in line with the government’s increasingly protectionist policy, the M&A market is dominated by local players with Russian buyers responsible for nearly 77% of the M&A deals in the 2017-2018 period.

本文是近期招商证券第八季行业研究大讲堂演讲文稿，基于招商食品饮料团队近年啤酒行业投研框架提炼和精进，结合最新板块思考，深入剖析行业近期热点问题，梳理行业核心逻辑及投资机会！

两强竞争激烈程度不减，终端促销“你追我赶”。自2018 年下半年以来，两强竞争越来越激烈，在奶源、品牌、渠道、价格等各个方面展开了争夺战。当前的竞争态势更多是由两强的竞争战略所决定的，二季度蒙牛开启追赶之势，线下促销加强，伊利也紧跟而上。在此背景下，当前市场关注的焦点在于：如何从某一产品的终端促销看到其背后的报表影响？我们以蒙牛“特仑苏”为例，对乳制品企业大单品促销进行更为具体的分析与测算。

优势白酒公司龙头估值进入新常态，我们判断茅台一批价中秋旺季仍能维持2000 元水平，同时也给其他高端白酒更多的价格空间和需求外漏，建议加仓高端白酒。青啤、华润中报超预期，产品结构升级显著改善公司的盈利能力。我们认为产品结构升级将主导行业发展，平抑销量对行业的季节性影响，行业主导逻辑将由营收端转向利润端。

8 月模拟组合为：五粮液（25%）、顺鑫农业（25%）、伊利股份（25%）和绝味食品（25%）。上周我们模拟组合收益率为+2.80%，跑输沪深300 指数（涨跌幅+2.97%），跑输中信食品饮料指数（涨跌幅+3.95%）。

啤酒之王欲分拆亚太资产上市，中国市场是皇冠上的明珠。百威英博是全球最大的啤酒集团，旗下啤酒品牌超过500 个，2018 年啤酒销量567 亿升，销量占全球市场份额超过30%。亚太是全球最大的啤酒消费市场，2018 年占全球啤酒消费量的37%，作为新兴市场代表，相比于发达国家成熟市场量利成长空间大，是百威英博重点战略市场。而中国区在百威亚太销量占比73%，收入端占比58.5%，更是皇冠上的明珠。国内啤酒市场高端化趋势加速，百威英博在高端及超高端啤酒市场消费量占比46.6%把握主动权，国内本土啤酒企业通过产品结构升级抢占更高价格带。

山东是人口大省，白酒产销大省。山东人口数量庞大，拥有将近一亿人口，且饮酒文化浓厚，2017 年山东白酒产量为115 万千升，位列全国第三。地产酒盘踞百元价格带，全国化品牌攻势猛烈。山东有500 多家当地酒企，2017 年营收超过20 亿元以上的10 家左右，但是鲜少有品牌突破百元价格带。全国化酒企近年来攻势猛烈，高端酒寡头垄断，茅五份额优势明显，国窖起势较快。次高端品牌习酒、梦之蓝、青花汾酒、水井坊、舍得、剑南春等均有一定的消费群体。