中信证券：估值低位静候情绪反转 当前仍建议主配高端白酒

今日期货研报精选。","multimedia":{"img_url":["https://n.sinaimg.cn/zhibo/261/w750h5111/20221108/3f21-7bf8f151adff43251162d1a9738c3b78.jpg"]},"commentid":"live:finance-152-2858303:0","compere_id":0,"creator":"liyuan20@staff.sina.com.cn","mender":"liyuan20@staff.sina.com.cn","create_time":"2022-11-08 08:41:59","update_time":"2022-11-08 08:41:59","is_need_check":"0","check_time":"1970-01-01 08:00:01","check_status":"1","check_user":"","is_delete":0,"top_value":0,"is_focus":0,"source_content_id":"0","anchor_image_url":"","anchor":"直播员","ext":"{"stocks":[],"needPush":false,"needAIPush":false,"needCMSLink":true,"needCalender":false,"needProvince":"0"}","old_live_cid":"0","tab":"","tag":[{"id":"2","name":"行业"}],"like_nums":0,"comment_list":{"list":[],"total":0,"thread_show":0,"qreply":0,"qreply_show":0,"show":0},"docurl":"","rich_text_nick_to_url":[],"rich_text_nick_to_routeUri":[],"compere_info":""},{"id":2858288,"zhibo_id":152,"type":0,"rich_text":"【中信证券：估值低位静候情绪反转 当前仍建议主配高端白酒】中信证券表示，酒作为代表性消费品，基本面的预期当前主要面临疫情管控环境和经济预期变化的影响。静态看，疫情管控对消费场景限制进而影响需求仍然明显，但从方向上，我们认为疫情管控政策的边际优化将持续。白酒方面，基本面将陆续接受渠道库存与2023年增长目标再平衡、2023年春节旺季动销的检验，短期对于经济政策预期、防疫政策预期、投资端情绪、资金面等变化将更加敏感。当前仍建议主配高端，关注边际变化下地产酒、次高端弹性。啤酒方面，受益于其强大的应对能力，预计将继续保持强于食品饮料大盘的表现。建议关注龙头公司高端化节奏和行业成本下行两个因素。