金吾财讯 | 奶制品股承压，截至发稿，H&H国际控股(01112)跌2.27%，澳优(01717)跌2.13%，蒙牛乳业(02319)跌1.33%，中国旺旺(00151)跌1.17%。消息面上，国投证券研究表示，26Q1乳企收入普遍实现稳增，部分乳企利润高增，龙头乳企春节开门红兑现，行业液奶需求出现向上复苏拐点。26年预计乳制品公司有望受益原奶价格周期与需求的触底反转，成母牛群老化加速、口蹄疫疫情、大包粉过期去化及战争冲突导致饲喂成本的潜在上涨趋势将对原奶供给去化带来动力。需求侧，行业液奶收入26年有望转正，以及乳制品深加工产能投产开始国产替代，将对需求侧提供支撑。对于下游乳企，奶价上涨将提高毛销差、减少生产性生物资产淘汰和减值损失、使投资收益扭亏为盈，乳企利润将迎改善。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.