研究报告 Research Report 29 Jan 2026 中国 & 中国必需消费 China (A-share) & China (Overseas) Staples 中国必选消费品 1 月价格报告：次高端及以上白酒分化加剧，本期无大众品折扣减小 Divergence intensified among mid-to-high-end baijiu, no discount contraction in categories of F&B [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 海底捞 | Outperform | | 贵州茅台 | Outperform 青岛啤酒 | Outperform | | 五粮液 | Outperform 华润啤酒 | Outperform | | 五粮液 | Outperform 古井贡酒 | Outperform | | 山西汾酒 | Outperform 康师傅 | O ...