吃喝板块今日（2月12日）继续回调，反映吃喝板块整体走势的食品饮料ETF华宝（515710）开盘后迅 速走弱，而后持续低位震荡，截至收盘，场内价格跌1.19%。 成份股方面，白酒、大众品均表现不振。截至收盘，金禾实业大跌3.48%，古井贡酒、迎驾贡酒、水井 坊等跌超2%，贵州茅台、五粮液、泸州老窖、山西汾酒、洋河股份等多股跌超1%，拖累板块走势。 消息面上，飞天茅台批价持续回升。今日酒价2月12日最新披露，2026年飞天（原箱）批价站上1700 元，2026年飞天（散瓶）批价也达到1660元。 有分析指出，当前白酒行业表现分化，终端需求向头部品牌快速集中，其中贵州茅台表现最为亮眼。相 关数据显示，受益于市场化营销改革红利释放，i茅台App充分激活长尾客户需求，公司回款/发货配额 完成较快，飞天茅台批价回升并站稳1600+元；五粮液受益于价格优势及飞天溢出效应，动销在行业内 部表现靠前。 还有分析认为，高端酒表现好于汾酒及区域地产龙头，二线次高端品牌略有承压，且随节前旺销窗口临 近，行业动销或将迎来环比改善。 从估值方面来看，吃喝板块估值处于历史低位，当前或为板块较好布局时机。数据显示，截至昨日（2 月11日） ...

快递服务 （文章来源：证券日报） 门店服务 2月15日-2月23日，将暂停门店自提服务，2月24日恢复。2月9日-2月23日期间产生的"门店自提"订单， 提货有效期将统一延长至3月2日，亲们有充足的时间进行提货。 2月12日-2月21日，贵州茅台酒系列、茅台酱香酒系列、茅台文创，以上产品的快递订单将暂停发货，2 月22日恢复，届时小茅会以最快速度将亲们购买的产品送到您手中。 因春节假期各地物流运力受限，叠加天气变化等多重因素，您所购买的商品可能会出现延迟送达的情 况，还请亲们耐心等待，也感谢您的支持与理解。 春节期间，小茅始终在线，i茅台不打烊！亲们可随时登录i茅台App正常下单选购心仪产品。因春节假 期及物流等因素影响，门店服务和部分商品快递配送时间有所调整，敬请知晓并建议您提前规划安排： ...

作者｜酒high 子煜 "今年的白酒能卖成什么样？现在还真不好说，一般小年到除夕会进入白酒销售高峰期，目前酒企已经在各渠道和门店完成了铺货动作。"一位北京白酒经 销商说。 今年春节，茅台妥妥地站在了舞台C位。 "茅台最近销量挺好，门店备货充足，出货量也比较可观。"近日，辽宁某酒商对酒讯表示，飞天茅台最近两周内出货价已上涨约200元，零售价在1800- 1900元区间。 进入2026年以来，飞天茅台价格在波动中走高。据今日酒价数据，1月散装飞天茅台最低价为1490元/瓶，最高价为1650元。进入2月，飞天茅台在2月3日 之后价格持续攀升，从马茅到散飞再到全线产品均呈上涨态势。2月6日，散装飞天茅台行情价已达1660元/瓶，超过1月最高价。 | 茅台飞天 | | | 2026年2月10日 | | --- | --- | --- | --- | | | | | (公众号: 今日湿价) | | 品名 | 规格 | 昨日行情 | 今日行情 | | 2 26年飞天(原) | 53度/500ml | 1690 | 1690 | | 226年飞天(散) | 53度/500ml | 1660 | 1660 | | 25年飞天( ...

酒行业 周度市场观察 2026/2.2-2.8 第 7 周 行业环境 头部品牌动态 投资运营 产品技术 营销活动 01 行业趋势 Industry Trends 本周看点： 透视2025白酒六大热门赛道的繁荣与陷阱，锚定2026生存航向； 中国酒业十年产量变迁复盘：白酒、啤酒、葡萄酒、未来走向何方？ 劲酒、瓶子星球、金星啤酒增长背后，酒类消费"她力量"正被重估。 行业环境： 1. 张健：透视2025白酒六大热门赛道的繁荣与陷阱，剥去火热外衣，锚定2026生存航向 关键词：白酒行业,结构性调整,高价低度酒,光瓶酒,区域酒企 概要：2025年白酒行业表面繁荣但暗藏伪增长，整体进入"量减、价低、利缩"的结构性调整 期。高价低度酒实为高端品牌延伸，强行绑定高价可能削弱白酒社交属性；光瓶酒高端化是陷 阱，应回归性价比本质；区域酒企全国化投入大回报低，建议先夯实本地市场；保健酒/潮饮动 销疲软且合规风险高，需聚焦真实需求；白酒健康化是伪概念，面临监管与市场双重压力；即 时零售虽增长快但占比低，需平衡价格管控。行业正从粗放增长转向以消费者为中心的理性深 耕，企业需精准满足分化需求，高端化注重社交价值，大众化坚守性价比，区域 ...

Core Viewpoint - The overall sales of liquor during the Spring Festival period are expected to decline by 8%, which is better than previous pessimistic forecasts, with varying performance across different consumption categories [1]. Group 1: Consumption Environment - The Spring Festival sales have fully commenced, with an overall expected decline of 8% in liquor sales during this period [1]. - Gift consumption (mass premium) is expected to see slight growth, while business consumption is projected to decline by 20% [1]. - Residential consumption is expected to remain flat with slight growth, and government consumption is anticipated to drop by 90% [1]. Group 2: Company Performance - **Kweichow Moutai**: The return of funds for the March flying Moutai is not fully completed, with zero inventory and low channel stocking willingness, focusing more on turnover rates. The post-holiday price is expected to stabilize at 1550 yuan [1]. - **Wuliangye**: Current shipments are up by 30% year-on-year, with sales performance showing a 10% increase compared to the previous year [1]. - **Luzhou Laojiao**: The current return progress for Guojiao 1573 is at 35%, with approximately three months of inventory. However, both shipment and sales are down by over 30% and 25% respectively, despite stable pricing [1]. - **Honghua Lang**: Currently, sales are up by 9% year-on-year [2]. - **Jian Nan Chun**: Sales are flat year-on-year [2]. - **Shede and Shui Jing Fang**: Both brands have seen slight declines despite low base comparisons [2].

Group 1 - The core viewpoint of the article highlights the performance of the HuShen 300 Growth ETF managed by Huaxia Fund Management, which has seen a return of 31.56% since its inception on September 5, 2023 [1] - As of the midday close on February 12, the HuShen 300 Growth ETF (159523) increased by 0.76%, reaching a price of 1.324 yuan with a trading volume of 4.6693 million yuan [1] - The top holdings of the ETF include companies such as CATL, which rose by 2.57%, and Gree Moutai, which fell by 1.42%, indicating mixed performance among its key stocks [1] Group 2 - The ETF's performance benchmark is the CSI Select 300 Growth Innovation Strategy Index, which reflects its investment strategy [1] - The fund manager is Zhao Zongting, indicating a specific leadership in the management of the ETF [1] - The ETF has shown a monthly return of 1.97%, suggesting a stable short-term performance [1]

Group 1 - The main stocks with significant capital outflows include Xinyi Technology (-8.52 billion), Zhongji Xuchuang (-7.46 billion), and Shenghong Technology (-7.05 billion) [1] - Other notable stocks with capital outflows are Light Media (-6.74 billion), China Duty Free Group (-5.71 billion), and Zhongwen Online (-5.64 billion) [1] - Guizhou Moutai experienced a capital outflow of -5.61 billion, while Aerospace Electronics saw -5.46 billion [1] Group 2 - The stock performance shows that Xinyi Technology had a decline of -0.31%, and Zhongji Xuchuang decreased by -0.17% [2] - Light Media faced a significant drop of -10.8%, while Zhongwen Online fell by -6.91% [2] - Guizhou Moutai's stock decreased by -1.42%, and Aerospace Electronics dropped by -2.33% [2] Group 3 - Other companies with notable capital outflows include Agricultural Bank (-4.80 billion) and China Satellite (-4.79 billion) [3] - Industrial Fulian had a slight decline of -0.24%, while Xian Dao Intelligent saw a minimal change of -0.05% [3] - The overall trend indicates a significant capital outflow from various sectors, including telecommunications, media, and banking [1][2][3]

Group 1 - The core viewpoint of the article highlights the performance of the 180 Governance ETF (510010), which saw a slight increase of 0.27% to 1.845 yuan as of midday closing on February 12 [1] - The ETF's major holdings include Guizhou Moutai, which fell by 1.42%, China Ping An down by 1.04%, and China Merchants Bank down by 1.60%, while Zijin Mining rose by 1.70% [1] - The ETF is managed by China International Fund Management Co., with a performance benchmark of the Shanghai Stock Exchange 180 Corporate Governance Index, achieving a return of 105.50% since its inception on September 25, 2009, and a return of 0.54% over the past month [1]

Core Viewpoint - The report from China Merchants Securities indicates that the sales performance of key brands is expected to accelerate in the week before the Spring Festival, with tight supply and rising prices supporting market sentiment. Despite a potential decline in financial reports for 2026, leading brands like Moutai and Wuliangye have safe margins in valuation and dividends, suggesting a potential dual upgrade in performance and valuation as negative factors gradually dissipate [1] Industry Overview - Sales performance before the Spring Festival is expected to decline but aligns with forecasts, with Moutai showing leading market conditions. The overall industry is experiencing a double-digit decline in sales, but confidence is gradually recovering as companies ease pressure on sales targets [2] - The overall collection and delivery progress in the industry is slower than the same period last year, with Moutai and Wuliangye showing faster delivery rates. The inventory levels of distributors are lower than last year, but the days of inventory have not decreased significantly due to slower sales [2] Product Analysis - Moutai's sales volume and price have exceeded expectations, with a projected net increase of over 2,000 tons in January. Wuliangye's sales are expected to remain stable, while other brands like Laojiao and Fenjiu are experiencing varying degrees of decline [3] - The demand for low-end products remains, but brands like Jiannanchun and Yanghe are seeing significant declines in sales, with some brands experiencing double-digit drops [3] Consumption Scenarios - Business dining consumption remains suppressed, with mid-to-high-end dining showing poor performance. However, there is a rebound in gift-giving consumption, and the demand for affordable genuine products is increasing, with the proportion of mass consumption rising to 20% [4] Future Outlook - There is potential for further sales growth during the Spring Festival, with Moutai's supply-demand imbalance expected to continue into Q1, supporting prices. The overall industry volume and price have not yet bottomed out, and close attention is needed on the recovery of Wuliangye and Fenjiu's sales and distributor confidence [5] Institutional Holdings - Institutional holdings in the liquor sector are at historical lows, with the proportion of actively managed funds in the liquor sector dropping to 3.5% in Q4 2025. The overweight ratio has also decreased, indicating a stabilization in holdings among major liquor companies [6]

Core Viewpoint - The report from China Merchants Securities indicates that the sales performance of key brands is expected to accelerate in the week before the Spring Festival, with tight supply and rising prices supporting market sentiment. Despite a potential decline in financial reports for 2026, leading brands like Moutai and Wuliangye have safe margins in valuation and dividends, suggesting a potential dual upgrade in performance and valuation as negative factors gradually dissipate [1] Industry Overview - The overall sales performance before the Spring Festival is experiencing a double-digit decline, which aligns with expectations. Demand is steadily increasing as the festival approaches, and companies are no longer under pressure, leading to a gradual clearance of burdens. Industry confidence still requires further recovery [2] - The overall collection and delivery progress in the industry is slower than the same period last year, with manufacturers no longer enforcing strict sales targets. Channel pressures are being released, with Moutai and Wuliangye showing faster delivery progress compared to last year [2] - The concentration effect among leading brands is evident, with premium liquor brands increasing their market share by trading price for volume. Moutai, Wuliangye, and Fenjiu are outperforming the industry, while other brands are experiencing varying degrees of decline [2] Product Analysis - Moutai's sales volume and price have exceeded expectations, with traditional channels delivering monthly and minimal inventory. Sales are growing in double digits, and terminal stocking enthusiasm is rising, with an expected net increase of over 2,000 tons in January [3] - Wuliangye's sales performance varies by region, with expected sales remaining stable or slightly increasing in areas like Sichuan and Anhui. However, other brands like Laojiao and Jiangxiaobai are experiencing significant declines [3] Consumption Scenarios - Business banquet consumption remains suppressed, with mid-to-high-end dining performing poorly. However, there is some recovery in gift-giving, and mass consumption is supported. Moutai's channels are stimulating mass demand, with the proportion of mass consumption increasing to 20% [4] Future Outlook - There is potential for further sales growth during the Spring Festival, with Moutai's supply-demand imbalance expected to continue into Q1, supporting prices. The overall volume and price in the industry have not yet bottomed out, necessitating close observation of Wuliangye and Fenjiu's bottom-line performance and improvements in distributor confidence [5] Institutional Holdings - Institutional holdings in the liquor sector are at historical lows, with the proportion of actively managed funds in the liquor sector falling by 0.5 percentage points to 3.5% in Q4 2025. The overweight ratio for the liquor sector is only 1.0%, down from 1.2% in Q3 2025, approaching levels seen in Q3-Q4 2013 [6]