兴业证券:食品饮料三季报白酒降速出清 大众品需求疲软

财中社
Nov 11, 2025

11月11日,兴业证券发表研究报告称:食品饮料三季报白酒降速出清,大众品需求疲软。需求磨底延续,报表加速出清。三季度消费表现仍偏弱,其中烟酒及粮油食品类受政策影响、部分消费场景消失,表现欠佳,餐饮受外卖大战影响短期承压。食饮板块三季度报表增速下滑,板块持续探底:1)白酒:一季度以积极去库、提振动销为主,回款发货要求弱化,为渠道充分释压,板块收入、利润增速相对稳健,Q2受政策影响、需求转弱,板块收入...

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