白酒行業報告：深度調整期行業迎4大變化重視白酒相對底部機會

天風證券

2025/07/31

2025H1經濟&政策雙重影響下白酒行業迎5大變化，目前仍處深度調整階段。白酒行業為強β行業，2025H1受經濟/消費仍偏弱&廉潔教育/限制飲酒相關文件出台影響，春節後淡季動銷表現持續走弱，在新環境下，行業迎5大新變化：① 產品矩陣變化：在低度化/年輕化/高性價比趨勢下，酒企相繼重視低度產品序列化&中檔價位序列化佈局工作&產品品質升級；② 渠道持續升級：酒企通過組建平台公司加強渠道掌控，擁抱新渠道...

網頁鏈接

免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。

熱議股票

{"basename":"/hant","ssrTDKData":{"titleTemplate":"%s - 老虎證券","title":"老虎证券全球投资理财平台| 一站式投资美股新股港股A股","description":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","keywords":"老虎證券,老虎證券開戶,老虎券商,老虎證券官網,老虎證券app,tigertrade老虎證券,股票,炒股,新加坡股票交易平臺,投資,投資理財","social":{"ogDescription":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/hant/news/2555880750"},"companyName":"老虎證券"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2555880750\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2555880750?lang=zh_TW&edition=fundamental","thumbnail":"","is_english":false,"pubTime":"2025-07-31 00:00","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2555880750","market":"hk","top_or_hot":-1,"title":"白酒行業報告：深度調整期行業迎4大變化 重視白酒相對底部機會","media":"天風證券","content":"<div>\n<p>2025H1經濟&政策雙重影響下白酒行業迎5大變化，目前仍處深度調整階段。白酒行業為強β行業，2025H1受經濟/消費仍偏弱&廉潔教育/限制飲酒相關文件出台影響，春節後淡季動銷表現持續走弱，在新環境下，行業迎5大新變化：① 產品矩陣變化：在低度化/年輕化/高性價比趨勢下，酒企相繼重視低度產品序列化&中檔價位序列化佈局工作&產品品質升級；② 渠道持續升級：酒企通過組建平台公司加強渠道掌控，擁抱新渠道...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250731200255a46d8be3&s=b\">網頁鏈接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>白酒行業報告：深度調整期行業迎4大變化 重視白酒相對底部機會</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n白酒行業報告：深度調整期行業迎4大變化 重視白酒相對底部機會\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">天風證券</strong><span class=\"h-time small\">2025-07-31 00:00</span>\n</p>\n</h4>\n</header>\n<article>\n<div>\n<p>2025H1經濟&政策雙重影響下白酒行業迎5大變化，目前仍處深度調整階段。白酒行業為強β行業，2025H1受經濟/消費仍偏弱&廉潔教育/限制飲酒相關文件出台影響，春節後淡季動銷表現持續走弱，在新環境下，行業迎5大新變化：① 產品矩陣變化：在低度化/年輕化/高性價比趨勢下，酒企相繼重視低度產品序列化&中檔價位序列化佈局工作&產品品質升級；② 渠道持續升級：酒企通過組建平台公司加強渠道掌控，擁抱新渠道...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250731200255a46d8be3&s=b\">網頁鏈接</a>\n\n</div>\n\n<div class=\"bt-text\">\n\n\n<p> 來源：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250731200255a46d8be3&s=b\">天風證券</a></p>\n<p>為提升您的閱讀體驗，我們對本頁面進行了排版優化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK1192","symbol_name":"釀酒商與葡萄酒商","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250731200255a46d8be3&s=b","article_id":"2555880750","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250731200255a46d8be3&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2555880750","pubTimestamp":1753891200,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"2025H1經濟&政策雙重影響下白酒行業迎5大變化，目前仍處深度調整階段。低估值/低預期/低持倉/高股息，重視龍頭酒企相對底部機會。我們認為，後續隨着大眾消費逐步修復&龍頭酒企在綜合實力方面優勢持續凸顯，擁有強壁壘的公司有望率先實現價值重估修復，建議重視強品牌、強韌性的白酒龍頭相對底部機會。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"83189":"易方达白酒-R","600519":"贵州茅台","600702":"舍得酒业","600779":"水井坊","600809":"山西汾酒","BK1192":"酿酒商与葡萄酒商","06979":"珍酒李渡","03189":"易方达白酒","BK1610":"ETF&股票定投概念"},"translate_title":"Liquor Industry Report: During the period of deep adjustment, the industry welcomes four major changes, paying attention to the relative bottom opportunities of liquor","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"83189":0.9,"600519":0.9,"600702":0.9,"600779":0.9,"600809":0.9,"03189":0.9,"06979":0.9},"content_text":"2025H1經濟&政策雙重影響下白酒行業迎5大變化，目前仍處深度調整階段。白酒行業為強β行業，2025H1受經濟/消費仍偏弱&廉潔教育/限制飲酒相關文件出台影響，春節後淡季動銷表現持續走弱，在新環境下，行業迎5大新變化：① 產品矩陣變化：在低度化/年輕化/高性價比趨勢下，酒企相繼重視低度產品序列化&中檔價位序列化佈局工作&產品品質升級；② 渠道持續升級：酒企通過組建平台公司加強渠道掌控，擁抱新渠道平衡線上線下；③營銷：打破「紅包」內卷，側重培育新場景、新人羣；④ 目標理性：頭部酒企均以渠道健康&中長期發展為方向，理性看待業績增速目標。我們認為，白酒行業經歷了「廣告為王-渠道為王-品牌為王」階段後，即將迎來「質價比」比拼階段，在龍頭酒企已憑藉敏鋭嗅覺提前佈局背景下，行業集中度有望加速提升。低估值/低預期/低持倉/高股息，重視龍頭酒企相對底部機會。雖當前板塊仍處β偏弱&業績承壓階段，但經歷持續回調後，板塊已呈現低估值、低預期、低持倉、高派息回報特點：洋河股份、瀘州老窖、五糧液、古井貢酒等酒企股息率已經達到4%以上相對較高水平，貴州茅台股息率也達到3.55%的較高水平。我們認為，後續隨着大眾消費逐步修復&龍頭酒企在綜合實力方面優勢持續凸顯，擁有強壁壘的公司有望率先實現價值重估修復，建議重視強品牌、強韌性的白酒龍頭相對底部機會。投資建議：我們認為，板塊PE修復或先於EPS修復，預計26Q2板塊業績低基數背景下或迎EPS層面拐點，重視當前板塊投資機會。建議關注：①價值主線：強品牌、強需求韌性且派息回報可觀的貴州茅台、五糧液、山西汾酒等；②彈性主線：政策&需求端變化帶來的潛在預期修復機會，瀘州老窖、山西汾酒、酒鬼酒、捨得酒業、水井坊、華致酒行、珍酒李渡等。風險提示：經濟復甦不及預期/外資持續流出風險/產業政策風險/終端需求恢復不及預期/消費升級不及預期/市場需求變化風險/行業競爭加劇/消費税或生產風險/食品安全風險/批價表現不及預期/經營決策失誤或組織不力風險。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"}}}

白酒行業報告：深度調整期行業迎4大變化 重視白酒相對底部機會

熱議股票

白酒行業報告：深度調整期行業迎4大變化重視白酒相對底部機會