食品饮料行业今年以来跑输沪深300指数。2023年1-11月份（截至 2023年11月30日），SW食品饮料行业指数整体下跌10.45%，涨幅在所 有申万一级行业指数中居第二十位，跑输同期沪深300指数约0.76个 百分点。细分板块中，多数细分板块跑输同期沪深300指数。

11 月四大电商平台（淘系、京东、拼多多、抖音）线上销售 数据公布，大众食品不同品类线上销售情况出现分化。从细分品类来看，休闲零食线上销售同比跌幅收窄，冲饮线上销售额同比大幅增长，调味品线上销售同比跌幅收窄，分别同比8.26%/+20.31%/-11.14%。从线上渠道对比来看，休闲零食在淘系/京东/拼多多/抖音的销售占比分别为 51.36%/14.24%/7.10%/27.30%，冲饮在淘系/京东/拼多多/抖音的销售占比分别为 51.14%/31.10%/3.89%/13.87%，调味品在淘系/京东/拼多多/抖音的销售占比分别为 60.03%/20.05%/7.62%/12.29%。三大细分品类在淘系销售占比均较上月有所回升。

老龄化+健康消费年轻化，健康消费进入“精养时代”，需求端持续扩容。性价比已成为我国消费者首要考虑因素，折扣业态兴起，参考美日市场，消费或回归理性，进入硬折扣时代。需求迭代重塑渠道格局，线上深耕，线下细分：（1）线下门店拥抱垂类连锁，零食迎来新渠道红利。（2）O2O 串联线上线下，更快更近提振乳制品等高频需求。（3）会员店瞄准高线中产优质客群，以烘焙为代表的爆品拉动半成品供应链增长。

2023年白酒以品牌高议价能力仍维持了较高景气的业绩增长，但渠道库存的累加与销售费用的扩大逐步凸显，静态库存或者阶段性库存高企并不可怕，重要的是货品流速，对应的是资金周转与渠道信心。2024年我们仍坚持区域梯次升级的观点，区域酒仍将延续产品结构升级趋势，核心变量在区域经济，关注指标为区域产业结构（主导产业如劳动密集型、知识密集型、资源密集型、资本密集型、技术密集型等）所贡献的工业增加值、人口要素（是否有净增长等）、中央转移支付等，而家庭端宴席等消费总场次、规模或将减少，但消费档次稳中有升。

Champagne is an alcoholic beverage made from a variety of grapes and flavors, such as citrus, almond, and apple, to enhance the overall flavor. It is aged for several years to add texture and complexity and comes in varying levels of sweetness. At present, champagne is widely consumed as a celebration drink on special occasions like anniversaries, parties, weddings, sports events, and corporate events around the world.

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.