Core Viewpoint - The collaboration between Moutai and CITIC Securities aims to enhance Moutai's market position and sustainable development through diversified investment strategies and financial services [3][4]. Group 1: Collaboration Details - Moutai's Chairman Chen Hua and CITIC Securities' Chairman Zhang Youjun discussed deepening their partnership during a meeting on January 30 [1]. - CITIC Securities recognizes Moutai's brand and capital advantages, emphasizing its potential for sustainable growth and stable returns for investors [3]. - The collaboration seeks to explore new directions in the capital market and identify growth opportunities, aiming for mutual benefits [3][4]. Group 2: Strategic Focus - Moutai is committed to its core liquor business while also focusing on market-oriented transformation and upgrading traditional industries [4]. - The partnership will leverage CITIC Securities' resources to foster strategic emerging industries and new economic growth points, enhancing Moutai's resilience against market cycles [4]. - Moutai's contributions to rural revitalization and high-quality development in Guizhou are highlighted as part of its broader mission [4].

2026.01.31 本文字数：1371，阅读时长大约2分钟 作者 |第一财经 宋婕 第一财经记者梳理发现，头部黄金品牌的金饰克价涨跌幅度有所分化。 部分品牌报价连跌两日之后，依然要比28日报价更高。例如，周大福今日报价的1625元/克，就比该品 牌在28日的1618元/克要高。六福珠宝的金饰克价在29日达到了1704元/克的高位，30日回落到1683元/ 克，31日报价1623元/克，依然要比该品牌在28日的1616元/克要高。 但部分品牌价格下调的幅度更大，例如老凤祥的金饰克价仅31日就降了170元。该品牌曾在1月29日达到 1713元/克，30日报价回落到1668元/克，31日报价低至1498元/克，比该品牌在28日报价1620元还要低不 少。老凤祥最新的金饰克价距离历史高价已跌去215元/克。 在金价大幅震荡的过程中，不同金饰品牌及不同品类产品的价格表现分化显著。 1月30日，黄金遇40年来最大单日跌幅，白银创历史最大盘中跌幅。国内主要品牌的金饰克价与国际金 价同频，在大涨之后迎来了大跌。29日，多家头部金饰品牌克价突破1700元大关，刷新历史记录。而大 涨的行情在30日戛然而止，金饰克价从高位回落， ...

Core Viewpoint - Moutai Group is actively engaging in cultural exchange and market research in France to deepen its internationalization strategy and strengthen its presence in the European market [1][6]. Group 1: Cultural Exchange and Market Research - Moutai's delegation, led by General Manager Wang Li, visited France from January 23 to 25, following its third appearance at the Davos World Economic Forum [1]. - The delegation engaged with international liquor companies and industry associations, held discussions with distributors, and launched cultural new products to enhance Sino-French dialogue in the liquor industry [1][6]. - Moutai aims to build a bridge for cultural and economic exchanges between China and France, visiting renowned brands like Rémy Martin and Camus to explore market trends and brand culture [5][6]. Group 2: Strategic Market Development - Moutai has established a self-operated channel in Europe, including the Paris Trading Company and over 30 distributors, laying a foundation for brand recognition [6]. - The company plans to reform its European market strategy by focusing on product, pricing, channel, operation, and market support to better align with local consumer needs [9][10]. - Wang Li emphasized that Moutai's internationalization is not merely about product export but involves a comprehensive strategy to enhance brand and cultural presence in Europe [8][9]. Group 3: Product Launch and Cultural Integration - Moutai hosted a product launch event titled "Cultural France" in Paris, showcasing its commitment to cultural integration and global consumer engagement [12][19]. - The new product reflects the fusion of French and Chinese cultural elements, symbolizing the deep connection between the two civilizations [16][19]. - The event featured artistic performances that highlighted the narrative of cultural exchange, reinforcing Moutai's role as a cultural ambassador [19][20].

Core Viewpoint - The market price of Feitian Moutai has been rising for three consecutive days, with the original box price exceeding 1700 yuan per bottle, marking the highest single-day increase of the year at approximately 100 yuan per bottle [1][3]. Group 1: Price Trends - The terminal market price in Chengdu reached 1860 yuan per bottle, an increase of 160 yuan compared to the previous two days [1][4]. - The price of Feitian Moutai has seen multiple increases within a single day, with reports indicating a rise of 4 times in one day and 2 times the next day [4]. - As of January 30, the market price for original box Feitian Moutai ranged from 1710 to 1770 yuan per bottle, while scattered bottles were priced between 1650 and 1700 yuan per bottle, with daily increases of 100 to 160 yuan for original boxes and 80 to 130 yuan for scattered bottles [7]. Group 2: Market Demand and Supply - The current market demand has exceeded expectations, with some distributors noting a significant increase in purchasing power, described as "heavenly" [1][5]. - The demand surge is attributed not only to the traditional seasonal increase during the Spring Festival but also to the impact of the iMoutai platform, which has attracted new consumer groups beyond traditional distribution channels [3][8]. - Many distributors have already sold out their quotas for January and February, leading to a potential demand exceeding supply situation [10][11]. Group 3: Future Price Stability - There is a prevailing optimistic outlook regarding the stability of Feitian Moutai prices post-Spring Festival, primarily based on supply-demand dynamics [10][11]. - Concerns remain about the sustainability of the new consumer base attracted by iMoutai and the potential for price corrections after the holiday season [12][13]. - Some distributors have noted a decline in group purchase numbers by over 30% year-on-year, indicating that the current purchasing behavior may not sustain long-term demand [12].

Core Insights - The Chinese white liquor market has seen a significant increase in the average retail price of the top ten products, reaching a total price of 9009 yuan as of January 31, marking a rise of 117 yuan from the previous day and hitting a 20-day high [1] - The price surge is primarily driven by the substantial increase in the price of Feitian Moutai, which rose by 90 yuan per bottle, the highest daily increase since the price tracking began in November [1] - The overall market exhibited a bullish trend with seven products increasing in price, two decreasing, and one remaining stable, indicating a strong influence of high-end liquor on the price dynamics [1] Price Movements - Feitian Moutai (53 degrees/500ml) is now priced at 1755 yuan, up by 90 yuan from the previous day [3] - The premium Moutai variant is priced at 2381 yuan, with a slight increase of 12 yuan [3] - Other notable price changes include: - Guojiao 1573 up by 10 yuan to 646 yuan [4] - Xijiu Junpin up by 9 yuan to 646 yuan [4] - Qinghua Fen 20 up by 3 yuan to 375 yuan [4] - Yanghe Dream Blue M6+ and Gujing Gong Gu 20 both up by 1 yuan [4] - Qinhualang down by 7 yuan to 707 yuan [4] - Wuliangye Pu Wu 58 down by 2 yuan to 798 yuan [4] - Shuijing Jian Nan Chun remains stable at 389 yuan [4] Market Dynamics - The price increase is attributed to heightened demand for high-end liquor during the pre-festival period, coupled with active speculative trading [1] - The top products are showing a pronounced impact on the overall average price, reflecting the market's sensitivity to premium offerings [1]

Core Viewpoint - The market price of Feitian Moutai has risen for three consecutive days, with the original box price exceeding 1700 yuan per bottle, marking the highest daily increase of the year at approximately 100 yuan per bottle [1][6]. Group 1: Market Dynamics - The terminal market price in Chengdu has reached 1860 yuan per bottle, an increase of 160 yuan compared to the previous two days, indicating a strong demand exceeding expectations [1][3]. - Many distributors express that the current market demand recovery has surpassed their expectations, with some describing the purchasing power as "massive" [1][3]. - The price of Feitian Moutai has seen multiple increases within a single day, with reports of prices rising four times in one day and twice the next day, driven by high demand as the holiday approaches [3][6]. Group 2: Seasonal Demand and Supply Factors - The seasonal demand increase due to the Spring Festival is a significant factor, alongside the impact of the iMoutai platform releasing Feitian Moutai at a lower price, which has stimulated market demand [3][7]. - The current price trend is expected to be influenced by supply and demand dynamics, with many distributors having already sold out their quotas for January and February, potentially leading to a situation where demand exceeds supply [8][9]. Group 3: Consumer Behavior and Market Sentiment - The iMoutai platform has attracted a large number of new consumers, many of whom are not traditional channel customers, indicating a shift in the consumer base [7]. - There is a cautious sentiment regarding the sustainability of the current price increase, with concerns that the demand driven by holiday gifting may not translate into long-term purchasing behavior [9]. - Some distributors report a decline in group purchase customers by over 30% year-on-year, suggesting that the current purchasing activity is primarily driven by short-term needs rather than sustained demand [9].

Core Viewpoint - The report from招商证券 indicates a significant decline in overall demand for liquor, particularly in the white liquor market, with double-digit decreases expected, aligning with prior forecasts [1] Group 1: Market Demand - Recent surveys conducted by招商证券 in regions such as Henan, Anhui, and Sichuan reveal that total demand for white liquor is still declining [1] - The decline in demand is primarily observed in business banquets, which are now dominated by smaller gatherings, while mid-to-high-end dining remains sluggish [1] - There is a partial recovery in gift-giving demand, indicating some shifts in consumer behavior [1] Group 2: Brand Performance - There is a noticeable differentiation among brands, with茅台 showing strong sales performance and benefiting from pre-holiday stocking demands [1] - Other brands are facing pressure and challenges in maintaining their market positions [1]

Core Viewpoint - The supply-demand relationship for Moutai prices remains unchanged in the short term, with low inventory among distributors and tight supply supporting a potential price increase [1] Short-term Analysis - Moutai's allocation quotas are nearly fulfilled before the year-end, leading to low distributor inventory levels [1] - Demand is expected to grow year-on-year at a double-digit rate, providing support for price increases [1] Long-term Perspective - Currently, the industry is at the bottom of the economic cycle, facing multiple negative constraints such as economic pressure and alcohol bans, which limit demand [1] - The solid bottom of supply-demand balance may lead to the removal of constraints in the future, creating upward price momentum and driving valuation and performance improvements [1]

Price Trends - The wholesale price of Feitian Moutai has seen a continuous increase over three days, with the latest price on January 30 reaching 1770 yuan/bottle, up by 160 yuan from the previous day [1][2][9] - The price for Feitian Moutai in bulk also rose, with the latest price at 1700 yuan/bottle, an increase of 130 yuan [1][2][9] - On January 30, the Wind platform reported the price of original Feitian Moutai at 1710 yuan/bottle, up by 100 yuan from the previous day [1][2][9] Market Reactions - On January 29, the A-share market saw a rare occurrence where nearly all liquor stocks, which had been declining for five years, hit the upper limit, with Guizhou Moutai rising nearly 9% [1][5] - However, on January 30, the liquor sector experienced a collective pullback, with Guizhou Moutai dropping over 2% [1][5] Industry Dynamics - According to CITIC Securities, significant events and changes in 2026 have driven channel upgrades and breakthroughs in the liquor industry [1][8] - Short-term strategies include leading liquor companies actively engaging with consumers and enhancing consumer education, while mid-tier companies are adjusting prices to maintain market balance [1][8] - Long-term, a consumer-centric channel collaboration system is expected to become a core competitive advantage in the next industry cycle [1][8] Demand and Supply Insights - A recent report from a brokerage indicated that while overall demand for liquor is still declining, Moutai's market demand remains robust [10][11] - The traditional channel's shipping progress for Moutai is at 25%, consistent with the previous year, and there is currently no inventory in the channel [11] - The iMoutai platform is expected to contribute over 1500 tons in January, with demand potentially achieving double-digit growth [11] Capital Market Response - The capital market reacted positively to the improved sales dynamics of leading liquor brands, with Guizhou Moutai's stock price exceeding 1400 yuan/share on January 29 [5][12] - Short-term supply-demand dynamics suggest that prices may continue to rise, supported by low inventory levels among distributors and a double-digit growth in demand [12] - Long-term, the industry is at a cyclical bottom, with potential for price increases as constraints on demand are lifted [12][13]

1月28日、29日、30日，飞天茅台批发价格连续三日上扬。 1月30日，根据某第三方平台信息，2026年飞天（原装）最新价格为1770元/瓶，较上一日上涨160元。2026年飞天散瓶最新价 格1700元/瓶，上涨130元/瓶，2025年飞天原箱也上涨了150元。Wind平台也显示，1月30日当天原装的飞天茅台价格来到了 1710元/瓶，较昨日上涨100元。 值得注意的是，1月29日，A股市场白酒板块出现罕见一幕，连跌五年的白酒股几乎全部涨停，龙头贵州茅台大涨近9%。不 过，次日（1月30日），白酒板块出现集体回调，贵州茅台跌超2%。 中信证券指出，2026年以来，行业发生了很多大事件和变化，推动白酒行业渠道升级和突破。短期，白酒龙头企业开始积极 拥抱消费者，消费者触达和消费者教育工作热度空前；中部企业适当降价，维持市场量价平衡；尾部企业停产、出清库存。 长期，"以消费者为核心"的渠道协同体系料将成为行业下一轮周期中核心竞争力，需要企业逐步提升拓客能力、服务能力和 场景运营能力。新一轮市场培育下，行业整体有望受益于本轮新消费者获取和消费者教育提升效果。 茅台批价连续上涨 茅台等白酒龙头近期在渠道改革、价格改革等 ...