本周我们陆续调研了河南、安徽、四川等多地白酒渠道，节前行业动销双位数下滑符合预期，商务宴请以小局为主，中高端餐饮萧条，送礼需求部分回补，品牌分化加剧。茅台量、价都超预期，传统渠道发货进度25%（与去年持平），渠道零库存；动销双位数增长，远超悲观预期，终端备货积极性提升。短期来看，茅台批价的供需关系不改、年前配额基本执行完毕，经销商库存较低、供给偏紧张，需求侧同比双位数增长有支撑。节后批价在此基础上...
Source Link本周我们陆续调研了河南、安徽、四川等多地白酒渠道，节前行业动销双位数下滑符合预期，商务宴请以小局为主，中高端餐饮萧条，送礼需求部分回补，品牌分化加剧。茅台量、价都超预期，传统渠道发货进度25%（与去年持平），渠道零库存；动销双位数增长，远超悲观预期，终端备货积极性提升。短期来看，茅台批价的供需关系不改、年前配额基本执行完毕，经销商库存较低、供给偏紧张，需求侧同比双位数增长有支撑。节后批价在此基础上...
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