中信证券：白酒存在贝塔修复机会，建议重点增配品牌龙头

市场资讯02-25

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！　　来源：大河财立方　　2月25日，中信证券姜娅团队一份研报指出，马年春节消费延续分化表现，整体符合预期，其中酒店、景区、高端酒等呈现较优景气度，受出行分流的部分影响，零售、票房等表现总体一般。我们维持观点，消费自身修复行进之中、企稳中有分化，短期消费的整体beta性机会关注财政刺激类政策的可能性。建议2026年重点关注...

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　　来源：大河财立方\n　　2月25日，中信证券姜娅团队一份研报指出，马年春节消费延续分化表现，整体符合预期，其中酒店、景区、高端酒等呈现较优景气度，受出行分流的部分影响，零售、票房等表现总体一般。我们维持观点，消费自身修复行进之中、企稳中有分化，短期消费的整体beta性机会关注财政刺激类政策的可能性。建议2026年重点关注...</p>\n\n<a 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　　来源：大河财立方\n　　2月25日，中信证券姜娅团队一份研报指出，马年春节消费延续分化表现，整体符合预期，其中酒店、景区、高端酒等呈现较优景气度，受出行分流的部分影响，零售、票房等表现总体一般。我们维持观点，消费自身修复行进之中、企稳中有分化，短期消费的整体beta性机会关注财政刺激类政策的可能性。建议2026年重点关注权益市场的财富效应传导、供给端优化推动的率先经营拐点机会，长期配置继续重视结构变化。\n　　2026年春节延续了过去2-3年的春节假期特征：一方面消费者对于品牌的认知度大幅度提升，茅台、五粮液、汾酒等名酒销售情况明显优于腰部以下品牌；另一方面白酒全年销售更集中在春节旺季。受烟酒店、经销商及消费者需求结构的变化，春节前需求得到较为充分释放，春节中需求较为平稳且集中在300元以下价位段。全年看，坚实的春节是2026年实现平稳动销的基础。考虑到白酒行业已经历多年调整、处于长期周期底部，低市场预期和相对低持仓的背景下，任何边际向好改善预计都将大幅提振板块的投资情绪，我们认为白酒存在贝塔修复机会，但考虑到分化趋势将延续且强化的预期，建议重点增配品牌龙头。\n　　中信证券判断2026年将是消费行业景气度拐点确立的关键之年。由于当前宏观环境仍然偏弱，消费景气的自身修复预计仍需时间，短期消费整体beta性机会可关注财政刺激类政策的可能性。我们认为投资配置可坚持“杠铃策略”：一端通过服务消费博弈政策弹性及财富效应传导；另一端通过高股息资产构建防御底仓，同时密切关注CPI转正带来的餐饮供应链量价齐升机会。\n新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。\n\n\n海量资讯、精准解读，尽在新浪财经APP","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":"","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 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