酒说获悉，茅台酱香酒营销有限公司高层人事将发生变动，茅台集团年轻高管谢钦卿已被提名为茅台酱香酒新任董事长人选。 据公开信息显示，谢钦卿1982年9月生，中共党员，大学学历。她自2022年10月至2024年10月担任贵州茅台酒股份有限公司职工董事，任中国贵州茅台酒 厂（集团）有限责任公司企业管理部主任及贵州茅台酒股份有限公司企业发展部部长。曾任贵州茅台酱香酒营销有限公司党委副书记、董事、工会主席等 职，主导过党建工作与校企合作项目。 来源:酒说 ...

Core Viewpoint - The food and beverage sector showed resilience in the market, with the Huabao Food and Beverage ETF (515710) experiencing a price increase of 0.86% by the end of trading on February 2, 2026, despite an initial surge of 3.28% during the day [1][4]. Group 1: Market Performance - The food and beverage ETF Huabao (515710) opened strong, reaching a peak increase of 3.28% before closing up 0.86% [1]. - Major liquor stocks saw significant gains, with Jinhuijiu hitting the daily limit, Shuijingfang rising by 7.44%, and Jinzongzi Jiu increasing by 5.17% [1]. - Leading liquor brands such as Kweichow Moutai, Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, and Yanghe also closed in the green [1]. Group 2: Industry Insights - CITIC Construction pointed out that the surge in the liquor sector is driven by Moutai's sales price exceeding expectations, recognized reforms, and easing real estate policies, alongside a positive outlook for PPI [1]. - Moutai's payment and delivery progress has surpassed last year's levels, and industry reforms are advancing, with expectations for the industry to bottom out by 2026, potentially increasing market share for leading brands [1]. - Current valuations in the food and beverage sector remain low, with the PE ratio of the Huabao ETF at 19.81, placing it in the 3.33% percentile of the last decade, indicating strong medium to long-term investment potential [1][3]. Group 3: Future Outlook - Xiangcai Securities noted that the food and beverage industry's valuation is at a historical low, despite weak market data such as retail sales and consumer confidence [3]. - The prolonged adjustment period has led to a pricing of pessimistic expectations, and with inflation showing signs of mild recovery, investment opportunities in the consumption sector are emerging [3]. - Investors are encouraged to focus on core assets within the food and beverage sector, particularly the Huabao ETF, which has a significant allocation to leading high-end liquor stocks and other beverage segments [3].

不过，他也表示，大涨次日出现明显的调整，证明此次上涨更多是反弹，获利资金了结意愿强烈。"大 家对于春节动销和茅台批价的分歧仍然较大，大部分人并不相信白酒已经触底，而是抱着赚一把就跑的 心态。" 白酒板块逆市上涨 一场关于白酒股信仰与价值的再博弈 历经四年深度调整的白酒板块，近期似乎出现了一线转机。 2月2日，A股市场整体走弱，上证指数下跌2.48%。白酒板块却在此时逆势上扬，相关ETF强势领涨， 成为市场中的亮点。这已是该板块近期第二次在调整市中率先反弹。但上一次大涨后迅速回调的"一日 游"行情，仍让市场心有余悸。 更值得关注的是其背后的资金分歧。截至去年四季度末，公募白酒基金持仓已降至不足4%，筹码结构 的出清看似为反转创造了条件，但机构与普通投资者的操作却呈现显著分化。这波上涨究竟是长达四年 调整后的"王者归来"，还是悲观预期修复下的短暂反弹？ "近期白酒板块的反弹更多是短期基本面因素和交易因素的双重影响。"恒生前海消费升级混合基金经理 胡启聪从交易层面分析称，白酒板块整体的机构持仓已降到历史低位，换言之筹码结构整体较好，抛压 较少，"配合短期价格催化，极易引起资金的短期效益"。 2月2日，白酒龙头贵州茅 ...

Core Insights - The Chinese liquor industry is experiencing a significant decline in production, with a projected 12.1% decrease in 2025, bringing total output down to 3.549 million kiloliters, marking the ninth consecutive year of decline and a nearly 74% reduction from the peak of 13.584 million kiloliters in 2016 [1][2] Group 1: Production Trends - The downward trend in production is evident, with December 2025's output at 376,000 kiloliters, a substantial year-on-year decrease of 19.0% [2] - Since reaching its peak in 2016, the liquor production has been on a steady decline, dropping below 5 million kiloliters in 2023 and further down to 3.549 million kiloliters in 2025, a reduction of over 10 million kiloliters compared to 2016 [2] - Despite the overall decline, leading companies like Kweichow Moutai and Wuliangye have shown consistent growth in their production volumes during the same period [2] Group 2: Inventory and Market Dynamics - The industry is facing high inventory levels, with total social inventory estimated at over 160 billion yuan, sufficient to support 4.2 years of sales [4] - A significant 58.1% of distributors and retailers report increased inventory, with many facing cash flow pressures due to price inversions [4] - The need for destocking has become a priority for many liquor companies, leading to actions such as halting orders and limiting production to alleviate pressure on channels [4] Group 3: Industry Restructuring - The decline in production is seen as a necessary adjustment for the industry, transitioning from rapid growth to a focus on high-quality development [5] - The number of large-scale liquor enterprises has decreased significantly, with 887 companies reported in the first half of 2025, down from 1,578 in 2016, indicating a consolidation trend [6] - Changes in consumer preferences, particularly among younger generations, are reshaping the market, with a shift towards quality over quantity in liquor consumption [7] Group 4: Future Outlook - The industry is undergoing a profound capacity clearing process, influenced by economic cycles, policy changes, and evolving consumer demands [6] - The integration of digital and intelligent technologies is becoming crucial for leading companies to enhance efficiency and quality [10] - The focus on premium products and the restructuring of production capabilities are expected to drive the industry towards a more sustainable and quality-oriented future [10][11]

茅台集团最年轻党委委员或再获提拔，"少壮派"代表张贵超拟职务晋升！ 据智通财经报道，贵州茅台旗下核心全资子公司贵州茅台酱香酒营销有限公司或迎高层人事变动。谢钦 卿已被提名为茅台酱香酒营销公司新任董事长人选，而该公司现任董事长张贵超拟职务晋升。此前，谢 钦卿曾任中国贵州茅台酒厂（集团）有限责任公司企业管理部主任以及贵州茅台酒股份有限公司职工董 事、企业发展部部长。 值得注意的是，茅台酱香酒营销公司在贵州茅台内部地位不一般。茅台酱香酒营销公司主要负责茅台 1935等茅台酱香系列酒的市场运营与销售工作。2024年和2025年前三季度，茅台酱香系列酒销售额分别 超246.8亿元和178.8亿元。 至于张贵超未来职位，目前暂不明确。 茅台"少壮派"代表 张贵超被视为茅台"少壮派"代表，出生于1982年6月，今年43岁，是茅台集团最年轻的党委委员。简历 显示，从2000年4月起，他在茅台体系内多岗位历练，涉及制酒车间酒库、勾贮、营销、市场管理等部 门，历任车间副主任、主任、销售公司董事长、总经理助理等职，2024年8月他被提拔为贵州茅台副总 经理。2024年9月任贵州茅台酱香酒营销有限公司党委书记、董事长、法定代表人。 ...

2026 年 02 月 02 日 券商金股解析月报（2026 年 02 月） 金融工程研究团队 苏俊豪（分析师） 证书编号：S0790522020001 胡亮勇（分析师） 证书编号：S0790522030001 王志豪（分析师） 证书编号：S0790522070003 魏建榕（首席分析师） 证书编号：S0790519120001 傅开波（分析师） 证书编号：S0790520090003 高 鹏（分析师） 证书编号：S0790520090002 盛少成（分析师） 证书编号：S0790523060003 蒋 韬（分析师） 证书编号：S0790525070001 相关研究报告 《开源量化评论（23）-"金股+"组 合的量化方案》-2021.4.26 《开源量化评论（32）-券商金股的内 部收益结构》-2021.8.29 魏建榕（分析师） 高鹏（分析师） weijianrong@kysec.cn 证书编号：S0790519120001 gaopeng@kysec.cn 证书编号：S0790520090002 2 月份券商金股特征解析 2 月份紫金矿业、中际旭创、海光信息、万华化学、贵州茅台、福斯特、山东黄 金等金股推 ...

Group 1 - The A-share market experienced a volatile adjustment on February 2, with all three major indices falling over 2%, and the Sci-Tech Innovation 50 Index dropping more than 3% [2] - The liquor sector showed repeated activity, with stocks like Huangtai Liquor achieving three consecutive trading limits, and Jinhuijiu gaining two limits in three days, alongside other brands such as Shui Jing Fang, Jiu Gui Jiu, Wuliangye, Shede Liquor, and Kweichow Moutai rising [2] - According to a report from CITIC Securities, the liquor industry is expected to bottom out by 2026, with leading companies increasing their market share, indicating a potential investment opportunity in the liquor sector before and after the Spring Festival [2] Group 2 - The current valuation of the liquor sector is at a historical low, presenting strong bottom-fishing value, while consumer policy catalysts are also being monitored [2] - The bottom-fishing logic is supported by performance clearing to unload burdens, strong brand support for sales, enhanced operational capabilities for channels, and exploration of new marketing models [2]

Core Viewpoint - The liquor sector, particularly the baijiu industry, has experienced a significant rebound after a prolonged adjustment period of approximately five years, with current valuations and institutional holdings at historical lows, indicating potential investment opportunities [1][3][6]. Group 1: Market Performance - As of February 2, the Wind Baijiu Index (884705) closed at 58999.08 points, reflecting a 3% increase, with all 19 baijiu stocks showing positive performance [1]. - Notable performers included Jinhui Liquor (603919.SH) and Huangtai Liquor (000995.SZ), both hitting the daily limit, while Shuijingfang (600779.SH) rose over 7% and Jinzongzi Liquor (600199.SH) increased by over 5% [1][2]. Group 2: Valuation and Institutional Holdings - Analysts from Tianfeng Securities and CITIC Securities noted that the baijiu sector is currently at a low valuation, with institutional holdings at a historical low of 3.93% as of the end of 2025, suggesting ample room for capital recovery [6][4]. - The price-to-earnings (P/E) ratios for major companies like Kweichow Moutai (600519.SH) and Wuliangye (000858.SZ) have significantly decreased compared to their peak in 2021, indicating a relative undervaluation in the current market [4][6]. Group 3: Industry Challenges - Despite the recent market rally, the baijiu industry is still facing challenges such as high inventory levels, overcapacity, and a slow recovery in traditional consumption scenarios [8][9]. - Many companies are forecasting significant declines in profits for 2025, with some, like Shunxin Agriculture, predicting losses of up to 188 million yuan, marking a drastic shift from previous profitability [9][10]. Group 4: Future Outlook - Analysts predict that the baijiu industry may hit its bottom by 2026, with expectations of increased market share for leading brands and potential investment opportunities arising from a combination of operational improvements and new marketing strategies [7][11]. - The upcoming Spring Festival is seen as a critical period for sales performance, with various promotional strategies being implemented by companies to boost consumer engagement [11].

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"重磅上线 知名白酒真实市场价尽在掌握 2月2日，新浪财经《酒业内参》从业内人士处获悉，李强清已出任贵州茅台酒销售有限公司总经理。 资料显示，李强清曾任中国贵州茅台酒厂（集团）有限责任公司办公室副主任、董事会办公室主任等 职，还担任过贵州茅台酱香酒营销有限公司党委委员、总经理。现任贵州茅台酒股份有限公司纪委委 员、党委办公室（公司办公室）主任、机关党委委员、常务副书记、监事会成员。 责任编辑：何俊熹 2月2日，新浪财经《酒业内参》从业内人士处获悉，李强清已出任贵州茅台酒销售有限公司总经理。 资料显示，李强清曾任中国贵州茅台酒厂（集团）有限责任公司办公室副主任、董事会办公室主任等 职，还担任过贵州茅台酱香酒营销有限公司党委委员、总经理。现任贵州茅台酒股份有限公司纪委委 员、党委办公室（公司办公室）主任、机关党委委员、常务副书记、监事会成员。 责任编辑：何俊熹 ...

Group 1 - Guizhou Moutai conducted a block trade on February 2, with a total of 31,500 shares traded, amounting to 43.05 million yuan, which represents 0.35% of the total trading volume for the day [1] - The average transaction price was 1,366.72 yuan, reflecting a discount of 4.22% compared to the market closing price of 1,427 yuan [1] - The highest transaction price recorded was 1,427 yuan, while the lowest was 1,261 yuan [1] Group 2 - The trading data indicates that the stock code for Guizhou Moutai is 600519, with a transaction price of 1,427 yuan on the same day [2] - The total transaction amount for the highest price was 499.45 million yuan, with a trading volume of 0.35 [2] - The lowest transaction price recorded was 1,261 yuan, with a total transaction amount of 1,008.8 million yuan [2]