金吾财讯 | 珍酒李渡(06979)早盘股价低开高走，截至发稿，转涨3.34%，报7.42港元，振幅5.7%，成交额8964.53万港元。消息面上，华泰证券表示，25年春节节后宴席等场景回补明显，我们预计整体春节行业动销略有下滑，但整体表现好于此前预期，环比24年中秋国庆旺季显著改善。节后至今行业基本面表现积极，一方面，高端酒批价企稳，普茅批价稳定在2200元中枢（环比保持稳定）；五粮液基于长期量价良性考虑，营销改革持续落地，批价稳中有升。另一方面，行业供给端收缩以稳为主，主动收缩，年初至今行业掀起“控货潮”，涉及五粮液、汾酒、泸州老窖、洋河、今世缘、珍酒等多款主流单品主动控货挺价，疏通渠道压力，节后基本面韧性凸显。展望来看，此轮调整中头部酒企主动控量保价，叠加政策端托底消费信心，行业正进入良性修复阶段。
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