《大行报告》中金:内需股明年看好周黑鸭、颐海、农夫山泉、青啤及百威亚太
中金发表报告表示,内需板块有望长期受益於内循环加速和消费升级趋势,展望未来三至五年出现传统行业龙头强者恒强,高成长行业与新消费品牌崛起等中长期趋势。至於明年为後疫情时期,建议优选具备核心竞争力,未来三至五年逻辑清晰且估值相对合理的个股。
该行认为,行业有望出现三大趋势,包括传统行业如高端白酒、乳品、肉制品、啤酒等,集中度较高且行业格局已基本成型,预期疫情後龙头企业之市场份额将持续提升;如复合调味料、包装饮用水、高端啤酒、巴氏奶及奶酪、餐饮供应链等,高成长性和确定性或使得细分赛道龙头高估值成为一段时间内的新常态;以及新消费趋势,部分符合年轻一代消费新趋势、具备颠覆性商业思维和运营模式的非上市企业未来三至五年有望登陆资本市场,其中将不乏具备投资价值。
报告补充,於H股当中,看好周黑鸭(01458.HK)、颐海(01579.HK)、农夫山泉(09633.HK)、青啤(00168.HK)及百威亚太(01876.HK),均予「跑赢大市」评级。
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