i茅台的茅台抢购页面一度访问困难。 近期飞天茅台酒市场价格出现了剧烈波动，在上周末出现暴涨暴跌的过山车行情后，本周茅台价格又再次上涨。第三方平台数据显示，今日飞天茅 台的批发价稳定在1665元/瓶。在市场端，飞天茅台的零售价格也回到1750元/瓶左右。 2月5日，多位网友反映i茅台购买茅台的页面登陆困难，显示点击重试，无法抢购。近日茅台市场价格再度上涨，与i茅台的抢购价格形成单瓶150元 到200元的差价，代抢价格也出现翻倍。 在部分二手交易平台上，i茅台抢购的茅台的出货价也在上涨，不少在i茅台抢购到茅台的卖家挂出1650元到1699元/瓶的价格出售，和1499元的抢购 价单瓶有200元的套利空间。而代抢业务报价也水涨船高，从过去50元/单变成150元/单左右。 记者今日早间在i茅台app看到，9点时app可以正常登陆，但在点击进入抢购茅台的i购页面时，页面显示加载但迟迟无法打开，最终显示"点击重 试"，多次刷新后也无法进入。在社交平台上，多位网友发出截图也出现类似情况，甚至网友发出疑问"i茅台的服务器瘫痪了？"到9点30分，页面恢 复正常，但1499元茅台也显示已售罄。 此前i茅台刚刚公布了开售1499元茅 ...

Group 1 - Brands are competing to deeply understand Chinese traditional culture, creating products that are more interesting, meaningful, unique, and emotionally resonant [1] - Moutai's recent release of the zodiac wine has led to a surge in its secondary market price due to a packaging error, causing fluctuations in Guizhou Moutai's stock price [1] - The high-end consumer market is shifting from "logo visibility" to "value recognition," with consumers increasingly seeking products that resonate emotionally rather than just luxury items [1][36] Group 2 - The application of red elements in this year's zodiac-themed products has become standard, with brands emphasizing craftsmanship and product details rather than merely using animal imagery [3] - International brands are leveraging the Year of the Horse to connect their brand history with Chinese culture, with examples like Burberry incorporating equestrian elements into their designs [7] - Brands are increasingly focusing on creating emotional connections through their products, moving away from superficial cultural appropriations [20][32] Group 3 - The trend of creating limited edition products for the Chinese New Year is evolving, with brands now exploring the feelings and cultural symbols associated with the zodiac rather than just the animal itself [6][32] - Successful brands are those that have established a local presence or have been acquired by Chinese companies, allowing them to better resonate with local consumers [26] - The concept of "cultural long-termism" is gaining traction, with brands like LVMH emphasizing the importance of understanding cultural consumption cycles for sustainable growth in China [20] Group 4 - The recent limited edition products from brands like Descente and On Running reflect a deeper understanding of consumer psychology, focusing on emotional value rather than just functionality [34] - The shift towards more thoughtful and culturally integrated marketing strategies is evident, as brands aim to create lasting emotional connections with consumers during the Chinese New Year [35][36] - The emergence of new cultural symbols, such as the "green horse" from Gansu Museum, illustrates the evolving landscape of consumer preferences and cultural engagement [32]

Group 1: Core Insights - The 2025 Hurun China Brand List includes non-Chinese brands for the first time, providing a comprehensive overview of the Chinese market [1][6] - Apple tops the list with a brand value of 1.11 trillion yuan, followed by Kweichow Moutai at 795 billion yuan, and WeChat at 325 billion yuan [1][6] - Douyin's brand value increased by 14% to 280 billion yuan, but it dropped two places to fourth [1][7] Group 2: Industry Highlights - The largest brand value increase was seen by Pop Mart, which grew by 288% to 48.5 billion yuan, entering the top 50 [2][7] - The consumer electronics sector, led by Apple, surpassed the liquor industry to become the highest-valued sector on the list, while liquor remains the highest-valued sector for local brands [2][7] - In the automotive sector, Tesla ranked first among car brands with a value of 270 billion yuan, while BYD remains the top Chinese automotive brand at 120 billion yuan [2][7] Group 3: Automotive Sector Details - The automotive sector featured 40 brands, including 17 non-Chinese brands, 13 private Chinese brands, and 10 state-owned brands, collectively accounting for 8% of the total brand value on the list [8] - The top three automotive brands are Tesla, BYD, and AITO, with AITO's brand value increasing by 47% to 33 billion yuan [2][7] - Chery's brand value fell by 76% to 6 billion yuan due to brand restructuring and the removal of overseas contributions, placing it 18th in the automotive sector [2][7]

Core Insights - The "2025 Hurun China Brand List" has been released, marking the first inclusion of non-Chinese brands and providing comprehensive coverage of the Chinese market [1][5]. Group 1: Brand Rankings - Apple tops the list with a brand value of 1.11 trillion yuan, followed by Kweichow Moutai at 795 billion yuan, and WeChat at 325 billion yuan, which has replaced Douyin as the most valuable private Chinese brand [1][5]. - Douyin's brand value increased by 14% to 280 billion yuan, but it dropped two places to fourth. Tesla made its debut on the list with a brand value of 270 billion yuan, ranking fifth [1][5]. Group 2: Industry Insights - The largest increase in brand value was seen by Pop Mart, which grew by 288% to 48.5 billion yuan, entering the top 50 [2][5]. - The consumer electronics sector, led by Apple, has surpassed the liquor industry to become the highest-valued sector on the list, while liquor remains the highest-valued sector for domestic brands [2][5]. - Among liquor brands, Kweichow Moutai, Wuliangye, and Guojiao 1573 continue to hold the top three positions. A total of 30 liquor brands made the list, with 18 being state-owned, 8 private, and 3 non-Chinese brands, collectively accounting for 14% of the total brand value on the list [2][5]. Group 3: Brand Value Data - The top ten brands and their values are as follows: 1. Apple: 1,110 billion yuan 2. Kweichow Moutai: 795 billion yuan 3. WeChat: 325 billion yuan 4. Douyin: 280 billion yuan 5. Tesla: 270 billion yuan 6. Zhonghua: 195 billion yuan 7. Wuliangye: 170 billion yuan 8. Pinduoduo: 150 billion yuan 9. Ping An: 130 billion yuan 10. BYD: 120 billion yuan [3][6]. Group 4: Non-Chinese Brands - The top non-Chinese brands include: 1. Apple: 1,110 billion yuan 2. Tesla: 270 billion yuan 3. Hermès: 83.5 billion yuan 4. Other notable brands include Coca-Cola and Louis Vuitton, with values of 31 billion yuan and 24.5 billion yuan respectively [4][8].

五粮液在今年春节前后的销售情况如何？ 白酒专家及乳品交流 20260204 摘要 茅台通过"爱茅台"平台 1,499 元换购活动提前启动白酒行情，价格从 1,480-1,490 元上涨至 1,700 元左右，刺激消费，预计一季度销量增长 5 个百分点至 40%。 五粮液打款进度较慢，回款率约 40%，但因库存低，预计一季度完成率 达 45%。供应量较 2024 年增加，价格稳定在 780-785 元。 泸州老窖高度国窖 1,573 回款率仅 10%，批发价高于五粮液但动销不 佳，库存高企，售价 850-855 元，缺乏费用投入和市场支持。 汾酒回款率约 20%，进度较缓，清香 20 和波峰系列价格下跌压缩经销 商利润，清香 20 售价 345 元，波峰 470 元，利润微薄，但预计销量将 提升。 白酒市场价格回暖，库存约 20 多天，低于往年同期。2026 年一季度回 款目标 35%以上，低于往年，但预计完成无忧。 茅台非标产品减量，精品年份酒价格稳定，进价约 1,800 元，批发价 2000-2,200 元。1,935 系列价格升至 620 元，动销良好，春节后计划 增加系列酒费用投入。 白酒行业分化明显， ...

2026 元春白酒动销更新 20260204 摘要 高端白酒市场整体下滑，但茅台、五粮液等头部品牌因价格调整和礼赠 需求稳定，市场份额反而提升，消费者选择更集中，商务消费明显减少。 五粮液通过调整打款发货策略、数字化扫码等措施稳定批发价在 790 元 左右，动销表现良好，春节期间开瓶率高于国窖 1,573，市场份额有所 增长。 茅台推出 1×4 规格产品以适应经济下行背景下消费者对价格的敏感性， 预计春节前后需求量较大，节后价格预计在 1,500-1,600 元之间波动。 国窖 1,573 在成都市场销售压力大，回款速度慢，高度国窖库存积压， 预计春节前情况延续，公司或将在后续调整市场策略。 次高端白酒表现分化，剑南春回款稳定，红花郎小幅增长，舍得、水井 坊等品牌同比下滑，年会用酒需求明显减少。 茅台一季度计划量已执行近 40%，预计节前全部完成，经销商配额调整 可能转向个性化酒经销合同，而非统一配给。 汾酒在山东市场青花汾 20 表现较好，但老白汾巴拿马系列销售不佳， 整体回款进度放缓，价格因控制出货量而上涨。 Q&A 今年春节前白酒主要品牌的动销情况如何？包括春节打款、进度、批价和库存 等方面？ 今年春节 ...

展望后市，开源证券表示，经过前期持续调整，食品饮料板块当前已处于基本面与估值的较低位置，或 具备显著的布局价值。2025年12月CPI同比上涨0.8%，呈现温和修复态势。叠加已经明确扩内需促消费 的政策基调，行业需求底部回暖信号渐显。当前板块估值与政策低形成共振，悲观预期逐步释放，为布 局提供了安全边际。当前白酒板块估值处于近年来低位，市场预期低且筹码结构较好，基本面接近底 部，或具备布局价值。 图片、数据来源：沪深交易所等，截至2026.2.5。 吃喝板块今日（2月5日）继续上攻！反映吃喝板块整体走势的食品饮料ETF华宝（515710）开盘后震荡 走高，盘中场内价格最高涨1%，截至发稿，逆市涨0.5%。 成份股方面，大众品涨幅居前，部分白酒龙头亦表现亮眼。截至发稿，新乳业、金徽酒双双大涨超 4%，千禾味业涨超3%，古井贡酒、舍得酒业、贵州茅台等亦涨幅居前。 | 分时 #日 1分 5分 15分 30分 60分 日 周 月 更多 | F9 盘航盘版 露加 九种 图纸 工具 @ 0 > | 食品饮料ETF华宝 O | 515710 | 515710)食品饮料ETF华富] 09:56 快 0.602 温默 0.00 ...

今日（2.5），大盘再度震荡，资金高低切换，消费板块走强。聚焦纯正新消费的港股通消费ETF汇添富（159268）放量涨超2%！资金持续青睐，近5日有3 日获净流入，累计"吸金"超4600万元！ 港股通消费ETF汇添富（159268）标的指数热门成分股中，百盛中国涨超7%，巨子生物涨超6%，泡泡玛特、海底捞涨超4%，老铺黄金涨超3%（标的指数 成分股仅做展示，不作为个股推介）。 消息面上，百胜中国公布2025年度业绩，总收入117.97亿美元，同比增加4%；净利润9.29亿美元，增长2%，每股盈利2.52美元。每股派息29美仙。单计第四 季度，总收入28.23亿美元，同比增加9%；净利润1.4亿美元，增长22%，每股盈利40美元。经营利润增长25%至1.87亿美元。季内，同店销售额增长3%，连 续第三个季度实现增长。 | 南昌 | 什么样 | 名称 | 估自权軍 | | | | --- | --- | --- | --- | --- | --- | | 1 | 9992 | 泡泡玛特 | 9.01% | 4.81% | 14.05 Z | | 2 | 9987 | 百胜中国 | 8.26% | 7 44% | ...

Core Viewpoint - The food and beverage sector continues to show upward momentum, with the Huabao Food and Beverage ETF (515710) experiencing a rise of 0.5% as of the latest update, despite market fluctuations [1][8]. Market Performance - The Huabao Food and Beverage ETF opened with volatility but reached a peak increase of 1% during the trading session [1][8]. - Key stocks in the sector, particularly in consumer goods and leading liquor brands, have shown significant gains, with New Dairy and Jinhui Liquor both rising over 4%, and Qianhe Flavor Industry increasing by over 3% [1][8]. New Product Launch - On February 4, Kweichow Moutai announced the launch of a new blueberry sparkling wine on its e-commerce platform, priced at 99 yuan per 375ml bottle, aligning with its strategy to appeal to younger consumers [2][10]. Strategic Insights - Analysts suggest that the launch of the blueberry sparkling wine is a strategic move for Moutai to enhance its brand appeal and market penetration, potentially leading to significant sales growth in the short term and establishing a foothold in the mass market in the long term [3][10]. - The food and beverage sector is currently viewed as undervalued, with the price-to-earnings ratio of the underlying index for the Huabao ETF at 20.93, placing it in the lower percentile of the past decade [3][10]. Investment Opportunities - The Huabao Food and Beverage ETF is structured to allocate approximately 60% of its portfolio to leading high-end and mid-range liquor stocks, while the remaining 40% is invested in leading companies across beverages, dairy, and condiments [4][11]. - Investors can also consider the Huabao Food and Beverage ETF linked funds for exposure to core assets in the sector [4][11]. Future Outlook - Analysts from Kaiyuan Securities indicate that the food and beverage sector is currently at a low point in terms of fundamentals and valuations, suggesting a potential for significant investment opportunities [5][13]. - The Consumer Price Index (CPI) is expected to show a mild recovery, with a projected year-on-year increase of 0.8% by December 2025, indicating a gradual improvement in industry demand [5][13].

Core Insights - The 2025 Hurun China Brand List has been released, for the first time including non-Chinese brands, providing a comprehensive overview of the Chinese market [1][4]. Brand Rankings - Apple tops the list with a brand value of 1.11 trillion yuan, followed by Kweichow Moutai at 795 billion yuan, maintaining its position as the highest-valued Chinese brand [1][4]. - WeChat ranks third with a brand value of 325 billion yuan, overtaking Douyin as the most valuable private Chinese brand [1][4]. - Douyin's brand value increased by 14% to 280 billion yuan, but it dropped two places to fourth [1][4]. - Tesla makes its debut on the list with a brand value of 270 billion yuan, ranking fifth [1][4]. Notable Brand Performance - Pop Mart is highlighted as the brand with the largest growth, with a brand value increase of 288% to 48.5 billion yuan, entering the top 50 [1][4]. - The consumer electronics sector, led by Apple, has surpassed the liquor industry to become the highest-valued sector on the list, while liquor remains the highest-valued sector for domestic brands [1][4].