食品饮料行业周报：板块低位配置情绪回升，关注餐饮链等改善催化

国金证券11-16

（以下内容从国金证券《食品饮料行业周报：板块低位配置情绪回升，关注餐饮链等改善催化》研报附件原文摘录）白酒：近期市场对酒类板块在内泛消费板块配置情绪环比明显回升，一方面自上而下有CPI、PPI等宏观指标环比改善的催化，另一方面资金端也有配置再平衡的诉求。我们持续看好白酒板块的配置价值，行业景气度最为承压的时期已经过去，外部因素对消费场景的约束将持续趋缓。同时，我们预计当下市场对白酒行业价盘的悲观...

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

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2584698100?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-11-16 14:08","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2584698100","market":"hk","top_or_hot":-1,"title":"食品饮料行业周报：板块低位配置情绪回升，关注餐饮链等改善催化","media":"国金证券","content":"<div>\n<p>（以下内容从国金证券《食品饮料行业周报：板块低位配置情绪回升，关注餐饮链等改善催化》研报附件原文摘录）白酒：近期市场对酒类板块在内泛消费板块配置情绪环比明显回升，一方面自上而下有CPI、PPI等宏观指标环比改善的催化，另一方面资金端也有配置再平衡的诉求。我们持续看好白酒板块的配置价值，行业景气度最为承压的时期已经过去，外部因素对消费场景的约束将持续趋缓。同时，我们预计当下市场对白酒行业价盘的悲观...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251116140828a4a4d1c6&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","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>食品饮料行业周报：板块低位配置情绪回升，关注餐饮链等改善催化</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食品饮料行业周报：板块低位配置情绪回升，关注餐饮链等改善催化\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-11-16 14:08 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251116140828a4a4d1c6&s=b><strong>国金证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>（以下内容从国金证券《食品饮料行业周报：板块低位配置情绪回升，关注餐饮链等改善催化》研报附件原文摘录）白酒：近期市场对酒类板块在内泛消费板块配置情绪环比明显回升，一方面自上而下有CPI、PPI等宏观指标环比改善的催化，另一方面资金端也有配置再平衡的诉求。我们持续看好白酒板块的配置价值，行业景气度最为承压的时期已经过去，外部因素对消费场景的约束将持续趋缓。同时，我们预计当下市场对白酒行业价盘的悲观...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251116140828a4a4d1c6&s=b\">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":"08496","symbol_name":"环球友饮智能","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251116140828a4a4d1c6&s=b","article_id":"2584698100","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251116140828a4a4d1c6&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2584698100","pubTimestamp":1763273304,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"近期酒鬼酒等诸多酒厂陆续披露线上授权店铺清单、提示非授权店铺购酒风险，电商等线上平台也有强化授权店铺管理等动作，本身电商平台税收监管在逐步完善，整体行业销售秩序有望持续改善。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"08496":"环球友饮智能","06979":"珍酒李渡","01579":"颐海国际","BK1589":"北水核心资产","BK1132":"食品零售","BK1200":"软饮料","09633":"农夫山泉","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC"},"translate_title":"Food and Beverage Industry Weekly Report: The sentiment of low allocation in the sector has rebounded, focusing on improvement catalysts such as the catering chain","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"08496":1.5,"06979":0.9,"01579":0.9,"09633":0.9},"content_text":"（以下内容从国金证券《食品饮料行业周报：板块低位配置情绪回升，关注餐饮链等改善催化》研报附件原文摘录）白酒：近期市场对酒类板块在内泛消费板块配置情绪环比明显回升，一方面自上而下有CPI、PPI等宏观指标环比改善的催化，另一方面资金端也有配置再平衡的诉求。我们持续看好白酒板块的配置价值，行业景气度最为承压的时期已经过去，外部因素对消费场景的约束将持续趋缓。同时，我们预计当下市场对白酒行业价盘的悲观预期也有望环比修正，进一步夯实市场对白酒行业筑底的认知。近期酒鬼酒等诸多酒厂陆续披露线上授权店铺清单、提示非授权店铺购酒风险，电商等线上平台也有强化授权店铺管理等动作，本身电商平台税收监管在逐步完善，整体行业销售秩序有望持续改善。同时，近期飞天茅台在内主要白酒单品批价保持平稳，我们预计当下至26年春节前便是行业价盘最为承压的时期，主要考虑目前渠道已经处于亏运营成本甚至亏毛利的状态，从产业经营范式的角度该状态持续性并不强。配置方向建议：1）品牌力突出、护城河深厚的高端酒（贵州茅台、五粮液），渠道势能仍处于上行期的山西汾酒，受益于大众需求强韧性&乡镇消费提质升级趋势的稳健区域龙头。2）顺周期潜在催化的弹性标的（如泛全国化名酒古井贡酒、泸州老窖），有新产品、新渠道、新范式催化的弹性酒企（如珍酒李渡、舍得酒业、酒鬼酒等）。啤酒：啤酒的需求场景偏大众化、目前餐饮等现饮需求仍在稳步修复中，啤酒酒企也在加码非即饮渠道布局、发展软饮等多元化发展。考虑到啤酒酒企不错的业绩置信度与股息水平，建议持续关注。黄酒：行业前期有提价催化，头部品牌的趋同性提价也意味着酒企拉力有望形成合力、竞争格局趋缓，当前逐步临近旺季、边际催化仍可期；中期产业趋势变化、以及新品年轻化培育等值得关注。休闲零食：受益于下游渠道扩张、推新节奏加快，板块延续高景气。从三季报可见，渠道红利逐步见顶、品类红利接替，高基数下个股收入端普遍降速。业绩端，受低价竞争加剧、渠道挤压、成本上涨等因素，板块利润率仍逐步下行。展望后续，我们认为需重点关注具备品类红利以及供应链提效的个股，一方面渠道红利减弱背景下收入仍有支撑，另一方面内部提效对冲外部竞争压力，持续推荐具备魔芋大单品优势的盐津铺子、卫龙美味，建议关注洽洽食品、甘源食品渠道调整&成本压力减缓带来的业绩改善。软饮料：旺季逐步收尾，终端动销放缓，行业整体略有承压。10月社零限额以上饮料类单月同比+7.1%，1-10月累计同比+0.8%，受双节催化板块整体动销和出货和均有好转。从个股反馈来看，东鹏、农夫等高景气细分赛道龙头延续稳健增势，Q3特饮降速系终端库存消化叠加华南雨水天气扰动，内部新财年于11月开启，有望进行新一轮备货。同时结合历史经验来看，大多数龙头选择在Q4前置冰柜铺设动作，尽管为淡季预计竞争不减。展望后续，我们认为需持续关注企业平台化能力，持续推荐大单品提供基本盘支撑、第二曲线铺货上量高增长，其余品类仍有借助平台化优势出圈的东鹏饮料、农夫山泉，建议关注百润股份新品动销表现。调味品：下游餐饮需求环比改善、居民端需求平稳、景气度底部企稳。10月社零餐饮同比+3.8%，1-10月累计同比+3.3%，餐饮终端动销环比改善。同时上游餐饮链企业具备低库存+旺季备货催化，出货情况普遍反馈好于Q3。基于必选消费米面粮油类目来看，10月限额以上粮油、食品类单月同比+9.1%，1-10月累计同比+10.3%，仍维持较强经营韧性。推荐股息率打底&餐饮修复弹性较大的颐海国际，海外持续提升市占率&成本端稳步下行的安琪酵母，风险提示宏观经济恢复不及预期、区域市场竞争风险、食品安全问题风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","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 Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.35.9","shortVersion":"4.35.9","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/2584698100","isCrawlerRequest":true}