受肺炎疫情影响，节前一周食品饮料板块回调明显（5 日涨跌幅为-6.64%，在28 个申万子行业中排名倒数第四）。本周，我们通过复盘2003 年非典对于食品饮料板块的影响，试图对于本次疫情的或然影响做以简要分析。

本周 是年后开市第一周，市场波动较大，对于主要子行业我们做以下判断：1）白酒。由于政府严厉的管控措施及居民自觉居家隔离，春节期间白酒餐饮、家庭、宴席消费场景均受到较大限制，我们认为疫情对白酒企业全年影响在6%-10%，而就对行业格局的影响而言，受到销售和成本端的双重压力，品牌力、资金实力较弱的区域酒企可能将加速退出市场，名优酒企业份额有望进一步提升；2）调味品。预计餐饮端对调味品企业的影响将持续一个季度（春节关店时间10—20 天，之后1—2 个月的时间恢复客流），海天、颐海国际等餐饮端占比较高企业将受到较大影响，而方便食品、复合调味品、小火锅自热米饭等速食类产品生产企业受影响相对较小。

The number of suppliers operating in the UAE fruits and vegetables market is quite high, leading to ready availability of products from a few well-established suppliers in the open market. The cost associated with switching suppliers is low as most of the products fall in the same price range. The rise in the number of supermarkets and hypermarkets, along with the emergence of small grocery stores and mini-markets, indicates that the supplier concentration is moderate to high. The forward integration capabilities of suppliers are moderate, as they are still in the process of establishing their own distribution channels.

The global orange market is growing at robust growth rate, owing to the increasing demand for fresh oranges. High production capabilities and magnificent weather conditions contributes to the production of oranges. The production of oranges are majorly affected by several factors, such as environmental factors, bio stress, and government policies of the country. Some of the major pests and disease affecting orange are citrus greening disease, citrus canker, citrus tristeza virus, etc. The unfavorable climatic conditions, such as lower rainfall and high temperatures have a negative influence on the growth of oranges. Spain is one of the major producers of citrus fruits, especially oranges. However, a rebound in the citrus production in the European countries may result in a reduction of imports from Spain. In addition, export destinations for European countries are Middle East, China, and Canada. Naveline, Valencia, moro, sanguinello, etc. are some of the major varieties of orange produced across the world. The other important varieties of orange found are lane late from Australia, Navelate from Spain, and Newhall from California.

11 月投放下滑幅度达到一年来最小值。11 月全媒体广告刊例投放花费同比减少3.1%，相比10 月8.2%的降幅收窄了约5 个百分点，2018年同期降幅为9.7%，2019 年11 月降幅达到了近一年来的最小值，国内广告刊例投放花费的变动开始呈现出波动式回升。

根据国家统计局1 月9 日发布12 月份全国居民消费价格指数(CPI)和工业生产者出厂价格指数(PPI)数据显示，1 月CPI 同比升4.5%，持平上月，维持2012 年以来新高，预期4.7%，前值4.5%。中国12 月PPI 同比-0.3%，修复0.9 个百分点，预期-0.5%，前值-1.4%。

The South Africa fast food market is analyzed based on its prospect and future growth rate. The report highlights numerous factors that influence the growth of the South Africa fast food market. These include market forecast, drivers, restraints, opportunities, and role of different key players operating in the market. The report is analyzed by South Africa fast food market, which include the segments such as product type, age group, and distribution channel.

In the United States, the fat burn supplements market is projected to witness a CAGR of 2.32% during the forecast period, while Europe is anticipated to register a CAGR of 1.83%. The various health and societal changes led consumers to pivot their requirements toward natural ingredients an d h ealth products. Thus, alternative medicines , par ticularly supplements , witnessed significant demand over the past decade. Furthermore, age groups, ranging from children to baby boomers, are consuming at least one or more supplements in the form of multivitamins or minerals, on a daily basis. Lifestyle changes, such as healthy consumption pattern, decline in caloric intake, and physical activity, are the basis for achieving long-term weight loss. However, consumers perceive diet and lifestyle changes to be difficult. Thus, they prefer fat burn supplements for weight loss, in anticipation that these products help in achieving their weight-loss goals.

11 月，食品三大子行业工业增加值增速均较上月有所回升。食品制造业工业增加值同比增长 5.5%，农副食品加工业增加值同比下降 0.6%，酒、饮料和精制茶制造业工业增加值同比增长5.0%。食品工业主要产品产量均较上月有所增加，其中肉类、白酒产量增速有所回升。行业固定资产投资总体依然低迷，其中，酒、饮料和精制茶制造业固定资产同比增长 6.0%，食品制造业固定资产投资同比下滑 4.8%，农副食品加工业固定资产投资同比减少 9.3%。

Increasing demand for low calorie sweeteners from food and beverages manufacturers have been increased from last few years, owing to the rising concern over obesity and diabetes across the world. Many key players in beverages are introducing the products with natural low-calorie sweeteners mainly stevia.  For instance, in 2018, Coca-Cola launched Coke “Coca-Cola Life” sweetened with 100% stevia in New Zealand. The company is also planning to introduce this product in the South Pacific region in upcoming years.  Increasingly, consumers from developed economies such as the United States, Germany, and the United Kingdom are inclined toward low-sugar fruits and vegetable juices, which is driving the demand of stevia for beverages application.