金吾财讯 | 华泰证券表示，春节白酒行业整体表现平淡，板块持续分化，但环比中秋国庆显著改善，压力逐步去化。分场景看，受外部环境影响，行业商务宴请/高端礼赠仍有一定压力，自饮场景表现稳健，大众宴席预定较旺，预计节后喜宴等也将在低基数上有所回补。分价位看，受春节走亲访友、大众宴席场景带动，80-200元价位表现出相对韧性，整体表现靠前。同时，该行观察到今年春节酒企动作更加健康，费用投放力度整体强于去年，渠道打款发货也更为谨慎，当前行业库存、价盘均较为稳健，波动不大。整体看，行业压力正逐步去化，后续随外部刺激政策逐步落地，期待行业复苏进程边际加快。
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