格隆汇2月2日｜白酒股盘初走高，其中，水井坊涨超5%，山西汾酒、贵州茅台、五粮液涨超3%，古井 贡酒、舍得酒业跟涨。消息上，酒价内参2月2日价格发布，十大单品涨跌分化整体价格升至阶段高位。 ...

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2月2日呈分化 走势，但整体价格继续走升。如果十大单品各取一瓶整体打包售卖，今日总售价为9020元，较昨日上涨9 元，升至1月8日以来最高位。 今日市场十大单品七涨三跌。上涨产品中，国窖1573、青花汾20、古井贡古 20各环比上涨10元/瓶，渠道补货与成交重心上移带动价格显著抬升；五粮液普五八代同步回升，上涨8元/ 瓶，批零价差得到阶段性修复；洋河梦之蓝M6+环比上涨6元/瓶，区域库存去化支撑报价上调；精品茅台 环比上涨2元/瓶，高端礼赠需求继续带动成交价微调，该酒品已四连阳累计涨幅超60元；水晶剑南春微涨1 元/瓶。下跌产品方面，习酒君品回落17元/瓶，跌幅领先，625元/瓶的均价创下30天来新低；飞天茅台下跌 15元/瓶，青花郎回落6元/瓶。 | | 52度/500ml | 011/112 | IUJ = | | --- | --- | --- | --- | | | 洋河梦之蓝M6+ | 585/瓶 | 6元 | | | 52度/550ml | | | | | 古井贡古20 | 520/瓶 | 10元 | | | 52 ...

文丨酒类咨询专家 韩为喜 为了应对这种周期的切换，茅台做了一件最艰难的事：渠道变革。 最近，i茅台APP上罕见地大量投放1499元飞天茅台，引发了行业的剧烈讨论。有人说是为了冲业绩，有人说是为了打压黄牛。但在我看来，这些解读都 还在战术层面打转。 如果我们把视角拉高，将茅台的这一系列动作——从直销变革到服务商转型，再到如今的控价放量——放在中国经济大周期的背景下去看，你会发现一条 清晰而深刻的草蛇灰线。 这不仅是一次价格的博弈，更是一场"从金融品回归消费品"的历史性迁徙。 周期的共振：茅台是中国经济的投影 我们必须承认，过去二十年茅台的神话，是建立在两个巨大的宏观基石之上的：基建地产的繁荣与货币的宽松。 在那个资产价格普涨的年代，茅台不仅仅是一瓶酒，它成了抗通胀的硬通货，成了商务社交的顶级门票。它的"金融属性"，是被那个特定时代的宏观经济 赋予的。 然而，当中国经济进入高质量发展的转型期，当"房住不炒"成为长效机制，当去杠杆成为主旋律，依附于旧周期的茅台，必然要面临估值逻辑的重构。 当资产端的泡沫开始挤出，茅台的金融属性剥离就不是"想不想"的问题，而是"必须做"的顺势而为。 现在我们看到的批价下行，某种程度上 ...

Investment Rating - The report rates multiple companies in the consumer staples sector as "Outperform," including Guizhou Moutai, Wuliangye, and Yili [1]. Core Insights - The consumer staples industry in January 2026 shows a recovery in basic demand while hedonic consumption remains under pressure, indicating a divergence in performance across different segments [3][29]. - Among the eight key consumer industries tracked, four are experiencing positive growth (condiments, frozen food, soft drinks, and catering), while four are facing declines (high-end and above Baijiu, mass-market Baijiu, dairy products, and beer) [29]. Summary by Segment Baijiu (High-end and Above) - In January, the revenue for high-end Baijiu reached 47 billion yuan, a year-on-year decline of 14.0%. The price pressure is significant, with expectations of over a 10% price drop throughout the year due to high inventory levels [11]. Baijiu (Mass-market and Below) - The mass-market Baijiu segment generated 22.9 billion yuan in January, down 3.0% year-on-year. Despite the decline, the segment shows resilience due to rigid demand and adaptability to consumption scenarios [13]. Beer - The beer industry reported revenues of 17 billion yuan in January, a decrease of 7.1% year-on-year. The demand was affected by adverse weather and the delayed Spring Festival, leading to a cautious inventory approach by distributors [15]. Condiments - The condiment sector achieved revenues of 46.9 billion yuan in January, reflecting a year-on-year growth of 3.5%. The recovery in the catering channel and increased demand from small and medium-sized businesses are key drivers [17]. Dairy Products - The dairy sector's revenue was 43.5 billion yuan in January, down 3.3% year-on-year. The demand remains under pressure, but a potential recovery is anticipated in the coming months due to low base effects [19]. Frozen Food - The frozen food segment saw revenues of 14.99 billion yuan in January, with a year-on-year increase of 8%. The demand is supported by pre-Spring Festival stocking and favorable weather conditions [21]. Soft Drinks - The soft drink industry generated 96.2 billion yuan in January, with a modest growth of 1.1% year-on-year. Increased promotional activities indicate heightened market competition [24]. Catering - The catering sector reported revenues of 16.2 billion yuan in January, up 2.5% year-on-year. The demand is gradually improving, particularly in small and medium-sized restaurants [26].

□本报记者 王宇露 上周品牌工程指数多只成分股表现强势。具体来说，澜起科技上涨13.64%，排在涨幅榜首位；中际旭 创上涨10.94%，居次席；泸州老窖上涨9.10%；兆易创新、欧派家居（603833）涨逾5%；贵州茅台 （600519）、泰格医药（300347）、新希望涨逾4%；山西汾酒（600809）、华谊集团（600623）、老 板电器（002508）涨逾3%；五粮液（000858）、科大讯飞（002230）、美的集团（000333）涨逾1%。 2026开年以来，澜起科技上涨54.37%，排在涨幅榜首位；兆易创新上涨46.97%，紧随其后；长电科 技、华谊集团涨逾30%；中微公司、安集科技、华润微、欧派家居涨逾20%；科大讯飞、盐湖股份 （000792）、通策医疗（600763）、华大基因（300676）、泰格医药、宝信软件（600845）涨逾10%。 市场表现受情绪影响较大 对于上周的市场，星石投资分析，市场表现受情绪影响较大，风格演绎相对极致，行业驱动因素变化、 宽基ETF卖出是情绪端的主要影响因素。结构上看，各个风格均出现较大波动，板块间轮动较快，防御 属性偏强的金融风格相对占优，成长风格相对较弱 ...

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]

所以，我想问大家：你认为茅台这波上涨，是"价值回归"的开始，还是又一轮"政策市"的短期炒作？ 你会选择此时跟进，还是冷静观望？ 帮主的观点很明确：这更像是资金驱动的短期炒作，而非基本面反转，炒作后大概率会再次回落。 核 心矛盾没变：民间消费与商务需求依然疲软，渠道库存仍需消化。股价反弹，但酒价并未同步，说明涨 价基础不牢。 帮主直言，这波反弹，核心推手不是消费复苏，而是"政策预期"与"流动性迁徙"。第一，这是典型的 "高低切换"。前期爆炒的科技、黄金板块高位震荡，巨量资金需要寻找新去处。而消费板块历经5年下 跌，估值处于历史极低位，成了天然的"洼地"。第二，近期扩内需、促消费政策暖风频吹，给了市场一 个炒作的"故事剧本"。 因此，我们的策略必须清晰：第一，绝不追高。 将其视为市场高低切换的信号，而非冲锋号角。第 二，观察现货。 如果批价不能稳固在1600元以上并传导至终端，股市狂欢就难以持续。第三，保持定 力。 真正的长期价值，必须等待真实的消费需求归来。我是帮主郑重，带你穿透涨跌的表象。 朋友们，茅台又火了！股价一度大涨超8%，白酒板块成交额狂飙600亿。但另一边，飞天茅台批发价曾 跌破1499元指导价，电 ...

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]