春节临近，一瓶好酒是否已在您的年货清单中？今年，不少消费者购买茅台酒的途径有了新变化——通过i茅台APP"线上购买、线下提货"，以透明价格便 捷入手茅台酒，既安心又省心。那么，线下提货现场究竟如何？1月30日，"茅台时空"探访了贵阳市观山湖区长岭南路的贵州茅台自营店，记录下春节前 真实的提货场景。 工作日的午间，茅台自营店内陆续有消费者前来提货，不少人趁着午休时间专程前来。在附近上班的张先生表示："开车过来很方便，整个提货过程也就 两三分钟，不耽误下午工作。" "茅台时空"在门店观察到，线下提货流程标准且高效：消费者打开i茅台APP出示订单二维码和身份证，店员扫码后从仓库取酒，经核验包装、签字确认， 一次提货便顺利完成，全程只需两分钟。 仅午间时段，约有40位消费者完成提货，其中近七成为整箱提取，多数人表示所购的茅台酒将用于春节家宴或赠礼所需。消费者吴先生分享说："飞天茅 台刚在i茅台上线那会儿，我主要是买两瓶尝尝，现在快过年了，干脆买整箱，家用、送人都方便。"这样的提货场景，正是i茅台在春节消费季的生动写 照。 在提货高峰时段，门店的服务细节尤为温暖：工作人员会主动帮助消费者取号，一旁设置有矿泉水加热柜，温 ...

随着全球资产配置需求增长，中国私募基金国际化布局加速，香港成"出海"首选地，香港证监会9号牌 照是关键"金钥匙"。据私募排排网统计，截至2025年12月31日，133家私募持有该牌照，百亿私募达39 家，上海是"重镇"。其中，2025年获得9号牌照的私募有优美利投资、平方和投资、鑫善投资、致诚卓 远、弘尚资产、上海合骥私募、万柏私募、永信国际投资、动量资本等17家，相比2024年多2家。 热点聚焦 133家私募持9号牌照"出海"掘金！ 百亿私募日斗投资分红"狠操作"：净值归一，分红惊掉下巴！ 近日，据华尔街见闻，百亿私募机构日斗投资旗下一只代表产品，在1月19日实施了超常规分红。该产 品成立于2024年7月，分红前累计净值达1.7719，此次分红后单位净值直接回到1.0000，投资者可在现金 分红与红利再投资间选择。这种把此前积累浮盈一次性分配、净值打回初始面值的做法，在私募行业并 不多见，尤其产品成立时间不长。日斗投资成立于2016年，2019年完成备案，近两年规模蹿升，当前管 理规模接近300亿元。其规模扩张备受热议，诸多中小型券商是主要推手，也有"大户"冲着创始人王文 而来。 但斌公布最新持仓，谷歌成第 ...

Investment Rating - The industry rating is maintained as "Positive" [5] Core Insights - The food and beverage sector experienced a weekly increase of 1.56%, outperforming the Shanghai Composite Index, which decreased by 0.44%, and the CSI 300 Index, which increased by 0.08% [1][17] - The liquor segment, particularly baijiu, showed a strong performance with a 3.86% increase, driven by positive sales dynamics for leading brands like Guizhou Moutai, which saw its batch price rise to 1700 yuan [2][11] - The overall performance of the consumer goods sector was weaker, with declines in most categories except for meat products, which increased by 0.52% [1][17] Summary by Sections Market Performance Review - The food and beverage sector's performance from January 26 to January 30 showed a 1.56% increase, with specific categories like baijiu increasing by 3.86% and snacks decreasing by 6.07% [1][17] Weekly Perspective Update - The baijiu sector is gaining attention, with Guizhou Moutai's sales performing well. The sector's strong performance is attributed to favorable market conditions and improved sales dynamics [2][11] - The consumer goods sector, excluding meat products, showed a decline, with specific stocks like Li Ziyuan increasing by 16.0% while others like Hao Xiang Ni decreased significantly [2][12] Sector Investment Recommendations - For the baijiu sector, the report recommends focusing on leading brands such as Guizhou Moutai, Luzhou Laojiao, and Shanxi Fenjiu, anticipating strong sales during the Spring Festival [3] - In the consumer goods sector, the report emphasizes the importance of the Spring Festival stocking season, recommending companies like East Peak, Wei Long, and New Dairy for potential growth [3][12]

Group 1 - The core viewpoint is that the recent surge in Kweichow Moutai's stock price is driven more by "policy expectations" and "liquidity migration" rather than a genuine recovery in consumer demand [3] - The stock market is experiencing a "high-low switch," where funds are moving from previously hot sectors like technology and gold to the consumer sector, which has been undervalued for five years [3] - Recent government policies aimed at expanding domestic demand and promoting consumption have provided a narrative for market speculation [3] Group 2 - Despite the stock price rebound, the wholesale price of Feitian Moutai has dropped below the suggested retail price of 1499 yuan, indicating a disconnect between stock performance and actual market conditions [1][3] - The underlying issues remain, with weak consumer spending and business demand, and channel inventory still needing to be digested [3] - The strategy suggested is to avoid chasing high prices, observe the stability of wholesale prices above 1600 yuan, and maintain a focus on genuine consumer demand for long-term value [3]

Investment Rating - The industry rating is maintained as "Positive" [5] Core Views - The liquor sector is gaining attention, with strong sales performance from Guizhou Moutai, which has seen its batch price rise to 1700 yuan, reflecting positive sales momentum despite existing inventory risks [2][11] - The consumer goods sector is experiencing overall weakness, but there are opportunities in the "snack/meal supply/dairy beverage" segments due to the upcoming Spring Festival [3][12] Market Performance Review - The food and beverage sector saw a weekly increase of 1.56%, outperforming the Shanghai Composite Index, which decreased by 0.44%, and the CSI 300 Index, which increased by 0.08% [1][17] - Specific performance highlights include a 3.86% increase in the liquor sector, while other segments like snacks and health products saw declines of 6.07% and 5.59%, respectively [1][17] Sector Investment Recommendations - **Liquor Sector**: The report recommends focusing on leading brands such as Guizhou Moutai, Luzhou Laojiao, Shanxi Fenjiu, and Guxi Gongjiu, anticipating strong sales during the Spring Festival [3] - **Consumer Goods**: Emphasis is placed on the Spring Festival stocking opportunities in snacks, meal supplies, and dairy beverages, with specific recommendations for companies like East Peak, Weilong, and New Dairy [3][12][14] Sector and Stock Performance - The report details stock performance, with top gainers in the liquor sector including Huangtai Liquor (+22.92%) and Luzhou Laojiao (+9.10%), while major losers included Haoxiangni (-20.89%) and Yanghe Distillery (-11.56%) [19][22] - The dynamic price-to-earnings ratio for the food and beverage sector is reported at 20.9 times, with liquor at 18.47 times, indicating a favorable valuation environment for liquor stocks [24]

行 业 及 产 业 食品饮料 2026 年 02 月 01 日 茅台量价表现验证观点 推荐茅台为 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 《白酒持仓继续下降 食品配置环比回升— —食品饮料 2025 年四季度基金持仓分 析》 2026/01/26 《茅台批价坚挺旺季氛围渐起 鸣鸣很忙上 市催化零食板块——食品饮料行业周报 20260119-20260123》 2026/01/25 《贵州茅台（600519）点评： i 茅台全面 向 C，市场化改革全面推进 》 2026/01/09 证券分析师 吕昌 A0230516010001 lvchang@swsresearch.com 周缘 A0230519090004 zhouyuan@swsresearch.com 王子昂 A0230525040003 wangza@swsresearch.com 联系人 王子昂 A0230525040003 wangza@swsresearch.com 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@boser ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The demand for Moutai during the Spring Festival is more resilient than expected, indicating a clear improvement trend for mass-market products [4] - The food and beverage index increased by 1.6% from January 26 to January 30, outperforming the CSI 300 by approximately 1.5 percentage points [4][15] - The white wine market is gaining attention due to expectations of improvement in related industries, with Moutai's wholesale prices showing unexpected resilience [4][43] Market Performance - The food and beverage sector ranked 5th among primary sub-industries, with white wine (+3.9%), meat products (+0.5%), and other foods (0.0%) leading the performance [4][15] - Notable individual stock performances include Huangtai Liquor, Liziyuan, and CITIC Niya showing significant gains, while Haoxiangni, *ST Chuntian, and Anji Food experienced declines [4][15][20] Upstream Data - Some upstream raw material prices have decreased, with the price of fresh milk at 3.04 yuan/kg, down 2.6% year-on-year [21] - The price of pork is 18.6 yuan/kg, down 19.9% year-on-year, while the price of white strip chicken is 17.0 yuan/kg, down 1.2% year-on-year [23][29] Recommendations - Recommended stocks include Guizhou Moutai, Shanxi Fenjiu, Ximai Food, Weilong Delicious, and Ganyuan Food, with each showing potential for growth in 2026 [6]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The demand for Moutai during the Spring Festival is more resilient than expected, indicating a clear improvement trend for mass-market products [4] - The food and beverage index increased by 1.6% from January 26 to January 30, outperforming the CSI 300 by approximately 1.5 percentage points [4][15] - The white wine market is gaining attention, with Moutai's wholesale price rebounding to over 1600 yuan, signaling a potential bottom for the white wine sector [4][13] Market Performance - The food and beverage sector ranked 5th among primary sub-industries, with white wine (+3.9%) and meat products (+0.5%) leading the performance [15][16] - Key stocks such as Huangtai Liquor, Liziyuan, and CITIC Niya showed significant gains, while stocks like Haoxiangni and *ST Chuntian faced declines [4][15] Upstream Data - Some upstream raw material prices are declining, with the price of fresh milk at 3.04 yuan/kg, down 2.6% year-on-year [21] - The price of pork is 18.6 yuan/kg, down 19.9% year-on-year, indicating a significant drop in meat prices [23][29] Recommendations - Recommended stocks include Guizhou Moutai, Shanxi Fenjiu, Ximai Food, Weilong Delicious, and Ganyuan Food, with a focus on their growth potential and market strategies [6][50]

酒板块眼踪点评报告 TH KE ■ 证券研究报告 因 投资评级:看好(维持) 最近 12 月市场表现 分析师 皇立德 SAC 证书编号: S0160523090004 wuwd01@ctsec.com 分析师 张之 SAC 证书编号: S0160525090004 zhangli01@ctsec.com 任金星 分析师 SAC 证书编号：S0160524010001 renix@ctsec.com 相关报告 1. 《4Q2025 食品饮料基金持仓分析》 2026-01-29 2. 《国标加速推出，利好行业规范和集中 度提升 》 3. 《牛肉进口政策落地,肉奶共振利好牧 业》 2026-01-05 日酒动销渐起,关注预期差下的板块机织 核心观点 作者具有中国证券业协会授予的证券投资咨询执业资格，并注册为证券分析师，具备专业胜任能力，保证报告所采用的数 据均来自合规渠道，分析逻辑基于作者的职业理解。本报告清晰地反映了作者的研究观点，力求独立、客观和公正，结论 不受任何第三方的授意或影响，作者也不会因本报告中的具体推荐意见或观点而直接或间接收到任何形式的补偿。 ● 资质声明 � 风险提示:消费力恢复不及预期，行业竞 ...

本周（1月26日至30日），A股融资余额维持在2.7万亿元高位以上，最新为27222.32亿元（截至1月29日），为历史次高。本周A股融资净买入合计52.79亿 元。 分行业来看，有色金属遥遥领先，融资净买入额高达118.8亿元；基础化工、建筑装饰、医药生物、通信融资净买入额超过10亿元。电子遭到融资大额净 偿还，金额为78.5亿元；机械设备、国防军工紧随其后，融资净偿还额均在30亿元以上。 A股融资余额维持2.7万亿元高位。 这些个股融资客大幅买入 个股方面，本周31股融资净买入额在3亿元以上，紫金矿业、天孚通信、中国平安排名前三，融资净买入额依次为28.73亿元、25.59亿元、12.54亿元。 紫金矿业1月26日公告，公司控股的紫金黄金国际联合黄金签署《安排协议》，紫金黄金国际拟收购联合黄金全部已发行的普通股，其核心资产包括在产 的马里Sadiola金矿、科特迪瓦金矿综合体，及将于2026年下半年建成投产的埃塞俄比亚Kurmuk金矿。根据公开披露信息，截至2024年底，联合黄金拥有 金资源量533吨，平均品位1.48克/吨。 西部证券指出，从短期来看，标的均为在产或即将投产项目，并购当年即可贡献产量，叠 ...