在短短半年之内，茅台身价一跌再跌。 曾几何时，茅台还被视为白酒界的"神话"，一瓶飞天茅台不仅是身份的象征，更是保值增值的"硬通货"。 但在短短半年之内，茅台的批发价就从2000元以上的高位跌至1500元以下，甚至一度触及历史低点。这场价格崩塌不仅撕开了茅台"只涨不跌"的面具，更折 射出我国消费环境的深刻变化。 随着白酒行业的存量时代到来，茅台从神坛跌落，似乎是注定的。 今年以来，茅台价格的暴跌堪称行业地震。公开数据显示，飞天茅台的散瓶批发价从年初的2220元一路下跌，6月首次跌破2000元，随后以每月百元的速度 下行，11月更是击穿1600元心理关口，在某电商平台，甚至能够以低于1500元的价格买到手。 茅台的这一跌幅堪比自由落体，半年之内价格腰斩，也令市场瞠目结舌。 曾被誉为"白酒之王"的茅台，其价格为什么会一路下跌？ 茅台价格崩塌的背后，其实是供需关系的彻底反转。曾经，茅台是"一瓶难求"的稀缺品，经销商需要提前数月预订，黄牛也要加价抢购，消费者甚至为了抢 一瓶茅台挤破头。 但到了今天，曾经价格坚挺的茅台，也不得不陷入到行业的价格战之中，价格一跌再跌，不少经销商二手黄牛更是高呼亏本。 价格下跌之下，茅台的金 ...

Core Viewpoint - The Chinese liquor industry is increasingly focusing on international markets as domestic competition intensifies, with a significant number of companies expanding overseas to seek new growth opportunities [1][7]. Group 1: Market Expansion - As of December 25, 2023, 63.9% of Chinese liquor companies are either expanding or have already established a presence in overseas markets [1]. - Major brands like Kweichow Moutai, Wuliangye, and Luzhou Laojiao are actively entering international markets, alongside traditional yellow wine brands like Guyue Longshan and Kuaijishan [1][2]. Group 2: Product Strategy - Companies are adopting two distinct strategies for internationalization: "cultural integration" with tailored products for foreign markets and "value output" by exporting established domestic products [2]. - Kweichow Moutai has launched a series of new products specifically designed for overseas markets, marking a significant expansion after six years [2]. - Luzhou Laojiao is innovating with products like ready-to-drink cocktails and oak barrel liquor to cater to international consumer preferences [3]. Group 3: Cultural Integration - The liquor industry recognizes that cultural storytelling is essential for successful international expansion, with many companies engaging in high-profile cultural activities to promote Chinese liquor [4][5]. - Initiatives like Wuliangye's "He Mei Global Tour" and the opening of tasting houses by Guyue Longshan in Paris highlight the industry's focus on cultural exchange [5][6]. Group 4: Market Challenges - Despite the enthusiasm for international markets, challenges remain, including a reliance on Chinese consumers abroad and the need for deeper localization to appeal to diverse international tastes [7][8]. - The Southeast Asian market is identified as a primary target for expansion, supported by a significant Chinese diaspora that influences local consumption patterns [7]. Group 5: Future Directions - Industry experts suggest that to penetrate mainstream markets, liquor companies must innovate and adapt products to local tastes, potentially developing lower-alcohol or pre-mixed beverages [8]. - There is a call for greater integration of liquor with Chinese cuisine to enhance market appeal and consumer acceptance [8].

Core Viewpoint - The article emphasizes the global expansion and cultural integration of Chinese liquor, particularly Moutai, as it seeks to connect with international markets and consumers through cultural experiences and innovative marketing strategies [1][10][22]. Group 1: Events and Forums - The first Chishui River Forum was held on October 28, 2025, in Maotai Town, where various international and Chinese liquor brands united to issue the "International Famous Liquor Chishui River Declaration," promoting ecological protection and cultural heritage [1]. - The 18th World Chinese Business Conference showcased Moutai cocktails, enhancing Moutai's influence among overseas Chinese and in Southeast Asian markets [3]. Group 2: Internationalization Strategy - Since 2023, Moutai has been exploring deeper international markets, transitioning from mere product exports to a comprehensive approach that includes cultural exchange and innovative marketing [3][12]. - Moutai's international revenue is projected to exceed 5 billion yuan in 2024, marking a 19.27% increase year-on-year, with significant growth in the European and Southeast Asian markets [17]. Group 3: Cultural Integration - The article highlights the importance of cultural narratives in liquor consumption, with Moutai aiming to connect with consumers through storytelling and cultural experiences [4][5]. - Moutai has developed brand IPs like "Moutai Night" and "Moutai Cultural Festival" to provide unique cultural experiences to global consumers [13]. Group 4: Market Adaptation - Moutai's marketing strategies emphasize local adaptation, such as pairing Moutai with local cuisines in markets like Macau and Brazil to enhance acceptance [20][22]. - The company is focusing on training professionals to improve service quality and cultural understanding among consumers [15]. Group 5: Future Outlook - Moutai's internationalization is seen as a model for other Chinese brands, emphasizing quality and cultural integrity while navigating global market challenges [22].

Core Insights - The Chinese liquor industry is still in a deep adjustment phase as of the end of 2025, shifting from volume growth to a focus on market share redistribution due to declining demand pressures [2][3] - The high-end market is losing its appeal, leading to a downward adjustment in mainstream price ranges, with distributors adopting a cautious outlook for the upcoming Spring Festival sales [2][3] - Key issues facing the industry include overcapacity, high inventory levels, price inversions, and a lack of consumption scenarios, as highlighted by industry leaders [2][3] Market Dynamics - The price of Moutai liquor has become a significant indicator of industry adjustments, with its wholesale price dropping to 1500 yuan per bottle in December 2025, reflecting broader market challenges [3][4] - Among 20 A-share listed liquor companies, only Guizhou Moutai and Shanxi Fenjiu reported positive growth in the first three quarters of the year, while the remaining 18 experienced negative growth [3][4] - The new regulations on government consumption and changing preferences among younger consumers are contributing to the industry's downturn [3][4] Industry Adjustments - The current adjustment is characterized by a proactive approach from leading companies, focusing on quality improvement and channel optimization rather than aggressive price cuts [4][5] - There is a significant market differentiation occurring, with top brands managing to maintain their positions while smaller and less established brands face existential threats [4][5] - The industry is expected to enter a "U-shaped" recovery phase in 2026, driven by structural differentiation and improvements in actual sales and inventory levels [5][6] Strategic Shifts - The industry is undergoing a transformation in response to new consumer behaviors, with a consensus on the need for lower-alcohol products to cater to younger demographics [6][7] - Companies are increasingly embracing e-commerce and new retail models to adapt to changing market dynamics [6][7] - Internationalization is becoming a necessary strategy, with companies like Luzhou Laojiao expanding into over 70 countries, although challenges such as trade barriers and cultural differences remain [7][8] Future Outlook - The industry is expected to realign its value propositions to connect more closely with consumers' daily lives, marking a significant shift in survival logic [8]

吃喝板块今日（12月25日）午后突然走强，反映吃喝板块整体走势的食品饮料ETF华宝（515710）早盘 持续于水面附近震荡，午后突然拉升，盘中场内价格最高涨幅达到1.01%，截至收盘，涨0.84%。 成份股方面，白酒大面积上攻。截至收盘，水井坊涨停，金徽酒涨3.08%，酒鬼酒涨3%，贵州茅台、五 粮液、泸州老窖、山西汾酒、洋河股份等白酒龙头集体飘红。 | | | 分时 多日 1分 5分 15分 30分 · | | | | | F9 盘前盘后 盛加 九转 图线 工具 份 O | | 食品饮料ETF华宝 1 | | 515710 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.60 | | | | | 515710[食品饮料ETF华宝] 15:00 价 0.599 涨跌 0.005(0.84%) 均价 0.597 成交量 0 | | | -0.5% | 0.599 | | +0.005 +0.84% | | | | | | | | | INLINEMALUANNANAL | | SSE CNY 15:0 ...

昨天明确提出，大A反攻不上去了，今天它选择继续涨，而且走势相当不错，放量400多亿了。这是一种健康的走势。 第一：白酒大反攻 隔夜传来新消息，茅子各系列全部涨价，今天白酒被带飞了。是从此逆转局势了吗？ 作为一个白酒的持有者，我的看法刚好相反。这种触底不会这么快结束，尤其是基本面弱势的板块。 那是机会来了，还是可能隐藏着陷阱呢？ 我也不太好说，但这个位置，我是没有信心下场的。 主要是下场之后，接下来很难收场，上也不是，下也不是。 炒股本来是为了赚钱，何必把自己的生活和工作节奏打乱呢？在最有机会的时机里再出手！ 否则，继续等待！ 板块上： 我个人的经验判断，锂矿这波走势，可能要结束，无法持续上攻。 所以，看到上涨，我也不着急上车，可以继续等等。 第三：银行护盘很难 之前每次大盘不行，都是银行出手护盘，现在银行的基本面一天比一天更弱，想要护盘的难度越来越大。 而且，你想，过去护盘成本低，现在这个位置了，护盘成本也高起来。搞不好，主力自己都会被套进去。 对未来预期不好，所以现在就不下场，这是我的明确观点。各位亲爱的粉丝，钱是自己的，请独立判断。 我是李聪，10年读书会主理人，活到老，学到老，关注我，一起向上成长！ 以 ...

以最新收盘价计算，A股平均股价为13.99元，其中股价超过100元的有184只，相比上一个交易日增加4 只。 | 688111 | 金山办公 | 302.55 | 0.17 | 0.01 | 计算机 | | --- | --- | --- | --- | --- | --- | | 300476 | 胜宏科技 | 299.51 | -3.16 | 3.85 | 电子 | | 603129 | 春风动力 | 280.80 | 1.01 | 0.63 | 汽车 | | 688235 | 百济神州 | 273.05 | -1.75 | 0.02 | 医药生物 | | 688012 | 中微公司 | 272.72 | 0.00 | 0.00 | 电子 | | 605499 | 东鹏饮料 | 272.11 | -1.25 | 0.18 | 食品饮料 | | 688411 | 海博思创 | 264.78 | -4.06 | 0.09 | 电力设备 | | 688692 | 达梦数据 | 258.28 | -1.04 | 0.01 | 计算机 | | 301308 | 江波龙 | 255.22 | -0.09 | 6.24 ...

证券之星消息，12月25日白酒板块较上一交易日上涨1.13%，水井坊领涨。当日上证指数报收于 3959.62，上涨0.47%。深证成指报收于13531.41，上涨0.33%。白酒板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600519 贵州茅台 | | 3.19亿 | 9.67% | -3.19 Z | -9.66% | -30.16万 | -0.01% | | 600779 | 水井坊 | 1.54亿 | 35.78% | -6005.44万 | -14.00% | -9348.68万 | -21.79% | | 000858 | 五粮液 | 1.17亿 | 8.46% | -7093.63万 | -5.12% | -4619.79万 | -3.34% | | 000596 古井贡酒 | | 5253.13万 | 17.26% | -4066.15万 | -13.36% | -1186. ...

Core Viewpoint - The article highlights the recent performance of the Chinese stock market, particularly the rise of the liquor sector, indicating a competitive landscape among major liquor companies [1] Industry Summary - The three major indices collectively rose, with the Shanghai Composite Index closing at 3959.62 points, up by 0.47% [1] - The liquor sector index closed at 2220.34 points, increasing by 1.09%, with 20 liquor stocks experiencing gains [1] Company Summary - Kweichow Moutai's stock closed at 1414.17 CNY per share, up by 0.95% [1] - Wuliangye's stock closed at 110.60 CNY per share, up by 1.21% [1] - Shanxi Fenjiu's stock closed at 178.67 CNY per share, up by 1.75% [1] - Luzhou Laojiao's stock closed at 120.72 CNY per share, up by 0.65% [1] - Yanghe Brewery's stock closed at 62.69 CNY per share, up by 0.95% [1] Competitive Landscape - CITIC Securities reports that the liquor industry has entered an era of competition among famous brands, with increasing internal differentiation among listed companies [1] - Companies are actively managing market order, promoting product iterations, and enhancing consumer engagement, while increasing expenditure to boost sales and facilitate inventory reduction, thereby improving market share [1]

Core Viewpoint - The official launch of the Hainan Free Trade Port's full island closure operation on December 18 is expected to create significant policy advantages and institutional dividends for various industries, including the liquor industry, which is poised to leverage this opportunity for international expansion [1][4]. Group 1: Liquor Companies' Moves in Hainan - Major liquor companies such as Fenjiu, Wuliangye, and Langjiu have recently established operations in Hainan, indicating a trend of companies positioning themselves to capitalize on the new opportunities presented by the free trade port [4][5]. - The establishment of Fenjiu International Trade (Hainan) Co., Wuliangye's supply chain management company with a registered capital of 100 million yuan, and Langjiu's collaboration with Hainan Ecological Software Park exemplify proactive strategies by these companies [4][5]. - Other brands like Moutai and Luzhou Laojiao have also made significant investments in Hainan, with Moutai establishing a resort and Luzhou Laojiao setting up an international trade company [4][5]. Group 2: Supply Chain and Trade Dynamics - Hainan's closure policy is designed to enhance trade efficiency by allowing easier access for foreign goods and capital while maintaining regulatory controls for goods entering mainland China [1][5]. - The policy encourages the consolidation of processing activities within Hainan, reducing costs and improving logistics efficiency for liquor companies [5][6]. - The port of Yangpu is highlighted as a key hub for integrating scattered processing stages, which can significantly lower operational costs for liquor exporters [5][6]. Group 3: Hainan as a New Trade Hub - Hainan is positioned to potentially divert some trade flows from Singapore, which has historically been a significant hub for Chinese liquor exports [6][7]. - The region's capabilities are expected to evolve into a composite function that combines the roles of both Singapore and Hong Kong, facilitating not only trade but also production and brand showcasing for liquor companies [8][9]. - The zero-tariff policy in Hainan is anticipated to lower production costs for liquor companies, enhancing their competitiveness in international markets [8][9]. Group 4: Policy and Market Implications - The dual benefits of policy empowerment and innovative pathways provided by Hainan's closure are seen as advantageous for the liquor industry, simplifying processes and enhancing efficiency [9][10]. - The establishment of a trade network connecting Hainan, Southeast Asia, and the global market is expected to accelerate the penetration of Chinese liquor into ASEAN countries [9][10]. - The new institutional framework and shorter pathways for liquor exports from Hainan are viewed as revitalizing the long-standing topic of liquor internationalization [10].