沪深300ETF中金（510320）业绩比较基准为沪深300指数收益率，管理人为中金基金管理有限公司，基 金经理为刘重晋，成立（2025-04-16）以来回报为25.57%，近一个月回报为-1.92%。 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24日，截止午间收盘，沪深300ETF中金（510320）涨1.11%，报1.271元，成交额238.48万元。沪深 300ETF中金（510320）重仓股方面，宁德时代截止午盘跌0.48%，贵州茅台跌0.92%，中国平安跌 0.75%，中际旭创涨6.27%，紫金矿业涨4.16%，招商银行涨0.67%，新易盛涨3.68%，美的集团涨 1.06%，兴业银行跌0.43%，长江电力涨0.15%。 ...

行业整体动销下滑约10%、符合预期，#其中茅台及五粮液表现超预期，此外古井、迎驾、汾酒、剑南春、今世缘 表现相对较优，其余酒企仍处调整期，行业触底特征明显，头部酒企批价下行&库存压力继续提升的风险较小。 【建投食饮|杨骥】白酒春节总结：分化加剧&行业触底，强推超预期的茅台&五粮液（20260223） 白酒春节总结：#核心关键词为"分化"&"触底"、行业周期大底复苏第一阶段。 行业整体动销下滑约10%、符合预期，#其中茅台及五粮液表现超预期，此外古井、迎驾、汾酒、剑南春、今世缘 表现相对较优，其余酒企仍处调整期，行业触底特征明显，头部酒企批价下行&库存压力继续提升的风险较小。 【建投食饮|杨骥】白酒春节总结：分化加剧&行业触底，强推超预期的茅台&五粮液（20260223） 白酒春节总结：#核心关键词为"分化"&"触底"、行业周期大底复苏第一阶段。 #差异化认知：我们认为当前为行业十年周期大底复苏第一阶段，特征为"分化&触底"，具体看： ①品牌及价位分化加剧，茅台及五粮液春节超预期，其余多数酒企仍在调整：中高端大众价位较优、高端价位稳 健、次高端价位承压，其中茅台和五粮液表现超预期，#茅台在春节期间动销、出货、批 ...

证券研究报告 | 行业点评报告 2026 年 02 月 24 日 信心逐步企稳 白酒春节渠道跟踪报告 消费品/食品饮料 本篇报告重点反馈河南、江苏、四川、山东、安徽等地白酒渠道春节动销情况， 综合来看，26 年春节期间行业动销符合节前预期（双位数下滑），各价格带分 化延续，高端与大众价格带韧性较强、次高端有一定压力。政商务延续承压， 大众消费场景需求提振显著、占比持续提升。除茅台、五粮液等强势品牌外， 多数品牌不再要求开门红，节后库存低于去年同期，渠道压力继续释放，叠加 费用兑付周期加快，经销商与终端信心逐步企稳。价格侧考虑到茅台供需具备 支撑，其他多品牌价格调整接近触底、26 年不再强压任务，后续淡季下探空间 有限，春节后行业配置建议精选强势头部品牌与动销超预期品种。 ❑ 26 年春节动销符合预期、品牌分化延续、渠道信心逐步企稳。 1）行业整体动销方面：26 年春节期间行业动销符合节前预期（双位数下滑）， 分价格带来看，高端与大众价格带韧性较强、次高端具有一定压力。分消费 场景来看，政商务需求仍然承压，家庭消费与个人聚饮等大众消费需求明显 提振，占比持续提升，悦己属性不断强化。 2）任务执行进度方面：当前除 ...

白酒春节反馈总结：关注高端及大众价位超预期表现 大众价位带（今世缘等）则受益于#超长假期走亲访友及大众聚饮宴席需求的爆发。 茅台：#动销量超预期，春节飞天线下渠道动销增长20%，考虑i茅台投放增长超30%，主因春节期间#个人消费群 体对散茅的需求爆发（往年茅台备货节前大部分提前完成）。 预计1-2月茅台任务完成度将达45%（比往年快10个点），一季度达50%，将压力前置。 当前库存几乎为零，为后续批价坚挺提供基础，但由于非标系列缩量明显（同比下滑20-30%），需关注后续酒厂 供给端调整。 总体情况：量的层面预计动销整体下滑10%左右，考虑价格因素下滑15-20%，略好于预期，其中高端及大众价位 带表现较优。 具体来看，高端（茅、五）#降价后需求弹性凸显，激发了大众消费热度，相应弥补政商场景的缺失，此外#禁酒 令压制的礼赠需求也在春节有一定释放。 大众价位带（今世缘等）则受益于#超长假期走亲访友及大众聚饮宴席需求的爆发。 白酒春节反馈总结：关注高端及大众价位超预期表现 总体情况：量的层面预计动销整体下滑10%左右，考虑价格因素下滑15-20%，略好于预期，其中高端及大众价位 带表现较优。 具体来看，高端（茅、 ...

[Table_Page] 跟踪分析|食品饮料 证券研究报告 [Table_Title] 食品饮料行业 春节走访：五省白酒动销跟踪反馈 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-02-24 | [Table_PicQuote] 相对市场表现 -10% -3% 4% 10% 17% 24% 02/25 05/25 07/25 09/25 12/25 02/26 食品饮料 沪深300 | [分析师： Table_Author]符蓉 | | | --- | --- | | | SAC 执证号：S0260523120002 | | | SFC CE No. BWC944 | | | 021-38003552 | | | furong@gf.com.cn | | 分析师： | 郝宇新 | | | SAC 执证号：S0260523120010 | | | SFC CE No. BVZ687 | | | 021-38003553 | | | haoyuxin@gf.com.cn | | ...

Investment Rating - The report rates the industry as "Buy" [5] Core Insights - The 2026 Spring Festival consumption exceeded expectations, with service consumption leading the growth, driven by a significant increase in dining and travel demand [2][7] - The report highlights a notable recovery in the travel sector, with an expected total of 9.5 billion people traveling during the Spring Festival, marking a historical high [10][12] - The report emphasizes the importance of quality and experience in consumer spending, with a shift towards premium products and services [7][19] Summary by Sections 1. Spring Festival Consumption Trends - The Spring Festival holiday from February 15 to 23, 2026, saw a "good start" in consumption, with key retail and dining enterprises reporting a 10.6% increase in average daily sales compared to the same period in 2025 [10][22] - The first four days of the holiday recorded an 8.6% increase in average daily sales for key retail and dining enterprises compared to the previous year [10][19] - Government initiatives, including a 20.5 billion yuan fund for consumer subsidies, significantly boosted consumer spending [11][10] 2. Baijiu (Chinese Liquor) Market - The Baijiu market showed signs of improvement, with a narrowing decline compared to previous major holidays, although brand differentiation became more pronounced [27][30] - High-end Baijiu brands like Moutai and Wuliangye continued to lead the market, with a focus on price elasticity and rational consumer behavior [27][30] - The report identifies three key changes in the Baijiu market: increased importance of personal consumption, a more relaxed approach from manufacturers regarding sales targets, and improved channel sentiment [30][31] 3. Snack and Food Market - The snack market is expected to benefit from an extended peak season, with a longer preparation and sales cycle compared to 2025 [33][34] - Offline channels, particularly membership-based supermarkets and discount stores, are performing better than online channels, with significant growth in sales during the holiday period [34][35] - The report notes a diversification in snack offerings, with strong performance in high-quality nut gift boxes and innovative packaging strategies enhancing brand visibility [35][36]

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - During the Spring Festival, national catering and retail consumption showed steady growth, with holiday consumption potential continuing to be released. According to the Ministry of Commerce, the average daily sales of key retail and catering enterprises during the first four days of the Spring Festival in 2026 increased by 8.6% compared to the same period in 2025 [5][19] - The performance of Moutai and Wuliangye, as well as some mid-to-low-end price segments, exceeded expectations, while the overall performance of Fenjiu remained stable [15][19] Summary by Relevant Sections 1. Weekly Viewpoints - Moutai and mid-to-low-end liquor sales during the Spring Festival showed growth, while sub-premium liquor continued to face pressure. Moutai's repayment progress slightly exceeded the same period last year, and Wuliangye's repayment progress remained stable [15][6] - The mid-to-low-end liquor segment is expected to achieve double-digit growth during the Spring Festival, while high-end liquor sales are under pressure [15][6] 2. Industry Performance - The food and beverage sector experienced a decline, with the Shenwan Food and Beverage Industry Index (801120.SL) dropping by 2.51% during the week of February 9 to February 14, ranking 29th among 30 Shenwan primary industries [20] - All sub-sectors within the food and beverage industry saw declines, with meat products, health products, and baked goods experiencing relatively smaller drops [20] 3. Key Company Announcements - Luzhou Laojiao announced that the number of restricted stock units eligible for release is 1,962,814 shares, accounting for 0.1333% of the company's total share capital [29] - Miaokelan Duo signed a memorandum with SADAFCO to explore the market for children's cheese snacks in Saudi Arabia [29] 4. Important Industry News - The Ministry of Commerce announced anti-subsidy measures for EU companies, with rates ranging from 7.4% to 11.7%, effective from February 13, 2026 [31] - Kangshifu launched a new product, Kangshifu Ice Red Tea Energy, entering the energy drink market [31] 5. Industry Chain Data Tracking - As of February 10, 2026, wheat prices were 2,510.8 RMB/ton, up 6.45% year-on-year, while pork prices were 18.08 RMB/kg, down 11.63% year-on-year [34][36]

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 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24日呈 分化调整态势。如果十大单品各取一瓶整体打包售卖，今日总售价为9258元，较昨日下降2元。整体价 格在多日高位运行后出现轻微调整，市场仍以单品间分化波动表现为主。 今日十大单品六涨四跌。上涨产品中，精品茅台涨幅居前，环比上涨8元/瓶，重上2400元关口，部分终 端补货需求回升，对价格形成支撑；习酒君品上涨4元/瓶；国窖1573上涨3元/瓶；五粮液普五八代、青 花汾20及水晶剑南春均小幅上涨1元/瓶。下跌产品中，洋河梦之蓝M6+回落10元/瓶，调整幅度靠前且 已四连阴；飞天茅台与古井贡古20均下调4元/瓶，渠道报价出现小幅松动；青花郎小幅回落2元/瓶。 "酒价内参"的每日数据源自全国各大区均有合理分布的约200个采集点，包括但不限于酒企的指定经销 商、社会经销商、电商平台和零售网点等，原始取样数据为过去24个小时中各点位经手的真实成交终端 零售价格，力求为社会各界提供一份关于知名白酒市场价格的客观、真实、科学、全程可追溯的数据。 随着元旦官方i茅台平台开始出售 ...

证券研究报告·行业跟踪周报·食品饮料 食品饮料行业跟踪周报 从"历史经典产业"到"传统优势民生产业" ， 新五年酿酒产业提质发展 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2026 年 02 月 22 日 证券分析师 苏铖 执业证书：S0600524120010 such@dwzq.com.cn 证券分析师 孙瑜 执业证书：S0600523120002 suny@dwzq.com.cn 行业走势 -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 20% 2025/2/24 2025/6/22 2025/10/18 2026/2/13 食品饮料 沪深300 2026-02-10 东吴证券研究所 1 / 9 请务必阅读正文之后的免责声明部分 ◼ 从"历史经典"到"优势民生"产业，再度定调酿酒产业重要地位，鼓 励高质量发展。继 2025 年 10 月工信部发布《关于推动历史经典产业高 质量发展的指导意见（2026—2030 年）（征求意见稿）》，近期工信部、 人社部、市场监管总局再度印发《酿酒产业提质升级指导意见（2026— 2030 年）》，明确定调 ...

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 每经记者｜熊嘉楠 每经编辑｜魏官红 春节前一个工作日的清晨，仓储经理吴庆超和往常一样早早来到了库房：厢式货车依次驶入，在调度指 挥下精准停靠在装卸位，他不停刷新着来自全国各地的订单数据。 "和往年主要面向B端（经销商、自营门店）的发货旺季不同，今年叠加了线上平台爆发的C端需求，每 天处理上万单。"吴庆超告诉《每日经济新闻·将进酒》记者。 据记者了解，春节期间，市场消费需求增加，茅台酒供应紧俏。不少经销商节前已销完1月至2月配额， 甚至预支部分3月配额，直言"手里没货卖"。 多家第三方平台的数据显示，2026年农历春节前几日，2026版飞天茅台酒批价稳中有升，原箱报价大多 在1700元/瓶，散瓶批价在1660元/瓶~1690元/瓶；2026年新酒个别批价甚至高于2025年次新酒。 在此背景下，海量线上零散订单与线下旺季需求叠加，如何确保每一瓶茅台酒快速、安全送达？近期， 《每日经济新闻·将进酒》记者独家采访了位于贵州双龙航空港经济区的"茅台双龙库"，详细了解其如 何应对今年春节保供战。 入库后自动"找"仓位 扫码实现"人工补位" "茅台双龙库"坐落于贵州 ...