2025 年 06 月 09 日 白酒底部布局，关注传统消费新饮品 推荐(维持) 投资要点 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | 行业相对表现 表现 1M 3M 12M 食品饮料(申万) -2.6 -0.3 -4.3 沪深 300 0.5 -1.8 8.4 市场表现 -30 -20 -10 0 10 20 30 (%) 食品饮料 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《食品饮料行业周报：白酒需求 磨底，新消费延续高景气》2025- 06-02 2、《食品饮料行业周报：茅台定海 神针稳，新消费延续高景气度》 2025-05-25 3、《食品饮料行业周报：关注茅台 股东大会，小食品持续向好》2025- 05-19 ▌ 一周新闻速递 行业新闻：1）1-4 月吕梁白酒产量下降 1.5%；2）天猫 618 第一阶段淘系酒类核心品牌增长 72%；3）1-4 月福建省出口 啤酒 2.8 亿； 公司 ...

证券研究报告 | 行业周报 | 食品饮料 新消费关注催化，白酒探底茶饮入通 ——食饮行业周报（2025 年 6 月第 1 期） 投资要点 食饮观点：新消费行情延续，关注股价低位/低估值及后续有催化的潜力标 的，后续催化仍关注"食品板块品类红利"、"会员商超等新渠道驱动"、 "保健品新热点"等三方面。以白酒为代表的传统消费或承压、当前为香型 龙头配置策略。食品当前推荐新乳业、劲仔食品、安井食品，关注卫龙美 味；白酒当前推荐贵州茅台、山西汾酒。 白酒板块：二季度白酒消费或承压，白酒板块当前仍处低位，优选品牌势能 较强的香型龙头酒企。重视内需配置价值，看好白酒龙头个股的中期配置布 局机会：①香型龙头优先推荐贵州茅台/五粮液/山西汾酒；②短期仍推荐大 众价位较强势/有份额提升逻辑的古井贡酒/今世缘/迎驾贡酒；③中期推荐当 前估值较低、弹性较大的泸州老窖等。 大众品板块：新消费行情延续，关注股价低位/低估值及后续有催化的潜力 标的。后续催化仍关注"食品板块品类红利"、"会员商超等新渠道驱 动"、"保健品新热点"等三方面，全年仍持续推荐零售变革大年和成本周 期带来的食饮投资机会，龙头个股优先。短期关注茶饮标的入通，推荐标 ...

Core Viewpoint - The food and beverage industry is experiencing a mixed performance, with strategic shifts in the liquor sector and innovation in the food segment to meet diverse consumer demands [2][8]. Group 1: Industry Performance - The Shanghai Composite Index rose by 0.88%, while the Shenwan Food and Beverage Index fell by 1.45% during the week of June 2-6, 2025 [1]. - The top five gaining stocks in the food and beverage sector included Junyao Health, *ST Spring, Miaokelando, Youyou Food, and Pinwo Food [1]. Group 2: Liquor Sector Insights - Liquor companies are focusing on strategic transformations and high-quality development, particularly targeting younger consumers [2]. - The white liquor market is facing price pressures during the "618" promotional period, leading some merchants to adapt by joining e-commerce platforms to remain competitive [8]. - The white liquor industry is experiencing market contraction and polarization, with revenue and profit growth slowing down, prompting companies to optimize their supply chains [9]. Group 3: Food and Beverage Innovations - Companies are innovating to cater to consumer preferences for emotional value, cost-effectiveness, and health, with new product launches in the beverage sector [2]. - Notable product launches include Dongpeng Beverage's 1L fruit tea targeting lower-tier markets and Chengde Lulule's herbal drink series [2]. - The upcoming beverage season is expected to boost interest in the beer, soft drink, and snack segments [2]. Group 4: Regulatory and Macro Events - California's legislature has passed a bill to ban ultra-processed foods in schools, highlighting growing concerns over health impacts associated with such products [4]. - The Ministry of Agriculture reported that 70.05 million acres of summer wheat have been harvested, with a focus on ensuring a successful grain harvest [5]. Group 5: Company Developments - Guizhou Moutai launched a new series of products in Japan, emphasizing cultural exchange and local elements in its branding [11]. - Yibin Bank appointed a new president, who has a strong background in the liquor industry, indicating potential synergies between banking and beverage sectors [12].