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2025年白酒行业市场动销在第二季度大幅下降后略有修复
2025年白酒行业市场动销在第二季度大幅下降后略有修复
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今年白酒行业市场动销在经历较大幅度下滑后环比略有修复。过去几年白酒动销受商务场景承压、居民消费意愿和能力降低的影响逐步走弱,2025 年《节约反对浪费条例》进一步削弱消费场景和消费人群,预计 2025Q2 整体动销是 2022 年以来同比降幅最大的时点。但从中也可以发现,白酒消费的社交需求仍具有较强韧性:1)春节实际动销反馈往往好于预期,主因走亲访友、聚饮、礼赠等需求在节中仍会集中释放出来;2)2025 年中秋国庆动销环比 Q2-3 有明显改善,尤其节中的小规模宴席、大众消费表现较好;3)流通属性突出的名酒大单品如飞天茅台、八代五粮液、青花 20、剑南春等开瓶端延续韧性,持续获得份额。
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食品饮料行业2026年度投资策略报告(二):白酒底部信号夯实重视优质酒企配置机会-251225(19页).pdf
2026年白酒行业报告:指数跌12%估值持仓见底,供给优化与渠道磨底趋势分析
食品饮料行业2026年度投资策略报告(二):白酒底部信号夯实重视优质酒企配置机会-251225
主要白酒上市公司盈利预测及估值表
上轮及本轮周期酒企收入目标达成情况,2026年目标预计制定理性,但会进一步扩大自己的优势
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