金吾财讯 | 华泰证券表示，据该机构于26年2月6日的白酒专家交流，受政策及春节错期基数影响，节前白酒回款/发货节奏等表现偏慢，酒企开门红目标降低，继续缓解渠道压力。具体来看，当前行业表现分化，终端需求向头部品牌快速集中，其中贵州茅台表现最为亮眼，受益于市场化营销改革红利释放，i茅台app充分激活长尾客户需求，公司回款/发货配额完成较快，飞天茅台批价回升并站稳1600+元；五粮液受益于价格优势及飞天溢出效应，动销在行业内部表现靠前。该机构预计高端酒表现好于汾酒及区域地产龙头，二线次高端品牌略有承压，且随节前旺销窗口临近，行业动销或将迎来环比改善。从库存及价格端看，据专家交流，除茅台/五粮液外行业同比改善有限，洋河深度调整初见成效，库存同比下降且价盘微升。全年维度该机构依然建议逢低布局，优选确定性强的龙头。
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