金吾财讯 | 华泰证券研报指，看好经济向消费转型过程中的食品饮料行业表现，在托底政策的支撑效果明朗及社零增速稳步提升背景下，预计消费复苏将是贯穿全年的投资主线。微观层面，不少食饮企业目前已完成渠道库存的去化、并努力通过品类拓展与渠道创新、成本节约与效率提升驱动收入和利润增长。资金层面，去美元化下的外资回流也有望为大众品板块导入增量资金，该机构建议采用三条主线选股：一）重视大市值龙头公司的价值重估；二）关注品类拓展及渠道变革催生的食饮“新消费”龙头；三）关注成本下行及效率改善带来利润确定性的企业。该机构不同于市场的观点：1）当前市场低估了大市值龙头的估值和利润弹性，该机构看好其价值重估，认为资金回流和基本面改善或将成为股价催化剂；2）有别于市场将目光聚焦在可选板块的“新消费”公司，该机构认为必选消费中同样存在产品和渠道有新变化的“新消费”标的，并选出了基本面稳健/业绩兑现概率高的个股。
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