食品饮料周报(25年第26周)：飞天茅台价格已有企稳迹象大众品关注新渠道、新产品

国信证券股份有...2025-06-30

本周（2025 年6 月23 日至2025 年6 月27 日）本周食品饮料板块上涨0.02%，跑输上证指数1.89pct。本周食品饮料板块涨幅前五分别为甘化科工(21.22%)、金达威(17.54%)、欢乐家(13.91%)、桂发祥(11.33%)和*ST 莫高(10.82%)。白酒：飞天茅台价格已有企稳迹象，白酒基本面或将加速探底。据国家统计局数据，1-5 月全国规模以上工业企业实现利润总额...

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下跌1.66%，伊力特、天佑德酒、顺鑫农业、洋河股份涨幅领先。基本面看，需求压力仍然较大，第二季度业绩表现预计平淡，酒企更注重市场健康度，短期仍将以去库存、促动销为主要工作，中长期更加重视消费者和消费场景培育，积极布局国际化和年轻化。个股推荐方面，把握三条投资主线：1）抗风险能力经过多轮周期验证的板块龙头贵州茅台、山西汾酒、五粮液；2）数字化工程逐步显现正反馈、估值超跌修复的泸州老窖；3）基地市场仍有份额提升逻辑的今世缘、迎驾贡酒、古井贡酒；也建议关注渠道风险加速释放的洋河股份、口子窖、酒鬼酒等。大众品：啤酒、饮料进入旺季，安井食品港股上市在即。啤酒：近期天气升温对啤酒消费较为有利，继续紧盯并择机布局alpha 型个股。零食：零食龙头引领产业链各环节提效，行业分化趋势延续，继续推荐有新品、新渠道突破的个股。调味品：基础调味品龙头表现韧性，淡季关注政策动向。建议关注复调行业在餐饮行业预期上升后的估值修复，推荐复调板块龙头颐海国际以及基础调味品板块龙头海天味业。速冻食品：淡季企业积极研发新品，淡季企业积极研发新品，安井食品港股上市在即。继续推荐关注经营稳定的餐饮供应链龙头安井食品、千味央厨。乳制品：潜在政策催化，需求平稳复苏，供给加速出清，布局2025 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食品饮料周报(25年第26周)：飞天茅台价格已有企稳迹象 大众品关注新渠道、新产品

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食品饮料周报(25年第26周)：飞天茅台价格已有企稳迹象大众品关注新渠道、新产品