【券商聚焦】中国银河：预计白酒仍处于调整周期但逐渐步入筑底阶段

金吾财讯11-25

金吾财讯 | 中国银河证券发研报指，白酒：预计仍处于调整周期，但逐渐步入筑底阶段。2025年白酒行业深度调整，25Q3以来供给端加速出清，头部品牌中仅茅台与汾酒实现正增长。展望2026年，我们预计行业仍处于调整期，但逐渐步入筑底阶段，即动销与批价跌幅收窄+报表端继续出清，股票长期价值凸显。参考上一轮调整期（2012-2015年）：第一阶段动销与批价加速下跌，酒企报表端开始出清，股价与估值大幅下跌；第二阶段动销与批价跌幅收窄，酒企报表端持续出清，但此时市场预期已经较为充分，随着资金面不断改善，股价在低估值背景下开始修复。

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【券商聚焦】中国银河：预计白酒仍处于调整周期 但逐渐步入筑底阶段

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【券商聚焦】中国银河：预计白酒仍处于调整周期但逐渐步入筑底阶段