投资要点白酒：25H1 白酒板块营收同比-0.75%，归母净利润同比-1.15%；25Q2 板块营收同比-4.95%，归母净利润同比-7.53%。白酒板块报表端压力加速释放。高端酒：茅台经营韧性凸显，五粮液老窖开始释放压力。25H1 茅台酒继续稳健双位数增长，五粮液估计上半年1618 和低度增速好于整体，普五保持平稳。泸州老窖估计国窖整体下滑，60 版特曲和老字号特曲保持增长。高端酒无论是从分红率...
Source Link投资要点白酒：25H1 白酒板块营收同比-0.75%，归母净利润同比-1.15%；25Q2 板块营收同比-4.95%，归母净利润同比-7.53%。白酒板块报表端压力加速释放。高端酒：茅台经营韧性凸显，五粮液老窖开始释放压力。25H1 茅台酒继续稳健双位数增长，五粮液估计上半年1618 和低度增速好于整体，普五保持平稳。泸州老窖估计国窖整体下滑，60 版特曲和老字号特曲保持增长。高端酒无论是从分红率...
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