格隆汇2月13日｜据酒价内参，中国白酒市场十大单品的终端零售均价仍呈结构性分化走势。其中，贵 州茅台飞天酒价格大幅上涨32元/瓶，达1790元/瓶，逼近1800元关口，创下近一个月新高。 ...

Core Viewpoint - The food and beverage sector is experiencing a counter-trend rise, with the Huabao Food and Beverage ETF (515710) showing a 0.51% increase, driven by strong performances from leading liquor stocks like Kweichow Moutai and Wuliangye [1][3]. Group 1: Market Performance - The Huabao Food and Beverage ETF opened higher and is currently up 0.51% [1]. - Major liquor stocks such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao have seen increases of over 1% [1]. - The food and beverage sector's valuation is at a historical low, with the ETF's underlying index PE ratio at 20.32, placing it in the 8.02% percentile over the past decade [3]. Group 2: Consumer Behavior and Logistics - The iMoutai App will remain operational during the Spring Festival, with extended pickup periods and adjusted logistics to enhance consumer experience [3]. - The adjustments in logistics and service during the holiday period aim to smooth out sales fluctuations and maintain brand market heat [3]. Group 3: Future Outlook - Analysts suggest that the liquor industry is entering a phase of rapid performance clearing, with demand expected to show weak recovery as policy pressures ease [3]. - The industry is currently at a low valuation, with pessimistic expectations fully priced in, indicating a clearer bottoming out trend [3]. - The industry is expected to see a recovery in wholesale prices, with leading liquor companies increasing dividend payouts, enhancing their investment appeal [3]. Group 4: ETF Composition - The Huabao Food and Beverage ETF tracks the CSI segmented food and beverage industry index, with approximately 60% of its holdings in high-end and mid-range liquor stocks [4]. - The top ten weighted stocks in the ETF include leading brands such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao, along with dairy and seasoning companies [4].

Core Viewpoint - The food and beverage sector is experiencing a counter-trend rally, with the Huabao Food and Beverage ETF (515710) showing a price increase of 0.51% as of the latest update, driven by strong performances from leading liquor stocks like Kweichow Moutai and Wuliangye [1][7]. Group 1: Market Performance - The Huabao Food and Beverage ETF (515710) opened higher and is currently up by 0.51% [1][7]. - Major liquor stocks such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao have seen gains exceeding 1% [1][7]. Group 2: Consumer Behavior and Logistics - The "i Moutai" app will remain operational during the Spring Festival, allowing consumers to place orders, with adjustments made to logistics and in-store services due to the holiday [3][9]. - The effective period for in-store pickup orders has been extended to March 2, and express delivery for certain products will be paused from February 12 to 21, resuming on February 22 [3][9]. Group 3: Valuation and Investment Opportunities - The food and beverage sector is currently at a historical low in terms of valuation, with the price-to-earnings ratio of the underlying index for the Huabao ETF at 20.32, which is in the 8.02% percentile of the last decade [10]. - This low valuation presents a favorable opportunity for medium to long-term investment in the sector [10]. Group 4: Future Outlook - Analysts predict that liquor companies are entering a phase of rapid performance recovery, with demand expected to show weak recovery as policy pressures ease [11]. - The industry is currently characterized by low valuations and fully priced pessimistic expectations, indicating a clearer direction for future performance [11]. - The Huabao Food and Beverage ETF is recommended for investors looking to allocate capital to core assets in the food and beverage sector, with a significant portion of its holdings in leading liquor brands [11].

Group 1 - The core viewpoint of the articles highlights a positive trend in the consumer sector, particularly in the food and beverage industry, driven by seasonal consumption patterns related to the upcoming Spring Festival [1][2] - The main consumption index has shown a slight recovery in January 2026, with significant increases in sub-sectors such as prepared foods, snacks, and alcoholic beverages, indicating a strong influence of holiday consumption on market dynamics [1] - The white wine sector is expected to perform better than market expectations during the Spring Festival, with increasing sales momentum as the holiday approaches, supported by resilient consumer spending [1] Group 2 - The consumption ETF managed by Harvest (512600) tracks the major consumer index, which includes leading A-share companies across various sectors, with white wine being the largest segment, accounting for over 38% of the index [2] - Investors can also access the consumption recovery trend through the consumption ETF linked fund (009180), providing an additional avenue for investment in the sector [3]

Core Viewpoint - The article highlights the trend of A-share listed companies implementing cash dividends ahead of the Spring Festival, indicating a shift towards a "return-focused" market environment driven by regulatory policies and improved corporate governance [2][6]. Group 1: Cash Dividends Overview - As of February 11, 57 A-share listed companies have implemented cash dividends totaling 409.11 billion yuan since February [2]. - Notable companies such as Changjiang Electric Power and Darentang have announced significant cash dividends, with Changjiang Electric Power distributing over 51 billion yuan [3][4]. - From December 1, 2025, to February 11, 2026, 289 A-share companies have distributed cash dividends amounting to 3,896.83 billion yuan, reflecting a year-on-year growth of approximately 13% [4]. Group 2: Industry Insights - The financial and consumer sectors continue to dominate cash dividends, with banks accounting for 8 out of the top 10 companies by total dividend amount [4]. - The total cash dividends from 19 listed banks reached 2,627.34 billion yuan, representing 67% of the total dividends during the specified period [4]. - In the food and beverage sector, 23 listed companies have distributed cash dividends totaling 494.84 billion yuan, with leading firms like Kweichow Moutai and Wuliangye contributing significantly [5]. Group 3: Regulatory Influence - Recent policies, including the new "National Nine Articles," have emphasized the importance of cash dividends, encouraging companies to enhance dividend stability and predictability [6][7]. - The China Securities Regulatory Commission has advocated for multiple dividends per year and pre-dividend announcements to improve investor returns [6]. - The Shanghai and Shenzhen Stock Exchanges are promoting initiatives to enhance cash dividend policies and increase the frequency of cash distributions [7].

Summary of the Conference Call on Real Estate Wine Distributors Industry Overview - The conference call focused on the real estate wine distribution industry, particularly the performance of various brands during the January 2026 period and the impact of the economic environment on sales. Key Points and Arguments Company Performance - **Jinhui Wine**: January order volume exceeded expectations, with the soft series growing approximately 10% year-on-year, while the star series showed weak performance, leading to an expected annual sales decline [2][5] - **Sales Trends**: High-end products like Jinhui 18 and 28 years performed well, while lower-tier products like Hongchuan faced significant declines [6][19] - **Sales Environment**: Overall white wine sales during the Spring Festival were lower than the previous year, attributed to a poor economic environment rather than the impact of alcohol bans [11][12] Competitive Landscape - **Price Adjustments**: Moutai and Wuliangye reduced prices, stimulating sales, while Jinhui maintained stable pricing despite market fluctuations [7][10] - **Market Share**: Competitors like Hongchuan and Jinxiu Longnan did not significantly capture market share, while Binhai saw an increase in sales due to enhanced user engagement and promotional efforts [15] Regional Insights - **Gansu Region**: The impact of the alcohol ban has diminished, but economic conditions remain a significant factor affecting sales [11][22] - **Jiangsu Region**: Distributors reported high inventory levels and a 20% decline in overall signing volume compared to the previous year, indicating a lack of market confidence [27][32] Consumer Behavior - **Purchasing Trends**: Consumers showed reduced purchasing enthusiasm, with many opting for lower quantities of high-end products compared to previous years [12][30] - **Profit Margins**: Low channel profits are leading to decreased willingness to stock products, with some distributors only making around 5 yuan profit per bottle [31] Future Outlook - **Market Recovery**: Expectations for a market recovery are set for April 2026, with potential growth in high-end brands like Moutai and Wuliangye, although overall economic conditions may limit growth potential [42][44] - **Brand Performance**: Jinhui and Binhai are expected to have growth potential, but they must navigate challenges posed by the economic environment [19][40] Additional Insights - **Promotional Strategies**: Manufacturers have reduced promotional spending but continue to hold tasting events, indicating a shift in marketing strategy [14] - **Inventory Management**: Distributors are managing inventory carefully, with a current cycle of 4-5 months compared to 3 months last year, reflecting cautious purchasing behavior [25] Conclusion The conference highlighted the challenges faced by the real estate wine distribution industry, including economic pressures, competitive pricing strategies, and changing consumer behaviors. While some brands show potential for growth, the overall market remains cautious, with expectations for recovery in the coming months.

Core Viewpoint - The article discusses the performance of the HuShen 300 ETF managed by Harvest Fund Management, highlighting its recent market movements and key holdings [1] Group 1: ETF Performance - The HuShen 300 ETF (159919) opened at 4.918 yuan, experiencing a decline of 0.22% [1] - Since its establishment on May 7, 2012, the fund has achieved a return of 129.33%, while its return over the past month is -1.31% [1] Group 2: Key Holdings Performance - Notable stocks within the ETF include: - CATL (宁德时代) down 0.07% - Kweichow Moutai (贵州茅台) unchanged at 0.00% - Ping An Insurance (中国平安) down 0.59% - Zhongji Xuchuang (中际旭创) down 0.66% - Zijin Mining (紫金矿业) down 3.75% - China Merchants Bank (招商银行) down 0.10% - Xinyi Technology (新易盛) down 1.02% - Midea Group (美的集团) down 0.36% - Industrial Bank (兴业银行) up 0.05% - Yangtze Power (长江电力) up 0.04% [1] Group 3: Management Information - The ETF is managed by Harvest Fund Management Co., Ltd., with Liu Jiayin as the fund manager [1]

Core Viewpoint - The "Wine Price Reference" by Sina Finance has launched, providing real-time data on the retail prices of major Chinese liquor brands, indicating a structurally differentiated price trend in the market as of February 13, 2026 [1][8]. Price Trends - The average retail price of the top ten liquor products is 9,189 yuan, showing a slight increase of 3 yuan from the previous day [1][8]. - Among the top ten products, four saw price increases while six experienced declines, highlighting significant price differentiation [4][10]. Specific Product Price Changes - Guizhou Moutai (Flying Moutai) increased by 32 yuan to 1,790 yuan per bottle, reaching a one-month high due to tight supply and limited availability [4][10]. - Other products with price increases include: - Ancient Well Tribute Wine 20: up 3 yuan to 538 yuan [4][10] - Crystal Jian Nan Chun: up 3 yuan to 406 yuan [3][10] - Qinghua Fen 20: up 1 yuan to 384 yuan [4][10] - Products with price declines include: - Qinghua Lang: down 12 yuan to 698 yuan [4][10] - Boutique Moutai: down 9 yuan to 2,415 yuan [4][10] - Wuliangye Pu 58: down 7 yuan to 808 yuan [4][10] - Guojiao 1573: down 5 yuan to 885 yuan [4][10] - Yanghe Dream Blue M6+: down 2 yuan to 613 yuan [4][10] - Xijiu Junpin: down 1 yuan to 652 yuan [4][10] Market Analysis - The data for "Wine Price Reference" is sourced from approximately 200 collection points across major regions, including designated distributors and retail outlets, ensuring objective and traceable pricing information [5][11]. - A recent report from招商证券 indicates a double-digit decline in liquor sales before the Spring Festival, aligning with expectations. Guizhou Moutai shows strong performance with a price recovery to the range of 1,600 to 1,700 yuan, while other brands like Luzhou Laojiao and Shanxi Fenjiu are experiencing varying degrees of sales decline [6][11].

Core Viewpoint - The "Wine Price Reference" by Sina Finance has launched, providing real-time data on the retail prices of major Chinese liquor brands, indicating a structurally differentiated price trend in the market as of February 13, 2026 [1][8]. Price Trends - The average retail price of the top ten liquor products is 9,189 yuan, showing a slight increase of 3 yuan from the previous day [1][8]. - Among the top ten products, four saw price increases while six experienced declines, highlighting significant price differentiation [4][10]. Specific Product Price Changes - Guizhou Moutai (Flying Moutai) increased by 32 yuan to 1,790 yuan per bottle, reaching a one-month high due to tight supply and limited availability [4][10]. - Other products with price increases include: - Ancient Well Tribute Wine 20: up 3 yuan to 538 yuan [4][10] - Crystal Jian Nan Chun: up 3 yuan to 406 yuan [4][10] - Qinghua Fen 20: up 1 yuan to 384 yuan [4][10] - Products with price declines include: - Qinghua Lang: down 12 yuan to 698 yuan [4][10] - Boutique Moutai: down 9 yuan to 2,415 yuan [4][10] - Wuliangye Pu 58: down 7 yuan to 808 yuan [4][10] - Guojiao 1573: down 5 yuan to 885 yuan [4][10] - Yanghe Dream Blue M6+: down 2 yuan to 613 yuan [4][10] - Xijiu Junpin: down 1 yuan to 652 yuan [4][10]. Market Analysis - A recent report from招商证券 indicates that the liquor industry is experiencing a double-digit decline in sales leading up to the Spring Festival, which aligns with expectations [6][11]. - Guizhou Moutai is showing strong performance with a significant increase in sales volume and price recovery, while other brands like Luzhou Laojiao and Shanxi Fenjiu are facing varying degrees of decline [6][11]. - The report suggests that the liquor sector may see a recovery in both performance and valuation as cyclical constraints gradually diminish [6][11].

Core Insights - The article highlights the launch of "Wine Price Reference" by Sina Finance, which provides real-time data on the retail prices of major Chinese liquor brands, indicating a structurally differentiated price trend in the market as of February 13, 2026 [1][8]. Price Trends - The average retail price of the top ten liquor products in China is reported at 9,189 yuan, showing a slight increase of 3 yuan from the previous day [1][8]. - Among the top ten products, four saw price increases while six experienced declines, indicating a clear price differentiation [4][10]. Specific Product Price Changes - Notable price changes include: - Guizhou Moutai (Flying Moutai) increased by 32 yuan to 1,790 yuan per bottle, reaching a one-month high due to tight supply and limited availability [4][10]. - Other products that increased include: - Gujing Gongjiu 20: up 3 yuan to 538 yuan [4][10]. - Shuijing Jian Nan Chun: up 3 yuan to 406 yuan [10]. - Qinghua Fen 20: up 1 yuan to 384 yuan [4][10]. - Products that decreased include: - Qinghua Lang: down 12 yuan to 698 yuan, marking a significant drop over three consecutive days [4][10]. - Boutique Moutai: down 9 yuan to 2,415 yuan [4][10]. - Wuliangye and Guojiao 1573: down 7 yuan to 808 yuan and 5 yuan to 885 yuan respectively [4][10]. Market Analysis - The data for "Wine Price Reference" is sourced from approximately 200 collection points across various regions, including designated distributors and major retail platforms, ensuring a comprehensive and objective price tracking [5][11]. - A recent report from招商证券 indicates a double-digit decline in liquor sales leading up to the Spring Festival, with Guizhou Moutai showing strong performance and a price recovery in the range of 1,600 to 1,700 yuan [6][11]. - The report also notes that the proportion of mass consumption has increased to 20%, and a supply-demand imbalance is expected to persist in the first quarter [6][11].