Extra neutral alcohol has been widely used in the production of alcoholic beverages. However, recent developments in sugar industries and increase in the usage of extra neutral alcohol across various industries such as pharmaceutical, cosmetic & personal care industries for various applications have spurred the growth of the extra neutral market in African countries. Many developing countries in Southern Africa possess the potential to produce ENA with benefits extending into the social and economic spheres. Despite the implementation of stringent government regulations and trade policies, the Southern African industries are expected to witness growth in demand in the coming years. The report analyzes the extra neutral market across territory such as Malawi, Southern Africa Development Community (SADC), and Common Market for Eastern and Southern Africa (COMESA). To present a detailed market assessment, this study considers factors that influence the extra neutral market, which includes the trends, drivers, restraints, and opportunities for the market while estimating the revenues from 2017 to 2024.

Sugarcane syrup has been widely used as a natural sweetener in various food products and beverages by food & beverage industry. Owing to the associated health benefits, sugarcane syrup gains importance in pharmaceutical industries as well as in households. However, recent developments in sugar industries and increase in the usage of sugarcane syrup across food industries especially for bakery & confectionery products boost the growth of the sugarcane syrup market. Many developing countries in Southern Africa possess the potential to produce sugarcane syrup with benefits extending into the social and economic spheres. Despite the poor storage & transport facilities, the Southern African industries are expected to witness growth in demand in the coming years due to the proximity to European Markets. The report analyzes the sugarcane syrup market across territory such as Malawi, Southern Africa Development Community (SADC), Common Market for Eastern and Southern Africa (COMESA), Middle East and West Africa. To present a detailed market assessment, this study considers factors that influence the sugarcane syrup market, which includes the trends, drivers, restraints, and opportunities for the market while estimating the revenues from 2017 to 2023.

啤酒行业进入存量竞争阶段，格局逐步企稳。受到人口老龄化及替代品的冲击，我国啤酒产销量2013年见顶，此后逐年下滑。啤酒企业通过优化产品结构提升吨酒价，带来终端市场规模上行。2016年国内啤酒行业整体终端规模约为5200亿元，行业平均终端吨酒价格也上升至2016年的12000元左右。目前，国内啤酒市场基本以华润青岛、百威、燕京、嘉士伯五强并立，格局稳固。

性价比成为年轻人最看重的产品特质。对于价格的敏感性催生出了拼多多、名创优品等消费新形势。通过去品牌化、消除品牌溢价的方式，9.9元的卷纸，9.6元的20支装衣架等高性价比商品成为爆款。

我国人均调味品消费量偏低，供需合力推动行业扩容。烹饪专业化是行业扩容的根本拉力，人均 GDP 提升带来的饮食升级、餐饮外部化又影响着烹饪专业化进程。供给端对单品打造也是行业扩容的重要推力，如海天对“味极鲜”的操作，将高鲜趋势加速推至全国，但为打破口味粘性，消费者教育往往是必经之路。

2018 年食品饮料行业 Q1 营收、净利润分别同比增长17.21%、31.47%，基本面延续良好表现。机构食品饮料行业配臵占比自 2017Q4 达到 6.95%高点后出现回调，2018Q1 行业配臵比例为5.54%。食品饮料行业历史最高配臵比为 7.72%，就目前配臵情况而言尚有较为明显的提升空间。 

近年来，白酒赛道连年大涨，投资优秀上市公司的超额收益明显，受到市场高度关注。以贵州茅台（600519）为例,2016 年涨幅+56.45%，2017 年涨幅+111.89%，2018 年至今涨幅+12.65%，同期沪深 300指数涨幅分别为-11.28%、21.78%、-4.8%。6 月 6 日，贵州茅台盘中刷新800 元新高，市值再破万亿，成为动荡不居的二级市场环境下一颗“闪亮的星”。像洋河股份、古井贡酒、今世缘等中高端白酒企业，股价频创历史新高。无论是从行业发展历史及趋势看，还是从业绩增长及投资收益的确定性看，白酒赛道具备较宽厚护城河的优秀上市公司有中长期投资价值。

我们认为，啤酒行业跑马圈地时代已过，消费升级的时代来临，份额之争 的格局已经逐步清晰，未来谁更能迎合消费升级的需求，谁有望有更好的 发展。行业已经由扩产变为优化产能，每一个关厂行为都应该足够重视， 随着产能优化的持续，利润率曲线也有望越来越陡峭。考虑到国内啤酒行 业刚开始转好以及吨酒市值依旧存有较大的空间，持续推荐华润、青岛啤 酒、嘉士伯（重庆啤酒）、燕京啤酒、珠江啤酒。

乳制品属可选消费的重要品类，在我国食品工业中居于重 要地位。根据行业协会数据，2017 年乳制品产量 2935 万吨，同比增 4.2%； 乳品加工业销售收入 3590.41 亿元，同比增 6.8%，我国乳制品行业已处在 “中个位数”增长时代。从 A 股上市公司情况看，2017 年乳制品赛道实现 营收 1049.18 亿元（同比+10.61%）、净利润 61.85 亿元（同比-1.65%）； 2018Q1 营收 284.59 亿元（同比+15.51%）、净利润 23.88 亿元（同比 +17.88%）。优秀上市公司、头部企业增速高于行业均值