国金食饮刘宸倩丨食品饮料行业点评:春节反馈总结——白酒动销符合预期,餐饮链超预期改善

国金证券研究所
Feb 25

摘要白酒板块:春节动销符合预期,飞天茅台量价均占优。基于节后渠道调研反馈,春节白酒动销整体符合节前市场预期,预计全渠道动销量同比下滑约10%-15%。其中,略超预期的反馈在于:1.节前&节内飞天茅台批价表现相对不错、未有显性回落,当前原箱批价仍在1700元以上;2.部分区域节内大众价位产品有零星终端补货行为,当然这也与近年来终端小批量、高频次进货习惯相关,目的是规避资金占用和存货跌价风险,但仍反映...

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