【券商聚焦】中信建投:两会释放提振消费强信号,扩大内需被列为26年经济工作的首要任务

金吾财讯
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金吾财讯 | 中信建投发研报指,两会释放提振消费强信号,扩大内需被列为26年经济工作的首要任务,扩大优质消费品和服务供给,政府工作报告强调“激发下沉市场消费活力”、消费品以旧换新政策接续实施并加力扩容,关注核心消费资产的底部配置机会,零售连锁变革符合内需政策方向。2026年3月13日,茅台落地多款核心个性化非标产品代售政策,系其多维运营模式落地关键举措。产品所有权归茅台,经销商缴保证金参与,交易走i茅台平台,盈利改赚5%固定服务费。茅台设考核机制倒逼动销,线上线下联动,此举夯实其To C转型,也重塑白酒渠道生态。输入型通胀压力下,关注涨价链受益标的,看好上游牧场,下半年肉奶共振可期,牛肉价格持续上涨。部分量贩门店反馈1-2月同店近双位数增长,整体表现超预期,量贩零食当下处于竞争格局改善和利润释放期,26年单店提升可期,强推零售连锁变革的投资机会。

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