天眼查App显示，近日，毕节茅台酒销售有限公司成立，法定代表人为李强清，注册资本3000万人民 币，经营范围包括酒类经营、食品销售、道路货物运输等，由贵州茅台（600519）旗下贵州茅台酒销售 有限公司全资持股。 ...

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18.35%，近一个月回报为-1.91%。 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。 2月24日，截止午间收盘，沪深300ESGETF南方（560180）涨1.35%，报1.198元，成交额65.18万元。沪 深300ESGETF南方（560180）重仓股方面，贵州茅台截止午盘跌0.92%，中际旭创涨6.27%，宁德时代 跌0.48%，招商银行涨0.67%，中国平安跌0.75%，美的集团涨1.06%，紫金矿业涨4.16%，长江电力涨 0.15%，兴业银行跌0.43%，比亚迪涨0.49%。 来源：新浪基金∞工作室 ...

与高端市场的火热形成呼应的是大众价格带的繁荣。走访时，北京商报记者发现，泸州老窖六年窖龄 酒、海之蓝等300元以下白酒产品也成为消费者追捧的热销产品。方庄附近的烟酒店店员表示："春节期 间高端白酒产品销量亮眼的同时，大众酒销量也在稳步提升。家庭自饮场景下消费者多选择大众酒，进 一步推动了该价格带动销提升，这与我们年前的预判一致。" 随着9天"加长版"假期落下帷幕，白酒旺季消费也逐渐告一段落。今年春节期间，白酒消费市场呈现出 清晰的"哑铃型"分化结构。2月24日，北京商报记者走访北京部分终端市场并结合春节期间调研发现， 高端酒与大众酒两端需求升温，次高端价位却陷入"冰河期"，这一格局的形成，是消费场景深度重构的 集中体现。如今，当春节旺季的喧嚣散去，白酒行业如何在接下来的消费淡季中"弯道超车"，成为所有 从业者必须直面的课题。 高端与大众的"崛起" 在白酒传统消费周期中，春节假期既将行业消费旺季推向小高潮，也预示着淡季的到来。在2026年春节 期间，白酒消费在旺季小高潮中，呈现出明显的分化发展。这种分化不再是简单的品牌此消彼长，而是 沿着价格带形成了清晰的断层。 北京商报记者走访终端发现，春节期间，茅台、五粮液 ...

Core Insights - The overall demand for the liquor market has declined compared to previous years, but the high-end liquor market prices have stabilized, driven by Moutai [2][5] - Many institutions are optimistic about a rebound in the liquor industry in the second half of 2026, despite current market caution from liquor merchants [2][5] Group 1: Market Trends - The 2026 Spring Festival liquor market is expected to be the "coldest" in history, with a psychological expectation of this among industry players [3] - There is a noticeable shift in consumption habits, with fewer people attending gatherings and a decrease in the number of tables at banquets [3] - Sales of liquor are reported to have declined by 10% to 20% across multiple provinces during the 2026 Spring Festival [3] Group 2: Price Stability - High-end liquor prices, particularly for Moutai, have stabilized, with the wholesale price of Moutai around 1700 yuan per bottle, up approximately 150 yuan from the end of 2025 [5] - Other premium brands like Wuliangye and Fenjiu have also shown price stability, indicating a potential recovery in consumer sentiment [5][6] Group 3: Market Dynamics - The market is experiencing a "two extremes hot, middle cold" situation, where products priced between 100-200 yuan and above 800 yuan are performing well, while mid-range products face pressure [6] - The core products of leading liquor companies are selling well, but the profit margins for these products are limited, indicating a complex market situation [6] - The stabilization of high-end liquor prices is seen as a signal of industry bottoming out, but further recovery depends on the restoration of business dining and overall economic support for high-end consumption [6]

沪深300ESGETF招商（561900）业绩比较基准为沪深300ESG基准指数收益率，管理人为招商基金管理 有限公司，基金经理为房俊一，成立（2021-07-06）以来回报为-1.65%，近一个月回报为-1.83%。 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。 2月24日，截止午间收盘，沪深300ESGETF招商（561900）涨1.02%，报0.995元，成交额31.26万元。沪 深300ESGETF招商（561900）重仓股方面，贵州茅台截止午盘跌0.92%，中际旭创涨6.27%，宁德时代 跌0.48%，招商银行涨0.67%，中国平安跌0.75%，美的集团涨1.06%，长江电力涨0.15%，紫金矿业涨 4.16%，兴业银行跌0.43%，比亚迪涨0.49%。 来源：新浪基金∞工作室 ...

Core Viewpoint - The white liquor market is experiencing a downturn in demand, particularly for the 2026 Spring Festival, but high-end liquor prices have stabilized, driven by Moutai's influence [1][6]. Market Overview - Despite concerns about the 2026 Spring Festival being the "coldest" for the white liquor market, several institutions are optimistic about a rebound in the second half of 2026 [1]. - The overall demand for white liquor has declined compared to previous years, with many retailers adopting a wait-and-see approach for the current market [1][7]. Consumer Behavior - Consumer habits have shifted towards more rational spending, with a decrease in the number of tables and guests at banquets, now typically not exceeding eight people [2]. - E-commerce has diverted some traditional offline demand, allowing consumers to purchase liquor quickly even during the Spring Festival [1]. Price Trends - High-end liquor prices, particularly for Moutai, have stabilized, with the wholesale price of Moutai remaining around 1,700 RMB per bottle, up approximately 150 RMB from the end of 2025 [6]. - Other premium brands like Wuliangye and Fenjiu have also shown price stabilization, indicating a potential recovery in the high-end market [6]. Market Dynamics - The market is characterized by a "two extremes hot, middle cold" situation, where products priced between 100-200 RMB and above 800 RMB are performing well, while mid-range products face pressure [7]. - The core products of leading liquor companies are selling well, but the profit margins for these products are limited, indicating a complex market situation [7]. Future Outlook - Analysts expect that the high-end liquor market's stabilization is a sign of industry recovery, although the market is still in a fragile state [7][8]. - The recovery of business banquets and the overall economic environment will be crucial for supporting high-end consumption in the future [8].

Summary of Key Points from the Conference Call Industry Overview: Baijiu (Chinese Liquor) Sales Performance During Spring Festival - Overall sales performance met expectations with continued differentiation in the market - High-end brands such as Moutai and Wuliangye showed strong year-on-year growth with stable prices - Mid to low-end brands faced pressure in certain regions, primarily focusing on inventory reduction [1][1] - Regional differentiation noted, with banquet demand driving growth for leading brands and overall inventory levels remaining manageable post-festival [1][1] Regional Insights - **Sichuan**: Notable sales differentiation during the Spring Festival; Moutai and Wuliangye performed well, with benchmark prices for high-end products dropping to 800 yuan. Overall sales exceeded last year, indicating a positive market performance [1][1] - **Henan**: Active sales for Moutai before the festival, with significant inventory reduction and a year-on-year sales increase of approximately 10% [1][1] Brand Performance - Mainstream brands such as Shui Jing Fang, She De, and Hong Hua Lang in the mid to low-end segment showed flat or weak sales, with rapid inventory clearance [1][1] - **Anhui**: Gujing Gongjiu maintained steady sales, though some series experienced slight price declines. Low-end products sold steadily, with demand differentiation in Hefei and surrounding areas [3][3] - **Jiangsu**: Efficient sales for Moutai and Wuliangye, with sales plans largely completed and pre-festival promotions boosting distribution progress. Wuliangye maintained strict terminal pricing between 760-795 yuan, with flexible distribution policies [3][3] - **Zhejiang**: Overall good sales during the Spring Festival, with Moutai showing fast sales and low inventory. Significant growth in sales for 1935, and stable shipments for Wuliangye and Guojiao, with strong banquet demand in the mid-range segment [3][3] - **Shandong**: Stable overall sales, with slight year-on-year declines for Moutai and Fenjiu. Healthy inventory levels, with a focus on inventory reduction at the channel level. Wuliangye showed weak willingness to stock at the terminal, with adjustments to product structure based on market conditions [3][3] Additional Insights - The market is primarily driven by non-standard products, with steady terminal sales [3][3] - Post-festival replenishment is gradually taking place, indicating a potential for future sales growth [3][3]

Core Viewpoint - The performance of the CSI 300 ETF managed by CICC shows a slight increase, with notable movements in its constituent stocks, indicating mixed market sentiment and sector performance [1] Group 1: ETF Performance - As of the midday close on February 24, the CSI 300 ETF (510320) rose by 1.11%, priced at 1.271 yuan, with a trading volume of 2.3848 million yuan [1] - The fund's performance benchmark is the CSI 300 Index return, with a total return of 25.57% since its inception on April 16, 2025, and a return of -1.92% over the past month [1] Group 2: Constituent Stocks Performance - Notable declines were observed in major stocks: CATL down 0.48%, Kweichow Moutai down 0.92%, and Ping An Insurance down 0.75% [1] - Conversely, significant gains were recorded in stocks such as Zhongji Xuchuang up 6.27%, Zijin Mining up 4.16%, and NewEase up 3.68% [1] - Other stocks like China Merchants Bank increased by 0.67%, Midea Group by 1.06%, while Industrial Bank decreased by 0.43% and Changjiang Power increased slightly by 0.15% [1]

Summary of the Conference Call on the Baijiu Industry Industry Overview - The conference call focuses on the Baijiu industry, particularly the performance of leading brands during the Chinese New Year period, highlighting a phase of recovery from a significant industry downturn [1][2]. Key Points 1. **Core Themes**: The main themes discussed are "differentiation" and "bottoming out," indicating the first phase of recovery in the industry cycle [1]. 2. **Sales Performance**: Overall sales in the Baijiu industry declined by approximately 10%, which aligns with expectations. However, leading brands such as Moutai and Wuliangye performed better than anticipated [1]. 3. **Brand Performance**: - Moutai's sales, shipments, and pricing exceeded expectations during the Chinese New Year, with a reported increase in cash returns and a 15% growth in sales volume [1]. - Wuliangye also saw a sales increase of about 5% year-on-year, attributed to its strong brand power and competitive pricing [1]. 4. **Market Segmentation**: - There is a notable differentiation in brand and price positioning, with high-end brands like Moutai and Wuliangye performing well, while many other brands are still in an adjustment phase [1][2]. - Mid-to-high-end brands are showing better performance, while the sub-high-end segment is under pressure [1]. 5. **Pricing Strategies**: - Companies are adopting varied pricing strategies; some, like Moutai and Wuliangye, are reducing prices to maintain volume, while others, such as Guojiao and Fenjiu, are maintaining prices to enhance brand prestige [2]. 6. **Consumption Scenarios**: - The demand for Baijiu in self-consumption and gifting scenarios is strong, while the government and business consumption remains under pressure [2]. - A decline in demand is expected post-holiday as self-consumption and gifting needs decrease [2]. 7. **Inventory Levels**: - The overall industry is at a bottoming out stage, with leading brands' core product prices stabilizing and inventory pressures remaining manageable [2]. - Core products like Moutai and Wuliangye have seen their inventory levels drop to healthy levels, reducing the risk of significant downward price adjustments [2]. 8. **Investment Recommendations**: - The current phase is viewed as the first stage of recovery in the industry cycle, with strong recommendations for investing in Moutai and Wuliangye, while monitoring regional brands for potential performance [3][4]. Additional Insights - The call emphasizes the importance of brand strength in driving recovery and demand in the Baijiu market, suggesting that leading brands are likely to recover faster than others [4].

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [21]. Core Insights - The overall sales performance during the 2026 Spring Festival met pre-holiday expectations, with a double-digit decline observed. High-end and mass-market price segments showed resilience, while the sub-premium segment faced some pressure. The demand for family consumption and personal gatherings significantly increased, leading to a continuous rise in their market share [1][2]. - Inventory levels post-holiday were lower than the previous year, and channel burdens continued to ease. The supply side is tightening, and the industry is expected to stabilize price levels, particularly for leading brands like Moutai and Wuliangye, which are projected to maintain their price support [2][3]. - The report suggests a selective investment strategy focusing on strong leading brands and those with better-than-expected sales performance, particularly recommending Moutai, Wuliangye, and Yingjia Gongjiu [7]. Summary by Sections Industry Sales Performance - The overall sales during the Spring Festival were in line with expectations, with high-end and mass-market segments showing strong resilience while the sub-premium segment faced challenges. The demand from family and personal gatherings has notably increased [1][2]. - Moutai's sales performance was particularly strong, with a 15% increase during the festival, and inventory levels are currently very low, supporting a stable price around 1700 RMB [2][3]. Brand Performance - Wuliangye also performed better than expected, with sales growth attributed to brand strength and Moutai's price stabilization. Current inventory levels are manageable, with prices holding steady around 790-800 RMB [3]. - Shanxi Fenjiu showed stable performance, with some regions reporting growth, while Luzhou Laojiao's sales met expectations, although high-end products saw a decline [3][4]. Price and Inventory Outlook - The report anticipates that the industry will see a stabilization in prices, with Moutai's price expected to maintain above 1600 RMB due to improved channel confidence and reduced supply-side pressure [2][3]. - Many brands have reached a price floor, limiting further downward adjustments, and the upcoming festival periods are expected to provide additional sales opportunities [8][9].