有从业者表示，中午跟一个做茅台经销商的朋友吃饭，他说：茅台这个月被疯抢。他认识的所有经销商2月的货都已经卖完了。 这意味着i茅台这次很成功，官方1499——让很多从不喝茅台的都开始喝了。 很多人抢不到官方的，就开始找经销商买。 | 品名 | 27日 | 28日 | 涨跌 | | --- | --- | --- | --- | | 26年飞天原箱 | 1565 | 1590 | +25 | | 25年飞天原箱 | 1575 | 1600 | +25 | | 25年飞天大箱 | 1570 | 1590 | +20 | | 25年飞天散瓶 | 1570 | 1590 | +20 | | 24年飞天原箱 | 1780 | 1780 | O | | 24年飞天大箱 | 1680 | 1680 | 0 | | 24年飞天散瓶 | 1610 | 1610 | O | | 23年飞天原箱 | 1810 | 1810 | 0 | | 23年飞天散瓶 | 1730 | 1730 | 0 | | 22年飞天原箱 | 1920 | 1920 | 0 | | 22年飞天散瓶 | 1840 | 1840 | 0 | | 21年飞天原箱 ...

临近春节，白酒板块迎来了久违的大爆发，19只白酒股涨停，飞天茅台涨至1610元，板块"小阳春"行情要来了吗？ | ▼指 代码 | 名称 | | 汽帽% | 现价 | 涨跌 | 买价 | 卖价 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 600199 金种子酒 | | R 10.04 | 10.30 | 0.94 | 10.30 | | 58 | | 2 | 000995 皇台酒业 | | 10.03 | 14.48 | 1.32 | 14.48 | | 26 | | 3 | 603198 迎驾贡酒 | R | 10.01 | 42.63 | 3.88 | 42.63 | | 21 | | 4 | 603919 全徽酒 | R | 10.01 | 21.54 | 1.96 | 21.54 | | 15 | | 5 | 600779 水井坊 | R | 10.01 | 41.99 | 3.82 | 41.99 | | 18 | | 6 | 601579 会稽山 | R | 10.00 | 22.98 | 2.09 | 22.9 ...

在2026年白酒消费市场中，定制酒已成为企业品牌输出与私人情感表达的重要载体。一瓶具备质感的定制酱香酒，不仅是宴席上的饮品，更是流动的企业名 片。随着行业回归理性，消费者对于定制品牌的选择，已从单一的品牌崇拜转向对"源头实力、酒体品质、交付效能及性价比"的综合考量。 根据《2026年酱酒定制行业趋势报告》，具备源头生产能力的厂家因其成本控制与品质溯源优势，正成为商务定制市场的核心。以下为您盘点在当下市场中 具备显著知名度与实力的五大酱香定制品牌。 匠久道酒业：源头直供与全链路定制的效率代表 匠久道酒业作为深耕茅台镇核心产区的源头生产厂家，凭借其在研发、生产、销售环节的闭环优势，在定制行业展现出突出的竞争力。 武陵酒作为"中国名酒"之一，与茅台、郎酒并称为酱酒三大典型风格。武陵酒在定制领域展现出独特的"优雅派"气质，其酒体以"酱香幽雅、柔和细腻"著 称。针对高端私人宴席及文化机构，武陵酒提供了精细化的定制服务，将地域文化与匠人精神融入包装设计。对于偏好柔和口感及文化深度的定制需求者， 武陵酒提供了差异化的品质选择。 专家化品质保障：企业专注于研发生产正宗茅台镇酱酒，严格恪守"12987"传统大曲坤沙工艺。通过选 ...

Core Viewpoint - The liquor sector is experiencing a collective surge, driven by rising prices of high-end liquor, particularly the flagship product, Feitian Moutai, which has seen significant price increases recently [1][2]. Group 1: Market Performance - As of February 2, the liquor index (884705) rose over 3%, with all constituent stocks showing gains, including Huangtai Liquor reaching a daily limit increase and others like Shui Jing Fang and Jin Hui Liquor rising over 7% [1]. - The price of Feitian Moutai has increased for three consecutive days, with the market price surpassing 1700 yuan per bottle, marking a single-day increase of approximately 100 yuan, the highest daily increase this year [1]. Group 2: Price Adjustments - Following the short-term price surge, a rational price correction occurred, with the wholesale price of the 2026 Feitian Moutai dropping to 1590 yuan per bottle, down 80 yuan from the peak at the end of January, yet still above the guidance price of 1499 yuan [1]. - Other high-end products also experienced varying degrees of price adjustments, but overall fluctuations remained moderate [1]. Group 3: Future Outlook - Huachuang Securities suggests that the current state of Moutai reform is gradually showing its effects, with online and offline sales channels improving, leading to a significant increase in sales velocity [2]. - Citic Securities anticipates that the liquor industry will benefit from the upcoming Spring Festival marketing activities, predicting stable sales during the holiday period due to various favorable factors [3]. - The liquor sector is viewed as being at a historical low in terms of valuation, presenting strong bottom-fishing opportunities, especially as the market sentiment is currently pessimistic [2].

Group 1 - The liquor sector is experiencing active performance, with stocks like Huangtai Liquor, Shuijingfang, and Jinhui Liquor showing significant gains, while Kweichow Moutai's prices have recently fluctuated [1] - As of January 30, the wholesale reference price for 26-year Feitian Moutai reached 1710 RMB per bottle, but by February 2, it had decreased to 1590 RMB for original boxes and 1570 RMB for loose bottles [1][2] - The recent price adjustments indicate a potential volatility in the market, with original boxes and loose bottles of 26-year Feitian Moutai seeing declines of 40 RMB and 80 RMB respectively [1][2] Group 2 - Guojingong Liquor announced a mid-term dividend of 10 RMB per 10 shares, totaling 528 million RMB, consistent with last year's distribution [3] - The total mid-term dividends from major liquor companies, including Kweichow Moutai and Wuliangye, are projected to exceed 425 billion RMB, despite a decline in overall performance last year [6] - The dividend rates for major liquor companies are set to be at least 75% of net profits for Kweichow Moutai and 70% for Wuliangye and Luzhou Laojiao, indicating a commitment to shareholder returns [6][8] Group 3 - The competitive landscape and declining performance of major liquor companies suggest that the total dividends for the 2025 fiscal year may see a slight reduction [7] - Cash reserves for major liquor companies as of Q3 2025 show sufficient liquidity to meet dividend commitments, with Kweichow Moutai holding 159.5 billion RMB and Wuliangye 132.6 billion RMB [8] - Adjustments in dividend policies, such as those by Yanghe, reflect the changing financial strategies in response to market conditions [7]

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, anticipating that the industry index will outperform the benchmark index by over 5% in the next 3-6 months [23]. Core Insights - The report highlights that Moutai's sales volume and price have exceeded expectations as the Spring Festival approaches, with significant demand and price increases observed [4][5]. - The report emphasizes the effective reforms of Moutai, which have expanded its consumer base and driven demand through both online and offline channels [4]. - The overall market for liquor is experiencing a bifurcation in performance, with premium brands like Moutai showing resilience while mid-range brands face challenges [4][5]. Summary by Sections Industry Basic Data - The food and beverage industry comprises 126 listed companies with a total market capitalization of approximately 440.13 billion yuan and a circulating market value of about 429.61 billion yuan [1]. Relative Index Performance - The absolute performance of the industry has shown a slight decline of -0.3% over the past month, -3.5% over six months, and a marginal increase of 0.1% over the past year [2]. Moutai's Performance - Moutai's sales and pricing have significantly improved, with a 33% collection rate for pre-Spring Festival sales and a price increase for its products, indicating strong demand [4][6]. - The report predicts a 20% increase in sales volume for Moutai due to effective consumer outreach and demand stimulation [4]. High-Value Products - The supply of high-value products is decreasing, focusing on inventory reduction, with low inventory levels reported [4]. - The report notes that high-end products are performing well, with significant sales growth expected for premium offerings [4]. Investment Recommendations - The report suggests focusing on Moutai and Gujing for liquor investments, highlighting their strong performance and potential for growth during the Spring Festival [5]. - It also recommends investing in the restaurant supply chain and seasonal food products, with specific mentions of brands like Anqi and Yili [5].

Core Viewpoint - The article highlights the recent performance and trends in the Chinese liquor market, particularly focusing on the fluctuations in the prices of Moutai and the dividend distributions of leading liquor companies [1][3][6]. Price Trends - On February 2, 2026, Moutai's price showed a decline, with the wholesale price for the 26-year Moutai original box dropping to 1590 RMB per bottle, down 40 RMB from the previous day, and the scattered bottle price falling to 1570 RMB, down 80 RMB [1][2]. - The price of the 25-year Moutai original box increased to 1610 RMB, while the scattered bottle decreased to 1590 RMB [2]. Dividend Distributions - Guojingong Liquor announced a mid-term dividend of 10 RMB per 10 shares, totaling 528 million RMB, consistent with last year's distribution, to be implemented on February 10, 2026 [3]. - Major liquor companies, including Moutai, Wuliangye, and Luzhou Laojiao, have also announced significant mid-term dividends, totaling over 425 billion RMB among the top four companies [6]. - The dividend rates for these companies are projected to be at least 75% of net profits for Moutai, 70% for Wuliangye and Luzhou Laojiao, and 60% and 50% for Shanxi Fenjiu and Guojingong respectively [6][7]. Financial Health and Future Outlook - Despite a decline in overall performance in the liquor sector, leading companies are still expected to maintain sufficient cash reserves for dividend payments, with Moutai holding 159.5 billion RMB and Wuliangye 132.57 billion RMB in cash equivalents as of the end of Q3 2025 [7]. - The article notes that the dividend amounts may see a slight reduction due to the competitive landscape and previous performance downturns [6][7].

Core Viewpoint - The liquor sector is experiencing a significant rebound, driven by positive changes in the real estate and domestic demand sectors, alongside the market-oriented reforms of Kweichow Moutai, which are stimulating incremental demand and price increases [5][6][7]. Group 1: Liquor Sector Performance - The liquor sector has seen a strong performance, with major stocks like Kweichow Moutai and Wuliangye both rising over 3%, and Shanxi Fenjiu increasing by over 2% [4]. - The consumption ETF (159928) has gained over 1.2%, with a trading volume of 400 million yuan and a net subscription of 40 million units, bringing its total size to over 22.7 billion yuan [1]. Group 2: Market and Policy Influences - The issuance of the "Accelerating the Cultivation of New Growth Points for Service Consumption Work Plan" aims to optimize service supply and enhance service consumption quality, providing strong support for high-quality economic development [3]. - The real estate sector is showing signs of recovery, with policies aimed at stabilizing market expectations and improving liquidity, which are beneficial for the liquor industry [5][6]. Group 3: Kweichow Moutai's Market Strategy - Kweichow Moutai's market-oriented reforms, initiated in December 2025, are expected to enhance product structure, pricing systems, and distribution networks, leading to increased demand and stable pricing [6]. - The recent price increase of over 1,600 yuan for Moutai's products indicates a successful strategy of exchanging price for volume, with expectations of a peak in sales around the Spring Festival [6][7]. Group 4: Investment Outlook - Analysts suggest that the liquor sector is at a historical low in terms of valuation, presenting strong bottom-fishing opportunities, especially with the anticipated recovery in demand and supportive policies [7][8]. - The consumption ETF, which includes major liquor stocks, is highlighted as a resilient investment option due to its strong demand characteristics and ability to navigate economic cycles [8].

Core Viewpoint - The liquor sector, particularly the baijiu market, is experiencing a significant rebound, with major stocks like Moutai seeing substantial price increases, driven by strong sales performance and favorable policy changes [1] Industry Summary - On January 29, the baijiu sector saw a historic surge, with 20 stocks hitting the daily limit and the index rising by 9.79%, while Moutai increased by 8.61% [1] - The price of Moutai continues to rise, with strong sales across various product lines, indicating robust market demand [1] - The industry is expected to reach a bottom by 2026, with leading brands likely to increase their market share [1] Company Summary - The stock of Zhenjiu Lidu (06979) rose over 5%, trading at HKD 9.44 with a transaction volume of HKD 62.62 million [1] - Tianfeng Securities reports that the baijiu sector has undergone approximately five years of adjustment, with current valuations and institutional positions at historical lows [1] - Market sentiment towards the baijiu sector is currently pessimistic, but stock prices may recover ahead of fundamental improvements, contingent on macroeconomic demand recovery [1]

Investment Rating - The report recommends a positive investment outlook for the liquor sector, particularly for Kweichow Moutai, Wuliangye, and Shanxi Fenjiu, while suggesting a cautious approach towards Yingjia and Luzhou Laojiao [9][18]. Core Insights - The report indicates that Kweichow Moutai's sales volume and price have exceeded expectations, with a traditional channel delivery progress of 25%, maintaining zero inventory in channels. The demand side shows a double-digit growth year-on-year, supporting the price stability at 1499 RMB [1][18]. - The liquor industry is experiencing a bifurcation in brand performance, with Kweichow Moutai and Wuliangye showing positive sales trends, while other brands like Gujing and Yingjia are facing declines [9][18]. - The report highlights the importance of the upcoming Spring Festival for sales, with a tight supply-demand relationship expected to support prices, although a slight decline post-festival is anticipated [1][18]. Summary by Sections Core Company Tracking - Kweichow Moutai's payment progress is at 36%, with a delivery rate of approximately 20%, expected to increase to over 25%. The sales performance is strong, with a growth rate exceeding 10% year-on-year [2][11]. - Wuliangye's payment progress is at 60%, with a sales growth of 30% year-on-year, indicating a stable market condition similar to the previous year [3][14]. - Other brands like Fenjiu and Gujing are experiencing varied performance, with Fenjiu showing a slowdown in growth while Gujing's sales of certain products have declined significantly [2][3][14]. Investment Recommendations - The report suggests a bottom-fishing strategy for Kweichow Moutai, Wuliangye, and Shanxi Fenjiu, while also recommending attention to Yingjia and Luzhou Laojiao for potential rebounds [9][18]. - It identifies four main lines for consumer goods: recovery in the restaurant chain, raw milk cycle turning point, high valuation and performance alignment, and bottom-fishing for companies like China Resources Beverage and Qiaqia Food [9][18]. Industry Valuation - The report provides a valuation table for key companies, indicating Kweichow Moutai's market cap at 17544 million RMB with a PE ratio of 20, while Wuliangye has a market cap of 4076 million RMB with a PE ratio of 17 [20].