Investment Rating - The report assigns an "Accumulate" rating for the liquor industry [5] Core Insights - The liquor industry is currently at the bottom of its cycle, with the "opening red" sales expected to remain under pressure year-on-year, while brand differentiation is evident. Positive feedback from high-end liquor is significantly boosting market confidence, and a shift in style and improved expectations may catalyze liquor stock prices [2][6] Summary by Sections Market Overview - The liquor market is experiencing a deep adjustment, with sales and revenue expected to decline throughout the year. However, there are signs of marginal improvement starting from Q4 2025, with high-end brands like Moutai and Wuliangye leading the market [6] High-End Liquor Performance - High-end liquor brands are showing resilience, with Moutai and Wuliangye implementing strategies to stabilize prices and enhance channel profits. Moutai's sales performance has improved, with significant user engagement and order volume [6][7] Stock Recommendations - The report recommends stocks with price elasticity, including Guizhou Moutai, Wuliangye, and Luzhou Laojiao, as well as other brands like Shanxi Fenjiu and Yingjia Gongjiu, which are expected to clear inventory [6][7] Future Outlook - The liquor industry is believed to be at the bottom of its current cycle, with potential catalysts for stock prices including improvements in sales, price increases, and inventory reduction. Positive signals from policy changes could further enhance market sentiment [6][7]

在 许 多人 记忆 中，得力是那个与铅笔、橡皮息息相关的 "文具巨头"。然而，在历史文化艺术殿堂 里，它正以全新的身份接受 " 检阅 " 。 从课桌办公桌，到国家战略展台，一场关于安全、自主与智能化的科技突围，正在改写这家中国制造 龙头的未来图景。这不仅仅是一次产品的亮相，更是一家企业与国家产业脉搏同频共振的深刻叙事。 得力向世界宣告：它的未来，早已不止于文具。 得力集团副总裁、设备事业群总裁张磊接受第一财经专访 入选国博 ， 做 "中国人自己的打印机" 得力亮相 中国国家博物馆 了。 近日， "筑基强国路——中国制造'十四五'成就展"在中国国家博物馆隆重启幕。作为中国文具办公 行业唯一受邀代表，得力集团携自主研创的书写工具与打印创新成果重磅登场，向世界展现了中国制 造在细分领域的深耕实力与引领姿态。这不仅是一次产品亮相，更是国家对其行业龙头地位、技术自 研能力与高端制造水平的权威认可。 得力 亮相 中国国家博物馆 得力这次在国博的展出产品，是打印机和它的 "心脏"。其中包括 激光打印机组件，十大核心元器件 已全面实现国产化，有激光扫描器、主控板（龙芯 2P0500）等，目前得力的 激光打印机已经实现了 从主 ...

红利质量（931468.CSI）指数，选取50只连续现金分红、股利支付率较高且兼具较高盈利能力特征的上 市公司证券作为指数样本，截至2月5日，该指数近1年股息率为2.88%；红利质量ETF（159758）是跟 踪该指数的唯一ETF，联接基金A类016440；联接基金C类016441；联接基金D类024263。既要又要并 不难攻守平衡称心配！ 万达轴承：每10股派2.100000元人民币现金（含税），股权登记日：2026-2-11，除息除权日：2026-2- 12，数据来源《万达轴承：2025年第三季度权益分派实施公告》；申万一级行业：机械设备，非红利低 波（H30269.CSI）成分股，非红利质量（931468.CSI）成分股。 红利低波（H30269.CSI）指数，选取50只流动性好、连续分红、红利支付率适中、每股股息正增长以 及股息率高且波动率低的证券作为指数样本，采用股息率加权，截至2月5日，该指数近1年股息率为 4.53%；红利低波ETF华夏（159547）是跟踪该指数综合费率最低的ETF，每季度评估可分红，联接基 金A类021482；联接基金C类021483。选择困难？——低费率买高股息！ 立讯精密 ...

从资金流向上来看，当日白酒板块主力资金净流入23.46亿元，游资资金净流出17.2亿元，散户资金净流 出6.26亿元。白酒板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 616809 | 全徽酒 | 24.02 | -3.38% | 28.37万 | 6.86亿 | | 600199 | 金种子酒 | 10.41 | -2.80% | 48.90万 | 5.12亿 | | 000995 | 三层温州 | 18.96 | -1.61% | 74.18万 | 14.76 Z | | 600779 | 水井坊 | 43.46 | -0.98% | 17.40万 | 7.56亿 | | 002646 | 天佑德酒 | 9.45 | -0.42% | 22.84万 | 2.17亿 | | 603589 | □子窖 | 29.92 | 0.23% | 8.78万 | 2.62亿 | | 600559 | 老白干酒 | 16.41 | 0.31% | 25.90万 | 4.23亿 | ...

证券日报网讯2月2日，迎驾贡酒（603198）在互动平台回答投资者提问时表示，公司股价波动受宏观经 济形势、市场整体环境等多种因素影响。 ...

证券之星消息，2月2日白酒板块较上一交易日上涨1.86%，金徽酒领涨。当日上证指数报收于4015.75， 下跌2.48%。深证成指报收于13824.35，下跌2.69%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 616809 | 金徽酒 | 23.98 | 10.00% | 39.46万 | | 9.15 G | | 000995 | 皇台酒业 | 17.52 | 9.98% | 62.80万 | | 10.50亿 | | 600779 | 水井坊 | 44.78 | 7.44% | 27.47万 | | 12.23亿 | | 661009 | 金种子酒 | 10.98 | 5.17% | 85.00万 | | 9.16亿 | | 000799 | 酒鬼殿 | 58.80 | 3.48% | 34.99万 | | 20.49亿 | | 603198 | 迎驾贡酒 | 41.63 | 2.46% | 13.86万 | | 5.80亿 | | 0008 ...

| 代码 | 名称 | | 涨幅% ↑ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 000995 | 三号温州 | 1 | 9.98 | 31.08亿 | 40.05 | | 600779 | 水井坊 | 1 | 7.32 | 218亿 | 16.30 | | 603919 | 我做 | 4 | 6.51 | 118亿 | 13.71 | | 600199 | 金种子酒 | 1 | 3.83 | 71.31 乙 | 11.98 | | 000799 | 酒鬼酒 | 4 | 3.59 | 191亿 | 7.84 | | 603198 | 迎驾贡酒 | 美 | 3.00 | 335亿 | 5.79 | | 600702 | 舍得酒业 | 中 | 2.82 | 193亿 | 3.23 | | 000858 | 五粮液 | 1 | 2.63 | 4183亿 | 1.72 | | 603589 | 口子窖 | | 2.35 | 180亿 | 0.13 | | 600519 | 贵州茅台 | 1 | 2.25 | 17939亿 | 4.02 | | ...

2月2日，A股市场白酒（核心股）股逆势上涨，其中，皇台酒业涨停，水井坊涨超7%，金徽酒涨超 6%，金种子酒、酒鬼酒、迎驾贡酒涨超3%，舍得酒业、五粮液、口子窖、贵州茅台涨超2%。 股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 招商证券在最新的一份研究报告中也指出，该团队近期调研了河南、安徽、四川等多地白酒（核心股） 渠道，总需求仍在下滑（双位数下滑），但符合此前预期。分场景看，商务宴请以小局为主、中高端餐 饮仍较萧条，送礼需求有部分回补。品牌侧分化明显，茅台动销表现优异，春节备货需求前置，其他品 牌承压。 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 000995 | 高导演业 | 1 | 9.98 | 31.08亿 | 40.05 | | 600779 | 水井坊 | 4 | 7.32 | 218亿 | 16.30 | | 603919 | 我做 | 1 | 6.51 | 118亿 | 13.71 | | 600199 | 金种子酒 | 1 | 3.83 | 71.31亿 | 11. ...

中信建投则在最新研报表示，预计2026年行业见底，头部市占率将提升，看好春节前后白酒板块或迎十年大底投资机会。目前白酒板块估值处于历史低位， 具备较强底部配置价值，同时关注消费政策催化。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。 天风证券研报同样认为，本轮白酒板块已经调整约5年，行业目前的估值和机构仓位已经处于历史低位。目前市场对白酒板块整体较为悲观，后续行业整体 基本面回暖还需要外部宏观需求的复苏的配合。但是在目前股市背景下，股价有可能领先于基本面见底。天风证券认为目前对板块或可以乐观一些。目前板 块或处于基本面出清的最后阶段，茅台批价企稳是边际改善的积极信号，板块估值修复或领先于业绩修复。 白酒股股价走强背后，高端白酒价格标杆的异动成为核心催化因素之一。此前1月30日，飞天茅台市场批价连续第三日上扬，原箱单瓶价格突破1700元，单 日涨幅约100元/瓶，创下年内最高单日涨幅。 不过短期上涨后价格理性回调，2月2日，2026款飞天茅台散瓶批发价回落至1590元/瓶，较1月末高点下跌80元，但仍处在1499元/瓶指导价上方，次新飞天 及高端年份酒也出现不同幅度回调，但整体 ...

Investment Rating - The report recommends a positive investment outlook for the liquor sector, particularly for Kweichow Moutai, Wuliangye, and Shanxi Fenjiu, while suggesting a cautious approach towards Yingjia and Luzhou Laojiao [9][18]. Core Insights - The report indicates that Kweichow Moutai's sales volume and price have exceeded expectations, with a traditional channel delivery progress of 25%, maintaining zero inventory in channels. The demand side shows a double-digit growth year-on-year, supporting the price stability at 1499 RMB [1][18]. - The liquor industry is experiencing a bifurcation in brand performance, with Kweichow Moutai and Wuliangye showing positive sales trends, while other brands like Gujing and Yingjia are facing declines [9][18]. - The report highlights the importance of the upcoming Spring Festival for sales, with a tight supply-demand relationship expected to support prices, although a slight decline post-festival is anticipated [1][18]. Summary by Sections Core Company Tracking - Kweichow Moutai's payment progress is at 36%, with a delivery rate of approximately 20%, expected to increase to over 25%. The sales performance is strong, with a growth rate exceeding 10% year-on-year [2][11]. - Wuliangye's payment progress is at 60%, with a sales growth of 30% year-on-year, indicating a stable market condition similar to the previous year [3][14]. - Other brands like Fenjiu and Gujing are experiencing varied performance, with Fenjiu showing a slowdown in growth while Gujing's sales of certain products have declined significantly [2][3][14]. Investment Recommendations - The report suggests a bottom-fishing strategy for Kweichow Moutai, Wuliangye, and Shanxi Fenjiu, while also recommending attention to Yingjia and Luzhou Laojiao for potential rebounds [9][18]. - It identifies four main lines for consumer goods: recovery in the restaurant chain, raw milk cycle turning point, high valuation and performance alignment, and bottom-fishing for companies like China Resources Beverage and Qiaqia Food [9][18]. Industry Valuation - The report provides a valuation table for key companies, indicating Kweichow Moutai's market cap at 17544 million RMB with a PE ratio of 20, while Wuliangye has a market cap of 4076 million RMB with a PE ratio of 17 [20].