高盛：聚焦中国消费必需品三大主题 2026年筑底机会浮现

智通财经01-14

智通财经APP获悉，高盛发布研报称，去年中国消费必需品行业呈现“上下半年分化”格局，5月18日发布的反贪腐政策成为关键分水岭。政策出台前，行业表现稳定，部分企业凭借产品周期、市占率提升或稳定股东回报实现增长，如农夫山泉(09633)、中宠股份(002891.SZ)、万洲国际(00288)、康师傅控股(00322)及百威亚太(01876)。展望2026年，高盛认为行业复苏仍取决于再通胀进程及政策方向...

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/2603652117?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-01-14 09:17","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2603652117","market":"us","top_or_hot":-1,"title":"高盛：聚焦中国消费必需品三大主题 2026年筑底机会浮现","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，高盛发布研报称，去年中国消费必需品行业呈现“上下半年分化”格局，5月18日发布的反贪腐政策成为关键分水岭。政策出台前，行业表现稳定，部分企业凭借产品周期、市占率提升或稳定股东回报实现增长，如农夫山泉(09633)、中宠股份(002891.SZ)、万洲国际(00288)、康师傅控股(00322)及百威亚太(01876)。展望2026年，高盛认为行业复苏仍取决于再通胀进程及政策方向...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1392533.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","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>高盛：聚焦中国消费必需品三大主题 2026年筑底机会浮现</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高盛：聚焦中国消费必需品三大主题 2026年筑底机会浮现\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-14 09:17 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1392533.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，高盛发布研报称，去年中国消费必需品行业呈现“上下半年分化”格局，5月18日发布的反贪腐政策成为关键分水岭。政策出台前，行业表现稳定，部分企业凭借产品周期、市占率提升或稳定股东回报实现增长，如农夫山泉(09633)、中宠股份(002891.SZ)、万洲国际(00288)、康师傅控股(00322)及百威亚太(01876)。展望2026年，高盛认为行业复苏仍取决于再通胀进程及政策方向...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1392533.html\">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":"00288","symbol_name":"万洲国际","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1392533.html","article_id":"2603652117","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2603652117","pubTimestamp":1768353456,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"展望2026年，高盛认为行业复苏仍取决于再通胀进程及政策方向，扩大内需已成首要任务，聚焦三大主题：筑底或转势; 渠道重组与自有品牌影响; 竞争动态与成本趋势。高盛指出，行业竞争加剧且分化显著。高盛建议，在2026年上半年仍以增长股为主，下半年随筑底机会浮现，可逐步转向价值股。整体而言，高盛看好饮料行业的长期增长潜力，并对调味品、预制食品及乳业的复苏持更乐观态度。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"00288":"万洲国际","SGXZ90724238.SGD":"UNITED ASIA \"A\" (SGD) INC","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","LU0287142896.SGD":"Fidelity China Focus A-SGD","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","LU0742534661.SGD":"Fidelity America A-SGD (hedged)","LU0197773673.USD":"HSBC GIF ASIA PACIF EX JAPAN EQ HD \"AS\" (USD) INC","BK1200":"软饮料","002891":"中宠股份","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","01876":"百威亚太","LU0096364046.USD":"CT (LUX) I AMERICAN \"DU\" (USD) ACC","BK4585":"ETF&股票定投概念","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","LU0541502299.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"I\" (USD) ACC","LU1791807156.HKD":"BGF WORLD FINANCIALS \"A2\" (HKDHDG) ACC","LU1894683264.USD":"AMUNDI FUNDS US EQUITY RESEARCH VALUE \"A2\" (USD) ACC","BK1604":"节假日概念","LU0251131958.USD":"FIDELITY AMERICA \"A\" (USD) ACC","BK1180":"啤酒酿造商","BK1510":"啤酒","IE0003895053.USD":"PINEBRIDGE ASIA DYNAMIC ASSET ALLOCATION \"AD\" USD  ACC","BK1521":"挪威政府全球养老基金持仓","BK1543":"农业股票概念","BK4516":"特朗普概念","LU0345770993.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) INC","BK1603":"猪肉概念","LU1868837300.USD":"CT (LUX) I AMERICAN FUND \"9\" (USD) ACC","00322":"康师傅控股","LU1894683348.USD":"AMUNDI FUNDS US EQUITY RESEARCH VALUE \"A2\" (USD) INC","SG9999002950.SGD":"United Asian Growth Opportunities SGD","LU0197773160.USD":"HSBC GIF ASIA PACIF EX JAPAN EQ HD \"AC\" ACC","LU2237443465.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC","BK4504":"桥水持仓","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC","SG9999000459.SGD":"Aberdeen Standard Pacific Equity SGD","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","09633":"农夫山泉","LU1868836914.USD":"CT (LUX) I AMERICAN \"3\" (USD) ACC","BK1589":"北水核心资产","SG9999001051.SGD":"United Asia Fund SGD","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","LU2460026573.USD":"abrdn SICAV I -  CHINA NEXT GENERATION \"A\" (USD) ACC","LU0762542818.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM\" (HKD) INC","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","LU0630378429.USD":"HSBC GIF ASIA PACIFIC EX JAPAN EQ HD \"AM2\" (USD) INC","LU0630378692.HKD":"HSBC GIF ASIA PACIFIC EX JAPAN EQ HD \"AM2\" (HKD) INC","LU0762540952.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AC\" (USD) ACC"},"translate_title":"Goldman Sachs: Focus on three major themes of China's consumer necessities, bottoming opportunities emerge in 2026","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"00288":1,"09633":1,"01876":1,"00322":1,"002891":1},"content_text":"智通财经APP获悉，高盛发布研报称，去年中国消费必需品行业呈现“上下半年分化”格局，5月18日发布的反贪腐政策成为关键分水岭。政策出台前，行业表现稳定，部分企业凭借产品周期、市占率提升或稳定股东回报实现增长，如农夫山泉(09633)、中宠股份(002891.SZ)、万洲国际(00288)、康师傅控股(00322)及百威亚太(01876)。展望2026年，高盛认为行业复苏仍取决于再通胀进程及政策方向，扩大内需已成首要任务，聚焦三大主题：（1）筑底或转势; （2）渠道重组与自有品牌影响; （3）竞争动态与成本趋势。该行认为行业有望在下半年筑底，尤其是烈酒、乳业的周期性复苏，以及啤酒、调味品和预制食品等即饮场景的增长，预计烈酒今年下半年逐步复苏，主要由于商务宴请及高端需求回暖，但上半年仍需处理渠道库存压力。乳业则受上游持续减产及政策支持影响，或于下半年实现供需再平衡。 餐饮相关的品类（如啤酒、调味品及预制食品）将受益于低基数效应及周期复苏。高盛指出，行业竞争加剧且分化显著。食品饮料行业竞争激烈，企业需加大促销及新产品推广力度; 啤酒行业面临价格竞争加剧; 而调味品及预制食品龙头企业的竞争环境相对有利。高盛建议，在2026年上半年仍以增长股为主，下半年随筑底机会浮现，可逐步转向价值股。整体而言，高盛看好饮料行业的长期增长潜力，并对调味品、预制食品及乳业的复苏持更乐观态度。","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,"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,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","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/2603652117","isCrawlerRequest":true}