中泰证券近期发布研报指出，软饮料行业在当前消费环境中展现出较强的基本面韧性。尽管整体消费市场面临压力，但软饮料作为高频、刚需型消费品，其需求相对稳定，抗周期能力突出。报告分析认为，行业头部企业凭借成熟的渠道网络、品牌认知度和产品创新能力，在成本控制与市场份额方面持续占据优势。此外，随着消费者健康意识提升，无糖、低糖及功能性饮料等细分品类快速增长，为行业注入新的增长动力。中泰证券建议关注具备产品结构优化能力、渠道下沉潜力以及国际化布局的龙头企业，认为其在中长期将更具投资价值。总体来看，软饮料行业在不确定的宏观环境下仍具备稳健增长的基础，基本面表现优于多数可选消费板块。
CITIC Securities recently released a research report highlighting that the soft drink industry has demonstrated strong fundamental resilience amid the current consumer environment. Despite broader consumption headwinds, soft drinks—being high-frequency, essential consumer goods—maintain relatively stable demand and exhibit notable counter-cyclical characteristics. The report notes that leading companies continue to dominate through mature distribution networks, strong brand recognition, and robust product innovation, enabling better cost control and market share retention. Furthermore, rising health awareness among consumers is accelerating growth in niche segments such as sugar-free, low-sugar, and functional beverages, providing new drivers for industry expansion. CITIC Securities recommends focusing on industry leaders with capabilities in product portfolio optimization, potential for channel penetration into lower-tier cities, and international expansion strategies, viewing them as offering stronger long-term investment value. Overall, the soft drink sector remains well-positioned for steady growth even under macroeconomic uncertainty, outperforming many other discretionary consumption categories in terms of fundamental strength.
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