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.