2026年食品饮料行业策略报告:消费升维,零售重构

信达证券
Dec 07, 2025

(以下内容从信达证券《2026年食品饮料行业策略报告:消费升维,零售重构》研报附件原文摘录)本期内容提要:白酒板块:保持现金流优势,成长性转向红利性。行业调整期,头部品牌虽韧性强,但成长性也有所减弱,腰部品牌更是面临业绩下滑。在未走出调整前,白酒行业的成长性暂告一段落。由于商业模式的优越性,白酒上市公司的现金流依旧稳定,且账面货币资金充裕,加大分红比例、提高股东回报是当前的主旋律。集中化趋势下,...

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