饮料行业报告：消费升级驱动高端白酒增长｜水井坊今世缘首次覆盖-2018

报告摘要

2018年高华证券发布饮料行业深度报告，指出消费升级是高端及次高端白酒市场长期增长的核心动力。报告显示，仅6%的中端消费者升级即可使高端/次高端白酒销量翻倍，预计2017-2021年高端/次高端市场收入年均复合增速分别达20%/17%。首次覆盖水井坊（买入）和今世缘（中性），看好水井坊受益于次高端战略、品牌实力和渠道控制。适合白酒行业投资者、消费领域分析师、券商研究员及关注消费升级趋势的商业人士阅读。

📋 核心要点(部分)

1. Executive Summary: Follow the consumption upgrade trend
2. High/upper mid-end market: Most attractive due to consumption upgrade
3. Upper mid-end market: Moderate consolidation and high entry barrier
4. Swellfun: Premium brand to revive past success, initiate at Buy
5. King's Luck: Deeply rooted in the Jiangsu market, initiate at Neutral
6. M&A rank for Swellfun and King's Luck
7. Updating target prices for A-share spirits coverage: Rollover to 2018
8. 信息披露附录