Spirit-based RTD mixes are products that have a lower alcohol content than spirits and can be consumed directly from the bottle without any preparation. The products are flavored and the alcohol content in the product ranges from 5% to 15% by volume. The RTD products are popular among the consumers due to the convenience factor and flavor preferences. Consumers who are pressed for time due to busy lifestyles prefer

RTD products as they can be consumed directly without much preparation and thus offer a convenience factor. The players in the market are coming up with new products and this is driving the growth of the market.The market is gaining popularity among consumers in APAC. APAC is the fastestgrowing geographical segment in terms of sales. This trend is expected to continue during the forecast period. In the US, RTD products are becoming popular among the millennial population, with more than half of the millennial population consuming RTD products. Also, the less number of calories in RTD products is attracting healthconscious consumers to the product.

 月 17 日-7 月 21日，食品饮料行业（1.3%）跑赢沪深 300 指数（0.7%）。平安观测食品饮料子板块中，白酒（3.6%）、低估蓝筹（2.5%）、调味品（0.6%）、乳制品（-1.1 %）涨幅最大，或说明低估蓝筹仌是市场主洿，次高端白酒接连业绩超预期提振市场情绪。

沱牌舍得、酒鬼酒近期发布中报预报，归属上市公司股东的净利润同比增长 80%-180%，超市场预期。山西汾酒、洋河股份也发布中报业绩向好预报，白酒板块本周后期反弹走强。建议关注业绩增长确定性强的一二线品牌白酒上市公司。 

 2017年上半年食品饮料行业累积涨幅居行业涨幅第二位，延续了 年牛市的表现，领涨的仍然是白酒行业。食品饮料行业估值维持在相对 股整体估值较高的溢价水平。下半年行业业绩增长对估值水平仍然有支撑。我们维持食品饮料行业“看好”的投资评级。

食品饮料板上周整体探底回升势，全周收涨 1.38%，跑赢上证指数 0.89 个百分点。从一级行业来看，食品饮料板块当周相对靠前，在申万一级行业板块中排名至第 4 位。从食品饮料二级子行业来看，当周二级子行业跌多涨少。

Rice milk is a non-dairy milk, prepared by blending together cooked rice (mostly brown rice), water, rice syrup, sand rice starch. Some product varieties of rice milk also contain sugar, thickening agents, and flavorings.The report covers the present scenario and the growth prospects of the global rice milk market for 2017-2021.

2017 年下半年，我们继续坚持年初的观点，紧抓白马价值龙头，积极布局成长。在经济增速放缓和企业经营困难的宏观背景下，中小企业业绩增速和估值水平惨遭双杀，市场风险偏好持续走低。弱市之下市场资金更加青睐业绩稳定增长的白马龙头企业，享受估值溢价；同时消费升级将是贯穿 2017 年的主题，建议积极布局白酒、调味品、休闲食品、肉制品等板块个股。

近期，食品饮料行业有 40 家上市公司发布了 2017 年半年度业绩预告，70%以上净利润有明显增长。其中，酒鬼酒、好想你业绩预报超市场预期，股价当日顺势分别大涨 9.99%、 6.38%。随着业绩预报的不断披露，一些超市场预期的上市公司将会得到市场资金的青睐，建议持续关注。  

截至上周五，食品饮料行业总计十五家企业发布半年度业绩预告，其中半年度业绩同比增长有八家，业绩同比下降有七家。在业绩预增的个股中，西部创业、好想你、兰州黄河、酒鬼酒和元祖股份的半年度业绩同比增长幅度超过 100%。

The spring water originates from an underground source from which water naturally rises to the surface. Spring water is found to be a natural source of minerals and is considered to be free of most contaminants typically found in the drinking water. Also, spring water helps to maintain the acidity level in the body as spring water is slightly alkaline in nature. The spring water must be collected from its source to be termed as natural spring water. However, many players in the market make wrong claims about their products. Even if the product is tapped from tap water, they might claim that the product will be from natural sources. Such claims by certain players will affect the market as consumers will lose their confidence in the market as well as the product.