白酒指数震荡止跌，华润啤酒业绩“踩雷”周跌5%丨酒市周报

每日经济新闻03-15

连续下跌三周后，白酒行业终于企稳，本周Wind白酒指数微涨0.05%，止住下行颓势，板块内多只白酒股实现小幅反弹。　　在市场风险偏好受外部风险事件影响有所波动的窗口期，白酒板块防御配置价值开始显现。　　白酒指数周涨0.05% 　　尽管白酒从春节旺季逐步回归消费动销淡季，但是外围局势不稳让防御属性较强的消费板块受到资金关注。截至3月13日收盘，Wind白酒指数本周微涨0.05%，以51727.46点...

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　　尽管白酒从春节旺季逐步回归消费动销淡季，但是外围局势不稳让防御属性较强的消费板块受到资金关注。截至3月13日收盘，Wind白酒指数本周微涨0.05%，以51727.46点...</p>\n\n<a 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　　基本面上，近期飞天茅台批价波动明显，主要系春节后动销转淡、流速放缓后流通市场参与方价格预期变动所致，飞天节后价盘回落符合淡季惯例。从2025年四季度多家酒企业绩预告来看，目前行业仍延续出清调整节奏。不过，在低预期、低持仓、低估值下，白酒板块底部价值逐步显现。　　国金证券分析指出，当前白酒板块配置价值在低预期下胜率可观，中期维度伴随“反内卷”政策持续落地、企业ROE有望改善，并传导至企业端招待等支出提升、居民收入预期改善，行业拐点将逐步临近。　　华润啤酒业绩“踩雷” 　　非白酒板块方面，啤酒板块本周表现依旧抢眼，惠泉啤酒、珠江啤酒的周涨幅均在3%左右；重庆啤酒、*ST兰黄、青岛啤酒、燕京啤酒也均实现上涨。在啤酒整体走强的背景下，华润啤酒周跌5%，走势低迷。　　《每日经济新闻·将进酒》记者注意到，3月10日晚间，华润啤酒发布盈利预警，截至2025年12月31日止年度可能录得溢利约29.2亿元至33.5亿元，去年同期则为溢利47.59亿元，同比减少约29.6%至38.6%。　　华润啤酒表示，溢利减少主要由于报告期商誉减值约27.9亿元至29.7亿元所致，该减值乃于2023年1月10日收购中国白酒制造商贵州金沙窖酒酒业有限公司55.19%股权后被确认。而此次事关金沙酒业的商誉减值则主要因白酒市场需求疲软、消费需求场景收缩，导致消费减少。不难看出，此次确认计提减值也正式宣告华润啤酒2023年的“啤+白”战略失败。　　有业内人士指出，伴随白酒行业步入深度调整期，终端需求疲软叠加消费场景受损，金沙渠道库存累积、经销商现金流趋紧，前期收购的资产盈利表现不及预期，2025年上半年金沙酒业实现营收7.81亿元，同比下降34.0%，对华润啤酒报表形成拖累，并压制企业估值。此次计提商誉减值后，可为报表端卸下包袱。　　华创证券分析指出，从2026年来看，华润啤酒龙头地位稳固，伴随餐饮修复，啤酒经营势能向好，喜力预计延续高增态势，叠加“三精主义”持续推进，业绩低基数下有望释放弹性。（文章来源：每日经济新闻）","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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