Group 1 - The core point of the article highlights a significant rise in the stock prices of liquor companies, particularly noting that Huangtai Liquor experienced an increase of over 7% [2] - Other companies in the liquor sector, such as Gujing Gongjiu, Zhongrui Co., Shuijingfang, Shede Liquor, and Jinzongzi Liquor, also saw their stock prices rise in tandem with Huangtai Liquor [2]

Core Viewpoint - The A-share market has seen a rise in liquor stocks, with notable increases in several companies, indicating positive market sentiment in the sector [1]. Group 1: Stock Performance - Huangtai Liquor Industry (000995) increased by 6.69%, with a total market capitalization of 2.375 billion [2] - Gujing Gongjiu (000596) rose by 2.90%, with a market cap of 67.1 billion, but has a year-to-date decline of 4.31% [2] - Shede Liquor (600702) saw a 2.73% increase, with a market cap of 18.1 billion and a year-to-date decline of 3.26% [2] - Jinzongzi Liquor (600199) increased by 2.38%, with a market cap of 6.223 billion and a year-to-date decline of 2.27% [2] - Shuijingfang (600779) rose by 2.18%, with a market cap of 18.7 billion and a year-to-date change of -0.08% [2] - Jiugui Liquor (000799) increased by 1.68%, with a market cap of 16.9 billion and a year-to-date decline of 4.53% [2] - Shunxin Agriculture (000860) rose by 1.60%, with a market cap of 10.9 billion and no change year-to-date [2] - Tianyoude Liquor (002646) increased by 1.47%, with a market cap of 4.298 billion and a year-to-date increase of 3.70% [2] - Luzhou Laojiao (000568) saw a 1.32% increase, with a market cap of 167.6 billion and a year-to-date decline of 2.05% [2] - Laobaigan Liquor (600559) increased by 1.30%, with a market cap of 1.43 billion and a year-to-date decline of 2.68% [2] Group 2: Market Signals - The MACD golden cross signal has formed, indicating a positive trend for these stocks [1].

Core Viewpoint - The liquor sector experienced a decline of 0.56% on January 27, with *ST Rock leading the drop, while the Shanghai Composite Index rose by 0.18% and the Shenzhen Component Index increased by 0.09% [1]. Group 1: Liquor Sector Performance - The closing prices and performance of key liquor stocks showed mixed results, with Kweichow Moutai slightly up by 0.08% at 1343.01, while several others like Wuliangye and Luzhou Laojiao saw declines of 1.29% and 0.06% respectively [1]. - The total trading volume for Kweichow Moutai was 48,400 hands, with a transaction value of 6.515 billion yuan, while Wuliangye had a trading volume of 225,300 hands and a transaction value of 2.284 billion yuan [1]. Group 2: Capital Flow Analysis - The liquor sector saw a net outflow of 386 million yuan from institutional investors and 289 million yuan from retail investors, while retail investors had a net inflow of 675 million yuan [2]. - Specific stocks like Kweichow Moutai experienced a net inflow of 39.8 million yuan from institutional investors, while *ST Rock had a net outflow of 68,400 yuan [3]. Group 3: ETF Performance - The Food and Beverage ETF (product code: 515170) tracked the sub-index of the food and beverage industry, showing a decline of 2.01% over the past five days, with a price-to-earnings ratio of 19.31 times [5]. - The Consumer ETF (product code: 510630) tracked the main consumer industry index, with a decline of 1.52% over the past five days and a price-to-earnings ratio of 20.22 times [6].

记者丨肖夏 编辑丨高梦阳 又一家白酒品牌牵手明星。 1月26日，沱牌酒官方账号宣布，刘晓庆和喜剧达人杨雨光担任"沱牌特级嘴替"，刘晓庆还将在1月31日 晚做客沱牌官方旗舰店的抖音直播。 沱牌酒是舍得酒业旗下品牌，也是舍得酒业的品牌基点，在第五届全国评酒会上获评全国名酒，近年其 主推的是沱牌特级T68高线光瓶酒以及主打复古情怀的沱牌曲酒。 随着马年春节渐近，白酒消费即将进入旺季。最近一个多月来，官宣明星代言的白酒品牌越来越多。 前些年白酒不愁卖，明星代言并不多见。但最近一两年，白酒的经营主线转向促进动销，更接近大众消 费品的营销逻辑，越来越需要借助明星的影响力。 于是包括邓紫棋、刘涛乃至已经出道40年梁朝伟，都第一次代言了白酒产品。 去年12月中旬，水井坊宣布梁朝伟成为"水井坊·第一坊"品牌代言人。今年1月，谷小酒宣布罗永浩成为 谷小酒品牌推荐官，牛栏山则找来岳云鹏成为品牌代言人，古井贡酒官宣刘涛成为品牌的"新春派福 官"。 外界感到意外之余，仔细观察又觉得合情合理。去年以来，白酒品牌邀请明星代言，基本上就是两个诉 求。 一是立品牌、树形象。 五粮液的29度一见倾心邀请邓紫棋代言，茅台文旅邀请张艺兴代言，目的都 ...

Core Viewpoint - The article discusses the increasing trend of liquor brands, particularly in the baijiu sector, engaging celebrities for endorsements to enhance brand image and drive sales as the consumption season approaches [3][5]. Group 1: Celebrity Endorsements in Baijiu - Tuo Pai Jiu has appointed Liu Xiaoqing and comedian Yang Yuguang as brand ambassadors, with Liu set to host a live stream on Douyin [1]. - The trend of celebrity endorsements in the baijiu industry has surged recently, with brands like Shui Jing Fang and Gu Xiao Jiu also announcing high-profile endorsements [3][5]. Group 2: Marketing Strategies - The primary goals of these endorsements are to establish brand identity and enhance sales. Brands like Wuliangye and Moutai are targeting younger consumers by collaborating with popular figures [6]. - Tuo Pai Jiu and Gu Xiao Jiu are focusing on more relatable and accessible celebrities to resonate with their target demographic, which is primarily middle-market consumers [7]. Group 3: Changing Consumer Dynamics - The appeal of celebrities does not strictly correlate with age; for instance, Liu Xiaoqing has gained popularity among younger audiences through her candid appearances on variety shows [8]. - Brands are also adopting cost-effective marketing strategies, such as leveraging events like the Australian Open to boost visibility during peak consumption periods [8].

这是继去年加拿大、法国、新加坡、马来西亚站之后，舍得全球巡回老酒节的第五站，也是29度舍得自 在正式走向海外市场的首发站。在复星赋能下，舍得酒业以"文化+老酒"为内核，在全球化布局之路上 继续走深走实，并通过顺应全球烈酒消费趋势的低度老酒产品，助力中国白酒融入全球消费场景。 文化共鸣中再扩"全球朋友圈" 本报讯 （记者梁傲男）近日，舍得老酒节暨舍得自在全球上市发布会在澳大利亚悉尼举行。澳大利亚 新南威尔士州多元文化、就业与产业影子部长Mark COURE MP，舍得酒业（600702）总裁唐珲，舍得 酒业国际事业部总经理朱应才等领导嘉宾，以及华人商界代表、舍得酒业战略合作伙伴、老酒藏家和爱 好者等出席了本次活动，见证了这场融汇东方智慧与文化交流的盛会。 近年来，舍得酒业还持续通过品牌上市会、品鉴会、跨界营销等协同发力，稳步构建海外市场版图，并 取得扎实成果。截至目前，舍得酒业产品已远销42个国家和地区，覆盖超1300家销售终端。 以低度老酒接轨国际烈酒消费新趋势 当前，全球烈酒市场低度化、利口化、健康化的趋势愈发明确。低度酒凭借其柔和口感、灵活饮用方 式，精准适配海外酒吧、餐饮、社交等多元生活场景，更易被海外 ...

Group 1: Brand Collaborations and Marketing Strategies - Tuo Pai Jiu has announced celebrity endorsements with Liu Xiaoqing and Yang Yuguang, aiming to enhance brand visibility through live streaming on Douyin [1] - The trend of celebrity endorsements in the liquor industry is increasing, with brands like Shui Jing Fang and Gu Xiao Jiu also engaging well-known figures to boost sales and brand image [3][5] - The shift in marketing strategy reflects a move towards more consumer-friendly approaches, with brands seeking to connect with younger audiences through relatable celebrities [6][8] Group 2: Industry Performance and Trends - The white liquor production in China has seen a significant decline, with a 19% drop in December 2025 compared to the previous year, marking the ninth consecutive year of decline [9][11] - The total production for 2025 was reported at 354.9 million liters, a cumulative decrease of 12.1% [9][11] - The changing landscape of the liquor market is evident, with a notable increase in the import of white spirits, particularly vodka and tequila, indicating a shift in consumer preferences [13] Group 3: Company-Specific Developments - Yanghe Co. has projected a significant decline in profits for 2025, estimating earnings between 2.116 billion to 2.524 billion yuan, a decrease of 62% to 68% year-on-year [28] - The company attributes this downturn to intensified competition and reduced market demand, particularly affecting mid-range and high-end products [28] - Yanghe has also announced a new cash dividend policy, committing to distribute at least 100% of the net profit to shareholders from 2025 to 2027 [29]

1月22日，当悉尼夜色与中国白酒醇香相遇，一场跨越国界的文化与商业对话在澳大利亚开启。 当晚，舍得酒业在悉尼举办舍得老酒节暨舍得自在全球上市发布会，这是其全球巡回老酒节的第五站， 也是战略新品29度舍得自在正式走向海外市场的首发站。 这场登陆南半球的老酒盛会，不仅是舍得国际化布局的关键落子，也是中国白酒在全球市场差异化竞争 的破局缩影。在复星全球生态资源的赋能下，舍得酒业持续拓展出海版图，其产品已远销42个国家和地 区，海外市场销售终端达1300家，销售规模与终端动销实现快速增长，为行业出海提供了独具价值的实 践标杆。 全球巡回老酒节落地澳大利亚，舍得老酒文化持续"圈粉"海外 从去年开始，从北美、欧洲到东南亚再到大洋洲，舍得酒业持续以老酒节IP破圈海外，与世界分享舍得 文化与老酒魅力。此次澳大利亚站老酒节延续了以老酒文化渗透高端圈层的核心逻辑，实现白酒文化与 海外精英圈层的深度链接。 酒业家了解到，本次活动现场汇聚了澳大利亚当地政商代表，以及本地经销商、老酒收藏家等华人侨领 与商界精英。借助精英圈层的影响力，舍得老酒在政商高端场景中完成自然渗透，这种以文化认同为基 础的圈层营销，打破了海外市场对中国白酒的认知 ...

Investment Rating - The report maintains a cautious outlook on the liquor industry, particularly on high-end liquor such as Moutai, with expectations of gradual recovery in sales and pricing stability post-Spring Festival [10][11][12]. Core Insights - The high-end liquor segment, especially Moutai, is experiencing a sales boost as the Spring Festival approaches, with expectations of price recovery due to increased demand driven by wealth effects [10][11]. - The report suggests that the market's concerns about post-festival price drops for Moutai are likely to be unfounded, predicting only minor seasonal fluctuations [10][12]. - The overall sentiment in the liquor industry is shifting from a pessimistic outlook to a more stable one, with expectations of improved sales dynamics as external constraints on consumption ease [11][12]. Summary by Sections Liquor Industry - The report highlights that Moutai's sales are performing better than previously cautious expectations, leading to a price recovery for both Moutai and newer Moutai products [10]. - It is noted that the market is still wary of potential price declines after the Spring Festival, but historical patterns suggest only minor adjustments are likely [10][11]. - The report emphasizes the importance of brand strength and market positioning for high-end liquor companies, recommending investments in brands with strong market presence and growth potential [12]. Beer Industry - The beer sector is seeing a steady recovery in on-premise consumption, with companies diversifying into non-drink channels and soft drinks [12]. - The report suggests that the beer industry's performance is expected to stabilize, with a focus on maintaining competitive pricing and improving dividend yields [12]. Snack Industry - The snack sector is benefiting from pre-Spring Festival stocking and product innovation, with companies like Qiaqia and Ganyuan expected to show significant profit elasticity due to low comparative bases [14]. - The report recommends focusing on leading snack companies that are expanding their store presence and adapting their product offerings [14]. Beverage Industry - The soft drink sector is currently facing challenges due to seasonal demand fluctuations and competition from ready-to-drink tea brands, leading to a slight decline in overall sales growth [14]. - Despite these challenges, leading brands like Dongpeng and Nongfu are expected to maintain double-digit growth through brand strength and market share consolidation [14]. Seasoning Industry - The seasoning sector is stabilizing as restaurant demand begins to recover, with expectations of improved performance in 2026 driven by seasonal effects [15]. - The report highlights companies like Angel Yeast and Qianhe Condiments as having strong growth potential due to favorable market conditions and dividend yields [15].

Core Viewpoint - Shede Liquor is expanding its international presence by launching the "Shede Zizai" product at the 2026 International Old Liquor Festival in Sydney, Australia, marking a significant step in its global strategy [1][3][22] Group 1: Event Overview - The Shede Old Liquor Festival and the global launch of Shede Zizai took place on January 22 in Sydney, attended by various dignitaries and business representatives [1] - This event is the fifth stop in Shede's global tour, following previous events in Canada, France, Singapore, and Malaysia [3] Group 2: Strategic Importance of Australia - Australia was chosen as the launch site due to its status as a commercial hub in the Asia-Pacific region, with a mature consumer market and strong high-end purchasing power [4] - The presence of a significant Chinese-speaking population in Australia facilitates cultural resonance and acceptance of Shede's liquor [4] Group 3: Product Launch and Market Trends - Shede Zizai, with an alcohol content of 29 degrees, is designed to meet the global trend towards lower-alcohol beverages, appealing to diverse consumption scenarios [15][17] - The product aims to resonate emotionally with global consumers through its "Zizai Yuedi" philosophy, promoting a relaxed drinking experience [15][17] Group 4: Cultural and Charitable Initiatives - The festival included a charity auction, with proceeds supporting local Chinese entrepreneurship and cultural exchange projects, reinforcing Shede's commitment to social responsibility [14] - The event highlighted Shede's role in enhancing cultural ties between China and Australia, as noted by local government officials [6] Group 5: Future Expansion Plans - Shede plans to continue its international expansion, with products set to launch in key markets across five continents, including the US, Malaysia, Singapore, and the UK [22] - The establishment of the "Shede Global Wisdom Elite Club" aims to leverage local influencers to promote Shede Zizai and its cultural significance [19] Group 6: Product Differentiation and Market Positioning - Shede Zizai is positioned as a differentiated product in the international market, combining low alcohol content with high flavor, appealing to modern consumer preferences [20][22] - The product has received multiple awards for its quality and innovation, establishing a strong market reputation domestically [20]