Core Insights - The article highlights the fluctuating prices of China's top ten liquor products, indicating a mixed market trend with a slight overall increase in retail prices, reaching a new high since 2026 [1][6]. Price Trends - The total retail price for a package of the top ten liquor products is 9226 yuan, up by 5 yuan from the previous day, marking a new high for 2026 [1][6]. - The market shows a pattern of six products increasing in price and four decreasing, indicating structural characteristics of price movements [1][6]. Specific Product Price Changes - Notable price increases include: - Premium Moutai and Gujing Gong 20, both up by 5 yuan per bottle [1][6]. - National Cellar 1573, up by 4 yuan per bottle [1][6]. - Yanghe Dream Blue M6+, Xijiu Junpin, and Qinghua Lang, each up by 1 yuan per bottle [1][6]. - Price decreases include: - Qinghua Fen 20, down by 4 yuan per bottle [1][6]. - Wuliangye Pu 58 and Flying Moutai, both down by 3 yuan per bottle [1][6]. - Crystal Jian Nan Chun, down by 2 yuan per bottle [1][6]. Market Analysis - The data for "Liquor Price Reference" is collected from approximately 200 points across various regions, aiming to provide an objective and traceable market price for well-known liquors [4][9]. - The recent introduction of official sales channels for Moutai products has begun to influence market prices significantly [4][9]. - The analysis suggests that the price increase during the 2026 Spring Festival is a short-term effect driven by supply contraction and holiday demand, without altering the underlying "volume reduction and price increase" issue in the industry [5][9].

Core Insights - The article highlights the recent upward trend in the retail prices of China's top ten liquor products, with a total price of 9221 yuan for a package of these products, marking a 23 yuan increase from the previous day, reaching a new weekly high [1][8] - The increase in prices is attributed to the concentrated release of consumer demand during the Spring Festival, leading to a strong market performance where all ten products saw price increases [1][8] Price Trends - The retail prices of the top ten liquor products have all increased, with notable price hikes for Feitian Moutai and Gujing Gong 20, both rising by 5 yuan per bottle [1][8] - Other products such as Guojiao 1573 increased by 3 yuan per bottle, while Wuliangye Pu 58, Qinghua Fen 20, and Yanghe Dream Blue M6+ saw a 2 yuan increase per bottle [1][8] - The overall price increase is balanced across the products, indicating a stable market operation [1][8] Data Collection Methodology - The daily data for "Wine Price Reference" is sourced from approximately 200 collection points across various regions, including designated distributors, social distributors, e-commerce platforms, and retail outlets [5][11] - The data aims to provide an objective, real, and scientifically traceable representation of the market prices for well-known liquor products [5][11] Supply Chain Developments - During the Spring Festival, the supply of Moutai liquor is tightening, with the Guizhou Moutai Double Dragon Smart Logistics Park experiencing a significant increase in workload compared to previous years [6][11] - To meet the rising logistics demand, the park has increased manpower, adding 30 to 40 personnel for B-end orders and over 70 for C-end orders, with daily order processing exceeding 10,000 [6][11] - The "i Moutai" platform has also expanded its delivery capabilities by adding new warehouses in Nanjing and Beijing to enhance delivery efficiency [6][11]

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 | 中国知名白酒大单品 市场真实成交终端价 | | | | --- | --- | --- | | i茅台飞天茅台(2026)售价1499精品茅台售价2299 | | | | 品名/规格 | 今日价格(元) | 较昨日(元) | | 贵州茅台酒(飞天) 53度/500ml | 1780/瓶 | 持平 | | 贵州茅台酒(精品) | | | | 53度/500ml | 2394/瓶 | 5元 | | 五粮液普五八代 52度/500ml | 816/瓶 | 1元 ▲ | | 青花汾20 | 393/瓶 | 1元 ▲ | | 53度/500ml | | | | 國窖1573 52度/500ml | 900/瓶 | 7元 ▲ | | 洋河梦之蓝M6+ 52度/550ml | 610/瓶 | -1元 | | | 百开贡古20 52度/500ml | 542/瓶 | 5T. | | --- | --- | --- | --- | | | 习酒君品 | | | | 2 | 53度/500ml | 656/瓶 | 6元 | | | 青花郎 | 698/瓶 | -1元 ...

Core Insights - The article discusses the recent trends in the Chinese liquor market, specifically focusing on the retail prices of the top ten baijiu products, which showed a mixed performance with some prices increasing while others decreased [1][6]. Price Trends - As of February 15, the total retail price for a package of the top ten baijiu products was 9,173 yuan, reflecting a slight increase of 6 yuan from the previous day [1][6]. - Among the ten products, five saw price increases, four experienced declines, and one remained unchanged [1][6]. Individual Product Performance - The products that increased in price included: - Guojiao 1573, which rose by 10 yuan per bottle [1][6]. - Wuliangye Pu 58th generation and Xijiu Junpin, which increased by 7 yuan and 6 yuan per bottle, respectively [1][6]. - Qinghua Fen 20 and Yanghe Dream Blue M6+, both of which rose by 4 yuan per bottle [1][6]. - The products that decreased in price included: - Premium Moutai, which fell by 9 yuan per bottle [1][6]. - Qinghua Lang, which decreased by 7 yuan per bottle [1][6]. - Gujing Gonggu 20, which dropped by 5 yuan per bottle [1][6]. - Feitian Moutai, which saw a minor decline of 4 yuan per bottle [1][6]. - The price of Shuijing Jian Nan Chun remained stable at 407 yuan per bottle [1][6]. Market Analysis - The data for the "Liquor Price Reference" is collected from approximately 200 sampling points across various regions, including designated distributors, social distributors, e-commerce platforms, and retail outlets [4][9]. - The introduction of the iMoutai platform selling Feitian Moutai at 1,499 yuan and Premium Moutai at 2,299 yuan has begun to influence market prices significantly [4][9]. - Lin Yuan, chairman of Linyuan Investment, indicated that the price reform for core products on the iMoutai platform could have profound implications for the company and the industry, potentially opening up new sales growth opportunities [4][9]. - The analysis suggests that the demand for high-end baijiu remains strong, with a significant supply-demand gap still present [4][9].

Core Insights - The "Wine Price Reference" by Sina Finance has launched, providing real-time data on the retail prices of major Chinese liquor brands, indicating a recent decline in prices after a period of high stability [1][7]. Price Trends - The average retail price of the top ten liquor products in China on February 14 was 9,167 yuan, a decrease of 22 yuan from the previous day, marking a low point for the week [1][7]. - Among the ten products, four saw price increases, five experienced declines, and one remained stable, indicating a mixed market performance [4][10]. Specific Product Pricing - Key price changes include: - Guizhou Moutai (Flying) at 1,784 yuan, down 6 yuan - Guizhou Moutai (Boutique) at 2,398 yuan, down 17 yuan - Wuliangye at 808 yuan, unchanged - Qinghua Fen at 388 yuan, up 4 yuan - Guojiao 1573 at 883 yuan, down 2 yuan - Yanghe Dream Blue M6+ at 607 yuan, down 6 yuan - Ancient Well Tribute at 542 yuan, up 4 yuan - Xijiu Junpin at 644 yuan, down 8 yuan [2][4][9]. Market Analysis - The data is sourced from approximately 200 collection points across various regions, including designated distributors and major e-commerce platforms, aiming to provide an objective and traceable market price reference [5][11]. - According to Huachuang Securities, the liquor sector is currently at a dual bottom in expectations and holdings, with the upcoming Spring Festival expected to boost sales, particularly for leading brands like Guizhou Moutai and Wuliangye [5][11].

Investment Rating - The industry investment rating is "Buy" indicating an expected performance that will exceed the market by more than 10% over the next 12 months [27]. Core Insights - The report highlights that the Chinese liquor market, particularly in Chengdu, is showing signs of recovery as the Spring Festival approaches, with increased sales velocity for major brands like Guojiao and Wuliangye [6][8]. - The seasoning market is also experiencing improved sales, with brands like Qianhe and Haitian gaining market share, and promotional activities increasing in supermarkets [11][12]. - The report suggests a positive outlook for the liquor sector in 2026, with recommendations for key stocks including Luzhou Laojiao, Shanxi Fenjiu, and Kweichow Moutai among others [2][4]. Summary by Sections Chengdu Liquor Market Tracking - Sales velocity for Wuliangye and Guojiao has accelerated as the Spring Festival approaches, with Wuliangye's current batch price at 790 CNY per bottle and Guojiao at 850 CNY per bottle [7][9]. - Feedback from distributors indicates that inventory levels are healthy, with a focus on maintaining good stock levels to avoid excess [8][9]. Chengdu Seasoning Market Tracking - Soy sauce sales have improved year-on-year, with Qianhe and Haitian leading in market share, and promotional activities in supermarkets have increased significantly [11][12]. - The overall health of inventory levels in the seasoning market is noted, with major brands maintaining shorter inventory ages, indicating strong sales performance [11][15]. Investment Recommendations - For the liquor sector, the report recommends stocks such as Luzhou Laojiao, Shanxi Fenjiu, and Kweichow Moutai, anticipating a new growth cycle starting in 2026 [2][4]. - In the consumer goods sector, companies like Anjuke Foods and Yanjing Beer are highlighted as having potential for outperforming the market due to new products and channels [2][4].

Group 1 - The consumer sector is experiencing a pullback, with the leading consumption ETF (159928) slightly down by 0.13% despite a trading volume exceeding 300 million yuan and a net inflow of 6 million units [1] - The upcoming 9-day Spring Festival holiday is expected to boost consumer spending, with government initiatives planned for 2026 to support the replacement of old consumer goods with new ones during this period [3] - The liquor sector, particularly Moutai, is showing strong sales performance as the peak season approaches, with prices for Moutai products increasing significantly compared to the previous month [5] Group 2 - Financial Street Securities highlights that the food and beverage sector is crucial for domestic demand, with policies aimed at boosting consumption expected to help the sector recover from its current low [6] - The service consumption sector is anticipated to see price increases driven by policy support and changing consumer behavior, with a focus on emotional value and health-oriented products [8] - The travel service sector is projected to experience strong demand growth, with hotel prices expected to rise as supply and demand dynamics improve [9]

Core Viewpoint - The food and beverage sector is experiencing a counter-trend rise, with the Huabao Food and Beverage ETF (515710) showing a 0.51% increase, driven by strong performances from leading liquor stocks like Kweichow Moutai and Wuliangye [1][3]. Group 1: Market Performance - The Huabao Food and Beverage ETF opened higher and is currently up 0.51% [1]. - Major liquor stocks such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao have seen increases of over 1% [1]. - The food and beverage sector's valuation is at a historical low, with the ETF's underlying index PE ratio at 20.32, placing it in the 8.02% percentile over the past decade [3]. Group 2: Consumer Behavior and Logistics - The iMoutai App will remain operational during the Spring Festival, with extended pickup periods and adjusted logistics to enhance consumer experience [3]. - The adjustments in logistics and service during the holiday period aim to smooth out sales fluctuations and maintain brand market heat [3]. Group 3: Future Outlook - Analysts suggest that the liquor industry is entering a phase of rapid performance clearing, with demand expected to show weak recovery as policy pressures ease [3]. - The industry is currently at a low valuation, with pessimistic expectations fully priced in, indicating a clearer bottoming out trend [3]. - The industry is expected to see a recovery in wholesale prices, with leading liquor companies increasing dividend payouts, enhancing their investment appeal [3]. Group 4: ETF Composition - The Huabao Food and Beverage ETF tracks the CSI segmented food and beverage industry index, with approximately 60% of its holdings in high-end and mid-range liquor stocks [4]. - The top ten weighted stocks in the ETF include leading brands such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao, along with dairy and seasoning companies [4].

Core Viewpoint - The food and beverage sector is experiencing a counter-trend rally, with the Huabao Food and Beverage ETF (515710) showing a price increase of 0.51% as of the latest update, driven by strong performances from leading liquor stocks like Kweichow Moutai and Wuliangye [1][7]. Group 1: Market Performance - The Huabao Food and Beverage ETF (515710) opened higher and is currently up by 0.51% [1][7]. - Major liquor stocks such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao have seen gains exceeding 1% [1][7]. Group 2: Consumer Behavior and Logistics - The "i Moutai" app will remain operational during the Spring Festival, allowing consumers to place orders, with adjustments made to logistics and in-store services due to the holiday [3][9]. - The effective period for in-store pickup orders has been extended to March 2, and express delivery for certain products will be paused from February 12 to 21, resuming on February 22 [3][9]. Group 3: Valuation and Investment Opportunities - The food and beverage sector is currently at a historical low in terms of valuation, with the price-to-earnings ratio of the underlying index for the Huabao ETF at 20.32, which is in the 8.02% percentile of the last decade [10]. - This low valuation presents a favorable opportunity for medium to long-term investment in the sector [10]. Group 4: Future Outlook - Analysts predict that liquor companies are entering a phase of rapid performance recovery, with demand expected to show weak recovery as policy pressures ease [11]. - The industry is currently characterized by low valuations and fully priced pessimistic expectations, indicating a clearer direction for future performance [11]. - The Huabao Food and Beverage ETF is recommended for investors looking to allocate capital to core assets in the food and beverage sector, with a significant portion of its holdings in leading liquor brands [11].

Group 1 - The core viewpoint of the articles highlights a positive trend in the consumer sector, particularly in the food and beverage industry, driven by seasonal consumption patterns related to the upcoming Spring Festival [1][2] - The main consumption index has shown a slight recovery in January 2026, with significant increases in sub-sectors such as prepared foods, snacks, and alcoholic beverages, indicating a strong influence of holiday consumption on market dynamics [1] - The white wine sector is expected to perform better than market expectations during the Spring Festival, with increasing sales momentum as the holiday approaches, supported by resilient consumer spending [1] Group 2 - The consumption ETF managed by Harvest (512600) tracks the major consumer index, which includes leading A-share companies across various sectors, with white wine being the largest segment, accounting for over 38% of the index [2] - Investors can also access the consumption recovery trend through the consumption ETF linked fund (009180), providing an additional avenue for investment in the sector [3]