Group 1 - The food and beverage sector is experiencing a strong rebound, with the Huabao Food and Beverage ETF (515710) rising by 1.07% as of the latest report [1] - Major liquor stocks are seeing significant gains, with Luzhou Laojiao up over 4%, and Kweichow Moutai and Gujing Gongjiu both rising over 3% [1] - The latest public fund report shows that Kweichow Moutai remains a top holding, reflecting its resilience and the confidence it brings to the liquor industry during adjustment periods [3] Group 2 - The food and beverage sector is currently at a low valuation, with the PE ratio of the underlying index for the Huabao ETF at 19.09, which is in the 1.37% percentile of the last decade [3] - Analysts suggest that the food and beverage sector is positioned for significant investment value due to low valuations and improving fundamentals, with CPI showing a mild recovery [4] - The Huabao Food and Beverage ETF primarily invests in leading high-end and mid-range liquor stocks, with a significant portion also allocated to beverages, dairy, and seasoning sectors [4][5]

今日白酒市场下行特征再度显现，十大单品六跌四涨，压力主要集中于高端单品。下跌产品中，国窖 1573跌幅居前，环比下跌14元/瓶；精品茅台和飞天茅台紧随其后，分别下降7元/瓶、4元/瓶，主要受 i 茅台平台平价货源持续投放影响，对终端价格形成"定价锚"约束，渠道成交价承压；洋河梦之蓝M6+环 比回落2元/瓶；青花汾20与水晶剑南春均小幅下跌1元/瓶。上涨产品中，古井贡古20表现相对突出，环 比上涨7元/瓶；习酒君品上涨5元/瓶；五粮液普五八代与青花郎均微幅上行1元/瓶。 "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 ...

（文章来源：证券日报） 证券日报网讯 1月28日，泸州老窖在互动平台回答投资者提问时表示，为提升消费者的品牌感知和消费 体验，公司携手优质战略合作伙伴持续优化连锁新零售业态产品形象展示、营销活动管理，推动运营质 量升级，实现品牌与渠道协同发展。 ...

Group 1: Company Performance and Revenue - Luzhou Laojiao's overseas revenue is approximately 186 million yuan, accounting for 0.60% of total revenue [1][14] - Sichuan Shuangma focuses on biomedicine and has established a portfolio of innovative drugs in various disease areas, with a strong global supply capability for peptide raw materials [2][15] - Sichuan Shuangma's peptide products are exported to countries including the USA, Brazil, India, and Spain, with a significant presence in the chronic disease treatment market [2][15] Group 2: Product Applications and Market Expansion - Sichuan Shuangma produces over a hundred types of beauty peptides, collaborating with leading global cosmetic brands to enhance product innovation [3][16] - Zhongmi Holdings has applied its high-speed mechanical seals in commercial aerospace, although this segment's revenue is relatively low compared to its traditional petrochemical market [4][17] - Zhongmi Holdings is monitoring the demand for sealing products in the large aircraft sector but has not identified significant market needs yet [5][18] Group 3: Technological Development and Future Prospects - Jinshi Yaya's vacuum coating technology is not currently applied in space photovoltaic equipment but the company is exploring potential collaborations in other fields [6][19] - Houpu Co. has experience in distributed energy projects in both natural gas and hydrogen applications [7][20] - Zhimin Da is developing a high-radiation-resistant computing platform for space applications, although this technology is still in the research phase [8][21] Group 4: Market Strategy and Competitive Position - Sichuan Jiuzhou has successfully entered the overseas market with its Wi-Fi routers, while focusing on domestic sales for its camera products [12][25] - Jiuzhou's subsidiary is actively pursuing opportunities in the low-altitude economy, with significant progress in technology and product development [12][25] - Kexin Mechanical and Electrical is concentrating on high-end process equipment in energy and chemical sectors, while exploring new growth points in intelligent manufacturing [10][24]

1月29日，泸州老窖将迎来约20亿元中期分红的股权登记日，除权除息日为1月30日。根据公司2025年中 期分配方案，将以总股本14.72亿股为基数，向全体股东每10股派发现金红利13.58元（含税）。 这并非个案。近期，贵州茅台、五粮液已实施完成2025年中期分红方案。中国酒业独立评论人肖竹青认 为，这不仅能提振市场信心、稳定股价，也起到了行业龙头示范效应，带动更多绩优公司把利润分给投 资者。 年分红不低于85亿元 根据泸州老窖2025年4月发布《2024-2026年度股东分红回报规划》，2024-2026年度，公司每年度现金 分红总额占当年归属于上市公司股东净利润的比例分别不低于65%、70%、75%，且均不低于85亿元。 原则上公司每年度可以进行两次现金分红。 2024年，泸州老窖已实施两次分红：三季报分红每10股派发现金红利13.58元（含税），合计约20亿 元；年度分红每10股派45.92元（含税），合计67.59亿元。全年累计派发现金红利达87.59亿元。 在白酒行业深度调整的背景下，头部酒企密集大手笔分红，引发市场关注。 "茅五泸"分红规划亮眼 近年来，"茅五泸"等头部白酒企业相继公布分红规划。 ...

证券之星消息，1月28日白酒板块较上一交易日下跌0.79%，*ST岩石领跌。当日上证指数报收于 4151.24，上涨0.27%。深证成指报收于14342.9，上涨0.09%。白酒板块个股涨跌见下表： 从资金流向上来看，当日白酒板块主力资金净流出12.38亿元，游资资金净流入13.56亿元，散户资金净流 出1.18亿元。白酒板块个股资金流向见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000568 泸州老窖 | | 1.07 Z | 6.89% | -6686.18万 | -4.29% | -4056.45万 | -2.60% | | 600809 山西汾酒 | | 7464.03万 | 5.95% | 1.05亿 | 8.38% | -1.80亿 | -14.33% | | 000995 | 皇台酒业 | 2633.56万 | 12.95% | -253.88万 | -1.25% | -2379.67万 ...

Core Viewpoint - The A-share market has seen a rise in liquor stocks, with notable increases in several companies, indicating positive market sentiment in the sector [1]. Group 1: Stock Performance - Huangtai Liquor Industry (000995) increased by 6.69%, with a total market capitalization of 2.375 billion [2] - Gujing Gongjiu (000596) rose by 2.90%, with a market cap of 67.1 billion, but has a year-to-date decline of 4.31% [2] - Shede Liquor (600702) saw a 2.73% increase, with a market cap of 18.1 billion and a year-to-date decline of 3.26% [2] - Jinzongzi Liquor (600199) increased by 2.38%, with a market cap of 6.223 billion and a year-to-date decline of 2.27% [2] - Shuijingfang (600779) rose by 2.18%, with a market cap of 18.7 billion and a year-to-date change of -0.08% [2] - Jiugui Liquor (000799) increased by 1.68%, with a market cap of 16.9 billion and a year-to-date decline of 4.53% [2] - Shunxin Agriculture (000860) rose by 1.60%, with a market cap of 10.9 billion and no change year-to-date [2] - Tianyoude Liquor (002646) increased by 1.47%, with a market cap of 4.298 billion and a year-to-date increase of 3.70% [2] - Luzhou Laojiao (000568) saw a 1.32% increase, with a market cap of 167.6 billion and a year-to-date decline of 2.05% [2] - Laobaigan Liquor (600559) increased by 1.30%, with a market cap of 1.43 billion and a year-to-date decline of 2.68% [2] Group 2: Market Signals - The MACD golden cross signal has formed, indicating a positive trend for these stocks [1].

Investment Rating - The industry investment rating is "stronger than the market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [29]. Core Insights - The food and beverage sector's heavy holding ratio continues to decline, dropping to 2.61% in Q4 2025, down 0.20 percentage points from the previous quarter, and significantly below the historical average of 6.77% since 2018 [1][10]. - Within the sector, the heavy holding ratio for sub-segments, excluding alcoholic beverages, has seen a rebound, with notable increases in categories such as seasoning and fermented products, dairy beverages, and snacks [2][13]. - The top ten heavy holdings in the food and beverage sector are dominated by liquor stocks, which occupy seven positions, with a total heavy holding ratio of 2.37% [3][19]. Summary by Sections 1. Heavy Holding Ratios - The food and beverage industry's heavy holding ratio has decreased to 2.61%, ranking sixth among 31 primary industries, down from fifth in the previous quarter [1][10]. - The liquor segment's heavy holding ratio has dropped to 2.26%, while other sub-segments like seasoning and fermented products, dairy beverages, snacks, and food processing have shown slight increases [2][13]. 2. Liquor Segment Analysis - The liquor segment remains a dominant force in the food and beverage industry, accounting for over 86% of the heavy holdings, although it has decreased by 1.76 percentage points [16]. - The top three liquor stocks by heavy holding ratio are Guizhou Moutai, Shanxi Fenjiu, and Wuliangye, with significant fluctuations in their rankings [19][20]. 3. Investment Recommendations - The report suggests that the liquor industry is in a bottoming phase, with low valuations and high dividends providing strong support for stock prices. The inventory destocking cycle is expected to continue until mid-2026, with potential investment opportunities emerging in the second half of 2026 [25]. - For the broader consumer goods sector, growth is anticipated from product upgrades, particularly in beer and dairy, while the seasoning industry is expected to benefit from low raw material costs and the rise of customized solutions [4][27].

（编辑 袁冠琳） 证券日报网讯 1月27日，泸州老窖在互动平台回答投资者提问时表示，公司各大单品均有38度产品；果 酒有《泸州老窖•国仙中式果酿酒风之清》《泸州老窖•国仙中式果酿酒风之清》等产品。公司根据年轻 群体的悦己型消费与情绪价值需求特点，以产品创新为核心、以场景适配为载体、以情感共鸣为纽带， 系统性推进年轻化布局。一是做好产品创新准备。持续深耕38°低度产品线，通过工艺优化强化酒体柔 和、顺滑的饮用特质，适配年轻人对低度利口、微醺体验的核心需求；同时，研究开发精酿啤酒、中式 果酿酒等创新酒品以及生物发酵面膜、香水等酒类衍生品，贴合年轻群体消费需求。二是做好新消费场 景打造。推广冰饮、调饮等全新品饮方式，打造新的消费场景，比如尝试做消费门店，结合餐酒消费集 中展示公司产品。推动产品融入年轻人和女性消费群体日常作息与社交场景，成为生活方式的有机组成 部分。 ...

Core Viewpoint - The article emphasizes the importance of industry cycles over individual company performance in the Chinese liquor market, particularly during periods of economic downturns, where even strong companies face significant declines due to systemic pressures [7][11][35]. Group 1: Industry Performance Overview - The period from 2013 to 2021 was characterized as a "golden era" for the liquor industry, with major brands like Kweichow Moutai increasing by 1297%, Shanxi Fenjiu by 1090%, and Wuliangye by 860% [13][15]. - In contrast, the period from 2022 to 2026 is described as a "deep adjustment period," where major brands have seen significant declines, with Luzhou Laojiao down 49%, Wuliangye down 46%, and Kweichow Moutai down 26% [20][22]. Group 2: Investment Strategy - Investors are advised to focus on industry cycles when selecting stocks, prioritizing companies with strong demand resilience during downturns, such as Kweichow Moutai, or those with low valuations, like Gujing Gongjiu B [29][30]. - The article warns against relying on company-specific factors (alpha) to counteract industry-wide trends (beta), as strong financials or management integrity may not protect against systemic downturns [31][32]. Group 3: Historical Context and Lessons - The article highlights that past star stocks, such as Yanghe and Shui Jing Fang, which performed well during the boom, have suffered even greater declines in the current downturn, illustrating that past performance does not guarantee future resilience [33][34]. - The cyclical nature of the industry is underscored, with the assertion that understanding the primary conflict between industry cycles and individual company performance is crucial for avoiding investment pitfalls [35].