《大行報告》中金:內需股明年看好周黑鴨、頤海、農夫山泉、青啤及百威亞太
中金發表報告表示,內需板塊有望長期受益於內循環加速和消費升級趨勢,展望未來三至五年出現傳統行業龍頭強者恆強,高成長行業與新消費品牌崛起等中長期趨勢。至於明年為後疫情時期,建議優選具備核心競爭力,未來三至五年邏輯清晰且估值相對合理的個股。
該行認為,行業有望出現三大趨勢,包括傳統行業如高端白酒、乳品、肉制品、啤酒等,集中度較高且行業格局已基本成型,預期疫情後龍頭企業之市場份額將持續提升;如復合調味料、包裝飲用水、高端啤酒、巴氏奶及奶酪、餐飲供應鏈等,高成長性和確定性或使得細分賽道龍頭高估值成為一段時間內的新常態;以及新消費趨勢,部分符合年輕一代消費新趨勢、具備顛覆性商業思維和運營模式的非上市企業未來三至五年有望登陸資本市場,其中將不乏具備投資價值。
報告補充,於H股當中,看好周黑鴨(01458.HK)、頤海(01579.HK)、農夫山泉(09633.HK)、青啤(00168.HK)及百威亞太(01876.HK),均予「跑贏大市」評級。
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