智通财经记者 | 张蕊 智通财经编辑 | 任雪松 当山姆的货架将年份与价格的关系变得透明时，传统年份酒经销商长期赖以生存的根基开始动摇。 以往，年份酒的价值流转很大程度上依赖于一个相对封闭的圈层。年份所带来的"时间溢价"，衡量尺度 模糊，价格形成机制复杂。它们多在资深的经销商、特定的收藏家与烟酒行之间流通，交易往往建立在 圈内共识、个人经验与不透明的信息差之上。 如今，这套运行多年的模式正面临前所未有的挑战。首当其冲的，便是价格体系的全面穿透。白酒经销 从业人士张卫华向智通财经感慨，如今客户可以随时随地进行线上比价，线下实体店为了促成交易，有 时甚至不得不在市场整体回调的基础上进一步降价让利，"现在卖一瓶茅台，利润只有几十块钱"。 在近期山姆会员商店里，不少消费者发现，白酒区域的陈列方式已悄然改变：过去主要以风味或系列来 划分的货架，如今被更明确的年份标签重新组织起来。 货架上，一瓶2016年出产的七代经典五粮液标价1099元，一旁的2020年八代则标价949.9元；2023年茅 台1935的售价为每瓶729.9元；2020年国窖1573的售价为每瓶999.9元。这种将不同年份产品并排展示并 明码标价的方式， ...

2025年四季度末，光模块龙头中际旭创以1.28亿股持股总量、782.32亿元持股市值，首次超越宁德时代登顶主动权益基金第一大重仓股，1100多只持仓基金的"抱 团"态势一度成为市场焦点。但登顶仅月余，该股便开启回调模式，截至2月6日，年内累计下跌超10%，单日最大跌幅达8.94%，多只重仓基金净值同步回撤超 5%，再度引发市场对"基金第一重仓股魔咒"热议。 要客观研判"基金第一重仓股魔咒"这一市场现象，需依托长期、大样本的实证数据。基于Wind平台2003年至2025年共92个报告期的统计显示，在成为第一重仓股 后，39只登顶标的在后续3个月跑输沪深300指数，占92个报告期的42.39%；6个月、12个月跑输比例分别为45.65%、46.74%。这一量化结果，为理性分析该现象的 统计规律提供了客观依据。 | | | | 部分主动权益基金第一大重仓股登顶后的市场表现一览 | | | | --- | --- | --- | --- | --- | --- | | 主动权益基金第一大 重仓股名称 | | 报告期归母净利 润同比增长率 | 报告期后3个月相对于沪深 300指数的涨幅(%) | 报告期后6个月相对于 ...

0 C ( 17 10 7 1 . This : 3 the state of t 2017 本身春节时间较晚，且春节旺季启动也有所推迟。 春节前是白酒的传统旺季，记者从多地酒商处了解到，今年的春节旺季比往年来迟近1个月，酒企今年也加大了年末的促销力度，通过红包、抽奖希望帮助 经销商消化库存。 "今年进了2月才开始有旺季的感觉。"山东淄博酒商李辰告诉记者，往年一般元旦前后酒水销售就有上升的趋势，但今年元旦后市场一直不温不火，直到2月 才开始转旺。中国酒业协会特邀常务理事、福建龙基名久负责人席康也表示，今年春节动销从1月中旬才开始有明显迹象，比往年晚了最少1个月。 2025年对于白酒行业无疑是近年来最为困难的一年，从第三季度开始 ，白酒上市公司业绩出现了较大幅度的滑坡，因此2026年春节白酒企业也加大了促销 和渠道支持力度。 其中汾酒推出"醉美中国年，让热闹更有料"活动，扫码除了获得"扫码红包"外，还可获得"节日红包";国窖1573设立"元旦春节限时三重礼"，大奖为5克足金 金条；洋河则开展"骉福，马力全开"活动，扫码得现金红包并附赠抽奖机会；青花郎举办"开盖扫码迎新春"活动，头奖包含红运郎、青花郎等产品。 在 ...

春节前夕，商务部等9部门联合印发的《2026"乐购新春"春节特别活动方案》正式亮相。这项于春节假 期内全面铺开的促消费活动，其意义远不止于营造节日氛围、刺激短期消费。这次系统性的政策部署， 着眼于精准把握长假带来的独特时间窗口，通过释放家庭团圆、购物出行、年俗文化等核心需求潜力， 将传统的节日旺季转化为推动消费市场持续扩容与升级的结构性动能。 "乐购新春"方案的内容清晰折射出"短期激活"与"长期培育"的双重逻辑。一方面，方案围绕"吃住行游 购娱"六大民生领域进行场景化布局，意在通过营造丰富、便捷、实惠的消费环境，直接激发居民消费 意愿，提升节日市场热度，为全年消费开好局。另一方面，"乐购新春"方案将发力点明确指向了首发经 济、数字消费、绿色消费、智能消费、健康消费、入境消费等新兴领域。这一导向绝非简单叠加时髦概 念，而是指向了中国消费市场从规模扩张转向质量提升的必然路径。有关举措都致力于通过供给侧的创 新与优化，创造新的消费需求。 港股消费ETF（513230）跟踪中证港股通消费主题指数，一键打包新消费龙头，成分股近乎囊括港股消 费的各个领域； 旅游ETF（562510）跟踪中证细分旅游指数，专注服务消费，不 ...

证券研究报告 | 行业定期报告 2026 年 02 月 09 日 茅台景气领先，大众品继续推荐顺周期 食品饮料行业周报（2.8） 消费品/食品饮料 本周我们继续调研江苏等地渠道，综合两周调研结果来看，行业整体动销双位 数下滑符合预期，茅台表现延续强势，禁酒令后部分需求回补、非标缺货带来 的需求转移、i 茅台促进大众需求转化带动飞天量增超预期。部分经销商自愿 申报 3 月首批飞天配额售罄，惠群也暂停 3 月前的销售，这也印证了公司渠道 的"全面开花"，而并非仅 i 茅台火爆，批价近期冲高至 1700 元。五粮液动 销延续分化，江苏地区大商走货有减少、专卖店反馈增长。汾酒青 20 基本稳 定，动销小个位数下滑。今世缘好于大盘，其他品牌仍有压力。大众品板块首 推餐饮链修复（调味品、啤酒板块），一方面服务消费等潜在的政策催化、另 一方面我们看好假期消费数据超预期。 ❑ 核心公司跟踪：茅台景气领先，巴比关注 26 年新店型拓展。 江苏白酒大商：预计今年春节动销表现弱于去年，同比下滑幅度约在 10%-15%。茅台即将发 3 月货，1-2 月配额约占全年的 40%、1-3 月配额 约占全年的 40%-45%，目前非标产品暂 ...

新浪财经"酒价内参"过去24小时收集的数据显示，中国白酒市场十大单品的终端零售均价在2月9日延续 上行态势。如果十大单品各取一瓶整体打包售卖，今日总售价为9221元，较昨日上涨29元，创下2025年 12月27日以来新高。头部酒品集体上行，中后部单品小幅回调，市场分化运行价格中枢走高。 | | 贵州茅台酒(精品) | 2410/瓶 | 7元 | | --- | --- | --- | --- | | | 53度/500ml | | | | | 五粮液普五八代 | 807/瓶 | 3元 - | | | 52度/500ml | | | | | 青花汾20 53度/500ml | 389/瓶 | 持平 | | | 国窖1573 | | | | | 52度/500ml | 900/瓶 | 7元 ▲ | | | 洋河梦之蓝M6+ | | | | | 52度/550ml | 636/瓶 | 13元 - | | | 古井贡古20 | 544/瓶 | 12元 - | | | 52度/500ml | | | | | 习酒君品 | 651/瓶 | -7元 | | | 53度/500ml | | | | 北 | 青花郎 | 720 ...

Core Viewpoint - The Chinese white liquor market is experiencing a price increase, with the average retail price of the top ten products reaching a new high since December 27, 2025, at 9,221 yuan, up 29 yuan from the previous day [1] Group 1: Price Trends - The top ten products saw six price increases, three decreases, and one stable price, indicating a strong overall upward trend [1] - Yanghe Dream Blue M6+ led the market with a price increase of 13 yuan per bottle, followed by Gujing Gong 20 with an increase of 12 yuan per bottle [1] - Moutai products, including Feitian Moutai, have shown strong performance due to high market demand before the Spring Festival, with Feitian Moutai achieving a five-day price increase [1] Group 2: Market Dynamics - A recent survey indicated that the overall sales of the national white liquor market have declined by 10%-20%, with significant regional differences [2] - High-end liquor, particularly Feitian Moutai, has performed well, with some distributors reporting a year-on-year sales increase of over 40% [2] - The market is characterized by a significant polarization, with high-end products benefiting from gifting and banquet demands, while mid-range products face challenges due to economic conditions and competition [2] Group 3: Data Collection Methodology - The data for the price trends is collected from approximately 200 points across various regions, including designated distributors, social distributors, e-commerce platforms, and retail outlets [2] - The pricing data aims to provide an objective and traceable representation of the market prices for well-known white liquors [2]

Core Insights - The Chinese white liquor market is experiencing a price increase, with the average retail price of the top ten products reaching 9,221 yuan, marking a rise of 29 yuan since the previous day, the highest since December 27, 2025 [1] - The market shows a divergence in performance, with leading brands seeing price increases while mid-tier products experience slight declines [1] Price Movements - Six of the top ten products saw price increases, with Yanghe Dream Blue M6+ leading the market with a rise of 13 yuan per bottle, followed by Gujing Gong 20 with an increase of 12 yuan [1] - Other notable increases include Guojiao 1573 and Boutique Moutai, both up by 7 yuan, and Feitian Moutai, which rose by 5 yuan, achieving a one-month high [1] - Conversely, Qinghua Lang dropped by 10 yuan, Xijiu Junpin fell by 7 yuan, and Shuijing Jianan Spring saw a minor decrease of 1 yuan, while Qinghua Fen 20 remained stable [1] Market Dynamics - A recent survey indicated a 10%-20% decline in overall white liquor sales across the country, with significant regional variations; Shandong and Anhui saw declines of around 20%, while Henan and Sichuan experienced a 10% drop [3] - Despite the overall decline, over 30% of distributors reported stable or even growing performance, highlighting a significant market segmentation [3] - Premium products like Feitian Moutai are performing well, with some distributors reporting over a 40% increase in sales volume year-on-year [3] - The price dynamics show a clear bifurcation, with high-end products benefiting from gifting and banquet demands, while mid-range products face challenges due to economic conditions and competition [3]

沪深300ESGETF南方（560180）业绩比较基准为沪深300ESG基准指数收益率，管理人为南方基金管理 股份有限公司，基金经理为李佳亮，成立（2023-04-13）以来回报为18.28%，近一个月回报为-2.59%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 来源：新浪基金∞工作室 2月9日，沪深300ESGETF南方（560180）开盘涨0.34%，报1.188元。沪深300ESGETF南方（560180） 重仓股方面，贵州茅台开盘涨0.20%，中际旭创涨3.89%，宁德时代涨0.38%，招商银行涨0.00%，中国 平安涨0.82%，美的集团跌0.45%，紫金矿业涨3.50%，长江电力涨0.04%，兴业银行涨0.00%，比亚迪涨 0.76%。 ...

Core Viewpoint - The Chinese liquor market is experiencing a price increase for top products, with the average retail price of the top ten liquor items reaching a new high of 9,221 yuan on February 9, 2025, marking a 29 yuan increase from the previous day [1][6]. Price Trends - The overall price trend for the top ten liquor items shows six items increasing in price, three decreasing, and one remaining stable [1][6]. - The leading price increase was seen in Yanghe Dream Blue M6+, which rose by 13 yuan per bottle, followed by Gujing Tribute Wine 20 with a 12 yuan increase [1][6]. - Moutai products, including Flying Moutai and Premium Moutai, also saw price increases, with Flying Moutai rising by 5 yuan, achieving a one-month high [1][6]. Market Dynamics - The market is characterized by a significant divergence, with high-end products performing well while mid-range products experience slight declines [1][6]. - A recent survey indicated that overall liquor sales have decreased by 10%-20% across the country, with notable regional differences [7]. - Despite the overall decline, over 30% of distributors reported stable or growing performance, highlighting a split in market dynamics [7]. Consumer Behavior - High-end liquor sales are driven by gifting and banquet demands, while lower price segments are supported by everyday consumption needs [7]. - The market for liquor priced between 300-600 yuan is under pressure due to economic conditions and competition, with sales declining over 20% [7]. Future Outlook - As the Spring Festival approaches, a final wave of concentrated purchasing is expected, with high-end and mass-market liquors maintaining steady sales, while mid-range products face continued pressure [7].