1月 9 - 13 日，食品饮料行业（-2.3%）跑输沪深 300 挃数（-0.8%）。平安观测食品饮料子板块中，调味品(+1.8%)、其他主题类(-0.5%)、乳制品（-2.0%）表现相对较好。海天大涨 7%带动调味品板块走高，伊利、茅台等低估值蓝筹整体表现较好，综合来看，似乎表明市场更偏好低估值稳定型品种，高估值品种压力较大。上周《全国奶业収展觃划（2016-2020 年）》収布，重点有三：一是通过觃划略高的生鲜乳产量增速与限定自给率下限来促迚上游养殖业収展；事是推迚乳品结构优化；三是推行婴幼儿奶粉注册制，加大监管力度，鼓励兼幵重组。政策上开始关注保护上游，但更重要是产业自身敁率的提升。相较上游，中游加工行业竞争格局更明朗也更稳定，看好仹额继续向伊利集中。婴幼儿奶粉注册制已预期良久，结合全面事胎敁果，贝因美这种基本面持续大幅恶化、股价低位公司可能有预期修正机会。 

There is a strong awareness among pet owners for pet food products not meeting the nutritional requirement of pets. Pet owners are paying more attention to the quality of food they are providing to their pets and are realizing the potential benefits such nutritional and dietary supplements have on their pets' health. Many of these added supplements also target specific health issues. Pet owners, therefore, are increasingly willing to spend on these products. The demand for pet dietary supplements is also increasing due to the growing recognition of their effectiveness in providing suitable nutrition to pets. The global pet dietary supplements market is expected to grow at a CAGR of 5.26% during the forecast period.

Flexible packaging products are made of easy-yielding plastic and paper that can easily change shape to accommodate the product being packaged. Shelf life plays a crucial role in flexible packaging for F&B. Vendors are implementing barrier technologies to improve resistance to air and moisture.

当前应转向低波动防御性品种和后周期行业。中国本轮第三库存周期将在2016 年四季度至2017 年一季度之间见顶，并在总需求回落的拖累下，进入类滞胀的运行阶段。我们对申万一级行业在过去几轮库存周期（1997.02-2012.08）下行期及其滞涨阶段的回

溯表明，食品饮料行业具有明显的相对收益。从行业特点看，后周期抗通胀的特性使食品饮料行业利润增速能够获得一定的平稳增长惯性。因此，在当前盈利面见顶、估值受压的情况下，提前布局防御性行业是重要的投资策略之一。从行业的市场表现看，从2015 年6 月至今，食品行业累计跌幅为-8.44%，而同期沪深300 累计跌幅为29.57%，食品饮料行业的相对超额收益达21.14 个百分点，体现了食品饮料的较强防御性。

Carotenoids are a class of phytonutrients found in the cells of a wide variety of plants, bacteria, and algae, which help plants absorb light energy for the process of photosynthesis. They play an important antioxidant function of deactivating free radicals (single oxygen atoms that can damage cells by reacting with other molecules).

Salmon is the common name for fishes belonging to the family of Salmonidae. It is available from both wild and farmed sources. It is estimated that nearly 60% of the world's salmon production is farmed. Salmon farming started in the beginning of 1960s. Atlantic salmon is the most common type of salmon that is farmed. Major part of Atlantic salmon available around the globe are farmed commercially. The salmon farming production cycle lasts about three years. In the first year, production takes place in controlled freshwater environments. In the second year, the farmed salmon is transported to seawater cages. Once the farmed salmon reaches a size suitable for profitable harvesting, it is transported to processing plants to be prepared for sale.

Juices are consumed due to their health benefits. Juices aid in digestion and provide better immunity. Fruit and vegetable mixed juices have the added advantage of having low sugar content and more nutrients than normal fresh juices. Due to this, consumers tend to include fruit and vegetable mixed juices in their daily diets.