金吾财讯 | 新消费概念股部分走强，截至发稿，泡泡玛特(09992)涨3.40%，布鲁可(00325)涨3.11%，奈雪的茶(02150)涨2.80%，名创优品(09896)涨2.42%，小鹏汽车-W(09868)涨2.02%，沪上阿姨(02589)涨1.98%。中国银河证券发研报指，大众品：预计新消费内部轮动，传统消费底部修复。2025年大众品板块基本面保持长期恢复趋势，新消费与传统消费轮动，推动指数实现正收益。展望2026年，我们认为仍不乏结构性机会：1）新渠道：零食量贩关注门店型公司，山姆渠道关注仍有SKU扩张空间的上游公司，此外渠道自有品牌与多品类折扣业态快速扩张，关注上游供应链机会；2）新品类，魔芋零食与功能饮料关注竞争格局变化，此外大健康食品、便捷化食品有望放量；3）部分传统消费供给逐渐出清，需求改善有望推动板块修复，例如乳制品、速冻食品等。
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