金种子酒等白酒股周跌超3%，白酒指数未能实现周线7连阳|酒市周报

每经网2025-08-03

周跌2.15%！白酒指数停下反弹脚步，未能实现周线7连阳。在经历行业深度调整和短期的稳步反弹后，目前白酒板块已呈现低估值、低预期、低持仓、高分红回报特点，随着大众消费逐步修复，龙头酒企在综合实力方面优势持续凸显，拥有强壁垒的公司有望率先实现价值重估。白酒指数周跌2.15%本周，整个A股呈现冲高回落的态势，白酒板块也未能走出独立行情。Wind白酒指数周跌2.15%，表现不佳，金种子酒、山西汾酒、...

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张建 摄在经历多年调整后，目前白酒行业呈现出“三低一高”的投资特征。其中，三低指的是低估值、低预期、低持仓；一高则指的是高分红回报。估值方面，截至7月30日，白酒Ⅲ（申万）指数3、10、15年市盈率分位数分别为8.26%、7.89%、22.68%，龙头酒企3、10、15年市盈率分位数多处于25%以内的历史合理偏低水位。而2025年酒企降目标背景下业绩预期已较低，天风证券指出，在行业深度调整、酒企普遍降低年度经营目标背景下，经过前期持续下调，市场对白酒需求端担忧已经较充分体现在短期业绩预期。另外，2025年2季度白酒板块基金重仓持股比例同比、环比分别减少3.54个百分点和2个百分点，持仓比例较2023年之前显著回落，创近年来新低。不过，分红率提升背景下，当前白酒板块分红回报已相对可观。2022年~2024年连续分红的16家酒企中有11家分红率总体呈现提升态势，当前洋河股份、泸州老窖、五粮液、古井贡酒股息率已经达到4%以上相对较高水平，贵州茅台股息率也达到3.55%的较高水平。天风证券称，当前强品牌、强韧性的高端龙头品牌股息率已相对可观。因此可坚守龙头红利，把握预期修复机会。封面图片来源：每经记者 张建 摄","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":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 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