Core Viewpoint - The Chinese liquor market is experiencing a significant price decline, with the average retail price of the top ten liquor products dropping, indicating a bearish market sentiment and a further downward adjustment in price levels [1]. Price Trends - The total price for a bundled sale of the top ten liquor products is 9040 yuan, down 28 yuan from the previous day, marking a new low in two months [1]. - Six monitored products showed price declines, with notable drops including: - Xijiu Junpin down 15 yuan per bottle - Guojiao 1573 and Jingpin Moutai down 5 yuan per bottle - Feitian Moutai down 4 yuan per bottle - Wuliangye Pu 58th generation down 3 yuan per bottle - Qinghua Fen 20 down 1 yuan per bottle [1][3][4]. Price Movements of Specific Products - The following products experienced price changes: - Feitian Moutai (53 degrees, 500ml) priced at 1738 yuan, down 470 yuan - Jingpin Moutai (53 degrees, 500ml) priced at 2357 yuan, down 570 yuan - Wuliangye Pu 58th generation (52 degrees, 500ml) priced at 820 yuan, down 370 yuan - Guojiao 1573 (52 degrees, 500ml) priced at 897 yuan, down 5 yuan [3][4]. - Conversely, some products saw price increases: - Guqingong Gu 20 up 3 yuan to 507 yuan - Yanghe Dream Blue M6+ up 1 yuan to 578 yuan - Qinghua Lang up 1 yuan to 726 yuan [4].

Core Insights - Sichuan's industrial development has shown strong momentum, with significant achievements in various sectors over the past 40 years, particularly in manufacturing and digital economy [8][9][21] Industrial Growth and Achievements - From 1978 to 2017, Sichuan's total industrial output value expanded by 194 times, with an average annual growth rate of 12.1%, outpacing the national growth rate by 1.6 percentage points [9][10] - The province's industrial investment increased by 645.6 times during the same period, with a total industrial investment of 9,181 billion yuan in 2017 [12][13] - Sichuan has established a complete industrial system with 41 major industries, employing 3.19 million people in large-scale industrial enterprises [10][11] Strategic Initiatives - Sichuan is focusing on developing a "5+1" modern industrial system to enhance industrial quality and efficiency, with specific emphasis on digital economy and high-tech industries [6][15][25] - The province has launched initiatives to optimize regional industrial layouts, promoting collaborative development across five economic zones [15][18] Technological Advancements - Sichuan has made significant strides in technological innovation, with over 4,000 high-tech enterprises and more than 1,000 provincial-level technology centers established [22] - The digital economy in Sichuan surpassed 1 trillion yuan in scale, with advancements in smart manufacturing and internet integration in the industrial sector [17][21] Export and Investment - By the end of 2017, Sichuan had over 230 industrial enterprises investing abroad, with a focus on high-end equipment and emerging sectors [24] - The province has attracted 189 Fortune 500 companies, maintaining its position as the leading region in Western China for foreign investment [24]

Core Viewpoint - The demand for liquor during the New Year holiday was weak, with feedback indicating a year-on-year decline of over 20%, although there was slight improvement compared to November and December. The supply side is adjusting with lower targets from liquor companies, and channel inventory is expected to ease. The overall demand for the Spring Festival is anticipated to decline by double digits, but the drop is expected to be less severe than during the New Year holiday. High-end liquor prices are under pressure due to continuous shipments from Moutai and upcoming deliveries from traditional channels, with expectations of price stabilization after a decline [1][2][3][4]. Demand Analysis - The New Year demand was weak, with a year-on-year decline of over 20%, but there was a slight month-on-month improvement from November and December. The industry is still in the off-season, and consumer gatherings were limited. The estimated industry shipment volume during the New Year is expected to decline by over 10%, with significant reductions in business banquets and group purchases. High-end liquor prices have dropped by over 10%, while mid-range liquor prices have generally decreased by 5-10%. However, there are signs of resilience in mass consumption, particularly in regions like Sichuan and Anhui [2][3]. Supply Side Insights - Liquor companies are lowering their targets, and channels are expected to further reduce inventory pressure. Many companies have not met their initial collection targets for the year, leading to more conservative growth targets for 2026. The requirement for Spring Festival returns has been lowered to 30-40%, and companies are slowing down their shipment pace to manage channel inventory effectively. The willingness to collect payments is cautious, focusing on cash flow protection and maintaining core brand distribution rights [3][4]. Price Dynamics - High-end liquor prices are expected to remain under pressure, with Moutai's continuous shipments and upcoming deliveries affecting the market. The price of Moutai is anticipated to face marginal pressure, while Wuliangye's promotional activities may slightly stimulate sales. The price of mid-range liquor is at a relatively low level, with channel profits thinning, and prices are expected to stabilize at low levels during the Spring Festival [4][5]. Company Strategies - Moutai is advancing its marketing transformation and reducing distribution pressure by creating a pyramid product system and launching digital initiatives to stimulate consumer demand. Wuliangye is focusing on maintaining market order and enhancing channel incentives, while also pushing for improved sales and market share. Luzhou Laojiao is adjusting its product structure and promoting low-alcohol products, and Fenjiu is enhancing regional coverage for its products. Other companies like Gujing and Yanghe are also focusing on market penetration and channel management to improve sales performance [5][6]. Investment Recommendations - The pessimistic factors have been priced in, and as the Spring Festival approaches, demand recovery is expected. Moutai is recommended for its strong fundamentals, while Gujing is highlighted for its potential growth in the mass market segment. Other companies like Wuliangye, Shanxi Fenjiu, and Luzhou Laojiao are also under observation for their inventory clearance strategies. Innovative products like Zhenjiu Lidu are noted for their market potential [7].

Core Viewpoint - The liquor sector experienced a slight increase of 0.39% on January 6, with Yanghe Co. leading the gains, while the overall market indices also showed positive performance [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4083.67, up by 1.5% [1] - The Shenzhen Component Index closed at 14022.55, up by 1.4% [1] - Yanghe Co. saw a closing price of 63.38, with a rise of 2.92% [1] Group 2: Liquor Sector Stock Performance - The following stocks in the liquor sector showed notable performance: - Yanghe Co.: 63.38, +2.92%, volume 49,300, turnover 306 million [1] - ST Yanshi: 2.81, +1.81%, volume 118,900, turnover 32.83 million [1] - Quan Huijiu: 20.92, +1.31%, volume 47,200, turnover 98.63 million [1] - Shede Liquor: 57.55, +1.25%, volume 71,900, turnover 411 million [1] - Shui Jing Fang: 39.22, +1.24%, volume 56,800, turnover 221 million [1] - Shanxi Fenjiu: 179.09, +1.19%, volume 51,900, turnover 923 million [1] - Jisi Xing: 56.32, +0.99%, volume 96,800, turnover 541 million [1] - Shunxin Agriculture: 14.85, +0.75%, volume 68,400, turnover 10.1 million [1] - Jinshiyuan: 35.28, +0.63%, volume 67,300, turnover 23.6 million [1] - Tianyoude Liquor: 8.80, +0.57%, volume 48,000, turnover 42.16 million [1] Group 3: Capital Flow Analysis - The liquor sector experienced a net outflow of 37.01 million from main funds, while retail funds saw a net inflow of 128 million [1] - The following stocks had significant capital flow: - Shanxi Fenjiu: main net inflow 80.70 million, retail net outflow 48.88 million [2] - Luzhou Laojiao: main net inflow 64.98 million, retail net outflow 11.30 million [2] - Yanghe Co.: main net inflow 19.22 million, retail net outflow 7.69 million [2] - Jinshiyuan: main net inflow 11.97 million, retail net outflow 6.72 million [2] - Shui Jing Fang: main net inflow 11.36 million, retail net outflow 6.97 million [2]

Core Viewpoint - The article highlights the innovative approach of Luzhou Laojiao in promoting its product, Guojiao 1573, through the introduction of the "ice drinking" trend, which caters to modern consumer preferences and enhances the brand's appeal among younger demographics [2][5][6]. Group 1: Historical Context and Innovation - The series "Time Knows Taste Season 4" focuses on significant events in the history of Luzhou Laojiao, utilizing authentic historical materials from the National Library of China and the Luzhou Laojiao Museum [1]. - The introduction of the "ice drinking" concept in 2009 was a result of years of research by seven national-level bartenders, showcasing Luzhou Laojiao's forward-thinking vision and technical breakthroughs [2][5]. - The company has a long-standing technical foundation, having overcome challenges in low-alcohol liquor technology since the 1980s, which supports the feasibility of the "ice drinking" method [6]. Group 2: Consumer Engagement and Market Strategy - Luzhou Laojiao's "ice drinking" initiative aligns with the evolving expectations of younger consumers, who seek a more relaxed and engaging drinking experience, thus broadening the emotional connection with the product [7]. - The brand's innovative marketing strategy includes the "Ice·JOYS" series launched in 2018, which integrates music and art to elevate the drinking experience into a cultural lifestyle [7][8]. - The introduction of new product lines, such as the "black cap" light bottle and various fruit-flavored liquors, reflects the company's commitment to meeting the diverse preferences of modern consumers [8]. Group 3: Cultural and Experiential Marketing - Luzhou Laojiao has initiated cultural events like the "International Poetry and Wine Culture Conference" to position its products as vehicles for artistic and cross-cultural dialogue [9]. - The brand's participation in events like the 2025 Anaya Drama Festival showcases its strategy of embedding its products within contemporary cultural experiences, enhancing brand visibility and consumer engagement [9]. - The company's focus on emotional connections through product innovation and cultural experiences allows it to resonate with consumers, transforming traditional drinking into a modern lifestyle expression [9].

Group 1 - The report suggests that the liquor industry is expected to experience a dual improvement in supply and demand in 2026, following a risk release in 2025, with a focus on short-term sales recovery and mid-term structural and dividend considerations [4][78] - The consumer market is stabilizing, with structural growth changes continuing, as evidenced by a 4% decline in the food and beverage sector in 2025, which underperformed the Shanghai and Shenzhen 300 index by 20% [15][18] - The report highlights a significant differentiation in performance among consumer goods, with health products and frozen food sectors showing increases of 18% and 15% respectively, while liquor and beer sectors faced declines of 7% and 9% [15][18] Group 2 - The liquor sector is characterized by a threefold bottoming out, with supply clearing and value becoming more apparent, as major brands like Moutai and Wuliangye stabilize prices and restore confidence in the market [52][78] - The beer and beverage sectors are expected to benefit from a recovery in dining, with a focus on leading brands that can outperform expectations in terms of volume and price [4][52] - The food sector is positioned for recovery and growth, with a focus on strong alpha stocks, particularly in the restaurant supply chain and snack categories, as demand begins to rebound [4][52] Group 3 - The report indicates that the high-end consumer segment is showing signs of recovery, with luxury retail sales improving and experience-based consumption leading the way [30][33] - The report notes that the overall retail landscape is evolving towards discount retail, quality retail, and instant retail, reflecting a shift in consumer preferences [40][46] - The report emphasizes the importance of product innovation and channel development in the liquor industry, with a focus on lower alcohol content and appealing to younger consumers [72]

Core Insights - The core viewpoint of the article highlights a significant decline in the retail prices of major Chinese liquor brands, particularly in the white liquor market, with the average price of the top ten products reaching a new low since the "Double Twelve" shopping festival [1] Price Trends - The average retail price of the top ten Chinese liquor products on January 6 was 9068 yuan, down 13 yuan from the previous day, indicating a downward trend in pricing [1] - The market showed a notable divergence with five products increasing in price and five decreasing, reflecting pressure on core product prices [1] Price Increases - Key products that saw price increases include: - Qinghua Lang, which rose by 17 yuan per bottle - Xijiu Junpin, which increased by 12 yuan per bottle - Yanghe Dream Blue M6+, which went up by 6 yuan per bottle - Crystal Jian Nan Chun, which increased by 4 yuan per bottle - Guojiao 1573, which saw a slight increase of 2 yuan per bottle [1] Price Decreases - Products that experienced price declines include: - Feitian Moutai, which dropped significantly by 35 yuan per bottle due to the impact of the introduction of a lower-priced Moutai variant - Boutique Moutai, which fell by 9 yuan per bottle - Qinghua Fen 20, which decreased by 6 yuan per bottle - Wuliangye Pu 58, which saw a decline of 3 yuan per bottle - Gujing Gong Gu 20, which had a minor drop of 1 yuan per bottle [1][4][5] Data Collection Methodology - The data for the "Liquor Price Reference" is sourced from approximately 200 collection points across various regions, including designated distributors, social distributors, mainstream e-commerce platforms, and retail outlets, aiming to provide an objective and traceable overview of the market prices [2]

新浪财经"酒价内参"过去24小时中收集的数据显示，中国白酒市场十大单品的终端零售均价在1月6日未 能延续反弹，整体价格再度显著下行，创下双十二以来新低。如果十大单品各取一瓶整体打包售卖，今 日总售价为9068元，较昨日回落13元，价格中枢再度下探。 今日市场呈显著分化格局，五涨五跌，核心产品的价格压力突出。上涨产品方面，青花郎延续强势，环 比上涨17元/瓶，实现大幅二连阳领涨市场。习酒君品价格上涨12元/瓶，反弹力度较大。洋河梦之蓝 M6+价格上涨6元/瓶。水晶剑南春价格上涨4元/瓶。国窖1573价格上涨2元/瓶。下跌产品方面，受i茅台 推出平价茅台影响的逐渐传递，飞天茅台的价格回调幅度惊人，大幅下跌35元/瓶，对市场整体价格形 成明显影响。精品茅台价格下跌9元/瓶。青花汾20价格下跌6元/瓶。五粮液普五八代价格下跌3元/瓶。 古井贡古20价格小跌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、主流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、 ...

Core Viewpoint - The Chinese liquor market is experiencing a significant price decline, with the average retail price of the top ten liquor products hitting a new low since the Double Twelve shopping festival, indicating a notable market correction [1]. Price Trends - The overall price of the top ten liquor products decreased to 9068 yuan, down 13 yuan from the previous day, reflecting a downward trend in the price center [1]. - The market shows a clear divergence, with five products increasing in price and five decreasing [1]. Price Increases - Qinghua Lang saw a strong performance with a price increase of 17 yuan per bottle, marking a significant two-day rise [1]. - Xijiu Junpin's price rose by 12 yuan per bottle, indicating a robust rebound [1]. - Yanghe Dream Blue M6+ increased by 6 yuan per bottle, while Shuijing Jian Nan Chun rose by 4 yuan per bottle [1]. - Guojiao 1573 experienced a slight increase of 2 yuan per bottle [1]. Price Decreases - The price of Feitian Moutai dropped significantly by 35 yuan per bottle, influenced by the introduction of a more affordable Moutai product [1]. - The price of Boutique Moutai fell by 9 yuan per bottle, and Qinghua Fen 20 decreased by 6 yuan per bottle [1]. - Wuliangye Pu 58th generation saw a decline of 3 yuan per bottle, while Gujing Gong Gu 20 dropped by 1 yuan per bottle [1]. Data Collection Methodology - The data is sourced from approximately 200 collection points across various regions, including designated distributors, social distributors, mainstream e-commerce platforms, and retail outlets, ensuring a comprehensive and objective representation of the liquor market prices [2].

Core Insights - The core viewpoint of the article highlights a significant decline in the retail prices of major Chinese liquor brands, with the overall price reaching a new low since the "Double Twelve" shopping festival [1][6]. Price Trends - The average retail price of the top ten liquor products in China on January 6 fell to 9068 yuan, a decrease of 13 yuan from the previous day, indicating a downward trend in price levels [1][6]. - The market exhibited a notable divergence, with five products increasing in price and five decreasing, reflecting significant pricing pressure on core products [7]. Price Changes of Key Products - The following products experienced price increases: - Qinghua Lang rose by 17 yuan per bottle - Xijiu Junpin increased by 12 yuan per bottle - Yanghe Dream Blue M6+ went up by 6 yuan per bottle - Shuijing Jianan Chun increased by 4 yuan per bottle - Guojiao 1573 saw a rise of 2 yuan per bottle [7]. - Conversely, the following products saw price declines: - Feitian Moutai dropped by 35 yuan per bottle, significantly impacting the overall market price - Boutique Moutai decreased by 9 yuan per bottle - Qinghua Fen 20 fell by 6 yuan per bottle - Wuliangye Pu 58th generation decreased by 3 yuan per bottle - Gujing Gong Gu 20 saw a minor drop of 1 yuan per bottle [7][9]. Data Collection Methodology - The daily data for the liquor price reference is sourced from approximately 200 collection points across various regions, including designated distributors, social distributors, mainstream e-commerce platforms, and retail outlets, aiming to provide objective and traceable market price data [2][7]. iMoutai App Launch - Starting January 6, iMoutai allows users to purchase two types of Guizhou Moutai products via its app, with options for selecting production dates, either past or future, enhancing consumer purchasing flexibility [2][7].