沪指12月8日上涨0.54%，申万所属行业中，今日上涨的有25个，涨幅居前的行业为通信、综合，涨幅 分别为4.79%、3.03%。跌幅居前的行业为煤炭、石油石化，跌幅分别为1.43%、0.84%。食品饮料行业 位居今日跌幅榜第三。 资金面上看，两市主力资金全天净流入26.02亿元，今日有15个行业主力资金净流入，电子行业主力资 金净流入规模居首，该行业今日上涨2.60%，全天净流入资金82.73亿元，其次是通信行业，日涨幅为 4.79%，净流入资金为23.87亿元。 主力资金净流出的行业有16个，国防军工行业主力资金净流出规模居首，全天净流出资金35.67亿元， 其次是医药生物行业，净流出资金为27.00亿元，净流出资金较多的还有食品饮料、基础化工、公用事 业等行业。 食品饮料行业今日下跌0.78%，全天主力资金净流出22.25亿元，该行业所属的个股共124只，今日上涨 的有35只，涨停的有2只；下跌的有86只。以资金流向数据进行统计，该行业资金净流入的个股有40 只，净流入资金居首的是西王食品，今日净流入资金5718.48万元，紧随其后的是安记食品、涪陵榨 菜，净流入资金分别为5416.45万元、1619. ...

从个股来看，贵州茅台收盘价达1418.22元/股，下跌0.82%；五粮液收盘价达113.27元/股，下跌1.47%； 山西汾酒收盘价达180.15元/股，下跌1.04%；泸州老窖收盘价达125.38元/股，下跌2.31%；洋河股份收 盘价达62.75元/股，下跌0.18%。 北京商报讯（记者 刘一博 冯若男）12月8日尾盘，沪指3924.08点上涨0.54%。白酒板块2226.32点收盘 下跌0.33%，其中16只白酒股下跌，泸州老窖2.31%领跌白酒股。 中信证券预测，2026年一季度或者三季度有望出现白酒板块动销、价格、预期的企稳回升，2026年二季 度有望出现上市公司报表业绩的企稳回升。目前白酒板块市盈率（TTM）约为20倍，处于中长期的底 部区间，已反映较多中长期的悲观预期。此外，2024年以来白酒头部企业股东回报稳步提升，龙头公司 分红率普遍在65%以上，不断增厚投资安全边际。 ...

Core Insights - The liquor sector experienced a decline of 1.0% on December 8, with Luzhou Laojiao leading the drop [1][2] - The Shanghai Composite Index closed at 3924.08, up 0.54%, while the Shenzhen Component Index closed at 13329.99, up 1.39% [1] Liquor Sector Performance - Luzhou Laojiao's stock price fell by 2.31% to 125.38, with a trading volume of 117,400 shares and a transaction value of 1.482 billion yuan [2] - Wuliangye and Gujing Gongjiu also saw declines of 1.47% and 1.35%, respectively, with transaction values of 3.157 billion yuan and 279 million yuan [2] - The overall net outflow of main funds from the liquor sector was 1.788 billion yuan, while retail investors saw a net inflow of 926 million yuan [2][3] Fund Flow Analysis - Main funds showed a negative net inflow for several companies, including ST Yanshi and Jinhui Liquor, with net outflows of 1.29 million yuan and 3.21 million yuan, respectively [3] - Retail investors contributed positively to the net inflow for companies like Yilite and Tianyoude Liquor, with net inflows of 3.97 million yuan and 3.42 million yuan, respectively [3] - The overall trend indicates a shift in investor sentiment, with retail investors more active in the market compared to institutional investors [2][3]

白酒行业除头部五家企业外，其余企业整体表现分化较大。其中，古井贡酒获得AApi评级，舍得酒业 和水井坊获得AA-pi评级，三者ESG表现达到行业头部企业水平；酒鬼酒和顺鑫农业获得A+pi评级；今 世缘、口子窖和金徽酒获得Api评级；金种子酒和迎驾贡酒获得A-pi评级；老白干酒获得BBB+pi评级； 伊力特获得BBB-pi评级；*ST岩石获得BB+pi评级；天佑德酒获得BBpi评级；皇台酒业获得B-pi评级。 泸州老窖、贵州茅台、洋河股份三家企业环境评级均为A+pi。其中，贵州茅台在水资源管理上形成了 独特的管理模式，规范各环节用水管理制度和管理标准，完善水资源考核机制，聘请第三方机构开展水 足迹测算工作，识别出各环节高耗水的关键节点，开展水压力评估，制定针对性方案。泸州老窖在土地 资源管理方面表现突出，通过建立制度体系将原粮种植与生态保护相结合，构建示范性可持续农业模 式，并通过科学管理、优化生产、鼓励休耕，提升土壤肥力，保障农田生态稳定；山西汾酒环境得分较 其他四家企业较低，评级为BBB+pi，主要是在废气和废水绩效指标披露丰富度、环境相关管理目标设 定的精细化程度、环保投入等方面存在差距。 社会（S）维度 ...

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for selected stocks and sectors within the industry [4]. Core Insights - The white liquor sector is showing signs of recovery, with Shanxi Fenjiu focusing on national expansion, youth engagement, and internationalization strategies for 2026. The company is optimizing inventory and enhancing market capacity, which is expected to support growth [2]. - In the beverage sector, companies like Nongfu Spring are planning to strengthen their water and tea product lines while introducing new products. The beer segment is diversifying with new flavors to cater to changing consumer preferences [3]. - The report highlights the potential for growth in consumer staples, with companies like Three Squirrels expanding into a full-category strategy and Mengniu Dairy leading in deep processing innovations [7]. Summary by Sections White Liquor - Shanxi Fenjiu's 2026 marketing strategy focuses on nationalization, youth engagement, and precise consumer service. The company is targeting key markets and optimizing inventory to enhance growth potential [2]. - The white liquor industry is characterized by bottoming out in sales, clearing financial reports, and low expectations, suggesting a favorable environment for quality asset allocation [2]. Beer and Beverage - The beer sector is witnessing the launch of new products like Jin Xing Beer’s winter flavor, reflecting a shift in consumption patterns towards home and outdoor settings [3]. - Nongfu Spring's strategy for 2026 includes strengthening its core water products and expanding its tea offerings, indicating a focus on product diversification and market penetration [3]. Consumer Staples - Three Squirrels is advancing its full-category strategy with the opening of flagship stores, emphasizing community engagement and a wide range of products [7]. - Mengniu Dairy is enhancing its product line with deep processing innovations, which are expected to drive demand and improve the utilization of raw milk [7]. - The frozen food sector is recovering, with companies like Anjuke benefiting from new product launches and channel optimizations, indicating a positive market response [7].

行 业 及 产 业 证券分析师 吕昌 A0230516010001 lvchang@swsresearch.com 周缘 A0230519090004 zhouyuan@swsresearch.com 王子昂 A0230525040003 wangza@swsresearch.com 联系人 王子昂 A0230525040003 wangza@swsresearch.com 高端酒批价回落 关注需求承接 食品饮料 2025 年 12 月 06 日 相关研究 《茅台股东会传递务实信号 月度金股推荐 泸州老窖 ——食品饮料行业周报 20251124-20251128》 2025/11/30 《市场大幅调整 板块相对跑赢 ——食品 饮料行业周报 20251117-20251121》 2025/11/22 《黎明前夕，曙光将至——2026 年食品 ⚫ 风险提示：食品安全问题，经济下行影响白酒及大众品需求。 证 券 研 究 报 看好 ——食品饮料行业周报 20251201-20251205 本期投资提示： 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(res ...

Core Insights - The report from Huatai Securities indicates that the essential consumer sector has entered a favorable left-side layout window, with expectations for a mild recovery in consumption in the second half of 2026 due to stabilizing real estate prices, increased policy stimulus, and the recovery of household balance sheets [1][2]. Industry Overview - The essential consumer sector is currently at historical low valuation levels and public fund allocation ratios, providing a high safety margin and potential upside for investors [1][2]. - Some sub-industries are showing signs of bottoming out, with leading companies shifting focus from price wars to product innovation and adapting to channel changes [1][2][6]. - Structural changes such as the rebalancing of raw milk cycles, recovery in restaurant demand, and stricter regulations on zero additives are optimizing the competitive landscape of the industry [1][2]. Investment Recommendations - The report recommends four categories of stocks: 1. Cyclical high-upside stocks, including Gujing Gongjiu, Luzhou Laojiao, China Resources Beer, Qingdao Beer, Haitian Flavoring, Anjuke Food, and Qianhe Flavoring [2][7]. 2. Companies at fundamental turning points, such as Mengniu Dairy and Master Kong [2][7]. 3. High-dividend blue-chip leaders like Yili and Shuanghui Development [2][7]. 4. Small but promising growth stocks, including Ximai Food, Baoli Food, and Yanjinpuzi [2][7]. Market Trends - The report emphasizes a three-stage market strategy from expectation recovery to performance realization for 2026 [2]. - The essential consumer sector is expected to see a gradual improvement in retail sales growth, projected to reach 4.8% in 2026 [25]. - The consumer confidence index has shown some recovery but remains in a low range, indicating cautious consumer sentiment [26]. Sub-Industry Insights - Specific sub-industries are highlighted: 1. Frozen food is showing signs of bottoming out, with expectations for a reduction in price wars in 2026 [6][10]. 2. The dairy sector is anticipated to see a rebalancing of the raw milk cycle, enhancing domestic substitution logic [6][10]. 3. The beer industry is expected to maintain profit resilience due to rational competition and a diminishing demand dividend [6][10]. 4. Traditional condiment leaders are actively adjusting strategies to capture market share [6][10]. Conclusion - The essential consumer sector is positioned for a potential recovery, with various sub-industries adapting to market changes and focusing on innovation and strategic adjustments to enhance competitiveness [1][2][6].

| 中国知名白酒大单品 | 市场真实成交终端价 | | | --- | --- | --- | | 品名/规格 | 今日价格(元) | 较昨日(元) | | 贵州茅台酒(飞天) 53度/500ml | 1812/瓶 | -470 | | 贵州茅台酒(精品) 53度/500ml | 2326/瓶 | 1元 | | 五粮液普五八代 52度/500ml | 846/瓶 | 9元 | | 青花汾20 53度/500ml | 388/瓶 | 3元- | | 国窖1573 | 880/瓶 | | | | | 新浪财经"酒价内参"过去24小时收集的数据显示，白酒市场十大单品的终端零售均价周六强势反弹，结束 连续回调态势。如果十大单品各取一瓶整体打包售卖，今日总售价为9177元，较昨日上涨32元，市场重回 上行通道。"酒价内参"的每日酒价数据源自全国各个大区均有合理分布的约200个采集点，包括但不限于 酒企的指定经销商、社会经销商、主流电商平台和零售网点等，原始取样数据为过去24个小时中各点位经 手的真实成交终端零售价，确保为社会各界提供一份关于知名白酒市场价格的客观、真实、科学、全程可 追溯的数据。今日市场呈普涨格局，多数 ...

中国经济网北京12月5日讯 据同花顺iFinD数据显示，2025年前11月里，在共计970只（各份额分开 计算）普通股票型基金中，仅有29只基金收跌，而这其中，就有知名基金经理萧楠管理的易方达消费行 业股票。数据显示，该基金在今年前11月收益率下跌0.14%。 作为消费主题基金，其重仓股自然以消费板块为主，然而纵观年内前三个季度的季报看，前十大重 仓股中，白酒股无疑都占据较大仓位。今年三季报显示，其前十大重仓股为贵州茅台、山西汾酒、五粮 液、福耀玻璃、美的集团、古井贡酒、长城汽车、东鹏饮料、泸州老窖、赛轮轮胎，白酒股占据一半。 （责任编辑：刘畅 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com | 代码 名称 | 前11月复权单位 累计单位 规模 亿 | | --- | --- | | | 净值增长率% 净值元 元 | | 110022.0F 易方达消费行业股票 | -0.14 3.5660 169.4 ...

资金流向方面，深证国企股东回报（970064）指数成份股当日主力资金净流入合计12.42亿元，游资资金 净流出合计8.77亿元，散户资金净流出合计3.65亿元。成份股资金流向详情见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000725 京东方 A | | 9.01亿 | 11.39% | -5.16 Z | -6.52% | -3.85 Z | -4.87% | | 000630 铜陵有色 | | 2.05 Z | 8.37% | -3243.44万 | -1.33% | -1.72 Z | -7.05% | | 000987 | 越秀资本 | 1.16亿 | 22.21% | -3920.73万 | -7.50% | -7688.67万 | -14.71% | | 002080 | 中材科技 | 1.09 Z | 8.09% | -4087.77万 | -3.04% | -6777.02万 | -5. ...