国泰海通：政策、批价双重催化估值修复白酒推荐具有价格弹性的贵州茅台(600519.SH)等

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智通财经APP获悉，国泰海通发布研报称，白酒行业此前已进入深度调整期，近期与白酒相关的房地产及内需领域出现积极变化，同时茅台市场化转型激发增量需求同时批价上涨，多因素共同催化估值修复。近期与白酒产业相关的房地产及内需领域出现积极变化，推荐具有价格弹性的贵州茅台(600519.SH)、五粮液(000858.SZ)、泸州老窖(000568.SZ)等。国泰海通主要观点如下：房地产行业转暖，政策趋向积极...

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SH) with price elasticity, etc.","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"83189":1.5,"600519":1.5,"601211":1.5,"03189":1.5,"02611":1.5},"content_text":"智通财经APP获悉，国泰海通发布研报称，白酒行业此前已进入深度调整期，近期与白酒相关的房地产及内需领域出现积极变化，同时茅台市场化转型激发增量需求同时批价上涨，多因素共同催化估值修复。近期与白酒产业相关的房地产及内需领域出现积极变化，推荐具有价格弹性的贵州茅台(600519.SH)、五粮液(000858.SZ)、泸州老窖(000568.SZ)等。国泰海通主要观点如下：房地产行业转暖，政策趋向积极白酒是典型的顺周期行业，市场对其的定价除了考虑自身基本面以外，还离不开两个重要的外部因素，一是内需，二是地产运行情况。该行看到国家将提振内需置于“十五五”重要工作之首，各部门密集表态、高度配合，1月20日发改委表示2026年将研究制定出台2026-2030年扩大内需战略实施方案，给政策以明确的时间节点。与此同时，房地产经多年调整逐步见底，1月2日求是发布《改善和稳定房地产市场预期》，从官方层面认可“房地产带有显著的金融资产属性，关联性强、涉及面广、社会关注度高”，并提出“以更有力更精准的举措，加强对房地产市场的宏观调控，持续改善和稳定房地产市场预期，尽可能缩短调整时间，熨平市场波动”;同时据财联社1月28日报道，多家房企已不被监管部门要求每月上报“三条红线”指标，仅部分出险房企被要求向总部所在城市专班组定期汇报资产负债率等财务指标。一系列动作表明内需和地产正发生变化，对白酒行业来说是重要利好。茅台市场化改革激发增量需求，密切关注白酒春节动销2025年12月茅台在经销商联谊会上正式提出市场化转型，调整和完善产品结构、价格体系、渠道网络、消费者服务等，并于2026年初在i茅台上线包括普飞在内的多款产品。据该行观察，茅台价盘理顺后渠道融合度显著提升，线上i茅台掀起抢购潮，线下经销商出货甚至略快于往年，且批价表现平稳;近期随着节日礼赠及饮用需求增加，普飞开始涨价，1月29日批价涨超1600元、成交价超1700元，以价换量取得成效。目前白酒开门红正在进行中，除个别强势品牌外多数渠道打款积极性一般，预计动销高峰将于2月到来。届时若包括普飞在内的核心大单品需求持续释放，则有望支撑价盘。周期筑底，流动性改善，预期提振有望催化白酒股价白酒报表自25Q3起大幅出清，拉长来看该行认为行业已处在周期底部。展望2026年，景气度的修复和库存的去化尚需时间，预计酒企将通过以价换量或控量的方式维持渠道韧性。近期白酒股价承压，该行预计系大盘动销疲软以及1月中下旬板块流动性承压所致。站在底部，后续若批价确认企稳，该行认为其对股价的压制将会减轻，若政策层面释放更多积极信号，则有望进一步催化股价。风险提示：批价大幅回调、饮酒政策长期冲击需求、食品安全风险。","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":"policyRegulatory","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/2607987062","isCrawlerRequest":true}

国泰海通：政策、批价双重催化估值修复白酒 推荐具有价格弹性的贵州茅台(600519.SH)等

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国泰海通：政策、批价双重催化估值修复白酒推荐具有价格弹性的贵州茅台(600519.SH)等