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 2月3日消息，江苏今世缘酒业股份有限公司在今日发布的投资者来访接待记录表中表示，2026年第一季 度，行业整体的开瓶数同比去年大概率仍是负增长，公司有心理预期，不同企业和价格赛道会出现分 化。 今世缘表示，，如果能实现份额稳住、价盘稳住、消费端信心稳住，这个结果是可以接受的。由于去年 的基数较低，从今年二季度后，实现同比回正还是有可能的。 责任编辑：李思阳 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 2月3日消息，江苏今世缘酒业股份有限公司在今日发布的投资者来访接待记录表中表示，2026年第一季 度，行业整体的开瓶数同比去年大概率仍是负增长，公司有心理预期，不同企业和价格赛道会出现分 化。 今世缘表示，，如果能实现份额稳住、价盘稳住、消费端信心稳住，这个结果是可以接受的。由于去年 的基数较低，从今年二季度后，实现同比回正还是有可能的。 责任编辑：李思阳 ...

责任编辑：李思阳 2月3日消息，江苏今世缘酒业股份有限公司在今日发布的投资者来访接待记录表中，谈到库存水平问题 时表示，在上一个销售考核年度（24 年 12 月至 25 年 11 月），公司主线产品的库存同比降低明显。但 目前面临的核心问题是动销流速放缓，终端开瓶的绝对数同比是在下降的。 2月3日消息，江苏今世缘酒业股份有限公司在今日发布的投资者来访接待记录表中，谈到库存水平问题 时表示，在上一个销售考核年度（24 年 12 月至 25 年 11 月），公司主线产品的库存同比降低明显。但 目前面临的核心问题是动销流速放缓，终端开瓶的绝对数同比是在下降的。 今世缘表示，当前库存压力主要存在于经销商环节。终端店不愿意多备货，导致经销商库存去化速度 慢。什么时候能进入低库存状态，关键取决于动销的改善情况。只要动销能稍微好转，库存就能较快消 化。今世缘认为，消费端可能难以回到过去的峰值，会下一个台阶，然后在这个新平台上逐步缓慢恢 复。 今世缘表示，当前库存压力主要存在于经销商环节。终端店不愿意多备货，导致经销商库存去化速度 慢。什么时候能进入低库存状态，关键取决于动销的改善情况。只要动销能稍微好转，库存就能较快消 化 ...

客观地说，我们需要对可能成为"史上最冷春节"有心理预期，整体消费预计将延续去年四季度以来的缓 慢恢复态势。当然，春节始终是消费最集中的阶段，今年长达9天的黄金周对行业是利好。公司正在积 极筹备，渠道终端的签约进展顺利，围绕节庆的线上线下活动也在持续推进。我们对库存进行了合理控 制，努力把控量价平衡。因此，这个春节的整体动销达到公司自身预期是有可能的，但与去年同期相比 会下一个台阶。 格隆汇2月3日丨今世缘(603369.SH)投资者来访接待记录表显示，今年春节相比去年延后了19天，目前 已经进入倒计时阶段。从我们当前的调研情况看，节庆消费的集中效应尚未完全显现，渠道商和终端商 的信心指数没有明显提振，市场仍存在一定的观望情绪。 ...

Core Viewpoint - The company emphasizes the need to cultivate new consumer groups and demands, particularly focusing on younger and lower-alcohol preferences, which have become increasingly evident in recent years. The interplay of short-term policy factors and long-term demographic changes poses challenges to traditional government and business consumption scenarios [1]. Group 1 - The company acknowledges that changes in consumer behavior are ongoing and have become particularly pronounced in recent years [1]. - The company notes that some competitors, such as Gujinggong Liquor, are attempting innovations like the launch of lighter alcohol products, which are seen as meaningful [1]. - The company believes that transitioning existing consumer groups and attracting new ones will require time and will not happen overnight [1].

2月2日，今世缘大宗交易成交12.5万股，成交额376.88万元，占当日总成交额的0.67%，成交价30.15 元，较市场收盘价33.94元折价11.17%。 | 交易日期 | 证券商标 | 证券代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | 卖出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | | 026-02-02 | 今世缘 | 603369 30.15 | 376.88 12.5 | 委员任委常常常落 | 麵髮髮雞 | | ка | ...

Group 1 - The liquor sector experienced a rise of 1.86% on February 2, with Jinhuijiu leading the gains [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] - Key stocks in the liquor sector showed significant price increases, with Jinhuijiu up 10.00% to 23.98, and Huangtaijiu up 9.98% to 17.52 [1] Group 2 - The liquor sector saw a net inflow of 1.464 billion yuan from main funds, while retail investors experienced a net outflow of 448 million yuan [2] - The trading volume for major liquor stocks included Luzhou Laojiao at 33.07 billion yuan and Wuliangye at 57.54 billion yuan [2] - The stock performance of major companies included Moutai with a closing price of 1427.00, up 1.86%, and Wuliangye at 107.29, up 2.18% [1][2] Group 3 - Moutai had a main fund net inflow of 5.46 billion yuan, while retail investors had a net outflow of 861,700 yuan [3] - Luzhou Laojiao saw a main fund net inflow of 1.56 billion yuan, with a retail net outflow of 1.1 billion yuan [3] - Water Well Square had a main fund net inflow of 1.46 billion yuan, with retail investors experiencing a net outflow of 58.5 million yuan [3]

Core Viewpoint - The A-share market sees a rise in liquor stocks despite overall demand decline, with specific brands like Moutai performing well while others face pressure [1] Group 1: Market Performance - Liquor stocks such as Huangtai Liquor and Shui Jing Fang hit the daily limit, with Shui Jing Fang rising over 7% and Jin Hui Liquor over 6% [1] - Other brands like Jinzhongzi Liquor, Jiu Gui Liquor, and Ying Jia Gong Jiu increased by over 3%, while Shede Liquor, Wuliangye, Kouzi Jiao, and Guizhou Moutai rose over 2% [1] Group 2: Demand Analysis - According to a recent report by China Merchants Securities, total demand for liquor is still declining, with a double-digit decrease, aligning with previous expectations [1] - In terms of specific scenarios, business banquets are primarily small gatherings, and mid-to-high-end dining remains sluggish, although there is some recovery in gift-giving demand [1] Group 3: Brand Performance - There is a significant brand differentiation, with Moutai showing excellent sales performance and preemptive stocking for the Spring Festival, while other brands are under pressure [1]

Core Viewpoint - The liquor sector is experiencing a collective surge, driven by rising prices of high-end liquor, particularly the flagship product, Feitian Moutai, which has seen significant price increases recently [1][2]. Group 1: Market Performance - As of February 2, the liquor index (884705) rose over 3%, with all constituent stocks showing gains, including Huangtai Liquor reaching a daily limit increase and others like Shui Jing Fang and Jin Hui Liquor rising over 7% [1]. - The price of Feitian Moutai has increased for three consecutive days, with the market price surpassing 1700 yuan per bottle, marking a single-day increase of approximately 100 yuan, the highest daily increase this year [1]. Group 2: Price Adjustments - Following the short-term price surge, a rational price correction occurred, with the wholesale price of the 2026 Feitian Moutai dropping to 1590 yuan per bottle, down 80 yuan from the peak at the end of January, yet still above the guidance price of 1499 yuan [1]. - Other high-end products also experienced varying degrees of price adjustments, but overall fluctuations remained moderate [1]. Group 3: Future Outlook - Huachuang Securities suggests that the current state of Moutai reform is gradually showing its effects, with online and offline sales channels improving, leading to a significant increase in sales velocity [2]. - Citic Securities anticipates that the liquor industry will benefit from the upcoming Spring Festival marketing activities, predicting stable sales during the holiday period due to various favorable factors [3]. - The liquor sector is viewed as being at a historical low in terms of valuation, presenting strong bottom-fishing opportunities, especially as the market sentiment is currently pessimistic [2].

Investment Rating - The report rates multiple companies in the consumer staples sector as "Outperform," including Guizhou Moutai, Wuliangye, and Yili [1]. Core Insights - The consumer staples industry in January 2026 shows a recovery in basic demand while hedonic consumption remains under pressure, indicating a divergence in performance across different segments [3][29]. - Among the eight key consumer industries tracked, four are experiencing positive growth (condiments, frozen food, soft drinks, and catering), while four are facing declines (high-end and above Baijiu, mass-market Baijiu, dairy products, and beer) [29]. Summary by Segment Baijiu (High-end and Above) - In January, the revenue for high-end Baijiu reached 47 billion yuan, a year-on-year decline of 14.0%. The price pressure is significant, with expectations of over a 10% price drop throughout the year due to high inventory levels [11]. Baijiu (Mass-market and Below) - The mass-market Baijiu segment generated 22.9 billion yuan in January, down 3.0% year-on-year. Despite the decline, the segment shows resilience due to rigid demand and adaptability to consumption scenarios [13]. Beer - The beer industry reported revenues of 17 billion yuan in January, a decrease of 7.1% year-on-year. The demand was affected by adverse weather and the delayed Spring Festival, leading to a cautious inventory approach by distributors [15]. Condiments - The condiment sector achieved revenues of 46.9 billion yuan in January, reflecting a year-on-year growth of 3.5%. The recovery in the catering channel and increased demand from small and medium-sized businesses are key drivers [17]. Dairy Products - The dairy sector's revenue was 43.5 billion yuan in January, down 3.3% year-on-year. The demand remains under pressure, but a potential recovery is anticipated in the coming months due to low base effects [19]. Frozen Food - The frozen food segment saw revenues of 14.99 billion yuan in January, with a year-on-year increase of 8%. The demand is supported by pre-Spring Festival stocking and favorable weather conditions [21]. Soft Drinks - The soft drink industry generated 96.2 billion yuan in January, with a modest growth of 1.1% year-on-year. Increased promotional activities indicate heightened market competition [24]. Catering - The catering sector reported revenues of 16.2 billion yuan in January, up 2.5% year-on-year. The demand is gradually improving, particularly in small and medium-sized restaurants [26].

Investment Rating - The report suggests a positive investment outlook for the liquor and food sectors, particularly highlighting the potential for growth during the upcoming Spring Festival season [1][2]. Core Insights - The report emphasizes the initiation of the Spring Festival peak season for liquor sales, with leading brands like Moutai showing significant improvements in sales and pricing, indicating a recovery in market sentiment and expectations [1][2]. - In the food sector, there is an anticipated boost in demand due to pre-holiday stocking, with specific focus on snack foods and beverages as key growth areas [1][2]. Summary by Sections Liquor Sector - The report indicates that the liquor market is entering a peak season, with Moutai leading the way in sales and price recovery, driven by increased demand and channel reforms [2]. - Other notable brands such as Guizhou Moutai, Ancient Well, and Luzhou Laojiao are recommended for short-term investment due to their strong performance and market positioning [1]. Food Sector - The food sector is expected to benefit from pre-holiday stocking, with companies like Anjuke and Qiaqia Foods positioned to capitalize on the festive demand [2][4]. - Anjuke is focusing on new product launches and expanding into overseas markets, while Qiaqia Foods is set to improve profitability in 2026 due to lower raw material costs [4][3]. Growth Opportunities - The report identifies growth opportunities in the snack and beverage segments, with specific companies such as H&H International Holdings and Nongfu Spring highlighted for their potential [1][2]. - The emphasis is placed on the recovery of the restaurant and dairy sectors, with companies like Yili and Qingdao Beer expected to show positive performance [1][2].