食品饮料行业周报:茅台定调投放量总体稳定 食品加大顺周期布局

招商证券
Dec 29, 2025

本周茅台经销商大会召开,26 年投放量定调总体平稳,减少高附加值产品投入量,从以产定销到以销定产、分销取消。老窖在临时股东会上表示,国窖价格管控将继续克制,26Q1 可能是行业重点调整窗口,公司将延续理性。我们预计茅台26 年量增落在持平-小个位数区间,叠加新兴渠道挖潜激发大众购酒需求,供需关系相比25 年有望显著改善。大众品板块加大顺周期板块布局。乳制品随着供给有序去化+深加工需求逐步释放,明年...

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