Chocolates containing alcohol are the type of premium chocolates that contain alcohol as an ingredient. These chocolates can be available in the form of dark, white, or milk chocolate and are widely demanded during seasonal occasions.

Organic dairy products are dairy items, such as milk, cheese, yogurt, butter, and cream, which are produced in accordance with organic farming practices. These products are made from milk that is obtained from dairy cattle that is raised with organic feed under specific guidelines and regulations, which are designed to promote sustainable and environment-friendly agricultural practices.

Traditional Chinese tea, commonly referred to as oolong tea, is characterized by its oxidation level, which is between that of green tea and that of black tea. The leaves of oolong tea are derived from the same plant that is used to cultivate all types of tea in China, and the oxidation level of the tea is usually between 10% and 80%. This oxidation level gives oolong tea a distinctive flavor and aroma.

Flavored powder drinks are processed beverage products in powdered form. These flavored powders are used to prepare various beverages, such as flavored milk beverages, fruit-based flavored drinks, and energy drinks. Flavored powders are mixed with both milk and water. Water-based drinks are usually cold beverages, including energy drinks, flavor-based soft drinks, and fruit mix drinks.

Gluten-free beer can be described as a beer that is devoid of any gluten (a protein primarily found in wheat, barley, and rye). The gluten-free beer market forms only a minor part of the overall global gluten-free food and beverages market. However, the market has grown significantly over the past five years due to an increase in demand among consumers with celiac disease. Gluten-free beers are manufactured predominantly from ingredients like sorghum, buckwheat, rice millet, corn, and Kebari barley. However, in recent years, companies like Dohler and Koninklijke DSM have come up with innovative techniques to brew gluten-free beer using regular ingredients, such as barley and wheat.

展望来年，尽管需求复苏力度转强仍需观察，但板块估值大幅回调后，经营稳健且盈利预测置信度高的龙头估值切换空间已清晰，超跌的优质个股也具有修复机会。同时，食品饮料正处于长期“换挡”和“重构”的时代窗口期，白酒的周期运行逻辑正在重构，头部酒企酒价和业绩波动性在明显降低，背后是头部酒企全面往现代化经营转型的根本变化；而大众品龙头增速中枢下降后，估值定价范式和企业资本策略也将迎来重构。

对于2024 年，我们认为在需求端的变化有两个：1 是总量上的变化，即经济进一步复苏所带来的需求端的改善，从复苏 角度去看细分行业，我们认为顺周期板块比如白酒等板块会有机会。2 是从收入结构上分析，如果中产阶级收入能够得到恢复 或收入预期能够扭转，“做高价格”的趋势仍是行业发展中非常重要的增长动力，即终端价格成为判断行业景气度非常重要 的指标。建议关注消费升级趋势下的次高端白酒、休闲零食等板块。 我们认为新产品、新渠道和市场红利的趋势仍将持续，譬如预制菜等行业仍保持增长。竞争格局的优化也将进一步改善 盈利，譬如白酒、休闲行业的龙头将会进一步提升市场占有率。综合年度的判断，我们重点推荐贵州茅台、五粮液、千味央 厨、安井食品、洽洽食品等标的。

据海通国际预测，11 月重点跟踪的 8 个行业中 7 个保持正增长。实现双位数增长的行业包括餐饮、次高端及以上白酒、速冻食品；个位数增长的行业包括调味品、乳制品、啤酒和软饮料；大众及以下白酒延续明显负增长，不过降幅收窄。与上月相比，5 个行业增速加快，3 个行业增速放缓。整体来看，11 月消费行业仍然呈现弱复苏态势。美团三季报也预计第四季度食品订单增长将低于第三季度。我们预计下一个需求观察点将在明年春节前。

中国茶市场分为茶叶、现制茶饮、即饮茶三大类，现制茶饮与茶叶增速较快。茶由散装茶叶产品及其他茶产品组成，包括预制瓶装茶产品及现制茶饮。2017-2022 年，中国茶市场市场规模由 3,956 亿元增长至 5,706 亿元，复合增长率为 7.6%，预计 2027 年将达到 8,054 亿元，2022-2027 年复合增长率为 7.1%。

中国茶市场分为茶叶、现制茶饮、即饮茶三大类，现制茶饮与茶叶增速较快。茶由散装茶叶产品及其他茶产品组成，包括预制瓶装茶产品及现制茶饮。2017-2022 年，中国茶市场市场规模由 3,956 亿元增长至 5,706 亿元，复合增长率为 7.6%，预计 2027 年将达到 8,054 亿元，2022-2027 年复合增长率为 7.1%。