Wood vinegar is produced by using the destructive distillation process. It is also known as pyroligneous acid or wood acid. It is a dark liquid produced by wood and other biomass materials. The main ingredients of wood vinegar include methanol, acetone, and acetic acid. Wood vinegar was used as a commercial source for acetic acid. Furthermore, it majorly comprises around 70-90% water with some organic content. It is also used for food preservation application for meat, fish, and others. This is attributed to its antimicrobial contents such as acetate, methyl ethyl ester, alcohol, aldehyde, ketone, and others. The report focuses on pyrolysis methods of wood vinegars pyrolysis methods such as slow pyrolysis, fast pyrolysis, and intermediate pyrolysis. The applications covered in the study include agriculture, animal feed, food, medicinal & consumer products, and others. Furthermore, the study evaluates the current market trends and suggests future growth opportunities by analyzing government regulations & policies. The report further covers the strategies adopted by the key players to sustain the competitive environment and increase their market share.

The X-Ray Food Inspection Equipment Market aims at delivering unique solutions in terms of offering consumer insights, competitive landscape. Increasing regulatory and consumer demands have intensified the pressure on the food industry to implement reliable methods of food inspection to ensure product safety and quality. X-ray technology can be used in food inspection to detect physical contaminants and to study the internal structure of food products for quality purposes.

今年成都春糖，我们预计资本市场参会人数达到历史新高，渠道热情高涨，但因之前预期较高，超预期的内容并不多。整体调研下来，我们认为行业的景气度不减，价位升级、龙头集中的大趋势仍在延续，我们继续看好白酒的结构性发展，但白酒的潜在变局也在逐步发生。

随着国人文化自信的逐渐提升，“国潮”概念正逐步融入年轻人的消费行为与消费理念之中，国内一大批新国 货品牌迅速崛起。我们认为，国货崛起与中国宏观经济发展的大背景密不可分，主要基于以下三点①经济强大②文化自信③国货崛起。按照马斯洛需求层次理论与消费主义升级逻辑，消费升级总是沿着“生存型消费→发展型消费→享受型消费” 的特定路径展开。

白酒观点：高端化兵家必争，酱酒热势不可挡。1、高端化兵家必争，千元价格带或加速扩 容，次高端未降速但竞争加剧；2、酱酒热势不可挡，红利 期有望持续十年以上。高端价格带加速扩容，次高端并未降速。酱酒热势不可挡，产能竞争成关键。坚定看好头部白酒龙头，未来五年预计重点企业业绩复合增速 15~20%，确定性强且不乏超预期 可能性，当前估值极具性价比，重点推荐高端酒茅台、五粮液和泸州老窖，以及弹性较大的次高端白酒标 的山西汾酒、洋河股份以及古井贡酒。

糖酒会参会火热，景气度创近几年新高。今年基本面表现强劲，整体反馈乐观。趋势上看：行业加速上行，次高端成为最亮眼的价位。酱酒热：价格逻辑>香型逻辑>品牌逻辑。预期前置造成市场短期波动，糖酒会的催化作用正在减弱。

深度解析酱酒行业的发展前景与竞争格局：消费升级趋势下酱香趁 势而起，酱酒黄金时代轮廓渐显并呈现两大特征。酱酒吨价为白酒4倍以上，2016 年以来高端白酒引领的提价动作以及居民消费升级是白酒行业发展的主要动 力，为酱酒崛起创造良好条件，我们认为酱酒黄金时代已经来临。

从成长性来看，次高端延续扩容趋势。水井坊 21 年 Q1 较 19 年 Q1 同增 33%， 综合考虑疫情尚未恢复以及公司可能存在的销售节奏问题。从竞争格局来看，酱酒对浓香型白酒的冲击并非想象中那么严重。市场一直担 心酱香型白酒对浓香型白酒的影响，尤其是对次高端价格带产品的冲击。

春糖期间整体反馈较为积极，但由于春糖前市场预期已调高，因此春糖结束后 当日，股价并未迅速上升。综合来看，我们认为白酒阶段性估值风险已逐步释 放，当前大幅回撤压力较小，预计茅台非标提价、业绩披露等将成为下一阶段 主要催化剂。短期维度建议优先配置确定性较高、一季度业绩弹性较大的五粮 液、贵州茅台；我们仍坚持推荐关注茅台、五粮液、泸州老窖及拥有高成长性 千元价位带单品的酒企。

成都春糖氛围火热，一季度白酒动销超预期。高端酒需求上行，千元价格带扩容。次高端稳定增长，酒企改善空间大。名酒企发展各有亮点，区域次高端机会值得关注。春糖调研来看，白酒板块基本面扎实，长期稳定增 长无虞，仍是目前最值得配置的消费赛道之一，高端酒重点推荐贵州茅台 (600519，买入)、五粮液(000858，买入)