食品饮料行业周报:茅台景气领先 大众品继续推荐顺周期

招商证券
Feb 09

本周我们继续调研江苏等地渠道,综合两周调研结果来看,行业整体动销双位数下滑符合预期,茅台表现延续强势,禁酒令后部分需求回补、非标缺货带来的需求转移、i 茅台促进大众需求转化带动飞天量增超预期。部分经销商自愿申报3 月首批飞天配额售罄,惠群也暂停3 月前的销售,这也印证了公司渠道的“全面开花”,而并非仅i 茅台火爆,批价近期冲高至1700 元。五粮液动销延续分化,江苏地区大商走货有减少、专卖店反馈...

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