金吾财讯 | 海通国际腹部中国消费品2月需求报告。次高端及以上白酒：2月国内次高端及以上白酒行业收入为480亿元，同比下滑7.2%。1-2月累计收入为990亿元，同比下滑7.0%。春节过后，次高端及以上白酒的宴席场景需求回落，同时由于去年同期基数较高，同比降幅进一步扩大。供给方面，山西汾酒、洋河股份、今世缘等越来越多企业控制发货。价格方面，呈现“节前少涨节后少跌”的特点。库存方面，多数名酒库存逐渐下降，但经销商打款仍不积极。大众及以下白酒：2月国内大众及以下白酒行业收入为160亿元，同比下滑13.5%。1-2月累计收入为380亿元，同比下滑18.3%。从24年2月开始，连续13个月负增长。该行的监测口径是生产企业的出厂数据，如此降幅不代表实际开瓶情况，二者的偏差主要来自社会库存的去化。与次高端及以上产品相比，经销商库存压力较小。不过由于品牌力弱，渠道力弱，回款压力更大，收入降幅也大于次高端及以上白酒企业。
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