2026 元夕后白酒进销存系列调研 20260305 摘要 白酒回款进度普遍滞后，茅台回款与到货接近，五粮液回款约 40%，国 窖、洋河、酒鬼、汾酒回款仅 20%-30%，多数品牌节奏慢于 2025 年 同期。 动销分化明显，茅台普飞中个位数增长，五粮液 1-2 月增 3%-4%，而 国窖下滑近 25%，洋河、水井坊下滑约 15%，汾酒青花系列下滑约 10%。 库存水平处于高位，国窖、洋河、汾酒、水井坊、酒鬼等品牌渠道库存 普遍在 2-3 个月，茅台普飞约 10 天，五粮液普五约 25 天，整体去库压 力仍存。 批价表现承压，普飞全年预期区间 1,450-1,650 元，普五维持在 780 元上方，国窖 850 元附近，水井坊 8 号因库存积压批价下移至 267 元。 徽酒市场古井、迎驾回款约 45%，口子窖不足 30%；古井动销下滑 10%-15%，迎驾持平，口子窖下滑近 40%，区域竞争加剧且利润空间 收缩。 2026 年合同目标务实，五粮液按去年实际量 1.1 倍签订，洋河持平， 口子窖下调超 20%，茅台精品改由少数经销商承接并推行 i 茅台销售。 Q&A 2026 年腊月到正月十五元宵节前后约 45 ...

Core Viewpoint - The article emphasizes the deep connection between the Yanghe brand and various national dreams, including space exploration, technological advancement, sports, and cultural heritage, showcasing its commitment to these ideals through various initiatives and partnerships [1][3][4][6][8]. Group 1: Space Dream - Yanghe has a long-standing association with China's space exploration, dating back to the 1970s with its "Flying to the Sky" dream, symbolized by the Dunhuang goddess on its bottles [2]. - The company actively participates in significant moments of China's space achievements, such as the "Million Space Partners Program" and live broadcasts of important space missions [3]. - In 2025, Yanghe collaborated with CCTV to witness and celebrate the launches of Shenzhou spacecraft and commemorated these events with special edition liquor [3]. Group 2: Technology Dream - Yanghe's brand advertisement "Sea and Sky Dreams, Chinese Power" resonated with the public, reflecting a strong sense of national pride and identity [4]. - The company has consistently been present at key national events over the years, reinforcing its commitment to the nation's progress and its own brand identity [4]. Group 3: Sports Dream - Yanghe emphasizes the relationship between sports and national strength, supporting various sporting events and teams, including marathons and basketball [6]. - In 2025, Yanghe engaged with local marathons and partnered with sports teams, promoting a culture of sportsmanship and community involvement [6]. Group 4: Cultural Dream - Yanghe has been a long-term partner of the CCTV Spring Festival Gala, enhancing its brand visibility and cultural significance during this major event [8]. - The company has initiated cultural preservation activities and participated in international events, promoting Chinese culture globally [8].