The demand for freshly brewed coffee is rising in the country, owing to the escalating interest in specialty coffee and freshly ground coffee pods, headed by the growth of specialty coffee shops, coffee consumption in offices, and inhouse brewing. The trend of inhouse brewing is the key factor, led by the consumers’ desire for freshly brewed coffee, which is contributing to the growth in the sales. The consumers’ inclination toward producing their own coffee from roasted whole beans allows them to make fresh batches of coffee all the time. Over the recent years, there has been an expansion in the number of specialty coffee shops, serving freshly brewed coffee in railway stations and airports, thereby, aiding the growth of the market studied.

Coding and marking have remained an integral part of the product/commodity supply chain for years now. The overall technology itself has a crucial role to play in our daily lives, be it from the perspective of businesses, industries, or even mere consumers. The coding and marking process in simple terms involves the imprinting of information and data on products and its packaging to enable an efficient track & trace process throughout the supply/distribution chain. This packaging could either be a primary or secondary form of packaging, depending on the product material to be coded. Similarly, the information or the data to be printed can vary as per product category. For instance, the coding and marking of a food item such as fruit cakes can have information such as best before dates and bar codes for tracking it, while in case of chemical fertilizer, the information related to the chemical may be highlighted more expansively.

终端价格与PPI具有较强相关性：十余年来茅台终端价增速和PPI保持近乎同步的节奏，2019年PPI前高后低，高端酒 批价也呈现出先增后降的态势。尽管2019下半年PPI与茅台终端价增速出现一定背离，但我们认为PPI的指导意义依 旧存在。展望2020年，我们对白酒行业并不悲观，预计PPI稳中有升，五粮液春节动销有超预期的可能性。

投资策略：维持对行业的推荐评级。目前我国资本市场还处于开放的初级阶段。外资持股比例与其他主要国家证券市场相比仍然较低，未来有很大的提升空间。当前时点，从中期的角度拥抱行业核心资产。白酒建议关注贵州茅台、五粮液、泸州老窖、洋河股份、山西汾酒、古井贡酒、今世缘等。大众食品建议关注伊利股份、海天味业、中炬高新、千禾味业、恒顺醋业、绝味食品、恰恰食品等。

周期与外资齐舞，确定与不确定交织。白酒板块周期拉长，固稳守正。大众品板块顺势而为，格局为王。

白酒行业2019年前三季度实现营业收入1780.99亿元，同比增长17.46%，净利润632.38亿元，同比增长22.67%，增速放缓。

10 月，食品三大子行业工业增加值增速均较上月有所放缓。食品制造业工业增加值同比增长 3.4%，农副食品加工业增加值同比下降 2.7%，酒、饮料和精制茶制造业工业增加值同比增长4.3%。食品工业主要产品中，鲜、冷藏肉与白酒产量同比均出现下跌；乳制品产量虽较上月下跌，但增速较上月有所加快。行业固定资产投资总体依然低迷，其中，酒、饮料和精制茶制造业固定资产同比增长 5.4%，食品制造业固定资产投资同比下滑 3.8%，农副食品加工业固定资产投资同比减少 10.1%。

垂直酒类电商涌现，懵懂发展，艰难培育市场，多方寻求合作，垂直酒类电商被认为是传统酒业的“闯局者”；

垂直酒类电商的去边界性，对传统酒企的价格体系发起挑战，酒厂与酒类电商关系恶劣。

白酒：高端量价升势头平稳，次高端龙头集中度提升。白酒市场延续稳步向好发展趋势，产销规模继续扩大，流通价格稳步上涨，行业整体利润明显上升，维持高基数下平稳增长。