【国泰海通食饮】周报第38期：白酒Q3降速释压，关注高股息饮料标的

猛哥看商业11-09

核心观点导读：成长优先，并重视低估值及长期成长确定性较强的传统消费龙头价值修复。当前软饮料板块中低估值高股息标的股息率突显，看好后续基本面&估值修复带来的投资机会。核心观点：白酒：三季报降速释压，茅台分红回购。白酒三季度报表调整加速，Q3收入同比-18%（25Q1：-5%）、归母净利同比-22%（25Q1：-8%）、回款情况恶化，报表真实度提升。本周飞天批价企稳，茅台公司在业绩发布会上再度强调“...

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