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]

Group 1 - The core viewpoint of the news highlights the poor performance of liquor and consumer goods stocks, with significant declines in companies like Lianhua Holdings and Gujing Gongjiu, impacting the overall sector [1] - The wholesale price of Moutai liquor has increased, with the 2026 original box price rising by 25 yuan to 1715 yuan per bottle, while the 2025 original box price also saw a similar increase [2][3] - The food and beverage sector is currently at a historical low in terms of valuation, suggesting a potential good entry point for investments, with the food and beverage ETF's price-to-earnings ratio at 20.58 times, which is in the 9.2% percentile of the last decade [3] Group 2 - Analysts expect improvements in supply and demand relationships across various sub-sectors in 2026, with a clearer recovery in the Consumer Price Index (CPI), indicating a potential bottoming out for traditional consumption sectors [3] - The food and beverage sector is seen as a crucial part of domestic demand, with government policies aimed at boosting consumption and expanding domestic demand expected to positively impact the sector [3] - The food and beverage ETF is heavily weighted towards leading high-end and mid-range liquor stocks, with approximately 60% of its portfolio allocated to these companies, including major brands like Moutai and Wuliangye [3]

销量方面也呈现"供不应求"，大超市场预期。1-2月的配额，叠加上经销商自愿申请的首批3月配额，使 得目前茅台酒投放量已经超过全年规划的30%。 关注食品饮料ETF（515170.SH），被动跟踪细分食品指数、持仓透明、风格不漂移，细分食品指数重 仓一二线优质白酒龙头，龙头有品牌效应强、高价格带具备韧性且注重分红等特征，目前食品饮料ETF （515170.SH）持仓贵州茅台18%。场外基金投资者也可以逢低定投华夏食品饮料ETF联接基金C份额 （013126.OF）。 据今日酒价2月12日最新数据，2026年飞天茅台原箱最新报1715元/瓶，较上一日跳涨25元/瓶。随着春 节宴请旺季到来，飞天茅台最近两周批发价格在1600元～1760元间反复波动，企稳迹象显著。贵州茅台 股价则在连续拉涨后，于1500元/股附近维持震荡，节前市场成交清淡、资金情绪偏谨慎。 飞天茅台近期终端价格也稳步攀升。据酒业内参，飞天茅台终端价格成交均价从1月30日的1665元，迅 速涨至2月初的1755元，而后虽有回落，但已多日稳定于1750元之上。截至今日，飞天茅台终端成交均 价为1757元，对比前一日上涨6元。 ...

此前飞天茅台高达3000多元仍一瓶难求，现在能以1499元的价格入手，让更多消费者有机会体验茅台品 质，这是市场热销的基础逻辑。加之年底高端白酒本身存在刚性需求，预计春节后茅台的市场热度仍将 延续。 春节临近，茅台市场热度持续攀升。 其中，i茅台App的火爆程度尤其引人注目，甚至一度因瞬时抢购人数过多而出现页面加载困难。这轮抢 购热潮的背后，黄牛的助推不容忽视。由于转手即可获利，不少黄牛采用自动抢购脚本、提前入场软件 等科技手段来抢茅台。此前i茅台发布公告回应称，29天拦截异常行为4.26亿次。 这种由代抢推波助澜的热销景象，不禁让人思考：这波热潮究竟是白酒行业真正回暖的"春天"信号，还 是市场分化中的一阵"倒春寒"？ 代抢变相稳价？ 尽管茅台官方持续加强管控，针对同一IP下单、同一地址和电话收货的8类异常订单，采取强制退款措 施，但由于平台售价与市场实际价格之间仍存在利润空间，代抢生意依然存在。 在这波代抢生意中，酒周志经调查发现主要存在两种操作模式：一类是依赖技术手段，通过机器人自动 上号，号称"百分百中签"；另一类则主打纯手工代抢，自称中率可达80%左右。在闲鱼、小红书等平台 上，代抢服务的报价大多集中 ...

Core Viewpoint - The Chinese liquor market is experiencing a structural differentiation in retail prices, with the average price of the top ten products showing a slight increase, indicating varied performance across different price segments [1][6]. Price Trends - The total retail price for a package of the top ten liquor products is 9,186 yuan, up by 3 yuan from the previous day [1][6]. - The market shows a mixed trend with five products increasing in price and five decreasing [7]. - Notable price increases include: - Guizhou Moutai's premium liquor, which rose by 24 yuan per bottle, reaching a 30-day high [7]. - Wuliangye's 58th generation increased by 7 yuan per bottle, marking a one-month peak [7]. - Other products like Guojiao 1573 and Shuijing Jianshan Chun saw increases of 4 yuan and 3 yuan per bottle, respectively [7]. - Decreases were observed in products such as Yanghe Dream Blue M6+, which fell by 15 yuan per bottle, and Guqing Gong Gu 20, which decreased by 9 yuan [7]. Market Data Collection - The daily data for liquor prices is sourced from approximately 200 collection points across various regions, including designated distributors, social distributors, e-commerce platforms, and retail outlets [2][8]. - The data aims to provide an objective and traceable representation of the market prices for well-known liquor brands [2][8]. Market Analysis - JPMorgan recently reaffirmed a positive outlook on the Chinese stock market, emphasizing the potential for cyclical and growth stocks to outperform defensive stocks [2][8]. - The report highlights Guizhou Moutai as a key representative of high-end liquor, along with Wuliangye, as preferred investment targets [2][8].

Core Viewpoint - The Chinese liquor market is experiencing a structural differentiation in retail prices, with the average price of the top ten products showing a slight increase, indicating varied performance across different price segments [1][6]. Price Trends - The total retail price for a package of the top ten liquor products is 9,186 yuan, up by 3 yuan from the previous day [1][6]. - The market shows a mixed trend with five products increasing in price and five decreasing [7]. - Notable price increases include: - Guizhou Moutai's premium liquor, up 24 yuan per bottle, reaching a 30-day high due to pre-Spring Festival demand [7]. - Wuliangye's 58th generation, up 7 yuan per bottle, marking a one-month high [7]. - Other increases include 4 yuan for Guojiao 1573 and 3 yuan for Shuijingjiu [7]. - Decreases in price include: - Yanghe Dream Blue M6+, down 15 yuan per bottle [7]. - Guqingong 20, down 9 yuan per bottle [7]. - Other declines include 6 yuan for Qinghualang and 4 yuan for Xijiu Junpin [7]. Market Data Collection - The data for liquor prices is sourced from approximately 200 collection points across various regions, including designated distributors, social distributors, e-commerce platforms, and retail outlets [2][8]. - The pricing data aims to provide an objective and traceable overview of the market [2][8]. Market Analysis - JPMorgan recently reaffirmed a positive outlook on the Chinese stock market, suggesting that the appreciation of the RMB against the USD typically boosts stock returns [2][8]. - The report highlights high-end liquor, particularly Guizhou Moutai and Wuliangye, as key investment areas, alongside other sectors like gold, tourism, and education [2][8].

文 | 《酒业内参》张奥 近日，茅台掀起抢购潮，部分酒商出现"断货"。 多位酒商向《酒业内参》表示，目前处于无库存或低库存，飞天茅台基本没有货。据悉，茅台经销商的1-2月份配额早 在1月底前售罄，并且清空了去年的库存。部分经销商向酒厂提前申请了3月份的首批配额，该批次货源以1×4规格 （一箱四瓶装）为主。 即便如此，供给仍跟不上市场需求。茅台酒商吴斌（化名）表示，目前3月的首批配额已经全部卖完，"动销实在太好 了，根本不够卖"。 有接近茅台人士透露，1-2月的配额，叠加上经销商自愿申请的首批3月配额，使得目前茅台酒的投放量已经超过全年 规划的30%。 另据新浪财经《酒价内参》显示，飞天茅台近期价格稳步攀升且"站稳"1750元，最新终端成交均价为1757元。 "卖光了！现在已经无货可卖" 春节日渐临近，酒水消费市场迎来年度黄金旺季。尤其是茅台，市场需求极为旺盛。今年1月1日i茅台常态化开售1499 元/瓶53度 500ml飞天茅台，每日上线不足半小时便全面售罄。 据i茅台发布的最新数据显示，1月新增用户628万，月活超1531万，订单212万笔，其中仅飞天53度500ml茅台就成交 143万笔。不久前，因访问量 ...

茅台的"诺曼底时刻"？20260211 摘要 2026 年茅台调整策略，仅与经销商签署飞天合同，非标产品转至线上， 精品酒仅在直营店销售，旨在适应市场变化，提高品牌控制力和消费者 体验，需关注市场反馈及时调整。 春节前茅台销量大增，价格上涨至 1,500-1,600 元，原因包括高端酒消 费集中、追涨心理、APP 引流及信息不对称。公司按计划发货，预计节 后价格回落至 1,600 元左右。 飞天茅台放量计划明确，预计 500ml 装增量超 15%，甚至达 20%- 30%，老酒储备充足。市场承接能力较强，新消费群体扩大，经销商积 极推动，预计市场表现良好。 茅台减少小规格产品，侧重 500ml 瓶装，通过降低单价提高性价比，吸 引更多消费者，旨在优化产品线，满足不同消费群体需求，实现饮用人 数增长目标。 茅台占据高端白酒市场份额增加，千元以上价格带短期内仍由茅台主导， 其他品牌面临挑战，需寻找差异化定位和创新发展路径应对竞争。 Q&A 最近一段时间茅台酒厂的打款发货节奏、库存去化水平和动销表现如何？ 目前经销商已经普遍完成了打款，一二月份的计划基本上在二月底之前全部到 位。三月份的部分提前执行，1×4 规格茅 ...

Core Insights - The white liquor market is experiencing a significant recovery as the Lunar New Year approaches, with notable price fluctuations and increased sales activity across major cities in the Bay Area [1][10]. Group 1: Market Trends - The demand for white liquor is rising, particularly for high-end brands like Moutai, which is leading a price increase trend due to strong gifting and collecting demand [1][8]. - The overall market shows a mixed price performance, with some high-end and mid-range brands experiencing price declines while others see increases, indicating a complex market landscape [1][3][11]. Group 2: Price Dynamics - In Guangzhou, the average price of several high-end products has decreased slightly, with the largest drop being approximately 32 yuan for the "Jiu Gui Jiu Neican" product [4]. - Conversely, in Shenzhen, the retail price of Moutai has increased significantly, with an average price of 1835.28 yuan per bottle, reflecting a rise of about 101 yuan compared to previous periods [8][9]. Group 3: Consumer Behavior - The upcoming Spring Festival is expected to drive social consumption, with corporate events and gatherings contributing to increased demand for white liquor [11]. - The market is witnessing a clear differentiation in brand performance, with Moutai showing strong resilience and acting as a market leader, while other brands face varying degrees of price volatility [11]. Group 4: Sales Channels - The price discrepancies between online and offline sales channels are notable, with promotional activities online affecting the pricing strategies of physical stores [11]. - The overall market dynamics suggest that brand strength and channel strategies are critical in navigating the current competitive landscape [1][11].

Core Viewpoint - The article highlights the increasing trend of pre-Spring Festival dividends among listed companies, indicating improved profitability and a stronger shareholder return awareness, which is encouraged by regulatory bodies [2][4]. Group 1: Dividend Trends - In the two months leading up to the Spring Festival, 235 listed companies on the Shanghai and Shenzhen stock exchanges are expected to distribute a total of 348.8 billion yuan in dividends, surpassing the previous year's total of 344.6 billion yuan [2]. - The financial and consumer sectors remain the primary contributors to dividends, with the banking sector distributing 243.4 billion yuan, accounting for nearly 70% of the total [2]. Group 2: Major Contributors - Leading companies such as Yangtze Power, Luxshare Precision, and CITIC Securities are planning to distribute over 10 billion yuan each, with Yangtze Power leading at over 5.1 billion yuan [3]. - Smaller companies are also participating actively, particularly those in specialized fields, with three companies from the Beijing Stock Exchange distributing a total of 4.45 million yuan [3]. Group 3: Timing and Growth - The timing of dividend distributions has advanced, with a total of 264.7 billion yuan distributed in December 2025, which is 3.7 times the amount from December 2024 [4]. - Private enterprises have shown a significant increase in dividend distribution, with amounts doubling to 61.6 billion yuan, now representing 18% of the total pre-Spring Festival dividends [4]. Group 4: Regulatory Influence - Regulatory bodies have been pushing for improvements in the dividend system, transitioning from "soft constraints" to "hard requirements," which has led to increased focus on shareholder returns [4]. - Measures such as halving dividend distribution fees have been implemented to lower costs and encourage companies to distribute dividends [4]. Group 5: Market Impact - The evolving dividend ecosystem is fostering a culture of value investment, enhancing investor confidence and attracting long-term capital into the market [5][6].