华创证券:白酒Q2加速筑底信号明确 当前宜长线播种优质蓝筹股

智通财经
Sep 02
【华创证券:白酒Q2加速筑底信号明确 当前宜长线播种优质蓝筹股】华创证券发布研报称,白酒行业底部信号逐步明朗,宜长线播种、短期把握季度右侧改善机会。Q2板块筹码加速出清,当前底部信号渐明,机会选择看:第一,建议从1-2年维度去“播种”一批基本面实际已走出冬天,但股价仍正经历严寒的优质蓝筹白马股;第二,从季度改善的视角去选择右侧机会。具体来看,Q2酒企普遍给渠道纾压、报表压力有望进一步释放,下半年低基数下更多酒企动销及报表有望转正。全年看酒企从被动应对进入主动调整,机会在于茅台批价企稳之后,预期筑底企稳。周期节奏上,26H1酒企主动调整、曙光微现,26H2有望拐点渐明、渐次改善。优先推荐穿越周期的龙头茅台,其次关注库存见底节奏相对较快的古井贡酒、今世缘,战略关注经营稳中向好的五粮液及山西汾酒、低基数下弹性品种泸州老窖。

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