【海通国际】中国必选消费品8月需求报告：大众白酒需求和价格有改善迹象-250901（16页）.pdf

1、 Table_yemei1 Investment Focus Table_yejiao1 This research report is distributed by Haitong International,a global brand name for the equity research teams of Haitong International Research Limited(“HTIRL”),Haitong Securities India Private Limited(“HSIPL”),Haitong International(Japan)K.K.(“HTIJKK”),

2、Haitong International Securities Company Limited(“HTISCL”),and any other members within the Haitong International Securities Group of Companies(“HTISG”),each authorized to engage in securities activities in its respective jurisdiction.Please refer to the appendix for the Analyst Certification,Import

3、ant Disclosures and Important Disclaimer.研究报告 ResearchReport 1 Sep 2025 中国必需消费中国必需消费 China(A-share)Staples 中国必选消费品 8 月需求报告：大众白酒需求和价格有改善迹象 The Demand and Price of Baijiu at Medium and Low Prices Show Signs of Improvement Table_Info 股票名称 评级 股票名称 评级 贵州茅台 Outperform 双汇发展 Outperform 贵州茅台 Outperform 古井贡酒

4、Outperform 五粮液 Outperform 今世缘 Outperform 五粮液 Outperform 迎驾贡酒 Outperform 山西汾酒 Outperform 燕京啤酒 Outperform 海天味业 Outperform 安琪酵母 Outperform 海天味业 Outperform 百润股份 Outperform 泸州老窖 Outperform 重庆啤酒 Outperform 泸州老窖 Outperform 重庆啤酒 Outperform 金龙鱼 Outperform 安井食品 Outperform 伊利股份 Outperform 安井食品 Outperform 东鹏饮料

5、Outperform 珠江啤酒 Outperform 东鹏饮料 Outperform 舍得酒业 Outperform 洋河股份 Outperform 酒鬼酒 Outperform 洋河股份 Outperform 酒鬼酒 Outperform 青岛啤酒 Outperform 水井坊 Outperform 资料来源：Factset,HTI Related Reports 中国必需消费品 8 月价格报告：多数品类价格再次回落 Most categories saw prices fall again(26 Aug 2025)中国必选消费 8 月投资策略：关注政策催化带来的结构性机会 Focus on

6、 the structural opportunities brought by policy catalysis(4 Aug 2025)中国必选消费品 7 月需求报告：多数行业增速变差 The growth rate of most industries has deteriorated(4 Aug 2025)(Please see APPENDIX 1 for English summary)据海通国际预测，据海通国际预测，25 年年 8 月重点跟踪的月重点跟踪的 8 个必选消费行业中个必选消费行业中 5 个保持正个保持正增长，增长，3 个负增长。个负增长。个位数增长的行业包括软饮料、速冻