本轮白酒周期经历自 22 年来持续调整，供需压力从渠道受损传导至酒企报表受损，对本轮周期筑底时点和节奏，市场仍有较大分歧。本文通过复盘上轮周期 13-16 年出清-底部-回升节奏，我们认为：1、白酒周期底部是一个区间而非某个时点，周期筑底三阶段：供给出清、供需底部平衡、需求好转；2、资本市场股价先于行业周期筑底且领先回升，在周期底部区间重点是对前瞻信号不断感知，并对正循环逐步确认，方可抓住周期投资脉络。希望本文对投资者形成框架补充和思考启发！

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Kombucha is a fermented drink that is popular as a functional beverage for its health benefits. It is prepared by fermenting sweetened tea with a culture of yeast and bacteria, known as a SCOBY.

Gluten-free beer can be described as a beer that is devoid of any gluten (a protein primarily found in wheat, barley, and rye). The global gluten-free beer market forms only a minor part of the overall global gluten-free food and beverages market. However, the market has grown significantly over the past five years due to an increase in demand among consumers with celiac disease. Gluten-free beers are manufactured predominantly from ingredients like sorghum, buckwheat, rice millet, corn, and Kebari barley. However, in recent years, companies like Dohler and Koninklijke DSM have come up with innovative techniques to brew gluten-free beer using regular ingredients, such as barley and wheat.

Functional foods and beverages are modified food and beverages that claim to enhance the well-being and health of consumers, providing value-added benefits beyond the traditional nutrients contained in normal foods and beverages.