金吾财讯 | 中信证券表示，2026Q2大众品需求整体环比走弱，但是同比整体保持稳健正增长。成本端，饮料板块存在一定压力，而其他板块整体较为稳定。费用端，今年以来价格竞争缓和或者平稳趋势不变，渠道库存健康、各家企业竞争理性。进入26H2，在去年同期需求偏弱基数以及今年以来需求环比趋势稳健、竞争理性下，该机构看好下半年大众品板块环比景气提升。近期大众品板块股价及估值调整较多， 2026年估值从此前15~20x已下行至15xPE左右或之下，优势逐步凸显出。该机构建议继续围绕三条主线进行配置。1）顺周期逻辑，需求若后续触底回升，板块业绩底部回升弹性不错：推荐餐供和乳制品板块。2）独立成长逻辑，终端需求虽然存在不确定性，但是自身有产品及渠道成长逻辑：推荐景气度较高的饮料和零食板块。3）高股息防御主线，业绩稳健且股息率较高。
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