金吾财讯 | Ambev SA（ABEV）盘中股价承压，最新跌1.55%，报3.17美元，成交额764.6万美元。消息面上，美银证券将巴西啤酒饮料企业Ambev SA评级从“中性”下调至“跑输大盘”。自巴西总统大选首轮投票以来该股持续上涨，但美银认为，利率下行对公司的拉动有限、啤酒市场疲软造成盈利动能不足、2027年成本端压力加剧叠加估值偏高，Ambev的投资吸引力已经下降。分析师Isabella Simonato表示，继2025年表现疲弱后，巴西2026年啤酒销量复苏不及预期，销量下滑同时存在周期性与结构性需求压力。展望2027年，在宏观环境承压、成本通胀抬升背景下，Ambev盈利增长或将持续低迷。估值层面，公司当前股价相较同行以及全球必需消费品板块存在估值溢价。
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