Core Viewpoint - Luzhou Laojiao's stock price has shown a significant increase in early February, with a year-to-date rise of 8.62% and a notable 11.81% increase over the past five trading days, despite a decline of 11.60% over the past 60 days [1] Group 1: Stock Performance - As of February 4, Luzhou Laojiao's stock price reached 124.76 CNY per share, with a trading volume of 5.51 billion CNY and a turnover rate of 0.30%, resulting in a total market capitalization of 183.639 billion CNY [1] - The stock has experienced a net inflow of 1.0697 million CNY from main funds, with significant buying and selling activities recorded [1] - The stock has appeared on the "Dragon and Tiger List" once this year, with a net purchase of 411 million CNY on January 29, accounting for 22.60% of total trading volume [1] Group 2: Financial Performance - For the period from January to September 2025, Luzhou Laojiao reported an operating income of 23.127 billion CNY, a year-on-year decrease of 4.84%, and a net profit attributable to shareholders of 10.762 billion CNY, down 7.17% year-on-year [2] - The company has cumulatively distributed dividends of 54.058 billion CNY since its A-share listing, with 24.925 billion CNY distributed over the past three years [3] Group 3: Shareholder Structure - As of September 30, 2025, the number of shareholders for Luzhou Laojiao was 161,200, a decrease of 22.54% from the previous period, with an average of 9,114 circulating shares per shareholder, an increase of 29.13% [2] - Major shareholders include the China Securities Index Co., Ltd. and Hong Kong Central Clearing Limited, with notable increases in their holdings compared to the previous period [3]

Group 1 - The core viewpoint of the article highlights the strong performance of liquor stocks, particularly Moutai, which saw its stock price rise nearly 2%, reaching 1500 yuan for the first time since September 15, 2025 [1] - Other liquor companies such as Huangtai Liquor, Guizhou Moutai, Luzhou Laojiao, and Shanxi Fenjiu also experienced significant stock price increases, with Huangtai Liquor hitting the daily limit [1]

Core Insights - The article highlights the structural upward trend in the retail prices of China's top ten liquor products, with a total price of 9,051 yuan for a bundled sale, marking an increase of 38 yuan from the previous day, reaching a new high in nearly a month [1][6][7] Price Trends - The market shows a general upward trend, with seven products increasing in price and three decreasing. Mid-range products have seen concentrated price increases, while high-end liquor has slightly adjusted from high levels [1][7] - Notable price increases include: - Yanghe Dream Blue M6+ up by 14 yuan per bottle - Qinghua Lang up by 13 yuan per bottle - Xijiu Junpin up by 7 yuan per bottle - Gujing Gonggu 20 and Qinghua Fen 20 up by 5 yuan and 4 yuan respectively - Wuliangye Pu 58 and Guojiao 1573 up by 2 yuan and 1 yuan respectively - Decreases were observed in: - Feitian Moutai down by 4 yuan per bottle - Boutique Moutai down by 3 yuan per bottle - Crystal Jian Nan Chun down by 1 yuan per bottle [1][7][10] Data Collection Methodology - The "Liquor Price Reference" collects data from approximately 200 sampling points across various regions, including designated distributors, social distributors, e-commerce platforms, and retail outlets, aiming to provide objective and traceable market price data [2][8] Brand Value Insights - According to the 2025 Hurun China Brand List released on February 3, Guizhou Moutai maintains its position as the top brand in China with a brand value of 795 billion yuan for the eighth consecutive year. The list has expanded from 300 to 500 brands, now including non-Chinese brands, reflecting a broader market landscape [2][8]

Core Insights - The article highlights the structural upward trend in the retail prices of China's top ten liquor products, with a total price of 9,051 yuan for a bundled sale, marking an increase of 38 yuan from the previous day, reaching a new high in nearly a month [1][6][7] Price Trends - The market shows a general upward trend, with seven products increasing in price and three decreasing. Mid-range products have seen concentrated price increases, while high-end liquor has slightly adjusted from high levels [1][7] - Notable price increases include: - Yanghe Dream Blue M6+ up by 14 yuan per bottle - Qinghua Lang up by 13 yuan per bottle - Xijiu Junpin up by 7 yuan per bottle - Gujing Gonggu 20 and Qinghua Fen 20 up by 5 yuan and 4 yuan respectively - Wuliangye Pu 58 and Guojiao 1573 up by 2 yuan and 1 yuan respectively [1][7][10] Price Decreases - The following products experienced price reductions: - Feitian Moutai down by 4 yuan per bottle - Boutique Moutai down by 3 yuan per bottle - Crystal Jian Nan Chun down by 1 yuan per bottle [1][7][10] Data Collection Methodology - The "Liquor Price Reference" collects data from approximately 200 sampling points across various regions, including designated distributors, social distributors, e-commerce platforms, and retail outlets, aiming to provide objective and traceable market price data [2][8] Brand Value Insights - According to the 2025 Hurun China Brand List released on February 3, Guizhou Moutai maintains its position as the top brand in China with a brand value of 795 billion yuan for the eighth consecutive year. The list has expanded from 300 to 500 brands, including non-Chinese brands, reflecting the evolving brand landscape in China [2][8]

岁末年初，白酒上市公司的分红大戏接连上演。2月3日，北京商报记者整理发现，截至目前，包括贵州 茅台、五粮液在内的四家头部白酒上市公司陆续实施2025年中期分红，分红派息总额超过420亿元。伴 随着分红方案相继披露，资本市场以一波涨停潮回应。尽管众多酒企通过分红释放利好信号，但终端市 场却仍面临着动销活力尚待激活的现状。如今，面对库存高企、动销乏力的市场环境，头部酒企已开始 多维度布局，寻找穿越行业周期的路径。 酒企"撒钱" 白酒巨头们在资本市场撒出真金白银。经粗略计算，截至目前，4家白酒企业2025年中期分红累计达到 425.36亿元，这次集中分红也被市场视为酒企"红包雨"。 2025年12月10日，贵州茅台发布公告称，公司将以总股本12.52亿股为基数，每股派发23.957元现金红利 （含税），共计派发300.01亿元（含税）；同日，五粮液发布公告称，公司将以公司现有总股本38.82亿 股为基数，向全体股东每10股派现金25.78元（含税），合计分配100.07亿元（含税），不送红股，不以 公积金转增股本；随后，2026年1月24日，泸州老窖发布2025年中期分红派息实施公告，计划以14.72亿 股总股本为 ...

2月1日，2026澳大利亚网球公开赛落下帷幕。在男单决赛中，世界第一、西班牙人阿尔卡拉斯鏖战四盘 战胜十冠王、塞尔维亚名将德约科维奇，生涯首次捧起澳网男单桂冠，同时成为史上最年轻的全满贯得 主。这一历史性时刻，全球瞩目。 而从球场边的醒目广告牌，到夺冠时"胜利！Congratulations，干杯！"的祝贺，"国窖1573"成为澳网高 光时刻的经典注脚。 作为泸州老窖（000568）旗下的高端白酒品牌，"国窖1573"以澳网全球官方合作伙伴和唯一指定白酒的 身份，与澳网这项百年网球赛事的合作已持续8年。 国际大赛，是品牌出海的重要平台。澳网覆盖全球超20亿观众，汇聚高净值群体，既实现了品牌广泛曝 光，又精准触达高端受众，更得以与劳力士这样的国际知名品牌同台亮相，可快速提升品牌国际认可度 与高端调性，摆脱单一地域标签。 笔者认为，要打破这一僵局，中国品牌需要实现三重角色转变。 首先，要从"流量收割者"转变为"文化叙事者"，摆脱单纯的流量依赖与浅层曝光。品牌需紧扣赛事所传 递的拼搏、优雅、精准、共赢等核心精神，结合自身的文化基因与品牌理念，创作专属的品牌内容，实 现赛事精神与品牌价值的同频共振。 其次，要从"资源 ...

Investment Focus - The report highlights the value of consumer stocks in a volatile market, recommending a focus on companies like Guizhou Moutai, Eastroc Beverage, and Yili Group, all rated as "Outperform" [1]. Industry Overview - In January 2026, four out of eight tracked essential consumer sectors showed positive growth, including condiments, frozen foods, soft drinks, and dining, while four sectors, such as mid-to-high-end baijiu, dairy products, and beer, experienced declines [3][9]. - The overall consumer industry is characterized by a recovery in basic demand while hedonic consumption remains under pressure, indicating a shift in consumer spending towards essential goods [9]. Revenue and Growth Analysis - The revenue for the mid-to-high-end baijiu sector in January was 470 billion yuan, down 14.0% year-on-year, while the revenue for the mass-market baijiu sector was 229 billion yuan, down 3.0% year-on-year [10][11]. - The soft drink sector reported a revenue of 962 billion yuan in January, with a year-on-year growth of 1.1%, indicating a cautious recovery in demand [17]. - The frozen food sector saw a revenue of 150 billion yuan, with a year-on-year increase of 8.0%, driven by pre-Spring Festival stocking and low temperatures [16]. Price Trends - The report notes that the wholesale prices of major baijiu brands like Guizhou Moutai remained stable, while some brands faced downward price pressures due to high inventory levels [4][21]. - The average discount rates for liquid milk and condiments increased compared to the previous month, reflecting intensified market competition [35][37]. Market Dynamics - The report identifies four favorable funding factors for the essential consumer sector, including significant volatility in global capital markets, declining risk-free interest rates, increased foreign capital allocation to China, and low institutional allocation levels [6]. - The report suggests focusing on companies that align with both domestic and foreign institutional preferences, as well as those showing improvements in fundamentals and dividend yields [6].

白酒巨头们在资本市场撒出真金白银。经粗略计算，截至目前，4家白酒企业2025年中期分红累计达到425.36亿元，这次集中分红也被市场视为酒企"红包 雨"。 2025年12月10日，贵州茅台发布公告称，公司将以总股本12.52亿股为基数，每股派发23.957元现金红利（含税），共计派发300.01亿元（含税）；同日，五 粮液发布公告称，公司将以公司现有总股本38.82亿股为基数，向全体股东每10股派现金25.78元（含税），合计分配100.07亿元（含税），不送红股，不以 公积金转增股本；随后，2026年1月24日，泸州老窖发布2025年中期分红派息实施公告，计划以14.72亿股总股本为基数，向全体股东每10股派发现金红利 13.58元（含税），合计派现金额达19.99亿元；此外，古井贡酒发布公告称，拟以2025年9月30日股本总数5.29亿股为基数，向全体股东每10股派发现金红利 10元（含税），不送红股，不以公积金转增股本，共计派发现金红利5.29亿元。 对于此次分红，贵州茅台指出，此次利润分配方案综合考虑了公司目前的生产经营状况、未来发展资金需求、经营现金流等因素，不会对公司正常经营和长 期发展造成影响。 ...

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]

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].