外资扎堆布局啤酒股？高盛、瑞银等5家QFII重仓惠泉啤酒，一季报业绩透露关键信号，背后逻辑曝光！

每日经济新闻04-24

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！　　每经记者|杨建每经编辑|肖芮冬　　随着A股上市公司一季报的密集披露，啤酒企业率先迎来“开门红”——燕京啤酒一季报显示，公司归属于上市公司股东的扣非净利润达到2.59亿元，同比增长69.09%；惠泉啤酒一季报亦表现亮眼，归属于上市公司股东的净利润同比增长30.20%。　　尤为值得关注的是，5家QFII（...

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　　每经记者|杨建    每经编辑|肖芮冬    \n　　随着A股上市公司一季报的密集披露，啤酒企业率先迎来“开门红”——燕京啤酒一季报显示，公司归属于上市公司股东的扣非净利润达到2.59亿元，同比增长69.09%；惠泉啤酒一季报亦表现亮眼，归属于上市公司股东的净利润同比增长30.20%。\n　　尤为值得关注的是，5家QFII（...</p>\n\n<a href=\"https://finance.sina.com.cn/roll/2026-04-24/doc-inhvqrvy4424525.shtml\">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":"BK4533","symbol_name":"AQR资本管理(全球第二大对冲基金)","start_time":0,"source_url":"https://finance.sina.com.cn/roll/2026-04-24/doc-inhvqrvy4424525.shtml","article_id":"2629890201","we_media_id":null,"thumbnails":[],"rights":{"source":"sina","url":"https://finance.sina.com.cn/roll/2026-04-24/doc-inhvqrvy4424525.shtml","rn_cache_url":null,"customStyle":"body{padding-top:10px;}.art_tit_h1{#titleStyle#}a{#lv2TextColor#}.art_time, .art_cite{#sourceStyle#;} .art_cite{margin-left: 3px;}","selectors":".module-article, article","filters":"header, .voice2, .tags, #norm_qrcode_link_auto, .unfold-box, 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Goldman Sachs, UBS and other five QFIIs heavily warehoused Huiquan Beer. The first quarterly results revealed key signals, and the logic behind it was exposed!","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600573":1.5,"GSX":0.6},"content_text":"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！ 　　每经记者|杨建    每经编辑|肖芮冬    \n　　随着A股上市公司一季报的密集披露，啤酒企业率先迎来“开门红”——燕京啤酒一季报显示，公司归属于上市公司股东的扣非净利润达到2.59亿元，同比增长69.09%；惠泉啤酒一季报亦表现亮眼，归属于上市公司股东的净利润同比增长30.20%。\n　　尤为值得关注的是，5家QFII（合格境外机构投资者）扎堆布局惠泉啤酒，其中高盛公司增持179.31万股，一季度末持股数量为273.3万股；UBS AG（瑞银）新进持有241.17万股，摩根士丹利、摩根大通、巴克莱银行等均在一季度新进配置。\n　　外资机构在此时布局，背后是何逻辑？\n　　A股上市公司一季报密集披露，啤酒企业一季度业绩随之出炉。\n　　根据燕京啤酒一季报披露数据，公司报告期内实现营业收入40.97亿元，同比增长7.06%；归属于上市公司股东的净利润2.65亿元，同比增长60.19%；归属于上市公司股东的扣非净利润2.59亿元，同比增长69.09%。\n　　回溯过往数据，燕京啤酒已连续多年实现一季度业绩大幅增长。2025年一季度，实现营业收入38.26亿元，同比增长6.69%；归属于上市公司股东的净利润1.65亿元，同比增长61.10%。而2024年同期归属于上市公司股东的净利润1亿元，同比增长58.90%。\n　　值得注意的是，作为燕京啤酒控股的子公司，惠泉啤酒一季度业绩也比较亮眼。公告显示，2026年一季度，惠泉啤酒共计完成啤酒销量53610.11千升，同比增长5.25%；实现营业收入1.51亿元，同比增长6.61%；归属于上市公司股东的净利润822.45万元，同比增长30.20%。据悉，惠泉啤酒利润指标已连续四年实现20%以上增长。\n　　《每日经济新闻·将进酒》记者梳理发现，惠泉啤酒一季报披露的前十大流通股名单中，出现了5家QFII的身影，外资布局力度显著。其中，高盛公司在一季度增持179.31万股，期末持有总量达到273.3万股；其余4家QFII均为一季度新进机构——UBS AG（瑞银）新进持有241.17万股；MORGAN STANLEY&CO.INTERNATIONAL PLC．（摩根士丹利）新进持有146.62万股；J.P.Morgan Securities PLC—自有资金（摩根大通）新进持有143.67万股；BARCLAYS BANK PLC（巴克莱银行）新进持有112.28万股。据统计，一季度QFII合计加仓惠泉啤酒823.06万股，加仓力度位居行业前列。\n　　今年4月20日，惠泉啤酒在投资者调研活动中明确表示，公司将持续聚焦啤酒主业，全力做强做大核心业务。未来，公司将紧扣高品质与个性化消费需求，通过优化现有产品矩阵、加速特色及个性化啤酒布局，同时加强风味创新与场景化产品研发，全方位满足多元化消费需求。\n　　渠道拓展方面，公司将加快新兴市场布局，完善线上线下深度融合的立体化渠道网络，进一步拓宽市场覆盖面。此外，公司高度重视中高档市场战略布局，加快高端化升级步伐，提升中高档产品占比，增强核心竞争力。\n　　黑崎资本研究所所长贾小龙在接受《每日经济新闻·将进酒》记者采访时表示，啤酒板块一季报集体回暖、QFII扎堆布局，是消费复苏、产业升级与全球资本定价共振的积极信号，绝非短期偶然。当前，国内消费市场温和复苏，叠加原材料价格下行，啤酒板块盈利端迎来双重利好，吨价持续提升进一步打开长期盈利空间。高盛等外资机构精准布局，正是看中了中国啤酒行业从“量增”转向“价增”的结构性红利——对比海外成熟市场，国内啤酒吨价仍有较大提升空间，行业成长天花板远未触及。\n　　贾小龙进一步分析称，当前啤酒板块正处于盈利修复与旺季催化的黄金周期：夏季消费旺季将至，渠道备货热情持续升温，资金提前布局意愿强烈；同时，啤酒作为兼具刚需属性与情绪消费特征的品类，需求韧性远超其他可选消费，具备极强的抗周期属性。从资产配置角度看，外资的长线布局，本质上是对中国消费升级趋势与啤酒板块稳健价值的高度认可。此外，2026年气象预测显示厄尔尼诺现象大概率发生，下半年可能出现持续高温天气，叠加6~7月美加墨世界杯的催化效应，有望进一步拉动全场景啤酒消费需求，为行业业绩增长注入新动力。\n　　封面图片来源：每经媒资库\n\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：张乔松","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":"shareholding","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":"4.42.1","shortVersion":"4.42.1","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/2629890201","isCrawlerRequest":true}