食品饮料行业周报：白酒业绩承压，关注底部反弹机会

超配[Table_Authors]证券分析师姚星辰S0630523010001yxc@longone.com.cn证券分析师吴康辉S0630525060001wkh@longone.com.cn[table_product]相关研究1.茅台上半年完成经营任务，白酒情绪边际修复——食品饮料行业周报（2025/7/7-2025/7/13）2.重视新品类和新渠道下的α机会——食品饮料行业周报（2025/6/30-2025/7/6）3.政策纠偏情绪修复，聚焦供需改善方 向— —食 品 饮 料 行 业 周 报（2025/6/16-2025/6/22）-20%-10%0%10%20%30% 2024-072024-092024-112025-012025-03食品饮料(申万) 2/10正文目录1.二级市场表现..............................................................................41.1.板块及个股表现..........................................................................................41.2.估值情况.....................................................................................................42.主要消费品及原材料价格............................................................52.1.白酒价格.....................................................................................................52.2.啤酒数据.....................................................................................................62.3.上游原材料数据..........................................................................................63.行业动态.....................................................................................94.核心公司动态..............................................................................95.风险提示.....................................................................................9 HTTP://WWW.LONGONE.COM.CN请务必仔细阅读正文后的所有说明和声明 3/10图表目录图1申万一级各板块周涨跌幅......................................................................................................4图2食品饮料子板块周涨跌幅......................................................................................................4图3食品饮料板块个股周涨幅前5................................................................................................4图4子板块估值（截至2025年7月20日）...............................................................................5图5 2024年原箱和散瓶飞天茅台批价...........................................................................................5图6普五批价................................................................................................................................5图7国窖1573批价......................................................................................................................6图8青花30批价..........................................................................................................................6图9啤酒月度产量及同比..............................................................................................................6图10啤酒产量累计值及同比........................................................................................................6图11牛奶及酸奶零售价变化趋势（牛奶：元/升，酸奶：元/公斤）............................................7图12生鲜乳市场价变化趋势（元/公斤）.....................................................................................7图13婴幼儿奶粉零售价格（元/公斤）.........................................................................................7图14中国奶粉进口金额（万美元）.............................................................................................7图15生猪、仔猪、猪肉价格走势（元/公斤）..............................................................................7图16生猪养殖利润（元/头）.......................................................................................................7图17白羽肉鸡价格（元/公斤）...................................................................................................8图18牛肉价格（元/公斤）...........................................................................................................8图19玉米现货价格（元/吨）.......................................................................................................8图20豆粕现货价格（元/吨）.......................................................................................................8图21 PET瓶片（元/吨）..............................................................................................................8图22瓦楞纸（元/吨）..................................................................................................................8表1重点高端酒批价变化（元）...................................................................................................5表2核心公司动态.........................................................................................................................9 HTTP://WWW.LONGONE.COM.CN请务必仔细阅读正文后的所有说明和声明 HTTP://WWW.LONGONE.COM.CN1.二级市场表现1.1.板块及个股表现上周食品饮料板块上涨0.68%，跑输沪深300指数0.41个百分点，食品饮料板块在31个申万一级板块中排名第14位。子板块方面，上周软饮表现相对较好，上涨2.02%。个股方面，上周涨幅前五为皇氏集团、百合股份、煌上煌、泸州老窖、庄园牧场，分别为15.53%、5.73%、5.12%、4.79%、4.74%，跌幅前五为桂发祥、立高食品、欢乐家、甘源食品、交大昂立，分别为-4.48%、-5.20%、-6.12%、-6.43%、-12.93%。图1申万一级各板块周涨跌幅资料来源：iFind，东海证券研究所图2食品饮料子板块周涨跌幅资料来源：iFind，东海证券研究所1.2.估值情况国防军工综合电子计算机家用电器有色金属基础化工石油石化社会服务食品饮料0.68%-0.93%-1.53%-1.99%-2.04%-2.73%啤酒保健品烘焙食品预加工食品零食 4/10 请务必仔细阅读正文后的所有说明和声明图3食品饮料板块个股周涨幅前5资料来源：iFind，东海证券研究所电力设备钢铁纺织服饰商贸零售轻工制造交通运输农林牧渔美容护理建筑材料环保建筑装饰煤炭银行非银金融公用事业房地产传媒15.53%5.73%5.12%4.79%4.74%-4.48%-5.20%-6.12%-6.43%-12.93%-20%-15%-10%-5%0%5%10%15%20%皇氏集团百合股份煌上煌泸州老窖庄园牧场桂发祥立高食品欢乐家甘源食品交大昂立 证券研究报告2.02%1.24%0.88%-3%-2%-1%0%1%2%3%软饮料乳品白酒调味发酵品 HTTP://WWW.LONGONE.COM.CN5/10资料来源：iFind，东海证券研究所2.主要消费品及原材料价格2.1.白酒价格表1重点高端酒批价变化（元）规格7月20日批价53度/500