Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The Australian wine market is reshaping the Chinese imported wine market after a year and a half of absence, with a significant initial increase in imports followed by a decline in sales due to inventory issues and economic pressures [2] - The low-alcohol beverage category is rapidly growing, appealing to younger consumers, but faces challenges such as brand homogenization and declining repurchase rates [2] - The white liquor industry is experiencing a shift in market dynamics, with top brands competing fiercely and some companies facing their first quarterly negative growth in nearly a decade [4] - New beverage products are emerging, with brands like Xiaojin Wine and Guoli Fang successfully capturing market share through innovative approaches [5] - The industry is expected to return to rationality in 2026, focusing on consumer needs and product quality, while smaller companies may face elimination [6] Industry Environment - The Australian wine market is seeing a resurgence in China due to the removal of anti-dumping taxes, but initial sales have not met expectations, leading to inventory issues and price reductions [2] - The low-alcohol market is projected to grow from 20 billion yuan in 2020 to 57 billion yuan by 2024, but faces challenges in brand differentiation and consumer loyalty [2] - The white liquor market is undergoing structural changes, with companies like Shanxi Fenjiu surpassing others in revenue, indicating a competitive landscape [4] - The introduction of innovative products is crucial for the industry's transformation, with a focus on low-alcohol and health-oriented offerings [5] - The industry is moving towards a more rational approach, emphasizing product quality and consumer experience, as it transitions from a bubble phase to a healthier growth period [6] Top Brand Dynamics - Guizhou Zhenjiu is upgrading its "Dazhen" product to enhance quality and market positioning, aiming to compete with top brands like Moutai [8] - Wuliangchun is celebrating its 30th anniversary with a marketing campaign that deepens emotional connections with consumers [9] - Xifengjiu is focusing on quality and cultural empowerment to drive its revival in the competitive white liquor market [10] - Moutai is launching a new product structure to meet diverse consumer needs and stabilize its market presence [14] - Niulanshan is evolving its product strategy to maintain its position in the mass market while enhancing emotional connections with consumers [18]

Core Insights - The Chinese white liquor market has experienced a structural rebound in retail prices for the top ten products as of January 25, with an overall average price of 8,893 yuan, an increase of 20 yuan from the previous day, marking a five-day high [1] - The market shows a mixed performance with six products increasing in price and four decreasing, indicating ongoing structural adjustments within the industry [1] Price Movements - The premium Moutai (Jingpin) saw the largest increase, rising by 16 yuan to 2,356 yuan per bottle [3] - Wuliangye (Pu Wu 58) increased by 10 yuan to 802 yuan per bottle, contributing significantly to the average price rise [3] - Other notable increases include Guojiao 1573 (+6 yuan), Qinghua Lang (+4 yuan), and slight increases for Yanghe Dream Blue M6+ and Shuijing Jian Nan Chun (+1 yuan each) [1][4] Declines in Prices - The price of Xijiu Junpin decreased by 6 yuan to 646 yuan per bottle [4] - Qinghua Fen 20 dropped by 5 yuan, while Feitian Moutai faced a slight decline of 4 yuan due to consistent supply from the iMoutai platform [1][4] - Other declines include Gujing Gong Gu 20, which fell by 3 yuan [4]

Core Viewpoint - The "technology bull" continues to lead the market in Q4 2025, while both "new consumption" and traditional consumption sectors, represented by brands like Bubble Mart and liquor companies, show weak performance throughout the year [1]. New Consumption Sector - In Q4 2025, the new consumption sector, particularly represented by Bubble Mart, experienced a significant decline, with Bubble Mart's stock dropping by 29.65% [2]. - Despite the downturn, Bubble Mart remained a key holding for 123 funds, with a total of approximately 37.587 million shares held, although it was reduced by 8.7591 million shares in the quarter [2]. - Other new consumption stocks like Mao Geping and Mixue Group also saw increased fund interest, with Mao Geping being increased by 575.93 million shares and Mixue Group by 1.0322 million shares [3]. - Analysts suggest that the new consumption sector has potential for growth due to low penetration rates, despite volatility in some companies [3]. Traditional Consumption Sector (Liquor) - The traditional consumption sector, particularly the liquor industry, has shown disappointing profit results, with many stocks experiencing declines [4]. - Major liquor companies like Kweichow Moutai, Wuliangye, and Luzhou Laojiao faced reductions in holdings by funds, with Wuliangye being reduced by approximately 15.9 million shares [5]. - Despite the overall decline, Kweichow Moutai saw an increase in holdings by over 20,000 shares in Q4, indicating continued investor confidence [5]. - Analysts believe that the liquor industry is currently in a bottoming phase, with expectations for stabilization in the future, although the bottom for prices and financial reports has yet to be seen [5].

1月23日，山西队22号球员林育庭(红衣)在比赛中上篮。当日，在太原举行的2025-2026赛季中国女子篮 球联赛(WCBA)常规赛第19轮比赛中，山西竹叶青酒队主场以82比68战胜北京首钢园队。中新社记者 韦 亮 摄 1月23日，山西队球员林育庭（红衣）在比赛中上篮。当日，在太原举行的2025-2026赛季中国女子篮球 联赛（WCBA）常规赛第19轮比赛中，山西竹叶青酒队主场以82比68战胜北京首钢园队。中新社记者 韦亮 摄 1月23日，北京队球员詹姆斯(白衣)在比赛中投篮。当日，在太原举行的2025-2026赛季中国女子篮球联 赛(WCBA)常规赛第19轮比赛中，山西竹叶青酒队主场以82比68战胜北京首钢园队。中新社记者 韦亮 摄 1月23日，北京队球员李一凡(白衣)在比赛中上篮。当日，在太原举行的2025-2026赛季中国女子篮球联 赛(WCBA)常规赛第19轮比赛中，山西竹叶青酒队主场以82比68战胜北京首钢园队。中新社记者 韦亮 摄 1月23日，山西队球员刘贝(红衣)在比赛中带球突破。当日，在太原举行的2025-2026赛季中国女子篮球 联赛(WCBA)常规赛第19轮比赛中，山西竹叶青酒队主场以82 ...

Core Viewpoint - The Chinese liquor market shows signs of a slight recovery in retail prices for the top ten products as of January 24, with an overall average price of 8,873 yuan, an increase of 10 yuan from the previous day. However, the market remains cautious with structural fluctuations dominating the short-term outlook [1]. Price Movements - Among the top ten liquor products, five experienced price increases, four saw declines, and one remained stable. The overall average price remained relatively stable [1]. - The leading price increase was observed in Qinghua Lang, which rose by 10 yuan per bottle. Xijiu Junpin followed with an increase of 8 yuan per bottle, while the price of premium Moutai rose by 7 yuan per bottle [1]. - Other products that saw slight increases include Qinghua Fen 20 and Gujing Gong Gu 20, which rose by 2 yuan and 1 yuan per bottle, respectively [1]. Declining Prices - The product with the largest decline was Wuliangye Pu 58th generation, which fell by 9 yuan per bottle. Guojiao 1573 also saw a decrease of 6 yuan per bottle, and Feitian Moutai dropped by 2 yuan per bottle, primarily due to the continued supply of low-priced goods on the iMoutai platform [1][3]. - Additionally, Shuijing Jian Nan Chun experienced a minor decline of 1 yuan per bottle, while Yanghe Dream Blue M6+ remained unchanged at 578 yuan [1][4].

Core Viewpoint - E Fund's Zhang Kun reported a decline in total assets under management to 48.383 billion yuan as of December 2025, with three A-share focused funds underperforming their benchmarks, while the E Fund Asia Select fund achieved positive returns, significantly exceeding its benchmark [1][2]. Group 1: Fund Performance - As of December 2025, the largest fund, E Fund Blue Chip Select, had a net asset value of 1.8623 yuan, with a report period net asset value growth rate of -8.93%, compared to a benchmark return of -2.63% [1]. - Three main A-share focused funds reported negative quarterly returns and failed to outperform their performance benchmarks [1]. Group 2: Portfolio Adjustments - Zhang Kun reduced holdings in major stocks such as Kweichow Moutai, Wuliangye, Luzhou Laojiao, and Shanxi Fenjiu, while also significantly reducing positions in Focus Media and China Merchants Bank [1]. - The top ten holdings of E Fund Blue Chip Select remained unchanged, including Tencent, Kweichow Moutai, and Alibaba, with notable reductions in Focus Media and increases in Alibaba [2]. Group 3: Market Outlook - Zhang Kun expressed a long-term optimistic view on the macro economy and market, predicting significant improvements in living standards and social security in China over the next decade [2]. - He emphasized the importance of a strong domestic demand market in promoting technological innovation, suggesting that improved consumer environments could enhance subscription revenues and model capabilities [3]. Group 4: Confidence in Business Models - Zhang Kun maintained confidence in the business models, competitive barriers, and cash flow generation capabilities of the companies in the portfolio, asserting that the market's perception of quality companies presents good opportunities for long-term investors [3].

证券之星消息，1月23日白酒板块较上一交易日下跌0.24%，*ST岩石领跌。当日上证指数报收于 4136.16，上涨0.33%。深证成指报收于14439.66，上涨0.79%。白酒板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000799 | 劑思興 | 53.21 | 1.55% | 7.66万 | | 4.05亿 | | 616809 | 全徽酒 | 20.04 | 0.86% | 2.99万 | | 5976.39万 | | 600702 | 舍得漫业 | 54.90 | 0.84% | 4.95万 | | 2.71亿 | | 603198 | 迎驾贡酒 | 39.12 | 0.72% | ﻛ 3.21万 | | 1.25亿 | | 000860 | 顺鑫农业 | 14.80 | 0.61% | 8.59万 | | 1.27亿 | | 600197 | 伊力特 | 13.69 | 0.59% | 3.96万 | | 5416.63万 | | 6855 ...

公募基金2025年四季报披露收官，唯一跟踪白酒指数的招商中证白酒指数基金（以下简称白酒基金）也交出了一份"亏损却跑赢"的成绩单——该基金去年四 季度A类份额、C类份额净值均下跌约9.5%，不过跑赢了同期业绩比较基准。 从重仓配置来看，贵州茅台重回该基金第一大重仓股。此外，申赎情况方面，基金投资者对白酒基金的态度则呈现A类被赎回、C类获加仓的鲜明分化。 这份充满反差的四季报背后，是白酒行业消费复苏不及预期的现实压力，还是头部企业的长期投资价值仍被看好？ 贵州茅台重回白酒基金第一大重仓股 白酒基金2025年四季报显示，报告期内，基金A类份额净值增长率为-9.50%，C类为-9.53%，同期业绩比较基准收益率为-9.78%，两者分别跑赢基准0.28个百 分点、0.25个百分点，跟踪误差控制在基金合同约定范围内。 拉长时间看，过去一年基金A类份额、C类份额净值增长率分别为-12.63%、-12.72%，依次跑赢基准2.68个百分点、2.59个百分点。 | 阶段 | 份额净值增 | 份额净值增 | 业绩比较基 | 业绩比较基 | 1-3 | 2-4 | | --- | --- | --- | --- | --- | - ...

Core Viewpoint - The report highlights the performance of the China Securities White Wine Index Fund, which experienced a decline in net value but outperformed its benchmark during the fourth quarter of 2025, indicating a complex market environment for the white wine industry [1][9]. Fund Performance - The A-class and C-class shares of the white wine fund both saw a net value decrease of approximately 9.5% in Q4 2025, while the benchmark's return was -9.78%, resulting in a slight outperformance of 0.28 and 0.25 percentage points respectively [1][10]. - Over the past year, the A-class and C-class shares recorded net value growth rates of -12.63% and -12.72%, outperforming the benchmark by 2.68 and 2.59 percentage points respectively [1][10]. Fund Holdings - The fund's top holdings include Kweichow Moutai, which regained its position as the largest holding with a 15.38% share, valued at approximately 6.642 billion yuan [3][12]. - The top ten holdings accounted for 84.79% of the fund's net asset value, indicating a significant concentration in leading companies within the white wine sector [3][12]. Market Conditions - The white wine sector faced challenges in Q4 2025 due to slower-than-expected consumer recovery and pressure on terminal sales, leading to an overall downward trend in stock prices [3][11]. - The fund manager noted that the industry is experiencing a phase of adjustment, with head companies exerting pressure on mid-tier firms, complicating the balance of price and volume for wine producers [5][13]. Investor Behavior - There was a notable divergence in investor behavior, with A-class shares experiencing a net redemption of 10.54 billion shares, while C-class shares increased by 15.71 billion shares during the same period [5][16]. - The growth in C-class shares may reflect investor strategies favoring short-term gains, while the redemption of A-class shares suggests a cautious outlook on the industry's recovery [5][16].

Core Insights - The core viewpoint of the article highlights a slight recovery in the retail prices of China's top ten liquor products, indicating a temporary alleviation of downward pressure in the industry [1][7]. Price Trends - The average retail price of the top ten liquor products reached 8,863 yuan on January 23, an increase of 9 yuan from the previous day [1][7]. - The market displayed a mixed performance with five products increasing in price, four decreasing, and one remaining stable [1][8]. - Notable price increases included Xijiu Junpin and Gujing Gonggu 20, which rose by 10 yuan and 8 yuan per bottle, respectively [1][8]. - Conversely, the premium Moutai led the declines with a drop of 11 yuan per bottle, followed by Feitian Moutai, which fell by 4 yuan [1][8]. Market Analysis - The data for "Wine Price Reference" is sourced from approximately 200 collection points across various regions, aiming to provide an objective and traceable overview of liquor market prices [2][9]. - The introduction of new sales channels for Moutai products has begun to influence market prices significantly [2][9]. - Fund managers are showing a mixed approach towards the liquor sector, with some increasing their holdings in leading brands, indicating a potential recovery phase for the industry [3][9]. - The liquor sector is perceived to be at a historical valuation low, with expectations of demand recovery driven by consumption policies under the "14th Five-Year Plan" [3][9].