壹评级：液态奶需求稳健复苏，乳制品板块迎估值修复机遇

第一财经09-09

8月渠道反馈数据显示，伊利与蒙牛动销均实现正增长，液态奶需求呈现稳健复苏态势。第一财经“壹评级”认为，当前渠道库存维持低位，叠加终端需求回暖，乳制品行业景气度短期向上，中长期亦具备估值修复空间。　　“壹评级”指出，本轮动销增长主要得益于去年同期的低基数效应，以及去库存周期带来的弹性释放。从供给端来看，主产区原奶价格同比微增，而奶牛存栏量持续去化——7月奶牛存栏量降至576.8万头，环比减少0.4...

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