【海通国际】中国消费品2月需求报告：基数原因和惯性因素拖累增速-250303（14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 3 Mar 2025 中国必需消费中国必需消费 China(A-share)Staples 中国消费品 2 月需求报告：基数原因和惯性因素拖累增速 Base Reasons and Inertia Factors Drag Down Growth Rate Table_Info 股票名称 评级 股票名称 评级 贵州茅台 Outperform 青岛啤酒 Outperform 贵州茅台 Outperform 今世缘 Outperform 五粮液 Outperform 迎驾贡酒

4、Outperform 五粮液 Outperform 燕京啤酒 Outperform 山西汾酒 Outperform 安琪酵母 Outperform 海天味业 Outperform 重庆啤酒 Outperform 海天味业 Outperform 重庆啤酒 Outperform 泸州老窖 Outperform 水井坊 Outperform 泸州老窖 Outperform 安井食品 Outperform 伊利股份 Outperform 安井食品 Outperform 东鹏饮料 Outperform 口子窖 Outperform 东鹏饮料 Outperform 珠江啤酒 Outperform 洋河股份

5、 Outperform 百润股份 Outperform 洋河股份 Outperform 舍得酒业 Outperform 双汇发展 Outperform 金龙鱼 Outperform 古井贡酒 Neutral 老白干 Outperform 资料来源：Factset,HTI Related Reports 中国消费品 2 月成本报告：粮油价格回升，多数消费品成本上涨 February CGCI:Prices of grains and oils are on the rise,driving up the costs of most consumer goods(27 Feb 2025)中国消费品

6、 2 月价格报告：白酒批价涨跌互现，软饮料、液态奶及啤酒折扣加大 Wholesale prices of various Baijiu saw mixed trends,discount for soft drinks,liquid milk,and beer increased(26 Feb 2025)中国消费行业 2025 年 1 月投资策略报告：基本面改善前先关注估值修复 Valuation precedes improvement in fundamentals(3 Jan 2025)(Please see APPENDIX 1 for English summary)据海通国际预测，