Core Viewpoint - The "Wine Price Reference" by Sina Finance has launched, providing real-time data on the retail prices of major Chinese liquor brands, indicating a structurally differentiated price trend in the market as of February 13, 2026 [1][8]. Price Trends - The average retail price of the top ten liquor products is 9,189 yuan, showing a slight increase of 3 yuan from the previous day [1][8]. - Among the top ten products, four saw price increases while six experienced declines, highlighting significant price differentiation [4][10]. Specific Product Price Changes - Guizhou Moutai (Flying Moutai) increased by 32 yuan to 1,790 yuan per bottle, reaching a one-month high due to tight supply and limited availability [4][10]. - Other products with price increases include: - Ancient Well Tribute Wine 20: up 3 yuan to 538 yuan [4][10] - Crystal Jian Nan Chun: up 3 yuan to 406 yuan [4][10] - Qinghua Fen 20: up 1 yuan to 384 yuan [4][10] - Products with price declines include: - Qinghua Lang: down 12 yuan to 698 yuan [4][10] - Boutique Moutai: down 9 yuan to 2,415 yuan [4][10] - Wuliangye Pu 58: down 7 yuan to 808 yuan [4][10] - Guojiao 1573: down 5 yuan to 885 yuan [4][10] - Yanghe Dream Blue M6+: down 2 yuan to 613 yuan [4][10] - Xijiu Junpin: down 1 yuan to 652 yuan [4][10]. Market Analysis - A recent report from招商证券 indicates that the liquor industry is experiencing a double-digit decline in sales leading up to the Spring Festival, which aligns with expectations [6][11]. - Guizhou Moutai is showing strong performance with a significant increase in sales volume and price recovery, while other brands like Luzhou Laojiao and Shanxi Fenjiu are facing varying degrees of decline [6][11]. - The report suggests that the liquor sector may see a recovery in both performance and valuation as cyclical constraints gradually diminish [6][11].

新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 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13日仍 呈结构性分化走势。如果十大单品各取一瓶整体打包售卖，今日总售价为9189元，较昨日小幅上涨3 元。整体来看，当前市场运行节奏保持平稳，价格变化更多体现为单品间的阶段性调整。 | 酒价内参 | | | | --- | --- | --- | | 过去24小时终端零售均价 2026-02-13 | | | | 中国知名白酒大单品 PES | 币场真实成交终端价 | | | i茅台飞天茅台(2026)售价1499精品茅台售价2299 | | | | 品名/规格 | 今日价格(元) | 较昨日(元) | | 贵州茅台酒(飞天) 53度/500ml | 1790/瓶 | 32元 - | | 贵州茅台酒(精品) 53度/500ml | 2415/瓶 | -9元 | | 五粮液普五八代 52度/500ml | 808/瓶 | -7元 | | 青花汾20 53度/500ml | 384/瓶 | 1元 4 | | 国窖1573 52度/500ml | 885/瓶 | -5元 ...

| 酒价内参 | | | | --- | --- | --- | | 过去24小时终端零售均价 2026-02-13 | | | | 中国知名白酒大单品 PES | 币场真实成交终端价 | | | i茅台飞天茅台(2026)售价1499精品茅台售价2299 | | | | 品名/规格 | 今日价格(元) | 较昨日(元) | | 贵州茅台酒(飞天) 53度/500ml | 1790/瓶 | 32元 - | | 贵州茅台酒(精品) 53度/500ml | 2415/瓶 | -9元 | | 五粮液普五八代 52度/500ml | 808/瓶 | -7元 | | 青花汾20 53度/500ml | 384/瓶 | 1元 4 | | 国窖1573 52度/500ml | 885/瓶 | -5元 | | 洋河梦之蓝M6+ 52度/550ml | 613/瓶 | -2元▼ | | 古井贡古20 | 538/瓶 | 3元 - | | 52度/500ml | | | | 习酒君品 こつ店 /につい | 652/瓶 | -1元▼ | 新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 新浪财经"酒价内参"过去24小时收集 ...

导语：强者恒强+高端引领+省外扩张，奠定全国清香酒白酒标杆。 作者：市值风云 App：木盒 品牌文化为魂，科技赋能为翼，山西汾酒引领清香型白酒价值 跃升 2025 年第三季度，山西汾酒实现营收规模跃居白酒行业第二位，仅次于贵州茅台。 | 2025年第三季度 | 营业收入（亿元） | 同比增长率 | | --- | --- | --- | | 贵州茅台 | 390.64 | 0.56% | | 山西汾酒 | 89.6 | 4.05% | | 五粮液 | 81.74 | -52.66% | | 泸州老窖 | 66.74 | -9.80% | | 洋河股份 | 32.95 | -29.01% | | 古井贡酒 | 25.45 | -51.65% | | 今世缘 | 19.3 | -26.78% | | 迎驾贡酒 | 13.56 | -20.76% | | 顺鑫农业 | 12.76 | -21.72% | | 舍得湿亦 | 10 | -15.88% | （数据来源：市值风云） 在行业整体承压、多数酒企营收与利润同步下滑的背景下，山西汾酒展现出极强的 经营韧性：在 20 家上市白酒企业中，2025 年前三季度仅有贵州茅 ...

吃喝板块今日（2月12日）继续回调，反映吃喝板块整体走势的食品饮料ETF华宝（515710）开盘后迅 速走弱，而后持续低位震荡，截至收盘，场内价格跌1.19%。 成份股方面，白酒、大众品均表现不振。截至收盘，金禾实业大跌3.48%，古井贡酒、迎驾贡酒、水井 坊等跌超2%，贵州茅台、五粮液、泸州老窖、山西汾酒、洋河股份等多股跌超1%，拖累板块走势。 消息面上，飞天茅台批价持续回升。今日酒价2月12日最新披露，2026年飞天（原箱）批价站上1700 元，2026年飞天（散瓶）批价也达到1660元。 有分析指出，当前白酒行业表现分化，终端需求向头部品牌快速集中，其中贵州茅台表现最为亮眼。相 关数据显示，受益于市场化营销改革红利释放，i茅台App充分激活长尾客户需求，公司回款/发货配额 完成较快，飞天茅台批价回升并站稳1600+元；五粮液受益于价格优势及飞天溢出效应，动销在行业内 部表现靠前。 还有分析认为，高端酒表现好于汾酒及区域地产龙头，二线次高端品牌略有承压，且随节前旺销窗口临 近，行业动销或将迎来环比改善。 从估值方面来看，吃喝板块估值处于历史低位，当前或为板块较好布局时机。数据显示，截至昨日（2 月11日） ...

| 作者 | | 木盒 | | --- | --- | --- | | 编辑 | | 小白 | 2025年 第 三季度，山西汾酒实现营收规模跃居白酒行业第二位，仅次于贵州茅台。 强者恒强+高端引领+省外扩张，奠定全国清香酒白酒标杆。 在行业整体承压、多数酒企营收与利润同步下滑的背景下，山西汾酒展现出极强的经营韧性：在20家 上市白酒企业中， 2025年前三季度仅有贵州茅台和山西汾酒保持营收 、净利润 正增长， 成为行业调 整期唯二保持稳健增长的企业。 逆势成长、排名跃升、卓越盈利水平三重印证，山西汾酒近年的蜕变并非短期景气，而是战略、管 理、产品、市场、创新多方面努力带来的高质量成长 。 强者恒强+ 高端引领+ 区域 突破 ， 筑牢成长根基 01 行业格局重塑，头部效应凸显 近年以来，白酒行业进入集中度持续提升的结构性分化阶段，高品质、有文化底蕴的名优白酒产品更 受消费者青睐，而中小酒企盈利空间被持续挤压，市场份额与利润加速向头部集中。 （ A股白酒行业ROE前十排名） 山西汾酒的加权ROE已经多年蝉联A股白酒行业第一：2024年为39.7%，2025年前三季度为31.8%。相 较于大众熟知的茅台突出的资本回 ...

分红方面，山西汾酒A股上市后累计派现243.25亿元。近三年，累计派现167.75亿元。 资金流向方面，主力资金净流出6143.00万元，特大单买入1674.82万元，占比4.23%，卖出4951.49万 元，占比12.51%；大单买入7434.60万元，占比18.79%，卖出1.03亿元，占比26.03%。 山西汾酒今年以来股价跌3.17%，近5个交易日跌7.74%，近20日跌4.60%，近60日跌15.57%。 资料显示，山西杏花村汾酒厂股份有限公司位于山西省汾阳市杏花村，成立日期1985年12月25日，上市 日期1994年1月6日，公司主营业务涉及汾酒、竹叶青酒及其系列酒的生产、销售。主营业务收入构成 为：酒类销售99.63%，其他0.37%。 山西汾酒所属申万行业为：食品饮料-白酒Ⅱ-白酒Ⅲ。所属概念板块包括：大消费、消费精选、价值成 长、上证50等。 截至9月30日，山西汾酒股东户数8.00万，较上期减少23.37%；人均流通股15252股，较上期增加 30.50%。2025年1月-9月，山西汾酒实现营业收入329.24亿元，同比增长5.00%；归母净利润114.05亿 元，同比增长0.48%。 2 ...

Group 1 - The core viewpoint of the news highlights the poor performance of liquor and consumer goods stocks, with significant declines in companies like Lianhua Holdings and Gujing Gongjiu, impacting the overall sector [1] - The wholesale price of Moutai liquor has increased, with the 2026 original box price rising by 25 yuan to 1715 yuan per bottle, while the 2025 original box price also saw a similar increase [2][3] - The food and beverage sector is currently at a historical low in terms of valuation, suggesting a potential good entry point for investments, with the food and beverage ETF's price-to-earnings ratio at 20.58 times, which is in the 9.2% percentile of the last decade [3] Group 2 - Analysts expect improvements in supply and demand relationships across various sub-sectors in 2026, with a clearer recovery in the Consumer Price Index (CPI), indicating a potential bottoming out for traditional consumption sectors [3] - The food and beverage sector is seen as a crucial part of domestic demand, with government policies aimed at boosting consumption and expanding domestic demand expected to positively impact the sector [3] - The food and beverage ETF is heavily weighted towards leading high-end and mid-range liquor stocks, with approximately 60% of its portfolio allocated to these companies, including major brands like Moutai and Wuliangye [3]

Core Viewpoint - The Chinese liquor market is experiencing a shift in consumer preferences, with a notable increase in demand for products priced around 300 yuan, contrasting with previous years where high-end products priced at 1,000 yuan were more popular. This indicates a transition from scale expansion to competition within existing market shares as the industry adapts to changing consumer behavior [1][2][7]. Market Trends - Consumers are increasingly opting for mid-range liquor products, with many shifting from high-end options to those around 300 yuan due to better cost-performance ratios [2][3]. - The sales of products priced at 300 yuan have become the main focus in retail markets, while products priced above 800 yuan have also seen slight growth during the festive season [2][3]. - The overall market is witnessing a bifurcation, with both low-end (under 100 yuan) and high-end (over 800 yuan) segments gaining market share, while mid-range products face pressure [3][7]. Marketing Strategies - Major liquor companies are implementing various promotional activities to stimulate market activity, including gift card promotions and cash rewards for consumers [4][5]. - The focus has shifted from merely increasing cash flow to enhancing actual sales and reducing inventory through innovative marketing strategies [5][6]. Consumer Behavior - The upcoming Spring Festival is anticipated to boost liquor sales, with expectations of increased consumer gatherings and spending due to an extended holiday period [6][7]. - There is a notable trend of consumers prioritizing value for money, leading to a preference for products that meet both family and business gathering needs [2][6]. Industry Outlook - The liquor industry is undergoing a transformation, moving towards a dual competition model involving both channel-owned and manufacturer-owned products, which is expected to diversify the competitive landscape [7][8]. - The integration of new technologies and innovative retail channels is becoming crucial for liquor companies to adapt to evolving consumer demands and enhance sales effectiveness [8].

Investment Rating - The report maintains a strong buy recommendation for key companies in the industry, specifically Guizhou Moutai, Wuliangye, Shanxi Fenjiu, Luzhou Laojiao, and Gujing Gongjiu, while suggesting an increase in holdings for Yingjia Gongjiu [8][28]. Core Insights - The overall sales decline in the industry before the Spring Festival aligns with expectations, with Moutai showing leading performance. The industry is experiencing a double-digit sales decline, but demand is gradually recovering as the Spring Festival approaches. The pressure on channels is easing, and confidence in the industry is expected to improve [1][12]. - Moutai's sales volume and price have exceeded expectations, with a significant increase in demand from traditional channels. The report anticipates a net increase of over 2,000 tons in January [1][12]. - The report highlights a clear differentiation among brands, with Moutai, Wuliangye, and Fenjiu outperforming the industry, while other brands are experiencing varying degrees of decline. The next high-end price segment is under significant pressure [1][12]. Summary by Sections 1. Regional Sales Feedback - The report summarizes feedback from various regions, indicating that the overall sales decline is in line with expectations. Moutai's performance is notably strong, with double-digit growth in sales volume. Other brands, such as Wuliangye, show regional sales differentiation, particularly in areas like Sichuan, where sales have accelerated due to previous inventory control measures [1][12][15]. 2. Core Company Tracking - Guizhou Moutai's sales are expected to continue growing, with a current average delivery progress exceeding 30%. The report notes that Moutai's inventory is low, and the market remains in a supply-demand imbalance, supporting price stability [24][28]. - Wuliangye's sales are stable, with delivery progress around 35-40%. The report indicates that the brand's performance is slightly better than last year, particularly in regions like Sichuan and Anhui [24][28]. - Luzhou Laojiao is experiencing slower sales, with delivery progress below 20%. The brand's high-end products are facing a decline in demand, while lower-end products still show some demand [25][28]. - Shanxi Fenjiu's sales are performing better than the industry average, with a stable inventory situation and continued growth in certain products [25][28]. - Yingjia Gongjiu is expected to see a slight decline in sales, but certain products are performing relatively well [26][28]. 3. Industry Holdings Analysis - The report notes that institutional holdings in the liquor sector are at historical lows, with a significant decrease in the proportion of active fund holdings in the liquor sector. This trend indicates a potential for recovery as the market stabilizes [2][8].