Market Overview - The liquor sector experienced a rise of 2.01% on February 3, with Huangtai Liquor leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Liquor Sector Performance - Key stocks in the liquor sector showed varied performance, with Yanzongyan leading with a closing price of 19.27, up 9.99% and a trading volume of 455,900 shares, amounting to 857 million yuan [1] - Other notable performers included Jinhui Liquor at 24.86, up 3.67%, and Guizhou Moutai at 1474.92, up 3.36%, with a significant trading volume of 86,300 shares, totaling 12.628 billion yuan [1] Capital Flow Analysis - The liquor sector saw a net inflow of 463 million yuan from main funds, while retail investors contributed a net inflow of 468 million yuan [2] - However, speculative funds experienced a net outflow of 931 million yuan [2] Individual Stock Capital Flow - Guizhou Moutai had a main fund net inflow of 1.212 billion yuan, but speculative funds saw a net outflow of 1.211 billion yuan [3] - Huangtai Liquor reported a main fund net inflow of 42.6 million yuan, while retail investors contributed a net inflow of 35.36 million yuan [3] - Other stocks like Tianyoude Liquor and Shanxi Fenjiu also showed mixed capital flows, with Tianyoude Liquor having a main fund net inflow of 12.18 million yuan [3]

Group 1 - Wuliangye will launch a "Shareholder Discount Wine Purchase Activity" from February 2 to February 28, 2026, exclusively for shareholders registered by December 17, 2025 [1] - Jinsha Huashao has officially announced singer Jinsha as its brand ambassador and is promoting the new Jinsha Huashao Wine from the 1950s [2] - Guizhou Moutai Digital Technology Co., Ltd. was inaugurated, with a focus on enhancing platform operations and supporting the company's high-quality development [2] Group 2 - Li Qiangqing has been appointed as the General Manager of Guizhou Moutai Sales Co., Ltd., bringing extensive experience from various leadership roles within the Moutai Group [3] - Shanxi Fenjiu participated in the 2026 Shanxi Old Brand Carnival, showcasing its products and engaging consumers through interactive experiences [4] - Meituan Flash Purchase is collaborating with Shede Liquor for a comprehensive marketing campaign during the 2026 Spring Festival, emphasizing online and offline integration [5] Group 3 - The National Standardization Administration has released a new national standard for beer quality (GB/T4927-2025), set to be implemented on January 1, 2027, introducing significant changes in product classification [6][7] - Wan Guodong has resigned as General Manager of Qinghai Huzhu Tianyoude Qinkui Wine Co., Ltd., effective immediately, due to personal reasons [8]

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][10]. Core Views - The food and beverage sector is expected to perform well in 2026, with a focus on four main investment themes: cost advantages, efficiency improvements, innovation-driven growth, and opportunities for recovery in distressed segments [3][10][14]. - The report highlights the increasing signals of a bottoming out in the liquor market, particularly for baijiu, and emphasizes the importance of sales performance during the Spring Festival [2][10]. - The report suggests a diversified approach to investment, recommending leading companies in various sub-sectors, including dairy, beverages, snacks, and restaurant supply chains [2][3][10]. Summary by Relevant Sections Liquor - Baijiu prices are stable with an upward trend, and the report emphasizes monitoring sales during the Spring Festival. Key recommendations include Kweichow Moutai, Shanxi Fenjiu, and Luzhou Laojiao, with a focus on their market positioning and growth potential [2][10][11]. - The report anticipates a continued decline in production for smaller liquor companies, while larger firms are expected to manage inventory effectively [10][11]. Beer - The beer industry is experiencing healthy inventory levels, with expectations for demand recovery. Recommendations include Yanjing Beer and China Resources Beer, focusing on their growth potential and market strategies [11][12]. Snacks - The report identifies strong growth potential in the konjac snack segment, recommending leading companies like Weidong and Yanjinpuzi for their innovative product offerings and competitive advantages [12][17]. Dairy - The dairy sector is advised to focus on leading companies like Yili, with expectations for steady demand recovery and improved profitability in 2026. The report notes the importance of managing inventory and product innovation [14][15]. Beverages - The beverage sector is characterized by a focus on inventory reduction during the off-season, with key recommendations for companies like Nongfu Spring and Dongpeng Beverage, which are expected to benefit from market expansion and product innovation [15][16].

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5]. Core Views - The food and beverage sector is expected to perform well in 2026, with a focus on four main investment themes: cost advantages, efficiency improvements, innovation-driven growth, and opportunities for recovery in distressed segments [3][10]. - The report highlights the increasing bottom signals in the liquor market, particularly for baijiu, and emphasizes the importance of sales performance during the Spring Festival [2][10]. Summary by Relevant Sections Liquor - Baijiu prices, particularly for Moutai, are stable with a slight increase, and attention is drawn to the sales rhythm during the Spring Festival. The report recommends Moutai, Shanxi Fenjiu, and Luzhou Laojiao as top picks, while also suggesting to monitor other brands like Gujing Gongjiu and Wuliangye [2][10]. - The report anticipates a continued trend of small liquor companies exiting the market, with a projected production decline of 12.1% for baijiu in 2025 [10]. Beer - The beer industry is experiencing healthy inventory levels, with expectations for demand recovery. The report recommends Yanjing Beer and China Resources Beer as key players to watch [11][10]. Snacks - The report emphasizes the importance of strong alpha stocks in the snack sector, particularly focusing on konjac snacks, with companies like Weilong and Yanjinpuzi showing strong product innovation and competitive advantages [12][10]. Food Supply Chain - The food supply chain is entering a peak season for stocking and sales, with a focus on pre-prepared dishes. The report recommends leading companies like Yihai International and Haitian Flavoring, as well as companies that are expanding their channels like Qianwei Yangchun [13][14]. Dairy Products - The report suggests a cautious outlook for dairy companies due to competitive pressures, but highlights the potential for recovery in 2026, particularly for leading companies like Yili [14][10]. Beverages - The beverage sector is currently in a de-stocking phase, with stable preparations for the Spring Festival. The report continues to recommend companies like Nongfu Spring and Dongpeng Beverage, which are accelerating their national expansion [15][10].

【开源食饮】重视！茅台需求韧性超预期，大众品底部改善趋势明确 1、2025年茅台批价有较大幅度下降，有效刺激了需求。 进入四季度，i茅台大量放货背景下，线上仍然一瓶难求，同时传统渠道的茅台批发价格止跌回升，我们认为这是 白酒板块明显的底部信号，证明龙头产品价格回调后仍然具有相应的需求支撑。 目前来看，白酒需求层面逐步改善，随着宏观环境触底好转，部分商务需求小范围恢复，节前动 【开源食饮】重视！茅台需求韧性超预期，大众品底部改善趋势明确 1、2025年茅台批价有较大幅度下降，有效刺激了需求。 进入四季度，i茅台大量放货背景下，线上仍然一瓶难求，同时传统渠道的茅台批发价格止跌回升，我们认为这是 白酒板块明显的底部信号，证明龙头产品价格回调后仍然具有相应的需求支撑。 目前来看，白酒需求层面逐步改善，随着宏观环境触底好转，部分商务需求小范围恢复，节前动销逐步加速。 我们看好2026年白酒行业周期反转带来的投资机会。 2、春节作为食品消费旺季，备货需求释放有望提振板块。 新春佳节是食品饮料消费核心旺季，礼品采购、家庭团聚等场景带动大众品备货需求集中释放。 （4）卫龙美味：展望2026年，魔芋单品有望保持较快增长，产品仍 ...

Core Insights - The article discusses the launch of "Wine Price Reference" by Sina Finance, which provides real-time data on the retail prices of major Chinese liquor brands, highlighting a structural price differentiation in the market as of February 3rd [1][7]. Price Trends - The average retail price of the top ten liquor products in China was reported at 9013 yuan, a slight decrease of 7 yuan from the previous day, primarily driven by price corrections in high-end products [1][7]. - Among the ten products, seven saw price increases while three experienced declines, indicating a continued structural differentiation in pricing [1][7]. Notable Price Changes - The price of Xijiu Junpin increased by 10 yuan, while Qinghua Lang rose by 8 yuan, reflecting a stronger pricing strategy in the market [1][7]. - Other products like Yanghe Dream Blue M6+ and Guojiao 1573 each saw a price increase of 5 yuan, indicating a positive market sentiment [1][7]. - Conversely, the price of premium Moutai dropped by 22 yuan, marking the largest decline, following a previous strong price increase [1][7]. Data Collection Methodology - The "Wine Price Reference" collects data from approximately 200 sampling points across various regions, including designated distributors, social distributors, e-commerce platforms, and retail outlets, ensuring a comprehensive and objective price tracking system [2][8]. - The data aims to provide a scientifically accurate and traceable representation of the market prices for well-known liquor brands [2][8]. iMoutai Platform Insights - The iMoutai platform reported an increase of 6.28 million new users in the past month, with active users exceeding 15.31 million [2][8]. - The platform successfully processed over 2.12 million orders, with more than 1.43 million orders for the 500ml Moutai product, indicating strong consumer demand [2][8]. - iMoutai has enhanced its risk management capabilities, successfully intercepting 540 million instances of abnormal behavior in January, aiming to create a fair and orderly consumption environment [2][8].

Core Insights - The Chinese white liquor market is experiencing structural price differentiation among its top ten products, with a slight overall price decline observed on February 3, where the total retail price for a bundled sale of these products was 9013 yuan, down by 7 yuan from the previous day [1] Price Movements - Among the top ten products, seven saw price increases while three experienced declines, indicating a continuation of structural differentiation in terminal prices [1] - The most significant price increases were noted for: - Xijiu Junpin, which rose by 10 yuan - Qinghua Lang, which increased by 8 yuan - Yanghe Dream Blue M6+ and Guojiao 1573, both up by 5 yuan, reflecting stronger channel pricing intentions [1] - Conversely, the largest declines were recorded for: - Boutique Moutai, which fell by 22 yuan after a previous strong increase - Feitian Moutai, down by 16 yuan following a substantial rise at the end of January - Qinghua Fen, which decreased by 3 yuan, indicating slight market price easing [1] Specific Product Pricing - The current prices for notable products are as follows: - Feitian Moutai: 1699 yuan, down by 16 yuan - Boutique Moutai: 2395 yuan, down by 22 yuan - Wuliangye Pu 58: 803 yuan, up by 2 yuan - Yanghe Dream Blue M6+: 590 yuan, up by 5 yuan - Xijiu Junpin: 635 yuan, up by 10 yuan - Qinghua Lang: 715 yuan, up by 8 yuan - Gujing Gong: 521 yuan, up by 1 yuan - Shujian Jian Nan Chun: 392 yuan, up by 3 yuan [3][4]

Core Viewpoint - The food and beverage sector showed resilience in the market, with the Huabao Food and Beverage ETF (515710) experiencing a price increase of 0.86% by the end of trading on February 2, 2026, despite an initial surge of 3.28% during the day [1][4]. Group 1: Market Performance - The food and beverage ETF Huabao (515710) opened strong, reaching a peak increase of 3.28% before closing up 0.86% [1]. - Major liquor stocks saw significant gains, with Jinhuijiu hitting the daily limit, Shuijingfang rising by 7.44%, and Jinzongzi Jiu increasing by 5.17% [1]. - Leading liquor brands such as Kweichow Moutai, Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, and Yanghe also closed in the green [1]. Group 2: Industry Insights - CITIC Construction pointed out that the surge in the liquor sector is driven by Moutai's sales price exceeding expectations, recognized reforms, and easing real estate policies, alongside a positive outlook for PPI [1]. - Moutai's payment and delivery progress has surpassed last year's levels, and industry reforms are advancing, with expectations for the industry to bottom out by 2026, potentially increasing market share for leading brands [1]. - Current valuations in the food and beverage sector remain low, with the PE ratio of the Huabao ETF at 19.81, placing it in the 3.33% percentile of the last decade, indicating strong medium to long-term investment potential [1][3]. Group 3: Future Outlook - Xiangcai Securities noted that the food and beverage industry's valuation is at a historical low, despite weak market data such as retail sales and consumer confidence [3]. - The prolonged adjustment period has led to a pricing of pessimistic expectations, and with inflation showing signs of mild recovery, investment opportunities in the consumption sector are emerging [3]. - Investors are encouraged to focus on core assets within the food and beverage sector, particularly the Huabao ETF, which has a significant allocation to leading high-end liquor stocks and other beverage segments [3].

证券日报网讯2月2日，山西汾酒（600809）在互动平台回答投资者提问时表示，二级市场股价受多重因 素影响存在波动。公司将严格按照规定及时履行信息披露义务，相关动态请以公司公告为准。 ...

证券日报网讯 2月2日，山西汾酒在互动平台回答投资者提问时表示，公司致力于做好经营管理，提升 核心竞争力，以持续回报投资者，相关动态请关注公司公告。 （文章来源：证券日报） ...