12月白酒板块月报：行业调整期，酒企定力精耕

刘来珍021-20252647：liulaizhen_yj@chinastock.com.cn分析师登记编码：S0130523040001 Catalog 一、销售景气度仍然低迷..........................................................................................................................3二、2025年营销工作做深做实.................................................................................................................4三、投资建议........................................................................................................................................5四、风险提示........................................................................................................................................6 二、2025年营销工作做深做实 表1：白酒企业经销商大会内容梳理 资料来源：Wind，中国银河证券研究院 图1：白酒终端零售额同比增速.......................................................................................................................3图2：中国白酒产量当月同比..........................................................................................................................3图3：2024年飞天茅台原箱、散瓶批发价格（元）.............................................................................................3图4：第八代五粮液批发价格（元）.................................................................................................................3图5：茅台1935批发价格（元）.....................................................................................................................4图6：君品习酒批发价格（元）.......................................................................................................................4图7：剑南春水晶剑批发价格（元）.................................................................................................................4图8：汾酒青花20批发价格（元）..................................................................................................................4图9：白酒板块P/E估值................................................................................................................................6 表1：白酒企业经销商大会内容梳理.................................................................................................................5