Core Insights - The report highlights the contradiction faced during the "14th Five-Year Plan" period, where carbon reduction pressures are increasing while the growth rate of new energy installations is slowing down. The introduction of a national capacity price policy is expected to open up space for new energy installations and support high-yield investment options for power companies during the "14th Five-Year Plan" investment intensity [5][6][9]. Group 1: Energy Storage Industry - The national capacity price policy, issued on January 30, 2026, aims to establish a mechanism that balances power supply stability, green energy transformation, and efficient resource allocation. This policy is expected to support the development of adjustable power sources and enhance the installation of new energy [7][9]. - The report estimates that the demand for energy storage will show a high growth trend, with new energy storage installations expected to reach 66.43 GW and 189.48 GWh in 2025, representing year-on-year increases of 52% and 73% respectively [8][9]. - The capacity price policy is seen as the final piece needed for energy storage development, potentially increasing project returns from approximately 6.5% to over 8% under current subsidy conditions. This is expected to stimulate investment interest from state-owned enterprises in new energy storage projects [8][9]. Group 2: Investment Recommendations - The report suggests prioritizing investments in leading companies involved in energy storage integration and upstream battery cells, recommending firms such as Sungrow Power Supply, Trina Solar, LONGi Green Energy, JinkoSolar, CATL, and Eve Energy. It also advises monitoring companies like Haisum, Sungrow Electric, Canadian Solar, and Penghui Energy [9].

Core Insights - The core insight of the news is that the retail prices of major Chinese liquor brands have significantly increased, with the average price of the top ten products reaching a new high since 2026, indicating a strong market recovery and demand surge ahead of the Spring Festival [1][6]. Price Trends - The total retail price for a package of the top ten liquor products is 9118 yuan, which is an increase of 67 yuan from the previous day [1][6]. - Among the top ten products, eight saw price increases while two experienced declines, reflecting a general upward trend in the market [1][6]. - The most notable price increases include: - Gujinggong 20, up 15 yuan per bottle, reaching a 30-day high [1][6]. - Yanghe Dream Blue M6+ increased by 12 yuan per bottle [1][6]. - Both Feitian Moutai and Qinghua Lang rose by 10 yuan per bottle [1][6]. - Other products like Qinghua Fen 20, Guojiao 1573, and Shuijing Jian Nan Chun increased by 6 yuan per bottle [1][6]. - The only products that saw price declines were Wuliangye Pu 58 and boutique Moutai, which fell by 2 yuan and 1 yuan respectively [1][6]. Market Analysis - The data for the "Liquor Price Reference" is collected from approximately 200 points across various regions, ensuring a comprehensive and accurate representation of the market [2][7]. - The recent price trends are attributed to several factors: - The upcoming Spring Festival, which traditionally boosts consumer demand [8]. - Improved macroeconomic policies that enhance domestic demand [8]. - A shift in investment strategies, with institutional holdings at historically low levels [8]. - The current state of the liquor industry is characterized by a "five-bottom phase" in terms of policy, inventory, sales, and pricing, suggesting a potential turning point for the market [8].

智通财经APP获悉，开源证券发布研报称，近期白酒板块在政策、估值、基本面共振下强势上涨，行业 处于周期底部，需求复苏与政策优化支撑可持续性预期。其底部修复逻辑同样适用于啤酒、调味品等处 于双底部的食品饮料子行业。2026年大众品投资可聚焦零食、原奶/乳制品及餐饮供应链三大方向。需 关注经济、政策及需求复苏不及预期等风险。 周期底部复苏逻辑明确，看好白酒板块可持续性上涨 该行认为本轮白酒板块上涨具备可持续性，当前行业已处于周期底部区域，基本面向上修复逻辑清晰。 首先，白酒需求端呈现缓慢复苏态势，高端白酒批价回落至合理区间后，有效激发了真实消费需求，叠 加春节旺季临近，家庭聚会、礼品馈赠等场景需求集中释放，价格下行带来的消费提振效应逐步显现； 其次，禁酒令进行纠偏后，政策负面影响边际递减，从近期消费场景恢复情况来看，政策对白酒核心消 费需求的扰动持续减弱，市场预期趋于稳定；再次，随着宏观经济逐步企稳、促消费政策持续出台，整 体消费市场活力有望修复，白酒行业有望实现企稳回升。 伴随后续需求回暖和政策加码，多个子行业有望复制底部修复行情 板块底部修复逻辑并非白酒板块独有，可延伸至整个食品饮料行业。当前啤酒、调味品、速 ...

Core Insights - The core point of the news is the significant increase in the retail prices of major Chinese liquor brands, with the average price of the top ten products reaching a new high since 2026, indicating a recovery in the market driven by seasonal demand and improved macroeconomic conditions [1][6]. Price Trends - The average retail price of the top ten liquor products rose to 9118 yuan, an increase of 67 yuan from the previous day [1][6]. - Eight out of the ten products saw price increases, with notable rises including: - Gujinggong 20, up 15 yuan per bottle, reaching a 30-day high [1][6]. - Yanghe Dream Blue M6+ increased by 12 yuan per bottle [1][6]. - Both Feitian Moutai and Qinghua Lang rose by 10 yuan per bottle [1][6]. - The only two products that experienced price declines were: - Wuliangye Pu 58th generation, down 2 yuan per bottle [1][6]. - Premium Moutai adjusted down by 1 yuan per bottle, maintaining a high price level [1][6]. Market Analysis - The data for the "Liquor Price Reference" is collected from approximately 200 sampling points across various regions, ensuring a comprehensive and objective representation of the market [2][7]. - The recent performance of the liquor sector has been buoyed by three main factors: 1. The upcoming Spring Festival, which traditionally boosts consumption [8]. 2. Improved macroeconomic policies that enhance domestic demand [8]. 3. A shift in capital market dynamics, with institutional holdings at historically low levels [8]. - The current state of the liquor industry is characterized by a "five-bottom phase" in terms of policy, inventory, sales, wholesale prices, and production-sales dynamics, suggesting a potential turning point in the market [8].

"最近确实很忙，你看这些箱子都是刚到的货，店里都快摆不下了。" 茅台重庆渝中自营门店的熊林经理一边和电话那头的客户确认购酒需求，一边向进店咨询的笔者打招呼。 1月30日，重庆小雨。位于解放碑商圈的贵州茅台（600519）重庆渝中自营门店上午刚一开门，便迎来了络绎不绝的顾客。很多消费者是前来提取在i茅台 申购成功的飞天53%vol 500ml贵州茅台酒（即大众所说的53度飞天茅台），也有不少人是咨询、购买其他茅台产品。 笔者在现场看到，店里有几十箱各类茅台产品刚刚到货，几乎摆满了过道，等待顾客提货或送货上门。笔者在前台仅仅观察十分钟左右，就有十几名顾客 进店提货。 "最近是春节前夕，需求确实非常旺盛，1月初以来我们门店的到店人次同比增加了41%，单日最高到店300人左右。"熊经理介绍。 2026年1月，茅台拉开了一场"以消费者为中心"的全面市场化改革，在产品、价格、渠道、服务等方面推出多项重要改革举措，目的是让消费者可以公 平、便捷、保真购酒。 对于普通消费者而言，茅台今年的市场化改革，最容易感知到的便是有机会以1499元/瓶的价格在i茅台上申购到53度飞天茅台。 2026年1月1日，53度500ml飞天茅台等 ...

Core Viewpoint - The article highlights the successful implementation of a consumer-centric market reform by Kweichow Moutai, which has led to increased demand and sales across various channels, demonstrating the effectiveness of the company's strategic adjustments in response to market needs [1][2][11]. Group 1: Market Demand and Sales Performance - Kweichow Moutai's self-operated store in Chongqing reported a 41% year-on-year increase in customer visits since early January, with peak daily visits reaching around 300 [1][4]. - The online platform iMoutai saw over 15.31 million monthly active users in January, with 628,000 new registrations and over 212,000 orders, indicating strong consumer engagement [3][5]. - The sales of various Moutai products, including the flagship 53% vol 500ml Flying Moutai, have been robust, with many stores reporting supply shortages due to high demand [2][10]. Group 2: Strategic Reforms and Consumer Engagement - Kweichow Moutai initiated a comprehensive market reform in January 2026, focusing on product, pricing, channel, and service improvements to enhance consumer purchasing experiences [1][12]. - The company adopted a "pyramid" product strategy, emphasizing the 500ml Flying Moutai as the base, while activating demand for premium products and maintaining high-end brand value [13][15]. - The pricing strategy has been adjusted to reflect market realities, with some products seeing price increases to enhance brand value, while others are priced competitively to attract consumers [15][19]. Group 3: Channel Strategy and Distribution - Moutai is transitioning its distribution model from "self-sale + distribution" to a four-dimensional collaborative marketing system that includes self-sale, distribution, consignment, and consignment sales [16][21]. - The self-operated channel serves as a price stabilizer, ensuring that prices across various channels are aligned with the self-sale retail price [16][21]. - The company has improved its logistics and distribution efficiency, with 75% of users receiving their orders within five days, reflecting enhanced operational capabilities [18]. Group 4: Consumer Experience and Feedback - The market reform has led to positive consumer feedback, with many appreciating the easier access to Moutai products and faster response to demand [17][19]. - The company has implemented various customer service enhancements, including proactive communication with consumers regarding order pickups and product inquiries [9][18]. - Moutai's approach to engaging with new consumer segments, including international tourists, has broadened its market reach and increased brand visibility [8][9].

【中国白酒网】春节临近，飞天茅台行情持续升温，抢购模式遭到质疑。 2月5日上午，贵州茅台（600519）旗下官方自营数字营销平台"i茅台"app再度出现技术故障。 不少网友反映，自己准备抢购1499元飞天茅台，到抢购时间上线后发现app页面无法正常加载，反 复出现"点击重试"提示，多次刷新也无果。 另有参与抢购者表示，即便成功进入页面，也无法下单，页面直接显示"已售罄"，且i茅台客服热 线也一直无法接通。 i茅台又崩了，仅9.5%用户抢购成功，黄牛代抢费150元起 贵州茅台股价也迎来"深V"型反弹，2月5日公司收盘价为1555元，较昨日上涨1.97%，近六个工作 日累计涨幅近17%；最新市值为1.95万亿元，盘中一度站上2万亿关口。 随着春节临近，飞天茅台的抢购难度进一步加大，部分消费者开始质疑抢购模式的合理性，认为之 前的申购形式更好。此前，i茅台上的茅台生肖酒、精品酒等热门产品主要以申购形式售卖，每天固定 时间段集中摇号、随机抽签，且账号、场次和产品均有限制，这种模式下能否购买成功主要取决于运 气。 不可否认的是，抢购模式一定程度上给黄牛和"科技抢购"留下了操作空间。 记者注意到，近期有黄牛开始推出"加价 ...

Core Viewpoint - The white liquor market is experiencing price fluctuations as the Spring Festival approaches, with Moutai's prices rising and various brands engaging in aggressive promotional activities, leading to a complex interplay of supply control and demand stimulation in the industry [4][5][9]. Price Movements - Moutai's wholesale price has increased, with some distributors predicting it could reach 2000 yuan per bottle before the festival. The average retail price for Moutai (500ml/53 degrees) was reported at 1843.38 yuan per bottle as of January 30, up from 1600 yuan in December, marking a 15.6% increase [5][9]. - The price of Wuliangye (500ml/52 degrees) has seen a slight decline, with an average retail price of 874.75 yuan per bottle as of January 30, indicating a downward trend [7]. Promotional Activities - Major liquor brands are launching extensive promotional campaigns, including cash rewards and limited edition gifts, to boost sales during the festive season. For instance, Wuliangye's promotional activities include a gift card worth up to 5000 yuan and a limited edition gift box priced at 1599 yuan [7][8]. - Other brands like Fenjiu and Guojiao 1573 are also offering similar incentives, such as cash prizes and gold jewelry, to attract consumers [8]. Market Dynamics - There is a divergence in market expectations regarding sales performance during the Spring Festival. Some distributors are optimistic about sales, while others report a decline in year-on-year sales, indicating a cautious approach to inventory management [9][11]. - Analysts suggest that the overall market is characterized by a "strong at both ends, weak in the middle" dynamic, where high-end brands like Moutai and Wuliangye maintain stable inventory levels, while mid-tier and regional brands face inventory pressures [11].

针对此前客服通道拥堵、售后处理较慢等问题，i茅台也已启动优化措施，包括扩充人工客服团队、上 线AI智能辅助系统等，以全面提升服务响应效率。 据南都湾财社记者了解，作为本轮茅台市场化转型中的重要平台之一，i茅台已成为贵州茅台、消费者 以及经销商的"三方连接器"，其中"i茅台"负责激发新需求、触达新用户，线下经销商负责承接流量、 转化客户。当"i茅台"的用户走进线下门店并最终成为长期客户，线上线下便形成了"流量闭环"，实现 1+1>2的生态效应。 自今年元旦贵州茅台开展市场化改革之后，作为"标志"的i茅台交出了这一个月的"成绩单"。 在i茅台的带动下，贵州茅台经销商线下门店也受到积极影响，在南都湾财社记者走访过程中了解到， 在线下提货活跃的情况下，多家门店飞天茅台1、2月配额已售罄，有门店甚至已动用到3月的产品配 额。南都湾财社记者注意到，在今年1月取得"开门红"之下，贵州茅台继续加快市场化转型的步伐。 采写：南都·湾财社记者 贝贝 2月2日，南都湾财社-酒水新消费指数课题组记者留意到，贵州茅台通过小茅i茅台微信公众号，披露最 近1个月i茅台相关销售数据。今年1月i茅台新增了628万名新用户，月活用户超1531万 ...

新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 转自：贵州日报 在"十五五"开局之年，茅台集团以数字化手段破解传统治理难题，系统性推动公司治理体系创新。通过 数智赋能、制度筑基与人才强库等一系列扎实举措，在提升治理效能上取得关键突破。 下一步，茅台集团将继续深化治理改革，优化派出外部董事管理机制，夯实子公司法人治理基础，以更 高水平的公司治理，为贵州白酒产业高质量发展和全省经济建设贡献更大力量。 在制度规范方面，茅台集团构建起以《派出外部董事管理办法》为核心的"1+N"全链条制度体系，创新 实施专职外部董事"七式"管理机制。通过清单化监督与每年不少于42学时的常态化培训，持续提升董事 队伍的专业素养与履职规范性。 在人才建设方面，茅台集团重点引进金融、会计、法律等领域专家，推动董事结构向"专职主导、外聘 互补、内控协同"转型。目前，全集团外部董事专职率提升至28%，并聘请了15名跨领域专家学者组成 智库，显著增强了董事会战略决策的专业化支撑。 一系列改革举措有效释放了治理效能。茅台集团推动旗下25家符合条件的子公司全面组建董事会，并落 实董事会职权。在78家子公司全面推行经理层任期制与契约化管理，强 ...