中信证券研报表示2025年二季度大众品终端需求依然偏弱环比改善不明显。大众品企业原料成本大都处于底部震荡或下行趋势不过行

智通财经
Jul 09, 2025
中信证券研报表示2025年二季度大众品终端需求依然偏弱环比改善不明显。大众品企业原料成本大都处于底部震荡或下行趋势不过行业竞争力度不减盈利能力提升不明显。2025年二季度看到大众品更加“内卷”——饮料终端竞争促销加大、零食公司增长开始出现分化、乳品和餐饮供应链板块需求量价承压同时也看到较多结构性机会。投资建议:1)食饮最具新消费特征的零食板块。2)饮料板块中茶饮、功能饮料维持高景气。3)盈利底部向上改善明确的乳品板块。4)其他。

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