5 月 12 日，生猪价格 14.35 元/公斤，环比下降 2.58%，同比下降 31.18%；猪肉价格 22.96元/公斤，环比下降 4.49%，同比下降 23.21%。5 月 10 日，国内生鲜乳平均价格 3.46元/公斤，环比略降，同比持平； 5 月 16 日，新一轮恒天然奶粉拍卖价格中全脂奶粉 3312美元/吨，环比上升 1.30%；脱脂奶粉 1988 美元/吨，环比上升 1.00%。

Globally, the commercial coffee brewer market is driven by numerous factors such as increasing consumer preference for fresh brewed coffee, food service establishments' need to offer coffee with a better and consistent taste, and influx of new models of commercial coffee brewers with better controls and features. In addition, globally, many coffee providers are also gaining a preference for using eco-friendly coffee brewers that use less water and also minimize coffee wastage. In 2014, Bloomfield introduced the ECO series coffee brewer, which uses up to 20% less energy and also helps in minimizing water wastage. Moreover, to ensure compliance to safety features, many manufacturers of coffee brewers are also focusing on getting certifications like National Sanitation Foundation (NSF), Underwriters Laboratories (UL), and Canadian Safety Association. Such certifications ensure that the product has been tested properly and adheres to all the set safety standards.

The global commercial beverage blender market is segmented on the basis of blender capacity, container construction, and end-users. Beverage blenders with plastic containers are more popular than the stainless steel and glass containers. This is mainly because of their low price, durable nature, and lightweight. Nowadays, many beverage blenders with plastic containers are being made available with improved quality such as Bisphenol A (BPA) free and scratch resistant features.

Cider is an alcoholic beverage made from the fermented juice of apples. The juice of any variety of apple can be used to make cider, however cider apples are most suited for cider production. The alcohol content in cider varies from 1.2% ABV to 8.5% or more in traditional English ciders and 3.5% to 12% in continental ciders. Cider is more popular in Europe, and within Europe, it is more popular in the UK. The appearance of the cider ranges from cloudy with sediment to completely clear; its color also ranges from clear to amber to brown.

Coconut water has emerged as a popular ready-to-drink healthy beverage. Over the last few years, the demand for coconut water has increased significantly, especially in North America and Europe. Coconut water has emerged as a good substitute for carbonated drinks and processed juices, owing to its nutritional and blending capabilities.

瓶装水充分迎合了日本国内的健康消费诉求，符合日本软饮料市场向保健型饮料发展的趋势和日本人口老龄化趋势。从总消费量来看，1982 年日本瓶装水消费量只有不到 9 万千升，1988-2007 年经历了一波 CAGR 达18%的高速增长，2010 年受福岛核泄漏影响，瓶装水消费量再次上升，至 2015 年总量已达到 339 万千升，是 1982 年的 39 倍。 

一季报龙头白酒增速略超预期，板块走出一波行情，目前估值已经合理，短期催化剂略显不足；从市场角度，当下资金较为紧张、金融监管趋紧及市场对二三季度经济回落的担忧，导致板块回调；从投资者心态来看，今年追逐业绩的风格，带来收入高增但费用侵蚀利润的公司，及收入利润均不达预期的公司，出现股价回调，步入业绩验证等待期。我们预计，当下板块将进入换挡期，龙头股价蓄势盘整，基本面未跟上的个股回调，预期降温及基本面跟上后，板块将再度启动。

上周（5 月 3 日），国内生鲜乳均价 3.47元/千克，环比降 0.3%，同比升 0.3%。4 月牧场经营者生鲜乳销 售均价：现代牧业 3.8 元/千克，环比降 2.6%，同比降 5.0%；中国圣牧非有机原奶 3.65 元/千克，环比持平，同比降 7.6%；圣牧有机原奶 4.65 元/千克，环比持平，同比降 7.0%。5 月 16 日，恒天然全部产品拍卖均价 3,313 美元/吨，环比升 3.2%，同比升45.1%（拍卖量 21,236 吨，环比降 6.2%，同比升 12.2%）。 

在国内居民收入提高推动健康诉求上升和消费升级的大环境下，作为成熟行业的食品饮料板块将迎来新的发展机遇。消费升级和品类开拓为传统食品饮料制造企业打开发展的瓶颈限制。加上板块整体估值较低，部分标的价格持续向价值中枢收敛，投资价值凸显。一些估值较低，业绩相对稳定，同时分红率和股息率高的龙头企业，具备很好的配置价值。同时，可关注一些标的相对稀缺的细分行业龙头，以及国企改革相关概念带来的投资机会。

上周食品饮料板块指数下跌 2.15%（上一周下跌0.96%），涨幅排名第 7 名（共 28 个一级子行业），低于上证综指1.52pcts，低于沪深 300 指数 2.23pcts，板块日均成交额 89.63 亿元（上周为 90.19 亿元）。从估值来看，截至上周五，食品饮料板块市盈率（TTM）为 28.12，同期上证综指和沪深 300 市盈率（TTM）分别为 15.07 和 12.83。