國泰君安:白酒消費 “去地產依附”和“去奢侈”特徵會持續凸顯
國泰君安研報表示,2024金秋旺季除茅台、五糧液外,酒企銷售層面普遍對價格體系有所放寬、費用力度也有所加大。展望後續,推測白酒消費 “去地產依附”和“去奢侈”特徵會持續凸顯,在此維度下,“份額就是品牌”,企業能夠發揮的是自己的產品結構縱深優勢,利用強渠道、大品牌和大產能,藉助合適的價格帶佈局,對競品形成持續的擠佔。後續白酒板塊投資的主導矛盾為供需的再均衡與行業增長預期的重構。
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