食品饮料行业:白酒周期底部配置 大众品三大主线掘金

中信建投证券
Nov 23, 2025

核心观点当前食饮板块经历长期回调,估值已处于历史相对低位, 市场预期较弱,白酒等优质资产底部逻辑清晰,大众品聚焦三条主线具备细分领域结构性机会。白酒方面,行业动销持续磨底,茅台治理电商乱象稳定价格预期,以业绩出清卸包袱+强品牌支撑动销+强运营赋能渠道+新营销模式探索的底部配置逻辑,推荐迎驾贡酒、泸州老窖、古井贡酒、珍酒李渡。大众品方面,把握餐饮链供应链与商超定制边际改善、健康化功能化高景气增长、...

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