近日，茅台批价回落，继续压制板块表现，贵州茅台股价震荡走低，考验1400元支撑位。重仓白酒龙头 的食品饮料ETF（515170.SH）净值也跟随走低，但获得资金连续4日净申购，12月8日净申购7600万 元。 临近年底，不少机构着眼次年景气度开始布局2026年行情，食品饮料作为低预期+低估值+低仓位+高股 息行业，连续调整近四年，具备反转潜力，或吸引资金底部布局修复行情。 贵州茅台作为白酒龙头，通常被不少投资者视为大消费板块的"风向标"，也是外资重仓的中国稀缺资 产。但受到地产基建周期拖累，白酒商务需求连同政务需求，双双走低。 从择时维度，临近年末基金基准业绩排名，随着科技成长持仓资金锁定利润，而大消费主动权益基金有 望风格回归、赢得部分资金回流，也有助于消费龙头的股价企稳。岁末年初，元旦、春节也是消费旺 季，部分资金或提前布局"跨年行情"。 展望后市，华创证券董广阳判断2026年白酒周期将加速筑底，同时认为：行业经历近年持续洗礼，底层 刚需的托底效应已显现，以啤酒、乳业、餐饮供应链为代表的传统赛道龙头企业依靠经营稳扎稳打，强 化全产业链竞争力，加速收获市场份额，一旦消费需求在明年回升改善，龙头企业有望迎来更 ...

Group 1 - Morgan Stanley raised the target price for Hang Lung Properties from HKD 6.5 to HKD 9, upgrading the rating to "Overweight" [1] - Tenant sales in mainland China improved in July and August, compared to a 4% year-on-year decline in the first half of the year [1] - Sales at Plaza 66 in Shanghai stabilized, recovering from a 4% drop in the second quarter [1] Group 2 - The long-term outlook is positive due to expected growth in inbound tourism and a rebound in consumer demand driven by tax refund policies [1] - The pre-leasing rate for the retail portion of Westlake 66 in Hangzhou has reached 81%, with an expected opening in 2026 [1] - The company is leasing an additional 452,000 square feet of space to expand the street-facing area of the mall [1] Group 3 - Potential residential unit sales could generate over HKD 10 billion in revenue, reducing the debt ratio by more than 5 percentage points [1] - The current dividend yield stands at 6.5%, which is higher than peers [1] - The dilution of shares from scrip dividends is expected to cease after the full-year results announcement in 2025 [1]

Group 1 - The core viewpoint of the article is that TCL Technology has observed fluctuations in global supply chain inventory due to external tariff issues, impacting the pace of inventory preparation in the first half of the year [1] - In the first quarter, there was strong inventory demand, while the second quarter saw a sequential decline in demand, although overall global demand remained unchanged [1] - Starting from the third quarter, inventory demand is expected to rebound rapidly due to shopping events such as China's Double Eleven, India's Diwali, and overseas Black Friday [1] Group 2 - Looking ahead, 2026 is anticipated to be a significant year for sports events, with expectations of strong demand from the end of this year through the World Cup period [1]