食品饮料行业动态报告:强推零售连锁变革的投资机会

中信建投证券
Jan 25

核心观点鸣鸣很忙上市在即,当下处于竞争格局改善和利润释放期,26年单店提升可期,强推零食连锁变革的投资机会。大众品方面,推荐万辰集团、锅圈、安琪酵母、卫龙美味。白酒方面,2025 年水井坊、洋河业绩大幅下滑,主因行业深度调整叠加企业主动控货去库、稳价盘。洋河还承诺未来三年分红不低于当年净利润100%。行业复苏与集中度提升逻辑未变,依托品牌、渠道壁垒,行业长期业绩改善弹性明确。推荐珍酒李渡、古井贡酒...

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