白酒板块报表压力加速释放，行业营收放缓，利润增速略慢于收入。从报表质量来看， 多数酒企回款慢于收入,同时产品结构升级放缓，白酒板块盈利基本持平。啤酒来看，需求偏 弱下龙头量价均略承压，产品结构表现偏弱，但青啤中高端产品销量韧性较强。成本红利延 续，酒企积极提质增效，整体费用率稳健，盈利能力提升略有放缓。

经济下行期的口红效应一直有催生全球品牌的潜质，中式零食大有可为。零食行业变化来源于渠道，但竞争优势最终积累于品类。我们结合对消费环境变化、产业技术突破、产业链利润结构以及公司品类发展的定性与定量分析，深度研究魔芋和鹌鹑蛋 2 大零食新品类的历史背景与发展空间。从产业视角切入，回顾历史展望未来，看好品类快速发展的中式辣卤零食龙头投资价值。

Pectin is a polysaccharide starch and an amorphous, white, colloidal carbohydrate of high molecular weight found in the cell walls of vegetables and fruits. It is widely used for its thickening, gelling, and emulsifying properties for pharmaceutical, food & beverage, cosmetic, and other applications.

Nutraceuticals are food products designed to prevent the occurrence of diseases, alleviate illnesses, promote weight loss, and aid in weight and health management of individuals to achieve a state of wellness. It helps destabilize proper digestion and absorb minerals and vitamins to prevent their deficiency, detoxifies cells, inhibits harmful biochemical reactions, facilitates the growth of beneficial microbiota, and excretes waste.

Nitro-infused beverages are drinks that have been infused with nitrogen gas. The infusion of nitrogen gas into beverages gives them (beverages) a creamy, smooth texture and a rich, velvety mouthfeel. Nitrogen is less soluble in liquid than carbon dioxide, so the bubbles created are smaller and more stable, contributing to the unique texture. Nitro infusion is a commonly used technique in coffee, beer, and tea. They are often served on tap, similar to draft beer, to maintain the effect of nitrogen infusion and are known for their distinctive, frothy consistency.

Filtration systems are used in the food and beverage industry for clarifying products, removing spoilage microorganisms, and stabilizing products and other applications, which in turn, ensure the quality of edible products.

Food prep tables, also known as prep stations or worktables, are indispensable fixtures in commercial kitchens across sectors, including restaurants, hotels, and other industries. These tables provide dedicated workspaces for chefs and kitchen staff to prepare, assemble, and store ingredients efficiently, contributing to the smooth operation of food service establishments. Available in various types and configurations, food prep tables are designed to meet different specific culinary needs and kitchen setup establishments.

啤酒属于大众品，天然具备规模天花板，多元化发展能够为企业打破 天花板实现企业规模的持续增长。由于啤酒属于大众品，受制于人口总量、结构以及经济发展等要素，经过一段时间的发展，销量通常会面临“增量 转存量”的局面，此时厂商通常会推动高端化战略寻求产品结构升级下的二次增长机会，但由于规模不断加大，增速不可避免将放缓。部分企业为了实现总体业绩的持续增长，通常会推动多元化发展战略寻求第二曲线，本次我们主要对日本两大啤酒企业的创新和多元化发展战略进行了研究，我们发现两大日本啤酒企业的多元化业务都始于原有啤酒业务的遇到天花板前做的布局准备和铺垫。

Coffee creamer is a cream substitute for milk or milk powder, which is used in coffee or tea extracts, chocolate beverages, and other food preparations. Coffee creamers are vastly available, as per consumers' tastes and lactose tolerance abilities, in dairy and non-dairy versions. Dairy coffee creamers contain lactose, and non-dairy coffee creamers are lactose-free. In addition, they are low in calories, come in a variety of tastes, are plant-based, nutritious, and contain natural ingredients like almond and soy.

Citric acid is a naturally occurring organic acid produced through fermentation. The scope of the report includes market segmentation by form, which is further segmented into liquid and anhydrous. The report covers the application segment by food and beverages, pharmaceutical, personal care and other applications.