金吾财讯 | 新消费概念股震荡走强，截至发稿，老铺黄金(06181)涨4.44%，布鲁可(00325)涨3.57%，毛戈平(01318)涨2.56%，零跑汽车(09863)涨2.00%，小米集团-W(01810)涨1.89%，泡泡玛特(09992)涨1.08%，古茗(01364)涨1.04%。消息面上， 中国银河证券发研报指，新消费方面，回调后基本面与估值匹配度提升，优选行业龙头。新茶饮龙头FY25 PE在Q3回调后已回归合理区间，我们预计在同店增长及开店驱动下，Q3-Q4蜜雪、古茗仍可实现高双位数的利润增长，全年业绩可符合预期。展望26年，该机构认为行业投资主线将聚焦于份额提升，蜜雪、古茗受益于更强的品牌势能，预计2H26在外卖平台补贴策略退出后份额将获得更多市场份额，其中我们预计古茗FY26经调净利同比+25%，对应PE~18X。此外演唱会经济与体育赛事需求持续旺盛，配合政策引导和场馆供给优化下行业具备高增长性。大麦娱乐作为现场娱乐和IP转授权商龙头，预计票务业务有望持续实现稳健增长，IP业务在Chiikawa带动下有望超预期。
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