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。

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. 

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.

随着茅台步入收入千亿股价千元市值万亿时代，郎酒习酒国台等品牌发展势头良好，有望加快上市步伐，市场对酱香型白酒行业关注度持续升温。我们通过大量资料搜集及实地调研，从工艺口味、行业情况、主要品牌等方面对酱香型白酒行业进行深入分析及展望，并提出我们对行业发展的些许建议。

产量见顶迎合成本处于高位，客观条件倒逼厂商推动产品结构升级；地利：行业竞争趋缓，ASP 提升之路顺畅；人和：消费升级大背景下，产品结构升级乃大势所趋。

2015 年，白酒行业持续复苏。一线品牌在这一行业背景下，通过自主式改革寻找发展新机遇。五粮液发布定增方案，迈出国企混改第一步，将经销商利益与公司绑定，提高经营积极性，增强渠道抓力；泸州老窖新换届的管理层通过回购产品、调整渠道体系和压缩产品结构，改善公司的经营状况，在2015 年初显成效。这一年，深耕省内的徽酒中档品牌—迎驾贡酒和主攻中高端市场的徽酒名企—口子窖先后在主板上市，打开白酒行业深度调整期后的竞争新格局。

桶装水是指采用自来水或抽取地下水，经过现代工业技术（反渗透、电渗析、蒸 馏、树脂软化等）处理而成的纯净水或矿泉水，由灌装生产线灌装至PC桶得到的产品。 桶装水可分为纯净水、矿泉水和矿物质水（由纯净水人工加入矿物质而成）等。 由于水源不同，制作工艺不同，不同种类桶装水中所含微量元素种类和含量也有很大差 别。                                

                                   天然健康食品是指利用天然成分制成的包装食品，不含任何人造或合成 食品添加剂，并且含有有益的营养成分，可帮助消费者维持或恢复健康的生活 方式和均衡饮食。近几年国民健康意识提升，消费全面升级，预计2018年天然 健康食品市场规模将逼近1200亿。                                

酸奶作为一种营养、健康的食品，很早就在全世界范围内流行，在部分发达国家和地区甚至占据液态奶市场50%以上份额。近年来，随着我国居民生活水平提高、健康意识增强，乳制品在居 民膳食结构中的地位明显提高， 酸奶作为一种具有健康功能的食品，更是受到消费者的喜爱。近年来，我国酸奶市场增长率领跑全球，每年保持两位数的高速增长，也是增长速度最快的品类。