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食品饮料行业2019年度策略:回归理性,浪里淘金

????当我们提起“消费降级”,最常引用的便是涪陵榨菜过去一年中“虽千万人吾往矣”的走势。榨菜在寒冬中四季如春,白酒则在艳阳中瑟瑟发抖——在一片看涨声中,白酒中的龙头企业从年中起先跌为敬。这种对食品饮料防御和弱周期属性认知的颠覆,让人们对于经济大环境的现状疑窦丛生。必需消费品行业,明年究竟该怎么投?国泰君安食品饮料团队近期发布了2019年度策略“回归理性,浪里淘金”,试图为这反常寻找解释。01白酒:醉翁之意,不再白酒的冬天或许才刚刚开始。虽然增速的放缓并没有呈现出断崖式下跌,但自2015年开始量价齐升的行业逻辑受到了挑战。2018年白酒企业的净利润弹性依然很大,但由于过去3年中的快速增长,2019年白酒行业的基数压力将开始凸显。本轮白酒复苏宏观动因在于房地产等投资加速带动实际需求,中观动因在于前期渠道库存出清后的补库存,微观动因在于茅台基酒紧缺预期引致的价格与投资需求反身性上扬,行业价格带被打开,并给予量价空间。历史上每轮大调整多源于政策性因素(如耗粮争议、消费税、八项规定等),而现阶段行业冲击主要来自宏观层面(即经济下行影响实际需求),属周期性因素,与2012年“三公消费”限制下需求断崖式下滑有着本质区别。白酒周期中,向上景气主要驱动力在于经济增长,尤其是固定资产投资增长(2008年4万亿投资最为明显);向下景气源于经济增长放缓(如1997/2004/2008),但更为直接的原因在于政策收紧,产量曲线下行斜率更为陡峭。进入2018年下半年,白酒板块整体增速放缓,我们认为原因更多在于经济下行预期、白酒需求削弱,与2004非典后调整及房地产调控、2008年次贷危机引致的消费放缓类似,不同的是00年代固定资产投资加速态势不改,次年即带动白酒景气重新上扬,而本轮调整后预计投资贡献减弱(房地产降温),预计调整时间更长一些。数据来源:国泰君安证券研究根据渠道调研,当前茅台、五粮液“一批价“处于平稳,其他名酒库存在2月左右可控范围,白酒整体基本面仍良好。但实际需求增速的边际减弱使得价格与投资需求呈现压力,茅台继续提价可能性下降,行业量价齐升逻辑受到挑战。不过,优秀是一种习惯。纵观2004年取得相对收益茅台、水井、五粮液、汾酒、老窖,共性之一在于均为高端定位突出,而恰逢2001年白酒从量税征收,使得行业产品升级成为趋势。其中,茅台、五粮液的高端定位已为大众所知晓。茅台上市后坚持品质为王、专卖店建设与意见领袖营销,高端定位继续深化,而五粮液大商模式亦使其规模迅速扩大;90年代末泸州老窖、全兴酒业相继推出高端单品1573、水井坊,成功实现高端转型,竞争力大幅提升;而汾酒凭借以往的清香老大定位叠加青花汾酒的高品质力,在高端中占有重要一席。高端市场固然诱人,但低端市场不可谓不热闹。2008年顺鑫农业(牛栏山)表现相对较好,一则在于经济悲观预期下对需求结构下移的担忧,二则在于4万亿投资下更利好地产酒,金种子、老白干酒等在当地加速扩张的酒企同样亦跑出相对较好收益。消费结构的悄然改变让竞争格局也出现松动。2008年贵州茅台、五粮液表现分化,重要原因之一在于茅台于四季度收入超越五粮液成为第一;而水井坊省代模式推进、老窖2006年经销商入股,竞争优势延续;当时尚未上市的洋河在蓝色经典大单品及深度分销模式下,亦在业绩端取得良好表现。展望2019,本轮调整未改消费升级、品牌化、渠道精细化等趋势,而另一方面,竞争优势的体现让酒企能在自身所在价格区域做出正确的战略。02大众品:出“头”之日将近如果说白酒为代表的可选消费对经济形式有更强的敏感性,大众消费品代表的则是最广大消费者对经济形势的感知。通过分析白酒、调味品等食品饮料板块增速可以得出结论,2012-2017期间白酒板块收入增速与GDP增速相关性较强,呈较强周期性。而调味品、乳制品等板块收入增速则与GDP增速之间无显着相关性。近期不确定性因素影响下宏观经济压力仍存,必需消费板块需求相对刚性,受周期因素影响更弱,下行周期中更易跑出优异表现。数据来源:Wind,国泰君安证券研究注:GDP增速在右轴表示回顾上一轮白酒熊市期间(2013-14),乳制品、调味品等必需消费板块股价表现优异,与白酒板块表现呈较强的负相关关系,我们认为主因是白酒板块市值较大,板块景气度下滑后,资金流出白酒进入其他消费子版块。若未来白酒板块式微,不排除复制2013-14历史行情,调味品等必需消费板块有望迎来优异表现。数据来源:Wind,国泰君安证券研究注:本图数据为板块总股份加权平均收盘价,调味品在右轴表示在昨日的国君社服·年度策略 | 产业链重构带来的投资机会中,国泰君安社会服务团队认为餐饮消费在未来受到经济下行压力冲击相对较小。来自统计局、行业协会数据显示,2017年调味品行业收入3322亿元,同比8.1%,其中百强企业收入820亿元,同比9.5%,显示当前行业景气度仍较高。调味品行业下游渠道中,餐饮行业占比60%左右。餐饮行业的的高增速将使得调味品行业继续保持高景气度。数据来源:Wind,国泰君安证券研究当前行业逐步进入成熟期,中小企业弯道超车难度加大。参照日本酱油行业,行业成熟度提升过程中大量中小企业退出行业,预计未来中国有望复制日本路径,龙头市占率有望提升。借助先发优势、规模效应,龙头企业产量有望逐步提升、且对上下游议价能力加强,业绩弹性确定性更强。同时,龙头企业扩张过程中品牌、渠道优势领先愈发明显,为充分利用资源,龙头纷纷推进品类延伸,借助现有资源推进新品,协同效应明显。伴随龙头地位稳固,逐渐享有定价权,逐步提价向下游转嫁成本压力将成为常态。调味品统治早中晚三餐,乳制品征服老中青三代。当前我国城市人均乳制品消费量已较高,其中高线城市接近日本30kg/年水平,但农村地区仍有较大提升空间。实证研究显示,农村地区人均消费量与可支配收入高度相关。目前我国高线城市消费升级明显,金典、特仑苏、安慕希、甄选等高端产品增速均高于行业平均水平。而随着人均可支配收入提升,农村地区乳制品消费量亦有望加速增长。双因素叠加推动,乳制品需求有望长期向上。数据来源:Wind, 国泰君安证券研究不过,根据行业协会数据,2017年我国奶类总产量3655万吨,同比下降2%,达近五年来最低点,受此影响原奶价格呈温和上涨态势。而原奶价格上涨侵蚀下游业绩,相比较龙头,行业中小企业本身利润空间较小、且难以向下游转嫁成本,受冲击更为明显。预计未来中小企业主动发动价格战概率大幅下降,且不排除部分企业退出行业,龙头市占率有望继续提升。数据来源:Wind, 国泰君安证券研究而在肉蛋奶之中,猪肉的行情则是正陷于水火之中。根据国泰君安农业团队稍早前的分析(详见:非洲猪瘟:撬动周期的底,挑动众人的心),非洲猪瘟导致的疫情恐慌将带来提前出栏,产能过剩问题短期内放大,供过于求有助加速产能出清,使得猪周期提前到达底部位置(按正常周期约在2020年初,按国君农业团队预计将提前至2019年中)。肉制品行业自然将受到量价影响。2017年全国生猪出栏量约6.88亿头,而行业龙头双汇、金锣、雨润合计屠宰量仅约2600万头,行业CR3仅不足4%,远低于发达国家水平(美国CR4达60%)。当前行业散乱,而随着生猪疫情下国家及消费者对食品安全的继续重视,行业将继续向更具品牌力的龙头集中。而在2018年同样引起市场关注的还有啤酒板块。随着华润雪花并购喜力中国,自2018年上半年起因包装成本上行引发的啤酒行业升级达到高潮。不过,进入2018年下半年,随着外部环境与经济下行压力加大,啤酒包装原材料价格迎来拐点:数据来源:Wind,国泰君安证券研究当前,主要啤酒企业净利率多为个位数,若包材成本有较大下滑,我们预计将对盈利产生较大影响。03保健品:啤酒中真的有枸杞2018年开始,全中国的年轻人仿佛都在担心“未富先秃”。然而数据告诉我们,这样的担忧早在15年前就开始了。自2003年以来,膳食营养行业维持高速增长。到了2017年,膳食营养市场规模已经达到1400亿元,增速仍然达到10%。分渠道来看,线下占80%、线上占20%。从消费人群来看,中老年人依然是保健品的主力消费群体。从中长期的人口结构发展趋势来看,60-80年代出生的人口占比持续提升,2011年至2017年60岁以上人口占比从13.7%提升至17.3%。叠加收入和医疗保健的支出比例提升,中老年保健品市场有望维持稳定增长。此外,数据还显示在跨境电商的快速教育下,年轻人尤其是年轻女性对美容美妆等保健需求持续增多。年轻群体尤其年轻女性接受程度提高带动膳食营养消费观念普及,对比线下不足10%的增长速度,未来线上膳食营养领域有望保持20%左右的快速增长。推荐标的请登陆国泰君安道合APP查看报告原文。国泰君安2019年度策略系列以上内容节选自国泰君安证券已经发布的证券研究报告《回归理性,浪里淘金》,具体分析内容(包括风险提示等)请详见完整版报告。若因对报告的摘编产生歧义,应以完整版报告内容为准。法律声明本公众订阅号(微信号: GTJARESEARCH)为国泰君安证券股份有限公司(以下简称“国泰君安证券”)研究所依法设立、独立运营的唯一官方订阅号。其他机构或个人在微信平台上以国泰君安研究所名义注册的,或含有“国泰君安研究”,或含有与国泰君安证券研究所品牌名称相关信息的其他订阅号均不是国泰君安证券研究所官方订阅号。本订阅号不是国泰君安证券研究报告发布平台,本订阅号所载内容均来自于国泰君安证券研究所已正式发布的研究报告,如需了解详细的证券硏究信息,请具体参见国泰君安证券研究所发布的完整报告。在任何情况下,本订阅号的内容不构成对任何人的投资建议,国泰君安证券也不对任何人因使用本订阅号所载任何内容所引致的任何损失负任何责任。本订阅号所载内容版权仅为国泰君安证券所有,国泰君安证券对本订阅号保留一切法律权利。订阅人对本订阅号发布的所有内容(包括文字、影像等)进行复制、转载的,需注明出处为“国泰君安研究”,且不得对本订阅号所载内容进行任何有悖原意的引用、节选和修改。如需进一步了解本订阅号相关信息,敬请联系国泰君安证券销售交易部。

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reng liang hao. dan shi ji xu qiu zeng su de bian ji jian ruo shi de jia ge yu tou zi xu qiu cheng xian ya li, mao tai ji xu ti jia ke neng xing xia jiang, hang ye liang jia qi sheng luo ji shou dao tiao zhan. bu guo, you xiu shi yi zhong xi guan. zong guan 2004 nian qu de xiang dui shou yi mao tai shui jing wu liang ye fen jiu lao jiao, gong xing zhi yi zai yu jun wei gao duan ding wei tu chu, er qia feng 2001 nian bai jiu cong liang shui zheng shou, shi de hang ye chan pin sheng ji cheng wei qu shi. qi zhong, mao tai wu liang ye de gao duan ding wei yi wei da zhong suo zhi xiao. mao tai shang shi hou jian chi pin zhi wei wang zhuan mai dian jian she yu yi jian ling xiu ying xiao, gao duan ding wei ji xu shen hua, er wu liang ye da shang mo shi yi shi qi gui mo xun su kuo da 90 nian dai mo lu zhou lao jiao quan xing jiu ye xiang ji tui chu gao duan dan pin 1573 shui jing fang, cheng gong shi xian gao duan zhuan xing, jing zheng li da fu ti sheng er fen jiu ping jie yi wang de qing xiang lao da ding wei die jia qing hua fen jiu de gao pin zhi li, zai gao duan zhong zhan you zhong yao yi xi. gao duan shi chang gu ran you ren, dan di duan shi chang bu ke wei bu re nao. 2008 nian shun xin nong ye niu lan shan biao xian xiang dui jiao hao, yi ze zai yu jing ji bei guan yu qi xia dui xu qiu jie gou xia yi de dan you, er ze zai yu 4 wan yi tou zi xia geng li hao di chan jiu, jin zhong zi lao bai gan jiu deng zai dang di jia su kuo zhang de jiu qi tong yang yi pao chu xiang dui jiao hao shou yi. xiao fei jie gou de qiao ran gai bian rang jing zheng ge ju ye chu xian song dong. 2008 nian gui zhou mao tai wu liang ye biao xian fen hua, zhong yao yuan yin zhi yi zai yu mao tai yu si ji du shou ru chao yue wu liang ye cheng wei di yi er shui jing fang sheng dai mo shi tui jin lao jiao 2006 nian jing xiao shang ru gu, jing zheng you shi yan xu dang shi shang wei shang shi de yang he zai lan se jing dian da dan pin ji shen du fen xiao mo shi xia, yi zai ye ji duan qu de liang hao biao xian. zhan wang 2019, ben lun tiao zheng wei gai xiao fei sheng ji pin pai hua qu dao jing xi hua deng qu shi, er ling yi fang mian, jing zheng you shi de ti xian rang jiu qi neng zai zi shen suo zai jia ge qu yu zuo chu zheng que de zhan lue. 02 da zhong pin: chu" tou" zhi ri jiang jin ru guo shuo bai jiu wei dai biao de ke xuan xiao fei dui jing ji xing shi you geng qiang de min gan xing, da zhong xiao fei pin dai biao de ze shi zui guang da xiao fei zhe dui jing ji xing shi de gan zhi. tong guo fen xi bai jiu tiao wei pin deng shi pin yin liao ban kuai zeng su ke yi de chu jie lun, 20122017 qi jian bai jiu ban kuai shou ru zeng su yu GDP zeng su xiang guan xing jiao qiang, cheng jiao qiang zhou qi xing. er tiao wei pin ru zhi pin deng ban kuai shou ru zeng su ze yu GDP zeng su zhi jian wu xian zhu xiang guan xing. jin qi bu que ding xing yin su ying xiang xia hong guan jing ji ya li reng cun, bi xu xiao fei ban kuai xu qiu xiang dui gang xing, shou zhou qi yin su ying xiang geng ruo, xia xing zhou qi zhong geng yi pao chu you yi biao xian. shu ju lai yuan: Wind, guo tai jun an zheng quan yan jiu zhu: GDP zeng su zai you zhou biao shi hui gu shang yi lun bai jiu xiong shi qi jian 201314, ru zhi pin tiao wei pin deng bi xu xiao fei ban kuai gu jia biao xian you yi, yu bai jiu ban kuai biao xian cheng jiao qiang de fu xiang guan guan xi, wo men ren wei zhu yin shi bai jiu ban kuai shi zhi jiao da, ban kuai jing qi du xia hua hou, zi jin liu chu bai jiu jin ru qi ta xiao fei zi ban kuai. ruo wei lai bai jiu ban kuai shi wei, bu pai chu fu zhi 201314 li shi hang qing, tiao wei pin deng bi xu xiao fei ban kuai you wang ying lai you yi biao xian. shu ju lai yuan: Wind, guo tai jun an zheng quan yan jiu zhu: ben tu shu ju wei ban kuai zong gu fen jia quan ping jun shou pan jia, tiao wei pin zai you zhou biao shi zai zuo ri de guo jun she fu nian du ce lue chan ye lian chong gou dai lai de tou zi ji hui zhong, guo tai jun an she hui fu wu tuan dui ren wei can yin xiao fei zai wei lai shou dao jing ji xia xing ya li chong ji xiang dui jiao xiao. lai zi tong ji ju hang ye xie hui shu ju xian shi, 2017 nian tiao wei pin hang ye shou ru 3322 yi yuan, tong bi 8. 1, qi zhong bai qiang qi ye shou ru 820 yi yuan, tong bi 9. 5, xian shi dang qian hang ye jing qi du reng jiao gao. tiao wei pin hang ye xia you qu dao zhong, can yin hang ye zhan bi 60 zuo you. can yin hang ye de de gao zeng su jiang shi de tiao wei pin hang ye ji xu bao chi gao jing qi du. shu ju lai yuan: Wind, guo tai jun an zheng quan yan jiu dang qian hang ye zhu bu jin ru cheng shu qi, zhong xiao qi ye wan dao chao che nan du jia da. can zhao ri ben jiang you hang ye, hang ye cheng shu du ti sheng guo cheng zhong da liang zhong xiao qi ye tui chu hang ye, yu ji wei lai zhong guo you wang fu zhi ri ben lu jing, long tou shi zhan lv you wang ti sheng. jie zhu xian fa you shi gui mo xiao ying, long tou qi ye chan liang you wang zhu bu ti sheng qie dui shang xia you yi jia neng li jia qiang, ye ji tan xing que ding xing geng qiang. tong shi, long tou qi ye kuo zhang guo cheng zhong pin pai qu dao you shi ling xian yu fa ming xian, wei chong fen li yong zi yuan, long tou fen fen tui jin pin lei yan shen, jie zhu xian you zi yuan tui jin xin pin, xie tong xiao ying ming xian. ban sui long tou di wei wen gu, zhu jian xiang you ding jia quan, zhu bu ti jia xiang xia you zhuan jia cheng ben ya li jiang cheng wei chang tai. tiao wei pin tong zhi zao zhong wan san can, ru zhi pin zheng fu lao zhong qing san dai. dang qian wo guo cheng shi ren jun ru zhi pin xiao fei liang yi jiao gao, qi zhong gao xian cheng shi jie jin ri ben 30kg nian shui ping, dan nong cun di qu reng you jiao da ti sheng kong jian. shi zheng yan jiu xian shi, nong cun di qu ren jun xiao fei liang yu ke zhi pei shou ru gao du xiang guan. mu qian wo guo gao xian cheng shi xiao fei sheng ji ming xian, jin dian te lun su an mu xi zhen xuan deng gao duan chan pin zeng su jun gao yu hang ye ping jun shui ping. er sui zhe ren jun ke zhi pei shou ru ti sheng, nong cun di qu ru zhi pin xiao fei liang yi you wang jia su zeng zhang. shuang yin su die jia tui dong, ru zhi pin xu qiu you wang chang qi xiang shang. shu ju lai yuan: Wind, guo tai jun an zheng quan yan jiu bu guo, gen ju hang ye xie hui shu ju, 2017 nian wo guo nai lei zong chan liang 3655 wan dun, tong bi xia jiang 2, da jin wu nian lai zui di dian, shou ci ying xiang yuan nai jia ge cheng wen he shang zhang tai shi. er yuan nai jia ge shang zhang qin shi xia you ye ji, xiang bi jiao long tou, hang ye zhong xiao qi ye ben shen li run kong jian jiao xiao qie nan yi xiang xia you zhuan jia cheng ben, shou chong ji geng wei ming xian. yu ji wei lai zhong xiao qi ye zhu dong fa dong jia ge zhan gai lv da fu xia jiang, qie bu pai chu bu fen qi ye tui chu hang ye, long tou shi zhan lv you wang ji xu ti sheng. shu ju lai yuan: Wind, guo tai jun an zheng quan yan jiu er zai rou dan nai zhi zhong, zhu rou de hang qing ze shi zheng xian yu shui huo zhi zhong. gen ju guo tai jun an nong ye tuan dui shao zao qian de fen xi xiang jian: fei zhou zhu wen: qiao dong zhou qi de di, tiao dong zhong ren de xin, fei zhou zhu wen dao zhi de yi qing kong huang jiang dai lai ti qian chu lan, chan neng guo sheng wen ti duan qi nei fang da, gong guo yu qiu you zhu jia su chan neng chu qing, shi de zhu zhou qi ti qian dao da di bu wei zhi an zheng chang zhou qi yue zai 2020 nian chu, an guo jun nong ye tuan dui yu ji jiang ti qian zhi 2019 nian zhong. rou zhi pin hang ye zi ran jiang shou dao liang jia ying xiang. 2017 nian quan guo sheng zhu chu lan liang yue 6. 88 yi tou, er hang ye long tou shuang hui jin luo yu run he ji tu zai liang jin yue 2600 wan tou, hang ye CR3 jin bu zu 4, yuan di yu fa da guo jia shui ping mei guo CR4 da 60. dang qian hang ye san luan, er sui zhe sheng zhu yi qing xia guo jia ji xiao fei zhe dui shi pin an quan de ji xu zhong shi, hang ye jiang ji xu xiang geng ju pin pai li de long tou ji zhong. er zai 2018 nian tong yang yin qi shi chang guan zhu de hai you pi jiu ban kuai. sui zhe hua run xue hua bing gou xi li zhong guo, zi 2018 nian shang ban nian qi yin bao zhuang cheng ben shang xing yin fa de pi jiu hang ye sheng ji da dao gao chao. bu guo, jin ru 2018 nian xia ban nian, sui zhe wai bu huan jing yu jing ji xia xing ya li jia da, pi jiu bao zhuang yuan cai liao jia ge ying lai guai dian: shu ju lai yuan: Wind, guo tai jun an zheng quan yan jiu dang qian, zhu yao pi jiu qi ye jing li lv duo wei ge wei shu, ruo bao cai cheng ben you jiao da xia hua, wo men yu ji jiang dui ying li chan sheng jiao da ying xiang. 03 bao jian pin: pi jiu zhong zhen de you gou qi 2018 nian kai shi, quan zhong guo de nian qing ren fang fu dou zai dan xin" wei fu xian tu". ran er shu ju gao su wo men, zhe yang de dan you zao zai 15 nian qian jiu kai shi le. zi 2003 nian yi lai, shan shi ying yang hang ye wei chi gao su zeng zhang. dao le 2017 nian, shan shi ying yang shi chang gui mo yi jing da dao 1400 yi yuan, zeng su reng ran da dao 10. fen qu dao lai kan, xian xia zhan 80 xian shang zhan 20. cong xiao fei ren qun lai kan, zhong lao nian ren yi ran shi bao jian pin de zhu li xiao fei qun ti. cong zhong chang qi de ren kou jie gou fa zhan qu shi lai kan, 6080 nian dai chu sheng de ren kou zhan bi chi xu ti sheng, 2011 nian zhi 2017 nian 60 sui yi shang ren kou zhan bi cong 13. 7 ti sheng zhi 17. 3. die jia shou ru he yi liao bao jian de zhi chu bi li ti sheng, zhong lao nian bao jian pin shi chang you wang wei chi wen ding zeng zhang. ci wai, shu ju hai xian shi zai kua jing dian shang de kuai su jiao yu xia, nian qing ren you qi shi nian qing nv xing dui mei rong mei zhuang deng bao jian xu qiu chi xu zeng duo. nian qing qun ti you qi nian qing nv xing jie shou cheng du ti gao dai dong shan shi ying yang xiao fei guan nian pu ji, dui bi xian xia bu zu 10 de zeng zhang su du, wei lai xian shang shan shi ying yang ling yu you wang bao chi 20 zuo you de kuai su zeng zhang. tui jian biao di qing deng lu guo tai jun an dao he APP zha kan bao gao yuan wen. guo tai jun an 2019 nian du ce lue xi lie yi shang nei rong jie xuan zi guo tai jun an zheng quan yi jing fa bu di zheng quan yan jiu bao gao hui gui li xing, lang li tao jin, ju ti fen xi nei rong bao kuo feng xian ti shi deng qing xiang jian wan zheng ban bao gao. ruo yin dui bao gao de zhai bian chan sheng qi yi, ying yi wan zheng ban bao gao nei rong wei zhun. fa lv sheng ming ben gong zhong ding yue hao wei xin hao: GTJARESEARCH wei guo tai jun an zheng quan gu fen you xian gong si yi xia jian cheng" guo tai jun an zheng quan" yan jiu suo yi fa she li du li yun ying de wei yi guan fang ding yue hao. qi ta ji gou huo ge ren zai wei xin ping tai shang yi guo tai jun an yan jiu suo ming yi zhu ce de, huo han you" guo tai jun an yan jiu", huo han you yu guo tai jun an zheng quan yan jiu suo pin pai ming cheng xiang guan xin xi de qi ta ding yue hao jun bu shi guo tai jun an zheng quan yan jiu suo guan fang ding yue hao. ben ding yue hao bu shi guo tai jun an zheng quan yan jiu bao gao fa bu ping tai, ben ding yue hao suo zai nei rong jun lai zi yu guo tai jun an zheng quan yan jiu suo yi zheng shi fa bu de yan jiu bao gao, ru xu liao jie xiang xi di zheng quan yan jiu xin xi, qing ju ti can jian guo tai jun an zheng quan yan jiu suo fa bu de wan zheng bao gao. zai ren he qing kuang xia, ben ding yue hao de nei rong bu gou cheng dui ren he ren de tou zi jian yi, guo tai jun an zheng quan ye bu dui ren he ren yin shi yong ben ding yue hao suo zai ren he nei rong suo yin zhi de ren he sun shi fu ren he ze ren. ben ding yue hao suo zai nei rong ban quan jin wei guo tai jun an zheng quan suo you, guo tai jun an zheng quan dui ben ding yue hao bao liu yi qie fa lv quan li. ding yue ren dui ben ding yue hao fa bu de suo you nei rong bao kuo wen zi ying xiang deng jin xing fu zhi zhuan zai de, xu zhu ming chu chu wei" guo tai jun an yan jiu", qie bu de dui ben ding yue hao suo zai nei rong jin xing ren he you bei yuan yi de yin yong jie xuan he xiu gai. ru xu jin yi bu liao jie ben ding yue hao xiang guan xin xi, jing qing lian xi guo tai jun an zheng quan xiao shou jiao yi bu.

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年会还在用纸盒拉吗?不,不,不,了解彩票计划

????年末项目投资反馈,享受多项推广效益

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????说到彩票小程序是很不错的,但是市场上也有各种各样的产品,很多小程序也是粗制滥造的,没有维护,所以这里有一个小程序推荐给你,经过几十次的比较,高质量的彩票小程序,也是免费使用的,名字叫“快彩票”小程序。

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????抽奖主界面:奖品展示、活动描述

????“参加抽签II的主界面:屏幕,摇一摇”

????“参与画图3的主界面:摇动和摇动,添加代码动画效果”

????“参与抽奖的大屏幕投影”

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????看看加速裂变的效果:

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