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研報掘金|中金:展望下半年,食飲板塊需求有望邊際企穩改善

中金髮表報告指,展望下半年,在國家持續出臺相關政策拉動內需、提振消費、鼓勵生育的背景下,認爲食飲板塊需求有望邊際企穩改善。

該行預計傳統消費龍頭基本面有望企穩回升,新消費標的延續相對高成長,辣味零食、健康飲品、氣泡黃酒等新消費趨勢景氣度有望保持,帶動板塊估值上升,看好休閒零食、軟飲料等子板塊下半年表現。白酒受宏觀經濟及政策影響出現板塊性估值回調,基本面處於築底階段,雖下半年白酒基本面或仍有所承壓,但估值已基本反映悲觀預期,配置價值漸顯。

推薦組合方面,A股非酒包括鹽津鋪子、新乳業;A股酒類包括貴州茅臺、山西汾酒、五糧液、瀘州老窖、古井貢酒、今世緣、燕京啤酒、珠江啤酒;H股包括農夫山泉、衛龍美味、康師傅、統一企業中國、 華潤飲料、蒙牛乳業。

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