金吾财讯 | 中信证券表示，在2026Q2需求走弱的背景下，2026Q3大众品需求触底企稳，但环比未看到明显复苏。成本端，26Q3生鲜乳、大豆、PET等核心原材料价格有所上涨，部分企业通过提价减促等方式对冲。费用端，除了乳企预计将受到大型赛事费用确认影响，其余板块费用预计维持稳定。近期大众品板块股价调整较多，估值和股息优势凸显。推荐：1）供给侧维度，原奶周期触底上行有望推动乳品板块基本面未来几年上行；2）细分板块景气度，推荐量贩零食景气逆势提升的龙头企业；以及健康功能维度的企业；3）低估值、稳健型的龙头企业；4）高股息维度企业。
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