Summary of Conference Call Records Industry Overview: High-End Baijiu Market Key Points - The high-end baijiu market is experiencing an overall decline, but leading brands like Moutai and Wuliangye are gaining market share due to price adjustments and stable gifting demand, with consumer choices becoming more concentrated [1][7] - Business consumption has significantly decreased, with a reported drop of 30%-40% in formal business segments [6] - The overall sentiment in the baijiu market is cautious, yet there remains a rigid demand for gifting [2] Company-Specific Insights Moutai - Moutai's current price is around 1,650 yuan, with low inventory levels; the company expects to clear most of its historical inventory before the Spring Festival [3] - A new 1×4 specification product was launched to cater to price-sensitive consumers amid economic downturns, with expected demand peaking around the Spring Festival [8] - Post-Spring Festival, Moutai's price is anticipated to fluctuate between 1,500 and 1,600 yuan, depending on supply dynamics [9] Wuliangye - Wuliangye has achieved a 60% collection rate, with a 30% increase in contracts compared to the previous year, and a stable wholesale price around 790 yuan [3][20] - The company has implemented strategies such as adjusting payment and delivery methods to stabilize prices and improve sales performance [11][12] - In the Chengdu region, Wuliangye's sales have increased by 30%-40% due to streamlined operations and focused distribution [13] Guojiao 1573 - Guojiao 1573 is facing significant sales pressure, particularly in the Chengdu market, with a reported decline of 32%-33% year-on-year [3][21] - The company is struggling with slow collection rates and high inventory levels, leading to potential adjustments in market strategy [1][16] Other Brands - Secondary high-end brands like Jian Nan Chun and Hong Hua Lang have shown mixed performance, with Jian Nan Chun remaining stable while others like She De and Shui Jing Fang have seen declines [4][5] - The overall performance of mid-range baijiu brands remains stable, but there is a noticeable decline in demand for business event wines [8] Market Dynamics - The gifting market for high-end baijiu remains stable, accounting for 60%-70% of the gifting market share, despite a general decline in overall consumption [15] - The non-standard product segment is experiencing a decline of about 30%, primarily due to reduced product offerings [10] - The competitive landscape in the 1,000 yuan price segment is primarily dominated by Wuliangye, with Moutai's 1,935 product impacting market dynamics [45] Future Outlook - The high-end baijiu market is expected to stabilize, with potential growth in specific segments like Moutai and premium products, especially if market activities increase post-Spring Festival [46][48] - The trend of concentrating premium Moutai products among large distributors is likely to enhance market stability and pricing structures [49] This summary encapsulates the key insights from the conference call records, highlighting the current state and future expectations of the high-end baijiu market and its leading companies.

展望后市，开源证券表示，经过前期持续调整，食品饮料板块当前已处于基本面与估值的较低位置，或 具备显著的布局价值。2025年12月CPI同比上涨0.8%，呈现温和修复态势。叠加已经明确扩内需促消费 的政策基调，行业需求底部回暖信号渐显。当前板块估值与政策低形成共振，悲观预期逐步释放，为布 局提供了安全边际。当前白酒板块估值处于近年来低位，市场预期低且筹码结构较好，基本面接近底 部，或具备布局价值。 图片、数据来源：沪深交易所等，截至2026.2.5。 吃喝板块今日（2月5日）继续上攻！反映吃喝板块整体走势的食品饮料ETF华宝（515710）开盘后震荡 走高，盘中场内价格最高涨1%，截至发稿，逆市涨0.5%。 成份股方面，大众品涨幅居前，部分白酒龙头亦表现亮眼。截至发稿，新乳业、金徽酒双双大涨超 4%，千禾味业涨超3%，古井贡酒、舍得酒业、贵州茅台等亦涨幅居前。 | 分时 #日 1分 5分 15分 30分 60分 日 周 月 更多 | F9 盘航盘版 露加 九种 图纸 工具 @ 0 > | 食品饮料ETF华宝 O | 515710 | 515710)食品饮料ETF华富] 09:56 快 0.602 温默 0.00 ...

今日（2.5），大盘再度震荡，资金高低切换，消费板块走强。聚焦纯正新消费的港股通消费ETF汇添富（159268）放量涨超2%！资金持续青睐，近5日有3 日获净流入，累计"吸金"超4600万元！ 港股通消费ETF汇添富（159268）标的指数热门成分股中，百盛中国涨超7%，巨子生物涨超6%，泡泡玛特、海底捞涨超4%，老铺黄金涨超3%（标的指数 成分股仅做展示，不作为个股推介）。 消息面上，百胜中国公布2025年度业绩，总收入117.97亿美元，同比增加4%；净利润9.29亿美元，增长2%，每股盈利2.52美元。每股派息29美仙。单计第四 季度，总收入28.23亿美元，同比增加9%；净利润1.4亿美元，增长22%，每股盈利40美元。经营利润增长25%至1.87亿美元。季内，同店销售额增长3%，连 续第三个季度实现增长。 | 南昌 | 什么样 | 名称 | 估自权軍 | | | | --- | --- | --- | --- | --- | --- | | 1 | 9992 | 泡泡玛特 | 9.01% | 4.81% | 14.05 Z | | 2 | 9987 | 百胜中国 | 8.26% | 7 44% | ...

Core Viewpoint - The food and beverage sector continues to show upward momentum, with the Huabao Food and Beverage ETF (515710) experiencing a rise of 0.5% as of the latest update, despite market fluctuations [1][8]. Market Performance - The Huabao Food and Beverage ETF opened with volatility but reached a peak increase of 1% during the trading session [1][8]. - Key stocks in the sector, particularly in consumer goods and leading liquor brands, have shown significant gains, with New Dairy and Jinhui Liquor both rising over 4%, and Qianhe Flavor Industry increasing by over 3% [1][8]. New Product Launch - On February 4, Kweichow Moutai announced the launch of a new blueberry sparkling wine on its e-commerce platform, priced at 99 yuan per 375ml bottle, aligning with its strategy to appeal to younger consumers [2][10]. Strategic Insights - Analysts suggest that the launch of the blueberry sparkling wine is a strategic move for Moutai to enhance its brand appeal and market penetration, potentially leading to significant sales growth in the short term and establishing a foothold in the mass market in the long term [3][10]. - The food and beverage sector is currently viewed as undervalued, with the price-to-earnings ratio of the underlying index for the Huabao ETF at 20.93, placing it in the lower percentile of the past decade [3][10]. Investment Opportunities - The Huabao Food and Beverage ETF is structured to allocate approximately 60% of its portfolio to leading high-end and mid-range liquor stocks, while the remaining 40% is invested in leading companies across beverages, dairy, and condiments [4][11]. - Investors can also consider the Huabao Food and Beverage ETF linked funds for exposure to core assets in the sector [4][11]. Future Outlook - Analysts from Kaiyuan Securities indicate that the food and beverage sector is currently at a low point in terms of fundamentals and valuations, suggesting a potential for significant investment opportunities [5][13]. - The Consumer Price Index (CPI) is expected to show a mild recovery, with a projected year-on-year increase of 0.8% by December 2025, indicating a gradual improvement in industry demand [5][13].

Core Insights - The 2025 Hurun China Brand List has been released, for the first time including non-Chinese brands, providing a comprehensive overview of the Chinese market [1][4]. Brand Rankings - Apple tops the list with a brand value of 1.11 trillion yuan, followed by Kweichow Moutai at 795 billion yuan, maintaining its position as the highest-valued Chinese brand [1][4]. - WeChat ranks third with a brand value of 325 billion yuan, overtaking Douyin as the most valuable private Chinese brand [1][4]. - Douyin's brand value increased by 14% to 280 billion yuan, but it dropped two places to fourth [1][4]. - Tesla makes its debut on the list with a brand value of 270 billion yuan, ranking fifth [1][4]. Notable Brand Performance - Pop Mart is highlighted as the brand with the largest growth, with a brand value increase of 288% to 48.5 billion yuan, entering the top 50 [1][4]. - The consumer electronics sector, led by Apple, has surpassed the liquor industry to become the highest-valued sector on the list, while liquor remains the highest-valued sector for domestic brands [1][4].

来源：酒业内参 "酒价内参"的每日数据源自全国各大区均有合理分布的约200个采集点，包括但不限于酒企的指定经销 商、社会经销商、电商平台和零售网点等，原始取样数据为过去24个小时中各点位经手的真实成交终端 零售价格，力求为社会各界提供一份关于知名白酒市场价格的客观、真实、科学、全程可追溯的数据。 随着元旦官方i茅台平台开始出售1499元/瓶的飞天茅台，以及1月9日开始出售2299元/瓶的精品茅台，这 一新产生的渠道对两款产品市场终端零售均价的磁吸式影响力已逐步显现。"酒价内参"每日发布的酒价 遵循对真实成交量加权的计算规则，我们已逐渐将可确量的价格引入飞天茅台和精品茅台终端零售价的 计算中。 【点击进入酒价内参，查看真实酒价】 白酒业的重要新闻方面，近日贵州茅台的股价显著反弹，昨日盘中重新站上1500元关口，收盘报1525 元/股，为2025年9月中旬以来首次。知名投资人段永平近期公开表示已减持部分港股，转而加仓约1.03 亿元买入贵州茅台，并对直销平台"i茅台"的销售机制提出技术性建议，他还称："要是一直抢（飞天茅 台）的话（目前这个价位我估计会一年抢到头），茅台也许应该考虑每年温和涨价，比如每年涨个5- ...

Group 1 - The stock market style may be changing, with a notable adjustment in US tech stocks, including Oracle's price dropping nearly 60% from its peak and SNDK experiencing a significant decline [1] - A-shares may see a shift in style, with banks and dividend stocks potentially outperforming, leading to a focus on quality banks such as Jiangsu Bank, Nanjing Bank, Hangzhou Bank, Ningbo Bank, and China Merchants Bank for potential gains [1] - As of February 4, 2026, the Shanghai 180 Index (000010) rose by 1.01%, with component stocks like JinkoSolar up 20.00%, Yanzhou Coal Mining up 10.01%, and China Shenhua Energy also seeing gains [1] Group 2 - The Shanghai 180 ETF index fund (530280) has seen a net value increase of 14.84% over the past six months, with a maximum monthly return of 9.13% since inception [2] - The fund has a historical average monthly return of 3.08% and a 100% probability of profitability over one year, with a Sharpe ratio of 2.08 as of January 30, 2026 [2] - The fund's maximum drawdown this year is 4.28%, with a management fee of 0.15% and a custody fee of 0.05% [2] Group 3 - As of January 30, 2026, the top ten weighted stocks in the Shanghai 180 Index include Zijin Mining, Kweichow Moutai, China Ping An, and others, collectively accounting for 24.85% of the index [3] - The individual weightings of these stocks vary, with Kweichow Moutai at 4.22% and China Ping An at 2.87% [4]

登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 分析师：张刚 资料来源：Wind,中原证券 -8% -1% 6% 14% 21% 28% 35% 42% 2025.02 2025.06 2025.10 2026.02 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 4,102.20 | 0.85 | | 深证成指 | | 14,156.27 | 0.21 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 4,698.68 | 0.83 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 4,591.65 | 0.86 | | 中证 | 500 | 8,299.06 | 0.15 | | 中证 | 1000 | 6 ...

自去年四季度遭遇机构减持、估值承压以来，白酒板块持续低位盘整。近期以贵州茅台为首的头部酒企 呈现股价与批发价同步回暖态势，尤其是飞天茅台批价自年初低点持续回升，同时，地产行业景气转 暖，市场资金存在高低切换的需求，这些因素共同支撑近期白酒板块的反弹行情。 市场分歧随之加剧：这究竟是白酒长期下跌通道中的技术性反弹，还是行业基本面触底、周期拐点渐近 的真正信号？ 股价回暖的背后：批价反弹、宏观暖风与资金轮动 2月4日，白酒股继续反弹，贵州茅台高开高走，收报1525元，涨3.4%，这是该公司股价自2025年9月15 日以来首次重回1500元。 贵州茅台此轮股价反弹并非孤立现象，1月末以来，山西汾酒（600809.SH）、泸州老窖 （000568.SZ）、酒鬼酒（000799.SZ）、水井坊（600779.SH）等白酒股涨幅均超过10%。中证白酒指 数在1月28日阶段性见底后，目前已累计反弹10.27%，跑赢主要股指。 业内认为，消费旺季、宏观暖风、资金高低切换等多项因素催化这轮白酒股集体上涨。首先，茅台批价 的全线回暖是直接催化剂。近期，飞天茅台批发价逐步脱离前期低点，在春节前消费旺季推动下，酒价 呈现上涨趋势。 ...

2026.02. 04 本文字数：2387，阅读时长大约4分钟 作者 | 第一财经 魏中原 时隔94个交易日，贵州茅台（600519.SH）2月4日收盘股价重新站上1500元关口，最近五个交易日，该股累计上涨15.21%，大幅跑赢大盘。"茅 王"沉寂许久的股价表现迅速点燃了市场对白酒板块的关注。 自去年四季度遭遇机构减持、估值承压以来，白酒板块持续低位盘整。近期以贵州茅台为首的头部酒企呈现股价与批发价同步回暖态势，尤其是飞天茅 台批价自年初低点持续回升，同时，地产行业景气转暖，市场资金存在高低切换的需求，这些因素共同支撑近期白酒板块的反弹行情。 市场分歧随之加剧：这究竟是白酒长期下跌通道中的技术性反弹，还是行业基本面触底、周期拐点渐近的真正信号？ 股价回暖的背后：批价反弹、宏观暖风与资金轮动 2月4日，白酒股继续反弹，贵州茅台高开高走，收报1525元，涨3.4%，这是该公司股价自2025年9月15日以来首次重回1500元。 贵州茅台此轮股价反弹并非孤立现象，1月末以来，山西汾酒（600809.SH）、泸州老窖（000568.SZ）、酒鬼酒（000799.SZ）、水井坊 （600779.SH）等白酒股涨幅均超过 ...