食品饮料行业:弱需求下关注供给端动作 期待政策催化下的跨年机会

中信建投证券
Dec 14, 2025

核心观点近期白酒批价承压等问题突出,对此,茅台、五粮液等头部酒企通过调控产品投放等举措,缓解市场压力、稳固行业地位。中央经济工作会议将培育内需列为2026 年八项重点任务之首,强调清理消费领域不合理限制措施打通消费堵点。当前食饮估值已处于历史相对低位,继续推荐白酒及具备细分逻辑的大众品,预计大众品细分板块继续表现优于白酒,白酒需求磨底后静待春节行情。白酒方面,以业绩出清卸包袱+强品牌支撑动销+强...

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