银河证券：白酒蓄力谋长远，大众品反转可期

智通财经2022-02-28

智通财经APP获悉，银河证券发布研究报告称，白酒结构升级趋势不改，从品牌价值所构成的长期竞争优势的角度，建议关注贵州茅台（600519.SH）、五粮液（000858.SZ）、泸州老窖（000568.SZ）和山西汾酒（600809.SH）。大众品板块，建议关注受益于原奶价格回落而毛销差扩大的伊利股份（600887.SH），以及受益于需求复苏、具备强提价传导能力的海天味业（603288.SH）、...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

大伟大伟
2022-03-01
大伟大伟
五粮液就算了，增速慢如牛，典型垃圾股

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2214015235?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2022-02-28 17:01","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2214015235","market":"sh","top_or_hot":-1,"title":"银河证券：白酒蓄力谋长远，大众品反转可期","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，银河证券发布研究报告称，白酒结构升级趋势不改，从品牌价值所构成的长期竞争优势的角度，建议关注贵州茅台（600519.SH）、五粮液（000858.SZ）、泸州老窖（000568.SZ）和山西汾酒（600809.SH）。大众品板块，建议关注受益于原奶价格回落而毛销差扩大的伊利股份（600887.SH），以及受益于需求复苏、具备强提价传导能力的海天味业（603288.SH）、...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/666241.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>银河证券：白酒蓄力谋长远，大众品反转可期</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n银河证券：白酒蓄力谋长远，大众品反转可期\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-02-28 17:01 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/666241.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，银河证券发布研究报告称，白酒结构升级趋势不改，从品牌价值所构成的长期竞争优势的角度，建议关注贵州茅台（600519.SH）、五粮液（000858.SZ）、泸州老窖（000568.SZ）和山西汾酒（600809.SH）。大众品板块，建议关注受益于原奶价格回落而毛销差扩大的伊利股份（600887.SH），以及受益于需求复苏、具备强提价传导能力的海天味业（603288.SH）、...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/666241.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"603288","symbol_name":"海天味业","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/666241.html","article_id":"2214015235","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2214015235","pubTimestamp":1646038908,"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"白酒方面，短期蓄力谋长远，结构升级趋势不改。2至3月淡季，白酒行业将进入“缩量挺价阶段”，但春节较好的表现为一季度整体奠定良好基础，银河证券认为白酒板块22Q1开门红可期。受益于宏观需求触底回暖+提价备货刺激，银河证券预计春节前调味品渠道有望实现较高双位数增长，但22Q1上市公司报表端收入增速或相对平稳。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"600519":"贵州茅台","600809":"山西汾酒","600872":"中炬高新","600887":"伊利股份","603288":"海天味业","603317":"天味食品","08496":"环球友饮智能","000568":"泸州老窖","000858":"五粮液","BK1132":"食品零售"},"translate_title":"Galaxy Securities: Liquor is striving for the long-term, and the reversal of mass products can be expected","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600519":1,"600809":1,"600872":1,"600887":1,"603288":1,"603317":1,"872925":1,"000568":1,"000858":1,"08496":0.9},"content_text":"智通财经APP获悉，银河证券发布研究报告称，白酒结构升级趋势不改，从品牌价值所构成的长期竞争优势的角度，建议关注贵州茅台（600519.SH）、五粮液（000858.SZ）、泸州老窖（000568.SZ）和山西汾酒（600809.SH）。大众品板块，建议关注受益于原奶价格回落而毛销差扩大的伊利股份（600887.SH），以及受益于需求复苏、具备强提价传导能力的海天味业（603288.SH）、中炬高新（600872.SH）、天味食品（603317.SH）。银河证券报告指出，2021年底社零消费延续弱复苏态势：2021年12月，社零总额同比+1.7%；较2019年11月+6.4%；其中，餐饮收入同比-2.2%，较2019年11月+0.3%。2021年底消费者信心处于底部反复阶段：2021年12月消费者信心指数为119.5，环比小幅提升0.3，但仍处于历史较低水平。2022年1月CPI同比与环比小幅上涨：受季节性因素、成本上涨及散发疫情等共同影响，2022年1月CPI环比上涨0.4%，CPI同比上涨0.9%。白酒方面，短期蓄力谋长远，结构升级趋势不改。春节前后，伴随疫情管控较2021年相对宽松，终端消费场景得以修复，白酒行业整体动销表现平稳且渠道回款良好，但呈现区域分化特征（主要系部分地区疫情反复所致），徽酒表现相对更优。2至3月淡季，白酒行业将进入“缩量挺价阶段”，但春节较好的表现为一季度整体奠定良好基础，银河证券认为白酒板块22Q1开门红可期。啤酒方面，高端化+提价效应兑现，关注旺季系统性机会。总体看，行业高端化逻辑仍在持续演绎，预计随着餐饮端需求回暖以及原料价格下降（1月玻璃价格高位回落），行业提价效应有望在21Q2旺季兑现，报表业绩将释放高弹性。餐饮供应链来看，22Q1稳步复苏，预计22Q2迎来拐点。春节前后需求延续边际改善趋势，行业处于底部回暖区间。受益于宏观需求触底回暖+提价备货刺激，银河证券预计春节前调味品渠道有望实现较高双位数增长，但22Q1上市公司报表端收入增速或相对平稳。展望后市，乐观看待二季度之后行业迎来基本面拐点。乳制品方面，竞争格局趋缓+奶价高位回落，盈利能力持续改善。1月白奶需求持续旺盛，二强缩小减促力度，叠加1月原奶价格高位回落（同比增速放缓至0%），预计2022全年奶价有望延续下行趋势，行业毛销差有望进一步改善，释放更多业绩弹性。本文来源于银河证券发布的研究报告，作者为分析师刘光意、周颖；智通财经编辑：文文。","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[{"id":636712036,"gmtCreate":1646100642390,"gmtModify":1646101509979,"author":{"id":"3526692614202261","authorId":"3526692614202261","name":"大伟大伟","avatar":"https://static.tigerbbs.com/04a3ce61112d4c0ec3f5d6d97f3f6475","vip":1,"crmLevel":1,"crmLevelSwitch":0},"htmlText":"五粮液就算了，增速慢如牛，典型垃圾股","listText":"五粮液就算了，增速慢如牛，典型垃圾股","text":"五粮液就算了，增速慢如牛，典型垃圾股","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/636712036","repostId":2214015235,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2214015235"}