金沙窖酒厂始建于1951年，地处毕节市金沙县，位于赤水河核心产区，有着 70年的历史，长期畅销省内，1963年与茅台等同获首届“贵州八大名酒”荣誉称号，奠 定了在贵州白酒中的历史地位。2007年第一次股权变更引入湖北宜化集团，5年扩产1万 吨奠定行业地位。2022年10月，金沙拟被华润啤酒拟收购55.19%股权，成为华润白酒板 块的重要部分。

防疫政策：20年疫情发生后，各国家和地区均有过短期相对严格的管控措施。随后的政策有所不同， 美国较早推进放开（21Q1），并相应调整政策。新加坡、日本等国家尝试放开时间相对晚一些 （21Q3-Q4）。新加坡、日本放开后都面临了确诊病例大幅提升阶段。

原材料成本的变化仍然是餐饮公司在22年下半年的主要主题。大多数主要原材 料价格已从峰值（5/6月）回落。9月棕榈油价格开始同比下跌，而趋势仍在继 续。22年四季度至今，棕榈油的平均价格下降了19.4%，而瓦楞纸和原奶的均 价同比分别下降12.6%和3.7%。尽管22年四季度PET平均价格同比增长 2.4%，但与22年三季度的同比12.1%和22年上半年的同比25%相比，增速明显 下降。

安徽为白酒产销大省，经济基本面强劲保障次高端升级：安徽为白酒产销大省， 酒厂林立，2020 年产/销量分别占全国4%/5%，人均消费仅次于四川、云南。 估计2021 年徽酒市场规模为350 亿元，且核心价格带逐步由200 元向300 元 迁移，我们认为安徽白酒市场的成长及次高端升级离不开经济基本面的强劲支 持：2021 年安徽省GDP 增速位列全国第10，社消增速连续4 年在全国排名第 5，常住人口城镇化率增速居中部地区第2，长三角第1。在稳健的经济增长承 载下，我们看好徽酒在本轮次高端升级中的扩容机会。

A goat is one of the most common providers of milk and meat for humans. Both in composition and nutritional qualities, goat milk varies from cow and human milk. Several bioactive chemicals found in goat milk and other goat-derived products may be beneficial to people suffering from a range of chronic conditions. Several peptides, fats, and oligosaccharides found in goat's milk have been shown to be beneficial in the treatment of cardiovascular disease, metabolic disorders, neurological degeneration, and intestinal health. They've also been demonstrated to have cancerpreventive qualities. Goat milk is especially suggested for newborns, elderly persons, and people recovering from illness due to its possible health advantages. The biological activities of goat products as well as the effects of peptides, lipids, and oligosaccharides found in goat milk on pathogenic bacteria, as well as their capacity to control immunological, gastrointestinal, hormonal, and neurological responses in humans, are the key focus.

Over the years, there has been a growing demand for highperformance lubricants for the smooth functioning of industrial machines. Consumer awareness and government regulation are also growing every year. Hence, manufacturers are focusing on elevating the quality of lubricants with the best possible technology and feedstock. Consumers are gradually becoming more conscious of the hygiene and the safety of packaged products they consume. Therefore, using food-grade lubricants is one of the most effective methods of enriching machine performance while preventing the product from microbial contamination. Food-grade lubricants are parts of industrial lubricants used in industrial machines to minimize the wear and tear caused by corrosion, rust, friction, and oxidative stability. Food-grade lubricants are products added to hydraulic oil, gear oil, conveyor belts, compressor oil, joints, bearings, and other food processing plants to ensure a safe supply of food and other products. Food-grade lubricants are widely used in the manufacturing equipment of food and beverages, food packaging, cosmetics, pharmaceuticals, and animal feed as they are:

不同地区疫情管控、经济表现有差异，对消费需求的影响也不同。外部环境整体不好的情况下，一些经济基础较好、将经济发展和疫情防控平衡较好的区域，表现也相对较好。

糖酒会观感：如预期般冷清，观察思考后仍有新发现：1）经销商信心并没有想象中脆弱，名酒优势凸显。2）白酒企业管理能力普遍提升，渠道尚属良性。3）新零售对中低价格带或带来新机会。

近期我们参与了成都糖酒会，线下调研了当地企业，并走访了四川市场，通过公司交流、专家访谈、草根调研等方式较为全面立体地感知、了解和分析当前的终端动销和渠道情况。

本周HTI 跟踪的六类消费品中，现货成本多数下跌，期货成本多数上涨。具体来看，本周包材现货端，除PET 塑料上涨2.37%，玻璃、铝材、瓦楞纸价格均较上周有所走弱， 跌幅达1.95%/1.37%/1.18%，期货端，纸浆环比上周上涨2.75%，铝材和玻璃分别收涨2.57%/2.39%，塑料价格也有小幅上行。直接原材料部分整体涨跌互现，其中棕榈油结束了五周连涨，现货、期货分别回落1.81%/3.94%，小麦期货价格也回调了3.54%，跌幅居前，蔬菜价格下跌2.53%，本周白糖期货领涨，幅度达3.09%，豆粕现货和大豆期货涨超1%，鸡肉、大豆和白糖现货涨幅在1%以内。能源价格方面，本周布油现货、期货下跌4.94%/1.57%，对消费品成本下行起到积极作用。