金吾财讯 | 国泰君安表示，春糖反馈符合预期。据渠道调研，春节后白酒大盘动销平稳，截至3月商务需求略好于2024年同期，叠加酒企控货举措，茅台、五粮液等品牌价盘较为平稳。综合开门红动销反馈，该行预计核心酒企25Q1有望保持稳健较快增长。随着需求淡季到来，该行观察到3月中下旬起餐饮渠道增速略有放缓，可能对后续动销、价格、去库预期产生扰动，关注酒企战术及战略举措动态。基于横向和纵向比较，白酒板块经过近4年调整后，交易拥挤度相对较低，估值回归良性，战略配置价值凸显。
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