招商证券：白酒行业仍在筑底过程大众品板块关注成本传导

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智通财经APP获悉，招商证券发布研报称，整体来看，2026年春糖参会企业与人员皆少于往年，企业重心由渠道流量抢夺更多转向用户运营与培育。白酒板块动销分化加剧，批价企稳，经销商情绪谨慎但平和，2026年或将成为行业中考年，上半场重点关注酒企库存去化、渠道利润修复情况，率先调整的企业26H2有望边际改善;下半场行业竞争将逐步从渠道向C端演进，更加关注消费者培育体系的搭建与完善，抢占下一轮周期先机。大众...

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招商证券：白酒行业仍在筑底过程 大众品板块关注成本传导

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招商证券：白酒行业仍在筑底过程大众品板块关注成本传导