金吾财讯 | 华泰证券研报表示，2025年春糖白酒产业端反馈平稳，基本面逐步恢复，节后需求环比改善。春糖交流后的整体反馈是“在平淡中稳步恢复”，该行选取多个代表性区域调研跟踪行业情况：1）高端酒：头部品牌通过精细化手段强化终端动销，高端宴席场景结构性复苏，但商务需求仍待修复。2）江苏区域：今世缘四开大单品在次高端价位表现突出，V3持续深耕团购场景，淡雅系列受益于大众消费韧性；洋河海之蓝焕新上市，渠道改革稳步进行，古井通过团购及核心烟酒店渗透加速布局。3）安徽区域：年初至今，古5/古8在大众场景需求稳健，古16在次高端延续增长；迎驾洞6/洞9凭借性价比与终端推力，在百元及200元价格带持续放量。啤酒方面，该行预计经济活力更好、天气逐步改善的南方市场中，餐饮需求点状改善，行业库存整体良性，叠加顺周期政策，厂商及渠道信心较春节前有所好转，发货数据亦有改善。该行认为白酒进入良性修复期，看好短期基本面表现突出，长期具备业绩韧性/有望穿越周期的头部酒企。啤酒：推荐alpha属性较强的区域酒龙头，及顺周期属性强的全国性酒企。
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