金吾财讯 | 中信证券表示，当前白酒板块处于周期磨底后期、出清尾声阶段，价格、库存、预期等底部信号已现。展望2027年，白酒行业供需有望迎来新均衡：需求将依托宏观政策催化与低基数实现弱复苏，供给会进一步收缩，但行业竞争将趋于加剧。长期来看，行业将稳步步入良性修复阶段。尽管当前内需仍存在压力，但板块估值已经充分消化中长期悲观预期，叠加板块具备较高红利价值，以及后续需求回暖带来的预期差，建议在行业底部加大头部酒企配置力度。啤酒板块优先布局市占率有望提升的地方龙头，以及份额领先的全国龙头；新酒饮重点跟踪行业景气变化与企业新品铺货进度。
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