5401 篇
13911 篇
478084 篇
16320 篇
11773 篇
3942 篇
6548 篇
1254 篇
75673 篇
37947 篇
12175 篇
1667 篇
2870 篇
3423 篇
641 篇
1241 篇
1980 篇
4924 篇
3888 篇
5493 篇
食品饮料行业:中期业绩兑现,逻辑转向长期-四季度投资策略
年初至今(截至9 月14 日),食品饮料板块整体上涨54.98%,沪深300 指数上涨13.53%,行业跑赢沪深300 指数41.45 个百分点,位列中信29 个一级行业第二。子板块中,酒类上涨56.10%,饮料上涨29.47%,食品上涨71.43%。
1.季度观点 ....................................................................................................................................................................... 6
1.1 中期业绩得到兑现,投资逻辑转向长期 ......................................................................................................... 6
1.2 高端白酒价格继续上行,生产成本面临一定压力 ......................................................................................... 6
2.高端白酒价格上行,上游包材价格上涨 .................................................................................................................... 7
2.1 白酒 .................................................................................................................................................................... 7
2.2 啤酒&葡萄酒 ..................................................................................................................................................... 8
2.3 乳制品 .............................................................................................................................................................. 10
2.4 肉制品 .............................................................................................................................................................. 10
2.5 成本环境 .......................................................................................................................................................... 11
3.年初至今涨幅居前,估值溢价持续走高 ................................................................................................................. 13
3.1 行情回顾 .......................................................................................................................................................... 13
3.2 估值 .................................................................................................................................................................. 14
3.3 北向资金跟踪 .................................................................................................................................................. 14
4.2020Q2 板块整体业绩提速 ...................................................................................................................................... 16
4.1 白酒 .................................................................................................................................................................. 17
4.2 大众品 .............................................................................................................................................................. 18
5.风险提示 ..................................................................................................................................................................... 21