国泰海通：26年春季糖酒会反馈理性把握结构性机会

智通财经03-30

智通财经APP获悉，国泰海通发布研报称，26年春季糖酒会反馈平淡，酒厂、渠道、资本市场延续理性，重视酒水渠道To C、产品创新以及大众品餐饮修复、渠道变革、健康化趋势下的结构性改善机会。春糖主线清晰，白酒筑底，大众品分化加剧，调味品、啤酒、饮料韧性较强。1)白酒首选具有价格弹性标的;2)调味品优选具备渠道力与产品力、明确提价预期与高分红属性的龙头以及量价齐升弹性突出的餐饮供应链龙头;3)啤酒具备...

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/2623609313?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-03-30 10:50","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2623609313","market":"sh","top_or_hot":-1,"title":"国泰海通：26年春季糖酒会反馈理性 把握结构性机会","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，国泰海通发布研报称，26年春季糖酒会反馈平淡，酒厂、渠道、资本市场延续理性，重视酒水渠道To C、产品创新以及大众品餐饮修复、渠道变革、健康化趋势下的结构性改善机会。春糖主线清晰，白酒筑底，大众品分化加剧，调味品、啤酒、饮料韧性较强。1)白酒首选具有价格弹性标的;2)调味品优选具备渠道力与产品力、明确提价预期与高分红属性的龙头以及量价齐升弹性突出的餐饮供应链龙头;3)啤酒具备...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1421545.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>国泰海通：26年春季糖酒会反馈理性 把握结构性机会</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国泰海通：26年春季糖酒会反馈理性 把握结构性机会\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-30 10:50 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1421545.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，国泰海通发布研报称，26年春季糖酒会反馈平淡，酒厂、渠道、资本市场延续理性，重视酒水渠道To C、产品创新以及大众品餐饮修复、渠道变革、健康化趋势下的结构性改善机会。春糖主线清晰，白酒筑底，大众品分化加剧，调味品、啤酒、饮料韧性较强。1)白酒首选具有价格弹性标的;2)调味品优选具备渠道力与产品力、明确提价预期与高分红属性的龙头以及量价齐升弹性突出的餐饮供应链龙头;3)啤酒具备...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1421545.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":"BK1564","symbol_name":"中资券商股","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1421545.html","article_id":"2623609313","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2623609313","pubTimestamp":1774839002,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"智通财经APP获悉，国泰海通发布研报称，26年春季糖酒会反馈平淡，酒厂、渠道、资本市场延续理性，重视酒水渠道To C、产品创新以及大众品餐饮修复、渠道变革、健康化趋势下的结构性改善机会。节后白酒大盘表现平淡，品牌间分化依然较为明显，茅台批价企稳略有回升。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"601211":"国泰海通","BK1564":"中资券商股","BK0184":"上海国资改革","BK0028":"国家队","BK1147":"投资银行业与经纪业","BK0276":"资本市场","BK0201":"可转债","02611":"国泰海通","BK0183":"MSCI概念","BK0188":"融资融券","BK0012":"证金概念"},"translate_title":"Guotai Haitong: Feedback of Spring Sugar and Wine Fair in 26 years to grasp structural opportunities rationally","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"601211":1.5,"02611":1.5},"content_text":"智通财经APP获悉，国泰海通发布研报称，26年春季糖酒会反馈平淡，酒厂、渠道、资本市场延续理性，重视酒水渠道To C、产品创新以及大众品餐饮修复、渠道变革、健康化趋势下的结构性改善机会。春糖主线清晰，白酒筑底，大众品分化加剧，调味品、啤酒、饮料韧性较强。1)白酒首选具有价格弹性标的;2)调味品优选具备渠道力与产品力、明确提价预期与高分红属性的龙头以及量价齐升弹性突出的餐饮供应链龙头;3)啤酒具备全国化与大单品战略、分红意愿强的龙头与高成长区域龙头;4)布局龙头乳企与头部牧业;5)具备品类与渠道优势的原料、零食及饮料龙头。国泰海通主要观点如下：糖酒会反馈：春糖人流量较往年持平，酒企布展投入理性，头部企业淡出酒店展，新品类、新渠道关注度较高结构上大众品热度相对优于白酒，行业集中度延续提升，中小品牌加速出清。该行观察到酒水渠道多元化重构，从B端到C端;产品低度化、年轻化、健康化方向明确;食品健康化趋势明显，IP食品关注度提升。该行认为本届春糖与2015-2016年相似，市场对行业筑底共识在提升，但对向上复苏斜率具备分歧。白酒：务实、理性，行业向C本次春糖展会热度一般，以茅台、五粮液为代表的名酒企业淡出酒店展，酒企更加务实，契合近年来C端运营的行业趋势。节后白酒大盘表现平淡，品牌间分化依然较为明显，茅台批价企稳略有回升。春糖期间的白酒论坛强化了行业处在周期底部的预期，其中总量层面调整尚未结束，周期预计还需几个季度完成筑底，结构层面则表现为头部化、C端化、渠道变革、低度化。当前白酒动销仍未确认企稳，库存和报表也未出清完毕，该行认为短期维度关注酒企年报及一季报，尤其是业绩、回款等指标，预计将影响市场对周期底部的判断。大众品：餐饮需求改善，关注产品创新方向餐饮需求边际复苏驱动调味品需求改善，结构升级趋势不减。啤酒头部品牌大单品仍受经销商青睐，新口味、新渠道创新加快。黄酒、饮料加速产品创新升级，发力年轻化、健康化、功能化。零食品牌重视流通渠道开拓，量贩渠道保持景气，魔芋热度较高。风险提示：宏观经济波动加大、行业竞争加剧、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":"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/2623609313","isCrawlerRequest":true}

国泰海通：26年春季糖酒会反馈理性 把握结构性机会

精彩评论

国泰海通：26年春季糖酒会反馈理性把握结构性机会