近日，中信证券发布研报指出，2024年春节期间白酒的实际动销情况整体持稳，未出现明显下滑。尽管节前市场对消费复苏力度存在一定担忧，但一线名酒如茅台、五粮液等品牌凭借其强大的渠道控制力和品牌韧性，在春节期间维持了相对稳定的销售表现。此外，部分区域酒企通过促销策略和节日礼赠场景的强化，也有效支撑了终端动销。中信证券认为，春节作为全年最重要的白酒消费节点之一，其动销数据具有较强的风向标意义。当前动销持稳表明高端及次高端白酒需求仍具韧性，为全年业绩提供一定支撑。不过，考虑到宏观经济环境及消费者信心尚未完全恢复，行业整体增长或仍将呈现结构性分化，头部企业优势有望进一步凸显。
Recently, CITIC Securities released a research report indicating that actual sales of baijiu (Chinese liquor) during the 2024 Spring Festival remained generally stable, showing no significant decline. Despite pre-holiday concerns about the pace of consumer recovery, leading premium brands such as Moutai and Wuliangye maintained steady sales performance, supported by strong channel control and brand resilience. Additionally, some regional baijiu producers bolstered terminal sales through promotional strategies and enhanced gifting scenarios during the festive period. CITIC Securities noted that the Spring Festival, as one of the most critical consumption periods for baijiu throughout the year, serves as an important barometer for market trends. The stable sales performance suggests sustained demand for both premium and sub-premium segments, offering foundational support for full-year earnings. However, given the still-recovering macroeconomic environment and consumer confidence, the industry is likely to experience structural divergence, with market leaders expected to further strengthen their competitive advantages.
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