自 2003 年中国中医师发明电子烟以来，这种新产品开始逐渐掀起烟草行业的变革。十几年时间内，电子烟更新升级较快，现有产品主要分为烟油式电子烟和加热不燃烧式电子烟两种。二者主要区别在于是否有真正的烟草被加热。

我们预计四季度行业景气趋势不变，行业整体增速保持30%以上。茅台公告春节旺季前加大市场供应量。同时自2017年12月以来，以茅台、五粮液为代表的龙头品牌提高出厂价，预计春节旺季来临之前，主要龙头品牌均将完成提价。在提价和旺季销量高增长背景下，白酒一季报开门红可期。

食品饮料 2017 年涨幅达 53.85%，再度领跑 28 个一级行业。子板块白酒和乳品大幅领涨，而调味品发酵品也有不错绝对收益，肉制品实现大个位数上涨。行业高景气、成长性强、有业绩支撑的子板块表现突出，市场关注度提升，资金筹码越来越集中。

Films, boards, cartons, foils, paper, laminates, and membranes are the primary materials used for tobacco packaging. Commercial packaging involves use of hinge-lid cartons, bundle wraps, shells, and slides. The packaging of tobacco differs based on the type of product; for instance, some brands use hard packs and others use soft packs for packaging.

A vaping device is a battery-powered inhaler that simulates tobacco smoking. It is designed to provide inhaled doses of e-juices by vaporizing the flavored liquid, and then simulating the effects of smoking by vaporizing the liquid, which the user inhales and exhales. A vaping device also known as an e-vaping device, a personal vaporizer, or an ENDS uses a heating element to vaporize the flavored liquid. E-juices in the market are available in more than 8,000 flavors with many more being added every month.

大众食品从 2012-2016 年毛利率提升了将近 10pct，我们认为核心是受益于 CPI与 PPI 的剪刀差，从 2012 年 3 月 PPI 开始负增长，CPI 持续正增长，企业享受成本下降的红利，但是随着 2016 年 11 月开始 PPI 开始大幅上行，尤其是包材、运输费、糖、油等通用成本暴涨，我们预计 CPI 与 PPI 的剪刀差红利拐点将到来，从历史上来看，2008 年下半年以及 2010 年出现了 CPI 与 PPI 的倒挂，食品加工企业的盈利能力普遍受到 2-3 个季度影响。

Marijuana, one of the premium variants of cannabis, is used for recreational (psychoactive drugs) and medicinal purposes. It contains a maximum 30% of cannabinoids (CBD) and tetrahydrocannabinol (THC), which is a major psychoactive element. Usage of marijuana for recreational purpose is expected to increase significantly over the forecast period, which in turn, can lead to increase in the global demand for marijuana. Vendors are introducing different products like marijuana-based tablets and topical applications to propel the sale of marijuana. In 2015, the market generated the major part of its revenue from the sales of marijuana through retail and convenience stores. The global legal marijuana market is expected to grow at a CAGR of 37.35% during the forecast period.

An e-cigarette, also known as an e-vaping device, personal vaporizer, or electronic nicotine delivery system contains a heating element that vaporizes liquid nicotine or a flavored liquid. These liquids, called e-liquids, are available in more than 4,000 flavors, with vendors adding more than 300 flavors every month. One e-cigarette is equal to 6- 8 tobacco cigarettes.