18 年 1-8月食品饮料板块-7.5%，市场排名 3/28。其中调味品（+18.9%）、食品综合（+6.4%）涨幅领先，且获正收益。食品板块 1-8 月 PE 较 17 年下降 33%，预计 18 年净利增长 36%，两者共同作用，年初至今股价略下降 7.5%。从个股涨跌幅看，17 年涨幅不大、有业绩的食品细分子行业龙头成为最大赢家。7-8月食品板块股价-12.0%，市场排名 24，跑输大盘。往下半年展望，旺季备货与三季报披露即将到来，业绩很可能再度成为市场关注焦点，估值已回落至合理区间，食品饮料板块仍然是市场的好选择。

201 8H1 轻工制造行业上市公司实现主营业务收入 2314 亿元，同比增长 2 0.3%。家用轻工、造纸、包装印刷板块 2018H1 营收分别增长 22.6%、20.7%、16.7%。同期轻工制造行业上市公司合计实现归母净利润171.7 亿元，同比增长11.6%，其中造纸板块增速达28.7%，领跑轻工制造行业。家用轻工板块和包装印刷板块增速分别为-0.9%和7.7%。

In 2018, Croatian Chamber of Commerce conducted a national survey of dietary habits the country. The survey found that per capita consumption of meat and fish in Croatia was among the lowest in the EU. Podravka is one of the largest conglomerates in the country, as well as regionally, with production facilities located in Croatia, Slovenia, Poland, the Czech Republic and Slovakia, as well as most recently in the US. In March 2018, Poland-based Enterprise Investors signed an agreement to acquire a 65% stake in Croatian baked goods company Pan Pek. New owners plan to invest in an expansion of Pan Pek's retail operations.

The Czech Republic's highly developed food market is one of the most mature in the region. The meat and dairy sectors lead the processing industry, followed by edible oils and fruits and vegetables, with the food-processing industry accounting for more than 15% of the country's industrial output.

According to Egypt's Export Council for Food Industries, food exports during H1 2018 totalled USD1.44bn, led by frozen vegetables (USD191mn), soft drinks (USD187mn) and cheese (USD139m). Arab countries accounted for the largest share of the exports of Egyptian food industries by 52%, worth USD753mn, followed by the EU with 15% of total exports (USD213mn). The Egyptian parliament approved a draft law in April 2018 to regulate the country's large informal food vending sector. The draft law aims to comprehensively legalise mobile food carts by granting operating licenses from administrative authorities. Egypt is the fourth-largest halal food market globally, behind Indonesia, Turkey, and Pakistan.

China has reduced import tariffs on 187 goods, including infant-formula, spirits, seafood and other products, in a bid to encourage domestic spending as the country strives to become a consumption-driven economy. Tariffs for some baby formula products will be cut to zero from 20% as a result of the new rules, benefitting global brands like Danone and Nestle that are competing for a leading share of China's lucrative infant formula market. The move will help lower the price point of major international brands in China compared with other countries globally, thereby reducing the incentive for consumers to make purchases overseas or via unofficial channels. China's Yili Group has expressed its intention to acquire a majority stake in Pakistan Dairy company Fauji Foods, known for its Nurpur brand, according to a notice sent to the Pakistan Stock Exchange in August 2018.

A large tourism sector fuels consumption in a number of food and drink sectors, including soft and alcoholic drinks. Across the region, any fluctuations in tourism levels have a noticeable impact on the premium alcoholic drinks sector, where the majority of consumption can be attributed to affluent tourists. In the food sector, segments that are particularly reliant on the tourist dollar include convenience and brand-name products from the US.

The food and beverage industry is well developed, and leading international operators have a strong and growing presence. In total, there are around 45,000 registered food-processing companies, ranging from small- and medium-sized companies to major multinationals. In 2015, the Brazilian food processing industry grossed USD168.3bn, which represented approximately 9.5% of the country's GDP.

本文提炼中国啤酒行业商业模式分析框架，详细梳理行业发展演进史及主要企业发展历程，展望行业未来发展空间及格局演变，并对行业短中长期核心关注点进行深入分析。我们认为，行业当前进入存量博弈期，成本连续上涨，主要产商依靠低价抢量策略难以为继，中高端化提升及产能优化将推动行业利润率向上拐点确立，未来数年进入行业利润率逐步改善期，中长期看啤酒行业进入整合末期，当前正是逐步布局优秀企业的时间窗口。推荐华润啤酒和重庆啤酒，关注青岛啤酒和燕京啤酒。

面对中秋之前茅台一批价和烟酒店终端价一路上涨的现象，茅台接连出台稳定市场价的政策，包括双节旺季投放7000吨茅台酒以及允许专卖店和经销商于8月底前就执行9、10月份的计划。在经销商都积极提前执行9月至10月的配额的情况下，中秋旺季市场上茅台酒的供应量有望达到1万吨左右，与去年三季度的发货量较为一致，茅台酒供应量的增加将直接促进渠道批价的回落，缓解供需矛盾。