#2026年度展望柳暗花明又一村白酒:供需失衡正加速修正,底线价值更加坚实。25Q3头部酒企报表压力加速释放,“报表-动销”差额开始收敛,供需拐点已现。我们判断2026年白酒周期将加速筑底,持续观察渠道及酒企现金流、核心单品酒价两大指标。当前建议优选三类标的:一是优先布局大幅下修业绩风险较低的茅台、汾酒;二是精选今年有望确认业绩底部、且有望通过份额驱动的区域龙头,推荐古井,结合股息率布局五粮液,...
Source Link#2026年度展望柳暗花明又一村白酒:供需失衡正加速修正,底线价值更加坚实。25Q3头部酒企报表压力加速释放,“报表-动销”差额开始收敛,供需拐点已现。我们判断2026年白酒周期将加速筑底,持续观察渠道及酒企现金流、核心单品酒价两大指标。当前建议优选三类标的:一是优先布局大幅下修业绩风险较低的茅台、汾酒;二是精选今年有望确认业绩底部、且有望通过份额驱动的区域龙头,推荐古井,结合股息率布局五粮液,...
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