作者 | 远禾 数据支持 | 勾股大数 据（www.gogudata.com） 近日，白酒板块突然躁动。 1 月 29 日，板块整体上涨超 9% 。 除了贵州茅台、泸州老窖外，皇台酒业、金徽酒、酒鬼酒等直接涨停，贵州茅台也创下近一段时间的单日最大涨幅。 然而次日，行情突变，除皇台酒业仍继续涨停外，贵州茅台等一众酒企已然明显转跌。 昙花一现的暴涨之后，如今的白酒板块，到底是 "回光返照"，还是"彻底反转"？ 01 白酒板块的回暖，一方面看，主要是由于如今商业航天、存储芯片等板块已经处于相对高位，贵金属为代表的有色方向近期同样反复活跃，而 白酒板块如今处于相对底部，顺应了市场高低切的内在需求。 而另一方面，则来源于飞天茅台批发价的企稳。 如今临近春节旺季，飞天茅台需求上涨，部分茅台经销商到货的飞天茅台一月和二月配额已售罄。 因此，飞天茅台批价近日持续上涨， 30 日更是单日上涨 1000 元，批价已然超过 1700 元 / 瓶。 但白酒板块的基本面，仍未彻底反转。 过去的一年里，飞天茅台批价一度跌破 1500 元，白酒行业也经历了最严峻的挑战。 同花顺 iFind 数据显示，申万白酒指数 2025 年全年下跌超过 ...

Core Viewpoint - The collaboration between Moutai and CITIC Securities aims to enhance Moutai's market position and sustainable development through diversified investment strategies and financial services [3][4]. Group 1: Collaboration Details - Moutai's Chairman Chen Hua and CITIC Securities' Chairman Zhang Youjun discussed deepening their partnership during a meeting on January 30 [1]. - CITIC Securities recognizes Moutai's brand and capital advantages, emphasizing its potential for sustainable growth and stable returns for investors [3]. - The collaboration seeks to explore new directions in the capital market and identify growth opportunities, aiming for mutual benefits [3][4]. Group 2: Strategic Focus - Moutai is committed to its core liquor business while also focusing on market-oriented transformation and upgrading traditional industries [4]. - The partnership will leverage CITIC Securities' resources to foster strategic emerging industries and new economic growth points, enhancing Moutai's resilience against market cycles [4]. - Moutai's contributions to rural revitalization and high-quality development in Guizhou are highlighted as part of its broader mission [4].

2026.01.31 本文字数：1371，阅读时长大约2分钟 作者 |第一财经 宋婕 第一财经记者梳理发现，头部黄金品牌的金饰克价涨跌幅度有所分化。 部分品牌报价连跌两日之后，依然要比28日报价更高。例如，周大福今日报价的1625元/克，就比该品 牌在28日的1618元/克要高。六福珠宝的金饰克价在29日达到了1704元/克的高位，30日回落到1683元/ 克，31日报价1623元/克，依然要比该品牌在28日的1616元/克要高。 但部分品牌价格下调的幅度更大，例如老凤祥的金饰克价仅31日就降了170元。该品牌曾在1月29日达到 1713元/克，30日报价回落到1668元/克，31日报价低至1498元/克，比该品牌在28日报价1620元还要低不 少。老凤祥最新的金饰克价距离历史高价已跌去215元/克。 在金价大幅震荡的过程中，不同金饰品牌及不同品类产品的价格表现分化显著。 1月30日，黄金遇40年来最大单日跌幅，白银创历史最大盘中跌幅。国内主要品牌的金饰克价与国际金 价同频，在大涨之后迎来了大跌。29日，多家头部金饰品牌克价突破1700元大关，刷新历史记录。而大 涨的行情在30日戛然而止，金饰克价从高位回落， ...

据茅台官微报道，当地时间1月23日至25日，茅台集团党委副书记、总经理王莉率代表团赴法国开展文化交流与市场调研活动。 此次行程紧随茅台第三次亮相达沃斯世界经济论坛之后，通过拜访国际酒企、行业协会，召开渠道商交流会，调研终端市场，发布文化新品等举措，深化 中法酒业对话，锚定欧洲市场改革方向，为茅台持续深耕欧洲市场、助推国际化战略落地注入新动力。 作为中华优秀传统文化的重要载体，茅台始终以先行者姿态推动白酒国际化。此次法国之行，茅台把行业交流与文化互鉴深度结合，先后拜访了法国人头 马、卡慕两大知名干邑品牌，以及中国贸促会驻法国代表处、法国中国工商会，构建起中法酒业及经贸文化交流的纽带。 - 49 8 3 and I bo F 12 成立于1724年的人头马酒庄，隶属于人头马君度集团，旗下路易十三、人头马两大干邑品牌享誉全球。代表团在人头马的干邑地区总部、梅尔滨酒窖、品 鉴中心、蒸馏厂，探寻酒庄的历史脉络和工艺流程。双方围绕市场前沿布局、科技创新应用、全球高端烈酒消费趋势、品牌文化传承等话题深入探讨，加 深了彼此理解与信任，为全球高端烈酒品牌之间的跨文化对话奠定了基础。 法国卡慕始创于1863年，是世界著名干邑品牌 ...

Core Viewpoint - The market price of Feitian Moutai has been rising for three consecutive days, with the original box price exceeding 1700 yuan per bottle, marking the highest single-day increase of the year at approximately 100 yuan per bottle [1][3]. Group 1: Price Trends - The terminal market price in Chengdu reached 1860 yuan per bottle, an increase of 160 yuan compared to the previous two days [1][4]. - The price of Feitian Moutai has seen multiple increases within a single day, with reports indicating a rise of 4 times in one day and 2 times the next day [4]. - As of January 30, the market price for original box Feitian Moutai ranged from 1710 to 1770 yuan per bottle, while scattered bottles were priced between 1650 and 1700 yuan per bottle, with daily increases of 100 to 160 yuan for original boxes and 80 to 130 yuan for scattered bottles [7]. Group 2: Market Demand and Supply - The current market demand has exceeded expectations, with some distributors noting a significant increase in purchasing power, described as "heavenly" [1][5]. - The demand surge is attributed not only to the traditional seasonal increase during the Spring Festival but also to the impact of the iMoutai platform, which has attracted new consumer groups beyond traditional distribution channels [3][8]. - Many distributors have already sold out their quotas for January and February, leading to a potential demand exceeding supply situation [10][11]. Group 3: Future Price Stability - There is a prevailing optimistic outlook regarding the stability of Feitian Moutai prices post-Spring Festival, primarily based on supply-demand dynamics [10][11]. - Concerns remain about the sustainability of the new consumer base attracted by iMoutai and the potential for price corrections after the holiday season [12][13]. - Some distributors have noted a decline in group purchase numbers by over 30% year-on-year, indicating that the current purchasing behavior may not sustain long-term demand [12].

| | 中国知名白酒大单品 烟 | 市场真实成交终端价 | | | --- | --- | --- | --- | | | | i茅台飞天茅台(2026)售价1499精品茅台售价2299 | | | 品名/规格 | | 今日价格(元) | 较昨日(元) | | | 贵州茅台酒(飞天) 53度/500ml | 1755/瓶 | 90元▲ | | | 贵州茅台酒(精品) 53度/500ml | 2381/瓶 | 12元 - | | | 五粮液普五八代 52度/500ml | 798/瓶 | -2元 | | | 青花汾20 | 375/瓶 | 3元 | | 『国文 出口 U | | --- | | 52度/500ml | 867/瓶 10元▲ 来源：滚动播报 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1月31日显著 上行。如果十大单品各取一瓶整体打包售卖，今日总售价为9009元，较昨日上涨117元，重返9000元关 口，创过去20天以来新高。飞天茅台大幅拉升驱动市场上行，头部单品对整体均价的带动效应显著。 今日 市场呈现普涨态势，十大单品七涨两跌一平，高端酒品对价格中枢的影 ...

Core Viewpoint - The market price of Feitian Moutai has risen for three consecutive days, with the original box price exceeding 1700 yuan per bottle, marking the highest daily increase of the year at approximately 100 yuan per bottle [1][6]. Group 1: Market Dynamics - The terminal market price in Chengdu has reached 1860 yuan per bottle, an increase of 160 yuan compared to the previous two days, indicating a strong demand exceeding expectations [1][3]. - Many distributors express that the current market demand recovery has surpassed their expectations, with some describing the purchasing power as "massive" [1][3]. - The price of Feitian Moutai has seen multiple increases within a single day, with reports of prices rising four times in one day and twice the next day, driven by high demand as the holiday approaches [3][6]. Group 2: Seasonal Demand and Supply Factors - The seasonal demand increase due to the Spring Festival is a significant factor, alongside the impact of the iMoutai platform releasing Feitian Moutai at a lower price, which has stimulated market demand [3][7]. - The current price trend is expected to be influenced by supply and demand dynamics, with many distributors having already sold out their quotas for January and February, potentially leading to a situation where demand exceeds supply [8][9]. Group 3: Consumer Behavior and Market Sentiment - The iMoutai platform has attracted a large number of new consumers, many of whom are not traditional channel customers, indicating a shift in the consumer base [7]. - There is a cautious sentiment regarding the sustainability of the current price increase, with concerns that the demand driven by holiday gifting may not translate into long-term purchasing behavior [9]. - Some distributors report a decline in group purchase customers by over 30% year-on-year, suggesting that the current purchasing activity is primarily driven by short-term needs rather than sustained demand [9].

格隆汇1月31日｜招商证券在最新的一份研究报告中也指出，该团队近期调研了河南、安徽、四川等多 地白酒渠道，总需求仍在下滑（双位数下滑），但符合此前预期。分场景看，商务宴请以小局为主、中 高端餐饮仍较萧条，送礼需求有部分回补。品牌侧分化明显，茅台动销表现优异，春节备货需求前置， 其他品牌承压。 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 ...

Core Viewpoint - The supply-demand relationship for Moutai prices remains unchanged in the short term, with low inventory among distributors and tight supply supporting a potential price increase [1] Short-term Analysis - Moutai's allocation quotas are nearly fulfilled before the year-end, leading to low distributor inventory levels [1] - Demand is expected to grow year-on-year at a double-digit rate, providing support for price increases [1] Long-term Perspective - Currently, the industry is at the bottom of the economic cycle, facing multiple negative constraints such as economic pressure and alcohol bans, which limit demand [1] - The solid bottom of supply-demand balance may lead to the removal of constraints in the future, creating upward price momentum and driving valuation and performance improvements [1]

1月28日、29日、30日，飞天茅台批发价格连续三日上扬。 1月30日，根据某第三方平台信息，2026年飞天（原装）最新价格为1770元/瓶，较上一日上涨160元。 2026年飞天散瓶最新价格1700元/瓶，上涨130元/瓶，2025年飞天原箱也上涨了150元。Wind平台也显 示，1月30日当天原装的飞天茅台价格来到了1710元/瓶，较昨日上涨100元。 值得注意的是，1月29日，A股市场白酒板块出现罕见一幕，连跌五年的白酒股几乎全部涨停，龙头贵 州茅台大涨近9%。不过，次日（1月30日），白酒板块出现集体回调，贵州茅台跌超2%。 中信证券指出，2026年以来，行业发生了很多大事件和变化，推动白酒行业渠道升级和突破。短期，白 酒龙头企业开始积极拥抱消费者，消费者触达和消费者教育工作热度空前；中部企业适当降价，维持市 场量价平衡；尾部企业停产、出清库存。长期，"以消费者为核心"的渠道协同体系料将成为行业下一轮 周期中核心竞争力，需要企业逐步提升拓客能力、服务能力和场景运营能力。新一轮市场培育下，行业 整体有望受益于本轮新消费者获取和消费者教育提升效果。 茅台批价连续上涨 茅台酒的批价最近连续跳涨。多个第三方价 ...