食品饮料行业2018年投资策略：风正一帆悬，食饮一马先

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1、食品饮料行业2018年投资策略目录板块回顾：白酒烈火烹油，食品景气渐夯...........................................................................1白酒行业：烈火烹油，鲜花着锦..........................................................................................1调味品：提价促业绩，酱醋及榨菜龙头受益............................................

2、............................3乳制品：低阶消费需求回暖，龙头市占率稳步提升.............................................................4主线一：白酒——高端享受风口勤修内功，中档消费升级持续发力...................................6白酒分类：高端和次高端周期性&中档酒穿越周期消费属性................................................6复盘上一轮白酒牛市：繁华再上路，这次不一样.....

3、...........................................................8高端&次高端——享受风口，勤修内功，从虚胖到Strong................................................12中档——消费升级，持续发力...........................................................................................15主线二：必选崛起解析——低线城市消费之春...............

4、...................................................17数据回顾：低线城市消费品销售全面回暖，龙头销售领跑全行业.....................................17原因解析：经济周期+供给周期+龙头效应.........................................................................18前瞻分析：三四线渗透率差距较大的储备品种.............................................

5、.....................27主线三：新人群，新品牌，新渠道....................................................................................29所谓三新............................................................................................................................29成瘾性/享受型消费抬升天花板：休闲卤制品的量价极致

6、...................................................31拯救家里蹲：方便火锅和复合调味品起势.........................................................................32怕死星人福利：保健品&烘焙景气夯..................................................................................36新零售+品牌IP化：渠道革新+情感化营销体验...........

7、.....................................................40风险因素............................................................................................................................41投资策略：.........................................................................................

8、...............................42行情回顾..........