食品饮料行业周报：第二季度白酒超配比例环比下降关注板块中报业绩情况

国信证券2025-07-28

本周（2025 年7 月21 日至2025 年7 月25 日）本周食品饮料板块上涨0.77%，跑输上证指数0.90pct。本周食品饮料板块涨幅前五分别为*ST西发(9.89%)、ST 交昂(8.94%)、煌上煌(7.39%)、嘉必优(7.30%)和天佑德酒(6.80%)。白酒：板块超配比例环比下降，反映基本面弱预期。据全国白酒调查资料，7 月中旬全国白酒环比价格总指数为100.00，保持稳定。本周...

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Pay attention to the performance of the interim report of the sector","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"83189":0.9,"603288":0.9,"03288":0.9,"03189":0.9,"01579":0.9},"content_text":"本周（2025 年7 月21 日至2025 年7 月25 日）本周食品饮料板块上涨0.77%，跑输上证指数0.90pct。本周食品饮料板块涨幅前五分别为*ST西发(9.89%)、ST 交昂(8.94%)、煌上煌(7.39%)、嘉必优(7.30%)和天佑德酒(6.80%)。白酒：板块超配比例环比下降，反映基本面弱预期。据全国白酒调查资料，7 月中旬全国白酒环比价格总指数为100.00，保持稳定。本周白酒指数上涨1.0%，板块持仓超配比例已至历史较低水位。情绪面及资金面看，根据我们测算25Q2 白酒板块主动偏股基金重仓持股比例环比-2.07pcts 至4.50%，超配比例环比-1.52pcts 至1.35%，剔除茅台后板块超配比例1.33%，已低于18Q4 水平；茅台收入增长确定性领先板块，五粮液、泸州老窖等龙头股息率性价比突出。基本面看，第二季度业绩表现预计反应需求压力，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、饮料迎来旺季，基础调味品龙头表现稳健。啤酒：25Q2 啤酒板块基金重仓比例小幅下降，燕京啤酒基金重仓比例有所提高。继续优先推荐内部改革持续深化的燕京啤酒。零食：25Q2 零食板块基金重仓比例提升较多，加仓主要集中在盐津铺子、万辰集团。继续推荐魔芋产品持续兑现高增速、渠道基础不断夯实的卫龙美味，推荐麻酱魔芋大单品持续渗透渠道、供应链及市场需求响应能力领先的盐津铺子。调味品：预计基础调味品龙头表现稳健，关注中报业绩窗口。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，中长期受益工业化。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 年供需改善带来的向上弹性。板块性推荐乳制品，重点推荐具备估值安全边际的龙头乳企。饮料：旺季龙头提速，业绩分化明显。我们持续推荐加速全国化和平台化的东鹏饮料，同样建议关注今年表现较优的包装水、茶饮龙头。投资建议：本       周推荐组合为贵州茅台、五粮液、山西汾酒、泸州老窖、东鹏饮料、安井食品等。风险提示：需求恢复较弱；原材料价格大幅上涨；市场竞争加剧。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"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,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.44.1","shortVersion":"4.44.1","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/2554377993","isCrawlerRequest":true}

食品饮料行业周报：第二季度白酒超配比例环比下降 关注板块中报业绩情况

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食品饮料行业周报：第二季度白酒超配比例环比下降关注板块中报业绩情况