据悉，国内白酒行业的税收主要集中在生产环节，1994年税制改革将酒类产品税分解为消费税和增值税，由白酒企业按出厂价征收。

于酒类板块近期下挫的原因，还是那几个老生常谈的问题，是去年中大涨，但前二、三线白酒炒作没有上涨理由，直到现在的白酒招商加盟行业难以维持，似乎还没有找到要转变的格局，其实，只要知道了下跌的原因，就可以调整格局转变良机。
As for the reason for the recent drop in the liquor sector, it’s still the same old problems. First, there was a big increase in the middle of last year, but there was no reason for the first, second and third-line liquor speculation to rise. Until now, it’s difficult for the liquor merchants to join the industry, it seems to have not found to change the pattern, in fact, as long as we know the reasons for the decline, we can adjust the pattern of change opportunity.

清帝酒业觉得，酒类调整的核心原因是美债长端利率上扬导致核心资产估值承压，并非基本面因素，白酒基本面依然强劲。
Qingdi liquor believes that the core reason for the liquor adjustment is the long-term interest rate rise in US debt leading to core asset valuation pressure, not the fundamentals, liquor fundamentals remain strong.

对于以春节为例的各大酒企回款情况各个行业对白酒招商加盟继续维持，春节期间招商加盟较为乐观。高档葡萄酒的动销情况符合预期甚略超预期，节后茅台批价依旧坚挺，五粮液的动销表现略好预期。复宴后，次白酒表现出较高的业绩弹性，地产酒销售平稳。在20Q1较低的基数下，今年Q1酒企将迎亮丽开门红业绩，调整后估值压力释放，性价比更高。
For the Spring Festival as an example of the return of major wine enterprises in various industries to liquor investment to join to continue to maintain, investment during the spring festival to join more optimistic. High-grade wine moving sales in line with expectations or even slightly exceeded expectations, after the festival Maotai Wholesale Price is still strong, Wuliangye moving sales performance slightly better expectations. After the banquet, high-end liquor showed higher performance flexibility, real estate liquor sales stable. In 20Q1 lower base, this year Q1 wine enterprises will welcome bright red opening performance, adjusted valuation pressure release, cost-effective.