上周（2 月 27 日~3 月 3 日），沪深 300 下跌 1.32%，食品饮料板块（申万）下跌 0.87%板块强于沪深 300，跌幅处于全部板块第 15 位。子板块（申万）来看,本周仅食品综合版块实现上涨，涨幅为 0.43%，黄酒、葡萄酒、肉制品跌幅位居前三分别下跌 2.56%、2.11%和 2.02%。 

食品饮料板周内呈现低位震荡走势，食品饮料板块全周下跌 0.87%，跑赢上证指数 0.21 个百分点。从一级行业来看，食品饮料板块在申万一级行业板块中排名第 15 位，表现中规中矩。从食品饮料二级子行业来看，当周二级子行业整体收跌。仅有食品综合（0.43%）收涨，黄酒（-2.56%）、葡萄酒（-2.11%）、肉制品（-2.02%）、乳品（-1.09%）跌幅相对较深。 

上周食品饮料板块指数下跌 0.87%（上一周为上涨2.28%），涨幅在排名第 15 名（共 28 个一级子行业），领先上证综指0.21pct，领先沪深 300 指数 0.45pct，板块日均成交额 120.00 亿元（上周为 149.95 亿元）。从估值来看，截至上周五，食品饮料板块市盈率（TTM）为 30.69，同期上证综指和沪深 300 市盈率（TTM）分别为 16.51 和 13.44。

Herbal tea is made by boiling or steeping herbs, and is an infusion made from a plant other than Camellia sinensis. Flower tisanes such as chamomile, lavender, hibiscus, and rose are usually used for making herbal teas. Even leaf tisane such as mint, lemongrass, French verbena, and lemon balm can be used for making herbal teas. Other tisanes used to blend herbal tea are root tisanes, fruit tisanes, and seed or spice tisanes.

上期周报中我们建议重点关注白酒子行业，行情表现的确远超食品饮料行业其他子板块。随着春季糖酒会的即将召开，以及即将到来的年报、一季报，我们认为业绩好、估值相对低的食品饮料板块依然是不错的配置选择，建议投资者积极关注。

国际与国内奶价：近期恒天然拍卖价格指数与国内生鲜乳收购均价环比稳中微降。国内方面，春节后中国进入需求淡季，同时天气转暖原奶产量逐步恢复，预计供需关系的季节性不均衡可能带来奶价的阶段性回调，待下半年需求旺季到来奶价有望温和回升。

预计板块仍具上行空间，建议回调积极布局，继续看好至一季报：白酒板块本周上涨 4.07%，领跑食品饮料板块，山西汾酒、古井贡酒、口子窖等酒企涨幅靠前，验证了我们上周提出的板块大小市值白酒公司轮动的判断。我们整理了白酒公司 17年的业绩增速和目前的估值水平，大部分公司的估值水平在 20倍出头，个别公司还在 20 倍以下，在春节旺销、一季报可能超预期的背景下，预计板块仍具上行空间，建议回调积极布局! 

上周沪深 300 指数涨幅 1.53%，食品饮料行业指数（sw）涨幅 2.82%，相对收益 1.28%，年初至今累计超额收益为 1.73%。上周沪深 300 平均估值 14 倍，食品饮料行业平均估值31 倍，相对估值 2.3 倍。其中白酒板块估值 27 倍，非白酒板块 31 倍。

Almond milk has emerged as a popular dairy-alternative milk. Over the last few years, the demand for almond milk has increased significantly, especially in North America and Europe. Almond milk has emerged as a good substitute for dairy milk owing to its flavor and blending capability. Almond milk is naturally free from lactose and is also low in calories. Almond milk is also utilized as a base for smoothies, effectively blends with hot and cold beverages such as tea or coffee, and is a good substitute for milk even for baking purposes.

The PET packaging market will grow at a moderate rate between 2015 and 2020,showcasing a CAGR of 5.3%. The increased demand for bottled water and easyto-use packaging will boost the sales of the market during the forecast period.PET containers weigh 60%-70% less than glass containers. Thus, if PET containers are used instead of glass containers, fewer trucks are required for transportation. As a result, transportation charges are reduced by 30%-40% and carbon emission is decreased by 50%.Beverage companies are focusing on light-weight packaging by reducing the use of raw material while manufacturing PET bottles. For instance, beverage producer Dr.Pepper recycles more than 85% of the solid waste generated by its manufacturing plant and has conserved more than 60 million pounds of plastic by using

redesigned and lightweight packaging.Asia-Pacific (APAC) is estimated to account for a share of 35.71% of the market in 2016. In 2015, the demand for PET products from Asia accounted for 43% of the global demand; the share of the demand from Asia will increase and reach 48% in 2020. China is the dominant player in Asia. It alone accounted for 32% of the global PET bottles consumption in 2015. Its demand for PET bottles is expected to increase by 20%-30% in 2016.PET packaging in South and Central America reached $4.37 billion in 2015 and is expected to reach $5.95 billion in 2020, growing at a CAGR of 6.37% during the forecast period. Many international companies are expanding their business in this region through M&A. For instance, recently, DAK Americas acquired CabelmaPET to expand its business in Argentina to include recycling of PET resins.