中国必选消费品12月成本报告：下游需求偏弱，成本小幅波动

研究报告 Research Report 30 Dec 2025 中国必需消费 China (A-share) Staples 中国必选消费品 12 月成本报告：下游需求偏弱，成本小幅波动 December CGCI: Downstream demand remains subdued with modest cost fluctuations [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | | --- | --- | --- | --- | | 股票名称 | 评级 | 股票名称 | 评级 | | 贵州茅台 | Outperform 古井贡酒 | | Outperform | | 贵州茅台 | Outperform 今世缘 | | Outperform | | 五粮液 | Outperform 安琪酵母 | | Outperform | | 五粮液 | Outperform 迎驾贡酒 | | Outperform | | 海天味业 | Outperform 燕京啤酒 | | Outperform | | 海天味业 | Outperform ...