赤藓糖醇所处的甜味剂产业赛道优质，前景可期。“甜”是人类永远戒不掉的味觉追求，随着人类对健康的追求和食品质量的要求不断提升，低糖替代化成为食品行业主流。具有无糖无热量、健康安全等优势的三氯蔗糖和赤藓糖醇已在市场中得到验证，未来有望伴随零糖零脂消费理念普及而快速发展。

白m酒ary方] 面，大部分酒企十四五规划先后披露，龙头酒企对未来规划稳中求进，对行业发展持积极态度，我们认为行业中长期格局向好，消费升级趋势延续，龙头酒企强者恒强。

2020 年完美收官，食品饮料涨幅领跑市场，其他酒类表现优异。2020 年食品饮料指数上涨 85.3%，跑赢沪深 300，在一级子行业中排名第三，仅次于休闲服务与电气设备。往 2021 年展望，大背景环境是经济活动仍在缓慢复苏，多数子行业应处于回暖改善过程，基本面持续向上。我们选取 2021 年食品饮料交易策略两条主线：一是坚守行业龙头长期持有，如五粮液、贵州茅台、山西汾酒、海天味业、伊利股份等；二是寻找行业低估值同期长期成长逻辑持续的股票，可能短期获得超额收益，如中炬高新、煌上煌、嘉必优等。此外，考虑到部分企业处于基本面底部，未来具有改善预期，可重点关注恒顺醋业、涪陵榨菜、洋河股份等。

国家统计局公布2020 年12 月社会消费品零售额数据。12 月社零总额同比增速4.6%，增速环比下降0.4pct，其中餐饮、粮油食品环比小幅提升，烟酒环比提升幅度较大，饮料环比小幅回落。

Pure coconut water is the clear liquid found inside green coconuts. Nutritionally, coconut water does contain some nutrients, including the B vitamins Riboflavin (B2), Niacin (B3), pantothenic acid, folic acid, biotin, as well as trace amounts of thiamin (B1), Vitamin C, potassium, and sodium. Pure coconut water is made available in various flavors by the key players in the market. For analysis, the report is segmented into packaging type, flavor, portion size, end user, distribution channel, and region. The report scope includes various packaging types of pure coconut water, including plastic bottles, tetra packs, and cans. The categories of pure coconut water considered in the scope of the study include original flavor, fruit flavor, chocolate flavor, and others. The portion size segment includes small portion (less than 600ml) and large portion (more than 600ml). Based on end user, it is segmented into household, food services, catering services, and others. Moreover, it highlights the revenue generated from the sale of pure coconut water through various distribution channels such as direct distribution and retail distribution. Furthermore, it includes the revenue generated from sales of pure coconut water across North America, Europe, Asia-Pacific, and LAMEA.

The report analyzes the light beer market in accordance with production, package, distribution channel, and region. It includes the revenue generated from sales of light beer across globe. In addition, the study provides a detailed description on various light beer Productions, such as macro-brewery, micro-brewery, craft brewery, chips and others. Moreover, it highlights the revenue generated from the sale of light beer through various distribution channels such as hypermarkets & supermarket, convenience store, specialty stores, and online.

上周白酒板块明显回调、跌4.9%，主要因为：1. 前期白酒公司股价快速上扬、涨幅明显，存在阶段性盘整需要；2. 多地出现疫情，市场对白酒春节动销预判出现担忧情绪。我们认为，春节前主要以商务宴请和送礼等为主，目前疫情状态对送礼几无影响、对聚饮宴请有所影响，春节前景气总体与去年同期持平；春节后主要以家庭朋友聚饮和送礼为主，预计较2020 年春节将有极大改善。综合考虑春节延后、渠道低库存、前期提价等效应，预计2021 年春节旺季白酒消费具备弹性。未来2-3 周是行业信息真空期，望维持震荡行情，期待旺季动销验证后再次凝聚共识。白酒行业短长兼备，拉长时间维度看仍有上行空间，建议继续紧抱白酒龙头。首推贵州茅台、五粮液、泸州老窖、山西汾酒；推荐酒鬼酒、今世缘、洋河股份、古井贡酒。

Alcohol enzymes encompass all enzyme products that are used in various stages of alcohol production. They are added into the production process to enhance, improve, or catalyze the alcohol fermentation process to obtain high product yield and low production costs. They are a part of industrial enzymes that are developed and produced for use in distilled alcohol production, beer brewing, wine making, and for biofuel production. Currently, most of the enzymes are produced from genetically modified (GM) microorganisms. The global alcohol enzymes market analyzes various enzymes offered by key players in the market. The market is segmented into type and end users.