Core Viewpoint - The Shanxi state-owned enterprise reform sector experienced a slight decline of 0.05% on February 9, with Jin控电力 leading the losses, while the overall market indices showed positive performance with the Shanghai Composite Index rising by 1.41% and the Shenzhen Component Index increasing by 2.17% [1][2]. Group 1: Market Performance - The closing price of the Shanghai Composite Index was 4123.09, reflecting an increase of 1.41% [1]. - The Shenzhen Component Index closed at 14208.44, marking a rise of 2.17% [1]. Group 2: Individual Stock Performance - 路化科技 (600691) closed at 3.20, up by 2.56% with a trading volume of 399,100 shares and a transaction value of 127 million [1]. - 华阳新材 (600281) closed at 6.10, increasing by 2.35% with a trading volume of 108,900 shares and a transaction value of 66.57 million [1]. - 晋控电力 (000767) led the decline, closing at 3.33, down by 2.63% with a trading volume of 3,746,700 shares and a transaction value of 1.256 billion [2]. Group 3: Capital Flow Analysis - The Shanxi state-owned enterprise reform sector saw a net outflow of 392 million from main funds, while retail investors contributed a net inflow of 314 million [2][3]. - The main funds showed a net inflow in 兰花科创 (600123) of 8.12 million, while 山西高速 (000755) had a net inflow of 7.82 million [3].

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9日延续 上行态势。如果十大单品各取一瓶整体打包售卖，今日总售价为9221元，较昨日上涨29元，创下2025年 12月27日以来新高。头部酒品集体上行，中后部单品小幅回调，市场分化运行价格中枢走高。 | | 贵州茅台酒(精品) | 2410/瓶 | 7元 | | --- | --- | --- | --- | | | 53度/500ml | | | | | 五粮液普五八代 | 807/瓶 | 3元 - | | | 52度/500ml | | | | | 青花汾20 53度/500ml | 389/瓶 | 持平 | | | 国窖1573 | | | | | 52度/500ml | 900/瓶 | 7元 ▲ | | | 洋河梦之蓝M6+ | | | | | 52度/550ml | 636/瓶 | 13元 - | | | 古井贡古20 | 544/瓶 | 12元 - | | | 52度/500ml | | | | | 习酒君品 | 651/瓶 | -7元 | | | 53度/500ml | | | | 北 | 青花郎 | 720 ...

Core Viewpoint - The Chinese white liquor market is experiencing a price increase, with the average retail price of the top ten products reaching a new high since December 27, 2025, at 9,221 yuan, up 29 yuan from the previous day [1] Group 1: Price Trends - The top ten products saw six price increases, three decreases, and one stable price, indicating a strong overall upward trend [1] - Yanghe Dream Blue M6+ led the market with a price increase of 13 yuan per bottle, followed by Gujing Gong 20 with an increase of 12 yuan per bottle [1] - Moutai products, including Feitian Moutai, have shown strong performance due to high market demand before the Spring Festival, with Feitian Moutai achieving a five-day price increase [1] Group 2: Market Dynamics - A recent survey indicated that the overall sales of the national white liquor market have declined by 10%-20%, with significant regional differences [2] - High-end liquor, particularly Feitian Moutai, has performed well, with some distributors reporting a year-on-year sales increase of over 40% [2] - The market is characterized by a significant polarization, with high-end products benefiting from gifting and banquet demands, while mid-range products face challenges due to economic conditions and competition [2] Group 3: Data Collection Methodology - The data for the price trends is collected from approximately 200 points across various regions, including designated distributors, social distributors, e-commerce platforms, and retail outlets [2] - The pricing data aims to provide an objective and traceable representation of the market prices for well-known white liquors [2]

Core Insights - The Chinese white liquor market is experiencing a price increase, with the average retail price of the top ten products reaching 9,221 yuan, marking a rise of 29 yuan since the previous day, the highest since December 27, 2025 [1] - The market shows a divergence in performance, with leading brands seeing price increases while mid-tier products experience slight declines [1] Price Movements - Six of the top ten products saw price increases, with Yanghe Dream Blue M6+ leading the market with a rise of 13 yuan per bottle, followed by Gujing Gong 20 with an increase of 12 yuan [1] - Other notable increases include Guojiao 1573 and Boutique Moutai, both up by 7 yuan, and Feitian Moutai, which rose by 5 yuan, achieving a one-month high [1] - Conversely, Qinghua Lang dropped by 10 yuan, Xijiu Junpin fell by 7 yuan, and Shuijing Jianan Spring saw a minor decrease of 1 yuan, while Qinghua Fen 20 remained stable [1] Market Dynamics - A recent survey indicated a 10%-20% decline in overall white liquor sales across the country, with significant regional variations; Shandong and Anhui saw declines of around 20%, while Henan and Sichuan experienced a 10% drop [3] - Despite the overall decline, over 30% of distributors reported stable or even growing performance, highlighting a significant market segmentation [3] - Premium products like Feitian Moutai are performing well, with some distributors reporting over a 40% increase in sales volume year-on-year [3] - The price dynamics show a clear bifurcation, with high-end products benefiting from gifting and banquet demands, while mid-range products face challenges due to economic conditions and competition [3]

"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、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。 随着元旦官方i茅台平台开始出售1499元/瓶的飞天茅台，以及1月9日开始出售2299元/瓶的精品茅台，这 一新产生的渠道对两款产品市场终端零售均价的磁吸式影响力已逐步显现。"酒价内参"每日发布的酒价 遵循对真实成交量加权的计算规则，我们已逐渐将可确量的价格引入飞天茅台和精品茅台终端零售价的 计算中。 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9日延续 上行态势。如果十大单品各取一瓶整体打包售卖，今日总售价为9221元，较昨日上涨29元，创下2025年 12月27日以来新高。头部酒品集体上行，中后部单品小幅回调，市场分化运行价格中枢走高。 今日十大单品价格六涨三跌一平，整体涨势依旧强劲。上涨方面，洋河梦之蓝M6+领涨市场，环比上涨 13元/瓶；古井贡古20紧随其后，上涨12元/瓶；国窖15 ...

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9日延续 上行态势。如果十大单品各取一瓶整体打包售卖，今日总售价为9221元，较昨日上涨29元，创下2025年 12月27日以来新高。头部酒品集体上行，中后部单品小幅回调，市场分化运行价格中枢走高。 今日十大单品价格六涨三跌一平，整体涨势依旧强劲。上涨方面，洋河梦之蓝M6+领涨市场，环比上涨 13元/瓶；古井贡古20紧随其后，上涨12元/瓶；国窖1573和精品茅台均上涨7元/瓶；飞天茅台上涨5元/ 瓶实现五连阳，价格创一个月新高，茅台系产品在春节前旺盛的市场需求支撑下持续强势；五粮液普五 八代上涨3元/瓶。下跌方面，青花郎回落10元/瓶；习酒君品下跌7元/瓶；水晶剑南春微跌1元/瓶；青花 汾20价格保持稳定，与昨日持平。 "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、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。 随着元旦官方i茅台平台开 ...

Core Viewpoint - The Chinese liquor market is experiencing a price increase for top products, with the average retail price of the top ten liquor items reaching a new high of 9,221 yuan on February 9, 2025, marking a 29 yuan increase from the previous day [1][6]. Price Trends - The price of the top ten liquor items shows a strong upward trend, with six items increasing in price, three decreasing, and one remaining stable [1][6]. - Leading the price increases, Yanghe Dream Blue M6+ rose by 13 yuan per bottle, followed by Gujing Tribute Wine 20 with a 12 yuan increase, and both Guojiao 1573 and Premium Moutai increasing by 7 yuan each [1][6]. - Moutai products, supported by strong market demand before the Spring Festival, have shown consistent strength, with Feitian Moutai increasing by 5 yuan and achieving a one-month high [1][6]. Market Dynamics - The market is showing signs of differentiation, with high-end products performing well while mid-range products are experiencing slight declines [1][6]. - A recent survey indicated that overall liquor sales in the country have decreased by 10%-20%, with significant regional variations; for instance, sales in Shandong and Anhui dropped by about 20% [2][7]. - Despite the overall decline, over 30% of distributors reported stable or even growing performance, highlighting a significant divergence within the industry [2][7]. Consumer Behavior - The demand for high-end liquor, particularly in the price range above 800 yuan, is driven by gifting and banquet needs, while the 100-200 yuan range is supported by business and daily consumption [2][7]. - The low-end segment, particularly bottles priced under 100 yuan, remains stable due to essential demand, whereas the mid-range segment (300-600 yuan) faces challenges from economic conditions and market competition, with sales declining over 20% [2][7]. Future Outlook - As the Spring Festival approaches, a final wave of concentrated purchasing is expected, with the market likely to continue exhibiting a two-tiered structure where high-end and mass-market products perform well, while mid-range products remain under pressure [2][7].

Core Viewpoint - The Chinese white liquor market is experiencing a price increase, with the average retail price of the top ten products reaching a new high of 9,221 yuan on February 9, 2025, marking a 29 yuan increase from the previous day [1][6]. Price Trends - The overall price trend for the top ten products shows six increases, three decreases, and one stable price, indicating a strong upward momentum in the market [1][6]. - The leading product, Yanghe Dream Blue M6+, saw a price increase of 13 yuan per bottle, while Gujing Gong 20 followed with a 12 yuan increase [1][6]. - Notable increases also include Guojiao 1573 and Premium Moutai, both rising by 7 yuan, and Feitian Moutai, which increased by 5 yuan, achieving a one-month high [1][6]. - Conversely, Qinghua Lang experienced a drop of 10 yuan, and Xijiu Junpin fell by 7 yuan, while the price of Crystal Jian Nan Chun slightly decreased by 1 yuan [1][6]. Market Dynamics - The data is sourced from approximately 200 collection points across various regions, ensuring a comprehensive and objective representation of the market [2][7]. - A recent survey indicated a 10%-20% decline in overall white liquor sales, with significant regional variations; for instance, Shandong and Anhui saw declines of about 20% [2][7]. - Despite the overall decline, over 30% of distributors reported stable or growing performance, highlighting a significant market segmentation [2][7]. - Premium products like Feitian Moutai are performing well, with some distributors reporting over a 40% increase in sales volume [2][7]. Price Segmentation - The market is characterized by a clear price segmentation, with high-end products (above 800 yuan) driven by demand for gifts and banquets, while the 100-200 yuan range is supported by business and daily consumption [2][7]. - Products priced below 100 yuan maintain stability due to basic demand, whereas the mid-range (300-600 yuan) is facing challenges with over 20% sales decline due to economic conditions and market competition [2][7]. - As the Spring Festival approaches, a final surge in purchasing is expected, with the market likely to continue exhibiting a two-tiered performance between high-end and mid-range products [2][7].

[Table_Title] 食品饮料行业 如何看白酒板块上涨持续性？ [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2026-02-08 [Table_PicQuote] 相对市场表现 [Table_Page] 投资策略周报|食品饮料 [分析师： Table_Author]符蓉 -10% -3% 4% 10% 17% 24% 02/25 04/25 07/25 09/25 11/25 02/26 食品饮料 沪深300 | SAC 执证号：S0260523120002 | | | | --- | --- | --- | | SFC CE No. BWC944 | 021-38003552 | | | furong@gf.com.cn | 分析师： | 周源 | | SAC 执证号：S0260525040003 | fzzhouyuan@gf.com.cn | | | 请注意，周源并非香港证券及期货事务监察委员会的注册 | 持牌人，不可在香港从事受监管活动。 | | [相关研究： Table_DocReport] | 食品饮料行业:金星啤酒"中式 ...

Group 1 - The match featured Shanxi Fenjiu and Beijing Beikong competing for the last semifinal spot in the second China Life CBA Club Cup [1] - Shanxi Fenjiu initially trailed but managed to equalize in the third quarter and ultimately won the game 99 to 86, securing their place in the semifinals [1][12] - Key performances included Shanxi Fenjiu's new player Guy scoring 26 points and providing 4 assists, while domestic player Jia Mingru contributed 20 points [13] Group 2 - The game saw a strong start from Shanxi Fenjiu, leading 11 to 2, but Beijing Beikong quickly responded to tie the game at 17 [5] - In the second quarter, Beijing Beikong's Luo Hancheng scored 5 consecutive points, extending their lead to double digits [5] - The third quarter was marked by a significant drop in Beijing Beikong's shooting percentage, allowing Shanxi Fenjiu to close the gap and eventually take the lead [6][12]