开源证券在其研报中指出，当前白酒行业仍处深度调整期，需求下行驱动价格带持续下移。行业从规模 扩张转向存量竞争，各家酒企围绕真实消费需求重新切分市场"蛋糕"。在此背景下，头部企业均摒弃单 纯业绩导向，短期报表虽受调整影响承压，但主动纾解渠道压力、优化供需结构的举措，是实现渠道健 康发展的必经之路。 北京商报讯(记者刘一博冯若男)12月23日尾盘，沪指3919.98点上涨0.07%。白酒板块2192.45点收盘下跌 0.99%，其中19只白酒股下跌，贵州茅台（600519）1407.86元/股收盘。 从个股来看，贵州茅台收盘价达1407.86元/股，下跌0.03%；五粮液（000858）收盘价达109.72元/股， 下跌0.55%；山西汾酒（600809）收盘价达177.30元/股，下跌0.48%；泸州老窖（000568）收盘价达 120.40元/股，下跌0.77%；洋河股份（002304）收盘价达62.14元/股，下跌0.66%。 ...

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 转自：中国质量报 本报讯 （记者秦海峰）近日，以"筑牢质量根基"为主题的专题培训会在山西省汾阳市举办。当地白酒 生产企业代表共同学习政策法规、质量管理体系和产区标准相关知识。举办此次培训旨在凝聚以质量提 升助推产区品牌发展的共识，推动杏花村汾酒专业镇大曲清香白酒产业迈向更高水平。 此次培训由汾阳市市场监管局和汾阳市酒业协会联合举办，内容涵盖法律法规、质量管理体系、产品标 识标注及团体标准解读等。培训中，相关专家结合案例警示经营风险，解读质量管理体系构建路径、汾 阳大曲清香白酒团体标准，推动产区特色转化为品牌竞争力意义等。多位参会企业代表表示，培训切实 回应了企业在生产实际中的困惑。 "企业须严守合规底线，监管部门将坚持服务与监管并重，实施'专业培训+精准帮扶'，护航产业健康发 展。"汾阳市市场监管局有关负责人表示，该局将以此次培训为起点，建立企业质量提升档案，常态化 开展帮扶，构建协同共治格局，持续擦亮"清香白酒核心产区"名片，赋能产业可持续发展。 ...

12月22日，格隆汇在线上举办"科技赋能·资本破局"分享会。本次分享会，备受瞩目的卓越公司评选榜单将隆重揭晓，其中格隆汇"金格奖"年度卓越公司评选 中，达势股份(01405.HK)、歌力思(603808.SH)、光明乳业(600597.SH)、量子之歌(QSG.US)、绿源集团控股(02451.HK)、鸣鸣很忙、奈雪的茶(02150.HK)、 山西汾酒(600809.SH)、燕之屋(01497.HK)、周黑鸭(01458.HK)10家企业荣获"年度卓越消费品牌企业"奖项。（排名不分先后，按公司首部字母顺序排列） "年度卓越消费品牌企业"旨在表彰在消费复苏大年中跑出"加速度"的优秀企业。作为国民经济基本盘，大消费是经济增长的重要引擎之一，而消费企业则积 聚了更多经济发展新动能，对促消费、扩内需起到重要助力。本奖项从品牌知名度、影响力、增长潜力等多角度出发，甄选出在大消费行业中高质量发展、 坚韧极强并做出不断实践创新的企业。本次评选通过定量数据分析和专家评审团等方式得出最终结果。 格隆汇以"全球视野，下注中国"为初衷，本次评选旨在打造出投资圈中最具参考价值的上市公司及独角兽公司排行榜。此次"金格奖"上市公司评选覆 ...

Core Viewpoint - The decline in the price of Moutai below 1499 yuan per bottle is attributed to industry-wide adjustments, including factors like consumption downgrade and inventory issues, while niche brands like Jingjiu are gaining popularity among younger consumers [1][2][3] Industry Overview - The current state of the liquor industry shows a collective downturn among major liquor companies, unable to sustain previous price levels [2][3] - The traditional consumption logic is fading, indicating a shift in consumer preferences towards more personalized and self-satisfying choices [4][5] Company Performance - In the first three quarters of 2022-2024, the liquor industry maintained double-digit revenue growth rates of 12%, 15.37%, and 10.49%, but projections for 2025 suggest negative growth for most companies [7] - In Q3, 20 listed liquor companies reported a total revenue of 317.78 billion yuan, a year-on-year decline of 5.90%, with net profits dropping by 6.93% [7][9] - Major companies like Moutai and Wuliangye are showing signs of "growth fatigue," with Moutai's revenue at 128.45 billion yuan, a growth of 6.32%, while Wuliangye's revenue fell by 10.26% [9][10] Market Dynamics - The market is experiencing a significant shift, with traditional high-end liquor brands facing pressure while niche brands like Jingjiu are thriving, particularly among young female consumers [12][18] - The consumption landscape is evolving, with younger consumers favoring low-alcohol and health-oriented products, leading to a decline in traditional high-end liquor sales [17][32] Consumer Behavior - The younger demographic (post-85 to post-94) is becoming a key market segment, preferring convenient, low-alcohol, and easily mixable products, which is reshaping the liquor market [18][20] - The trend of "self-satisfying consumption" is emerging, where consumers prioritize personal enjoyment over brand prestige, indicating a shift in purchasing motivations [20][21] Product Innovation - Companies are adapting by introducing lower-alcohol and smaller packaging options to meet the new consumer demands for health and convenience [15][24] - Jingjiu's rise in popularity is attributed to its successful marketing as a health-oriented product, appealing to young women and aligning with modern consumption trends [12][32]

Group 1 - The core view of the report indicates that the capital market in 2026 will focus on "structural transformation and confidence restoration, with a complete turnaround in external demand" [4] - The report emphasizes that the risk排雷 is not a bearish outlook but aims to enhance long positions through contrarian thinking [6] - The annual strategy highlights the importance of identifying risks in various industries to better understand market misjudgments and challenges [5] Group 2 - In the liquor industry, the report suggests that the valuation is at a bottom range, making it a good time for allocation, especially with the upcoming Spring Festival sales [10] - The investment logic for the liquor sector is based on the expectation that performance expectations have bottomed out, and the price of Moutai has also reached a low point, signaling a potential rebound [10] - The report recommends focusing on leading brands like Kweichow Moutai and Shanxi Fenjiu, as well as other brands with lower valuations and growth potential [10] Group 3 - The beer industry is expected to see stable volume and rising prices, but the cost advantages are diminishing, presenting seasonal investment opportunities [15] - The investment strategy for the beer sector emphasizes the importance of high-end upgrades driving revenue growth, while cost control will enhance profitability [17] - Recommended stocks include Yanjing Beer and Qingdao Beer, with a focus on companies that can leverage high-end market trends [17] Group 4 - The snack food industry is viewed positively, with ongoing reforms expected to yield results, suggesting active investment [21] - The report highlights that growth opportunities in the snack sector will come from category expansion and new channel penetration, supported by supply chain improvements [23] - Recommended stocks include Weilian Meishi and Yanjin Puzhi, with a focus on companies that are actively adjusting and innovating [23] Group 5 - The soft drink industry is characterized by significant differentiation among segments, with profitability continuing to improve [28] - The investment strategy emphasizes the importance of strong product categories and channel capabilities for sustained growth [31] - Recommended stocks include Dongpeng Beverage, with a focus on companies that can capitalize on high-growth segments and enhance channel operations [31] Group 6 - The dairy industry is expected to focus on profitability during the current downturn in raw milk prices, with leading companies likely to see improved margins [40] - The report suggests that the recovery of raw milk supply is crucial for the industry's performance, with a focus on companies like Yili and New Hope Dairy [40] - The key risk is that the supply recovery may not meet expectations, impacting revenue performance [40]

开源证券在其研报中指出，当前白酒行业仍处深度调整期，需求下行驱动价格带持续下移。行业从规模 扩张转向存量竞争，各家酒企围绕真实消费需求重新切分市场"蛋糕"。在此背景下，头部企业均摒弃单 纯业绩导向，短期报表虽受调整影响承压，但主动纾解渠道压力、优化供需结构的举措，是实现渠道健 康发展的必经之路。 北京商报讯（记者 刘一博 冯若男）12月22日尾盘，三大指数集体上涨，沪指3917.36点上涨0.69%。白 酒板块2214.44点收盘上涨0.07%，其中14只白酒股下跌。 从个股来看，贵州茅台收盘价达1408.26元/股，下跌0.12%；五粮液收盘价达110.33元/股，下跌0.18%； 山西汾酒收盘价达178.15元/股，下跌0.25%；泸州老窖收盘价达121.33元/股，下跌0.62%；洋河股份收 盘价达62.55元/股，下跌0.32%。 ...

从个股来看，贵州茅台收盘价达1408.26元/股，下跌0.12%；五粮液收盘价达110.33元/股，下跌0.18%； 山西汾酒收盘价达178.15元/股，下跌0.25%；泸州老窖收盘价达121.33元/股，下跌0.62%；洋河股份收 盘价达62.55元/股，下跌0.32%。 开源证券在其研报中指出，当前白酒行业仍处深度调整期，需求下行驱动价格带持续下移。行业从规模 扩张转向存量竞争，各家酒企围绕真实消费需求重新切分市场"蛋糕"。在此背景下，头部企业均摒弃单 纯业绩导向，短期报表虽受调整影响承压，但主动纾解渠道压力、优化供需结构的举措，是实现渠道健 康发展的必经之路。 北京商报讯（记者 刘一博 冯若男）12月22日尾盘，三大指数集体上涨，沪指3917.36点上涨0.69%。白 酒板块2214.44点收盘上涨0.07%，其中14只白酒股下跌。 ...

文丨华策咨询 王云利 清香型白酒行业竞争格局：机遇与挤压并存 1、品类复兴态势下的结构性机遇 2024 年清香型白酒销售额突破 1000 亿元，同比增长 13%，利润增速达 17%，远超酱酒 3%-4% 的增速水平。这一增长得益于两大核心驱动：一是汾酒引 领的品类价值提升，其青花系列在 500-1000 元价格带快速放量，推动清香型高端化进程；二是中高线光瓶酒赛道扩容，消费升级使光瓶酒从 "低端代名 词" 转变为品质消费载体，2024 年该赛道增速超 25%，成为区域酒企差异化竞争的战略窗口。 清香型白酒 "入口顺、醒酒快" 的特性，适配家庭聚餐、朋友小聚等高频场景，正在替代百元盒装酒的聚饮市场。区域酒企深耕本地多年积累的纯粮酿造 信任基础，使其在性价比竞争中具备天然优势 —— 无需承担一线品牌的品牌溢价，可将成本聚焦于品质提升，精准契合中高线光瓶酒的核心需求。 2、马太效应加剧的生存挤压 行业集中度提升使区域酒企面临 "上挤下压" 的双重压力：头部品牌方面，汾酒以近 400 亿元体量占据清香型市场 40% 份额，通过 "深度分销 + 品牌高举 高打" 持续下沉；浓香、酱酒品牌亦跨界渗透，茅台、五粮液通过子品 ...

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 【点击进入酒价内参，查看真实酒价】 【点击进入酒价内参，查看真实酒价】 白酒行业的市场分析方面，头部券商中信建投的食品饮料行业研报显示，该券商认为当前食饮板块的估 值已处于历史相对低位，继续推荐白酒及具备细分逻辑的大众品，预计大众品细分板块表现优于白酒整 体，白酒需求磨底后静待春节行情。白酒个股方面，以业绩出清卸包袱+强品牌支撑动销+强运营赋能 渠道+新营销模式探索的底部配置逻辑，推荐古井贡酒、迎驾贡酒、珍酒李渡等三只股票。 新浪财经"酒价内参"过去24小时中收集到的数据显示，中国白酒市场十大单品的终端零售均价周一整体 显著回调，跌势较前日扩大。如果十大单品各取一瓶整体打包售卖，今日总售价为9048元，创下今年11 月18日本表单扩容至十种大单品以来的新低，较昨日大幅回落38元，市场延续弱势下行态势。与11月25 日创下的9291元最高点相比，十大单品的总价已回落2.6%以上。 "酒价内参"的每日数据源自全国各大区均有合理分布的约200个采集点，包括但不限于酒企的指定经销 商、社会经销商、主流电商平台和零售网点等，原始取样数据为过去24个小时中各点位经 ...

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小时中收集到的数据显示，中国白酒市场十大单品的终端零售均价周一整体 显著回调，跌势较前日扩大。如果十大单品各取一瓶整体打包售卖，今日总售价为9048元，创下今年11 月18日本表单扩容至十种大单品以来的新低，较昨日大幅回落38元，市场延续弱势下行态势。与11月25 日创下的9291元最高点相比，十大单品的总价已回落2.6%以上。 "酒价内参"的每日数据源自全国各大区均有合理分布的约200个采集点，包括但不限于酒企的指定经销 商、社会经销商、主流电商平台和零售网点等，原始取样数据为过去24个小时中各点位经手的真实成交 终端零售价格，力求为社会各界提供一份关于知名白酒市场价格的客观、真实、科学、全程可追溯的数 据。 今日市场八跌二涨呈普跌格局，仅有个别单品逆势企稳。下跌产品中，水晶剑南春的价格环比回落11 元/瓶，领跌市场。精品茅台价格下跌8元/瓶。五粮液普五八代价格下跌7元/瓶。青花汾20与习酒君品价 格分别下跌5元/瓶。飞天茅台价格下跌4元/瓶。古井贡古20价格下跌2元/瓶。洋河梦之蓝M6+价格微跌1 元/瓶。上涨产品方面， ...