智通财经APP获悉，大和发布研报称，华润啤酒(00291)管理层在近期活动上强调，虽然内地整体啤酒消费具挑战，旗下高端品牌喜力近月销量仍持续录得约20%同比增长，反映喜力在高端市场份额持续提升，维持“买入”评级。
不过，该行认为其次高端品牌雪花纯生或仍受压，因品牌吸引力减弱，以及对竞争激烈的餐饮渠道依赖较高，而该渠道尚未稳定。该行指，集团正快速推出次高端新品牌，但仍需渠道投资以扩大销量。
成本方面，8月铝价同比及环比分别上升16%及3%，而润啤的罐装啤酒比例约为45%，因此面对一定的成本压力。该行亦提到，百威亚太(01876)设有12个月滚动成本锁定政策，因此下半年投入成本压力相对较小。
该行认为，在明年2月农历新年假期前，由于所有主要啤酒企业均面对商品成本压力，不排除行业全面加价，以将成本转嫁至零售客户。
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