新浪财经"酒价内参"过去24小时收集的数据显示，中国白酒市场十大单品的终端零售均价在2月9日延续 上行态势。如果十大单品各取一瓶整体打包售卖，今日总售价为9221元，较昨日上涨29元，创下2025年 12月27日以来新高。头部酒品集体上行，中后部单品小幅回调，市场分化运行价格中枢走高。 | | 贵州茅台酒(精品) | 2410/瓶 | 7元 | | --- | --- | --- | --- | | | 53度/500ml | | | | | 五粮液普五八代 | 807/瓶 | 3元 - | | | 52度/500ml | | | | | 青花汾20 53度/500ml | 389/瓶 | 持平 | | | 国窖1573 | | | | | 52度/500ml | 900/瓶 | 7元 ▲ | | | 洋河梦之蓝M6+ | | | | | 52度/550ml | 636/瓶 | 13元 - | | | 古井贡古20 | 544/瓶 | 12元 - | | | 52度/500ml | | | | | 习酒君品 | 651/瓶 | -7元 | | | 53度/500ml | | | | 北 | 青花郎 | 720 ...

Core Viewpoint - The Chinese white liquor market is experiencing a price increase, with the average retail price of the top ten products reaching a new high since December 27, 2025, at 9,221 yuan, up 29 yuan from the previous day [1] Group 1: Price Trends - The top ten products saw six price increases, three decreases, and one stable price, indicating a strong overall upward trend [1] - Yanghe Dream Blue M6+ led the market with a price increase of 13 yuan per bottle, followed by Gujing Gong 20 with an increase of 12 yuan per bottle [1] - Moutai products, including Feitian Moutai, have shown strong performance due to high market demand before the Spring Festival, with Feitian Moutai achieving a five-day price increase [1] Group 2: Market Dynamics - A recent survey indicated that the overall sales of the national white liquor market have declined by 10%-20%, with significant regional differences [2] - High-end liquor, particularly Feitian Moutai, has performed well, with some distributors reporting a year-on-year sales increase of over 40% [2] - The market is characterized by a significant polarization, with high-end products benefiting from gifting and banquet demands, while mid-range products face challenges due to economic conditions and competition [2] Group 3: Data Collection Methodology - The data for the price trends is collected from approximately 200 points across various regions, including designated distributors, social distributors, e-commerce platforms, and retail outlets [2] - The pricing data aims to provide an objective and traceable representation of the market prices for well-known white liquors [2]

Core Insights - The Chinese white liquor market is experiencing a price increase, with the average retail price of the top ten products reaching 9,221 yuan, marking a rise of 29 yuan since the previous day, the highest since December 27, 2025 [1] - The market shows a divergence in performance, with leading brands seeing price increases while mid-tier products experience slight declines [1] Price Movements - Six of the top ten products saw price increases, with Yanghe Dream Blue M6+ leading the market with a rise of 13 yuan per bottle, followed by Gujing Gong 20 with an increase of 12 yuan [1] - Other notable increases include Guojiao 1573 and Boutique Moutai, both up by 7 yuan, and Feitian Moutai, which rose by 5 yuan, achieving a one-month high [1] - Conversely, Qinghua Lang dropped by 10 yuan, Xijiu Junpin fell by 7 yuan, and Shuijing Jianan Spring saw a minor decrease of 1 yuan, while Qinghua Fen 20 remained stable [1] Market Dynamics - A recent survey indicated a 10%-20% decline in overall white liquor sales across the country, with significant regional variations; Shandong and Anhui saw declines of around 20%, while Henan and Sichuan experienced a 10% drop [3] - Despite the overall decline, over 30% of distributors reported stable or even growing performance, highlighting a significant market segmentation [3] - Premium products like Feitian Moutai are performing well, with some distributors reporting over a 40% increase in sales volume year-on-year [3] - The price dynamics show a clear bifurcation, with high-end products benefiting from gifting and banquet demands, while mid-range products face challenges due to economic conditions and competition [3]

Core Viewpoint - The Chinese liquor market is experiencing a price increase for top products, with the average retail price of the top ten liquor items reaching a new high of 9,221 yuan on February 9, 2025, marking a 29 yuan increase from the previous day [1][6]. Price Trends - The overall price trend for the top ten liquor items shows six items increasing in price, three decreasing, and one remaining stable [1][6]. - The leading price increase was seen in Yanghe Dream Blue M6+, which rose by 13 yuan per bottle, followed by Gujing Tribute Wine 20 with a 12 yuan increase [1][6]. - Moutai products, including Flying Moutai and Premium Moutai, also saw price increases, with Flying Moutai rising by 5 yuan, achieving a one-month high [1][6]. Market Dynamics - The market is characterized by a significant divergence, with high-end products performing well while mid-range products experience slight declines [1][6]. - A recent survey indicated that overall liquor sales have decreased by 10%-20% across the country, with notable regional differences [7]. - Despite the overall decline, over 30% of distributors reported stable or growing performance, highlighting a split in market dynamics [7]. Consumer Behavior - High-end liquor sales are driven by gifting and banquet demands, while lower price segments are supported by everyday consumption needs [7]. - The market for liquor priced between 300-600 yuan is under pressure due to economic conditions and competition, with sales declining over 20% [7]. Future Outlook - As the Spring Festival approaches, a final wave of concentrated purchasing is expected, with high-end and mass-market liquors maintaining steady sales, while mid-range products face continued pressure [7].

Core Viewpoint - The Chinese liquor market is experiencing a price increase for the top ten products, with the average retail price reaching 9,221 yuan on February 9, marking a rise of 29 yuan from the previous day and the highest since December 27, 2025 [1][6]. Price Trends - The price of the top ten liquor products shows a strong upward trend, with six products increasing in price, three decreasing, and one remaining stable [1][6]. - Leading the price increases, Yanghe Dream Blue M6+ rose by 13 yuan per bottle, followed by Gujing Gong 20 with a 12 yuan increase, and both Guojiao 1573 and premium Moutai increasing by 7 yuan each [1][6]. - Moutai's Flying Moutai saw a 5 yuan increase, achieving a one-month high, supported by strong market demand ahead of the Spring Festival [1][6]. Market Dynamics - The market is showing signs of differentiation, with high-end products performing well while mid-range products are experiencing slight declines [1][6]. - A recent survey indicated that overall liquor sales have decreased by 10%-20% across the country, with significant regional variations; for instance, sales in Shandong and Anhui dropped by about 20% [2][7]. - Despite the overall decline, over 30% of distributors reported stable or even growing performance, highlighting a significant divergence within the industry [2][7]. Price Segmentation - The high-end price segment (above 800 yuan) is driven by demand for gifts and banquets, while the 100-200 yuan segment is benefiting from business and daily consumption needs [2][7]. - Conversely, the 300-600 yuan mid-range segment is under pressure, facing over 20% sales decline due to economic conditions and market competition [2][7]. - The upcoming Spring Festival is expected to trigger a final wave of concentrated purchasing, with a continued split between high-end and mass-market products, while the mid-range segment remains under pressure [2][7].

Core Insights - The Chinese white liquor market continues to see an upward trend in retail prices, with the average price of the top ten products reaching 9,221 yuan on February 9, marking a 29 yuan increase from the previous day and the highest since December 27, 2025 [1][6] Price Movements - Among the top ten products, six saw price increases, three experienced declines, and one remained stable, indicating a strong overall upward momentum in prices [1][6] - Leading the price increases, Yanghe Dream Blue M6+ rose by 13 yuan per bottle, followed by Gujing Gong 20 with a 12 yuan increase, and both Guojiao 1573 and premium Moutai increased by 7 yuan per bottle [1][6] - Moutai's Flying Moutai saw a 5 yuan increase, achieving a one-month high, supported by strong market demand ahead of the Spring Festival [1][6] Market Dynamics - The white liquor market is experiencing significant differentiation, with high-end products performing well while mid-range products face slight declines [2][7] - A recent survey indicated a 10%-20% decline in overall sales across the white liquor market, with regional variations; for instance, Shandong and Anhui saw declines of about 20% [2][7] - Despite the overall downturn, over 30% of distributors reported stable or growing performance, particularly for premium brands like Flying Moutai, which saw some distributors' sales increase by over 40% year-on-year [2][7] Pricing Trends - The price dynamics show a clear bifurcation: high-end products priced above 800 yuan are driven by gifting and banquet demands, while the 100-200 yuan range benefits from business and daily consumption needs [2][7] - Conversely, the 300-600 yuan mid-range segment is under pressure, experiencing over a 20% decline in sales due to economic conditions and market competition [2][7]

Core Viewpoint - The Chinese liquor market is experiencing a price increase for top products, with the average retail price of the top ten liquor items reaching a new high of 9,221 yuan on February 9, 2025, marking a 29 yuan increase from the previous day [1][6]. Price Trends - The price of the top ten liquor items shows a strong upward trend, with six items increasing in price, three decreasing, and one remaining stable [1][6]. - Leading the price increases, Yanghe Dream Blue M6+ rose by 13 yuan per bottle, followed by Gujing Tribute Wine 20 with a 12 yuan increase, and both Guojiao 1573 and Premium Moutai increasing by 7 yuan each [1][6]. - Moutai products, supported by strong market demand before the Spring Festival, have shown consistent strength, with Feitian Moutai increasing by 5 yuan and achieving a one-month high [1][6]. Market Dynamics - The market is showing signs of differentiation, with high-end products performing well while mid-range products are experiencing slight declines [1][6]. - A recent survey indicated that overall liquor sales in the country have decreased by 10%-20%, with significant regional variations; for instance, sales in Shandong and Anhui dropped by about 20% [2][7]. - Despite the overall decline, over 30% of distributors reported stable or even growing performance, highlighting a significant divergence within the industry [2][7]. Consumer Behavior - The demand for high-end liquor, particularly in the price range above 800 yuan, is driven by gifting and banquet needs, while the 100-200 yuan range is supported by business and daily consumption [2][7]. - The low-end segment, particularly bottles priced under 100 yuan, remains stable due to essential demand, whereas the mid-range segment (300-600 yuan) faces challenges from economic conditions and market competition, with sales declining over 20% [2][7]. Future Outlook - As the Spring Festival approaches, a final wave of concentrated purchasing is expected, with the market likely to continue exhibiting a two-tiered structure where high-end and mass-market products perform well, while mid-range products remain under pressure [2][7].

Core Viewpoint - The Chinese white liquor market is experiencing a price increase, with the average retail price of the top ten products reaching a new high of 9,221 yuan on February 9, 2025, marking a 29 yuan increase from the previous day [1][6]. Price Trends - The overall price trend for the top ten products shows six increases, three decreases, and one stable price, indicating a strong upward momentum in the market [1][6]. - The leading product, Yanghe Dream Blue M6+, saw a price increase of 13 yuan per bottle, while Gujing Gong 20 followed with a 12 yuan increase [1][6]. - Notable increases also include Guojiao 1573 and Premium Moutai, both rising by 7 yuan, and Feitian Moutai, which increased by 5 yuan, achieving a one-month high [1][6]. - Conversely, Qinghua Lang experienced a drop of 10 yuan, and Xijiu Junpin fell by 7 yuan, while the price of Crystal Jian Nan Chun slightly decreased by 1 yuan [1][6]. Market Dynamics - The data is sourced from approximately 200 collection points across various regions, ensuring a comprehensive and objective representation of the market [2][7]. - A recent survey indicated a 10%-20% decline in overall white liquor sales, with significant regional variations; for instance, Shandong and Anhui saw declines of about 20% [2][7]. - Despite the overall decline, over 30% of distributors reported stable or growing performance, highlighting a significant market segmentation [2][7]. - Premium products like Feitian Moutai are performing well, with some distributors reporting over a 40% increase in sales volume [2][7]. Price Segmentation - The market is characterized by a clear price segmentation, with high-end products (above 800 yuan) driven by demand for gifts and banquets, while the 100-200 yuan range is supported by business and daily consumption [2][7]. - Products priced below 100 yuan maintain stability due to basic demand, whereas the mid-range (300-600 yuan) is facing challenges with over 20% sales decline due to economic conditions and market competition [2][7]. - As the Spring Festival approaches, a final surge in purchasing is expected, with the market likely to continue exhibiting a two-tiered performance between high-end and mid-range products [2][7].

Core Insights - The Chinese white liquor market continues to see an upward trend in retail prices, with the average price of the top ten products reaching 9,221 yuan on February 9, marking a 29 yuan increase from the previous day and the highest since December 27, 2025 [1][6] Price Movements - Among the top ten products, six saw price increases, three experienced declines, and one remained stable, indicating a strong overall upward momentum in prices [1][6] - Leading the price increases, Yanghe Dream Blue M6+ rose by 13 yuan per bottle, followed by Gujing Tribute Wine 20 with a 12 yuan increase, and both Guojiao 1573 and Premium Moutai increased by 7 yuan per bottle [1][6] - Moutai products, supported by strong market demand before the Spring Festival, have shown consistent strength, with Feitian Moutai increasing by 5 yuan per bottle, achieving five consecutive days of price increases [1][6] Market Dynamics - The white liquor market is experiencing significant differentiation, with high-end products performing well while mid-range products face slight declines [2][7] - A recent survey indicated that overall sales in the white liquor market have decreased by 10%-20%, with regional variations; for instance, sales in Shandong and Anhui dropped by about 20% [2][7] - Despite the overall decline, over 30% of distributors reported stable or even growing performance, highlighting a notable divergence within the industry [2][7] Consumer Behavior - The demand for high-end liquor, particularly in the price range above 800 yuan, is driven by gifting and banquet needs, while the 100-200 yuan range is supported by business and daily consumption [2][7] - Conversely, the mid-range segment (300-600 yuan) is under pressure from economic conditions and market competition, with sales declining over 20% and facing issues like price drops and inventory buildup [2][7] Future Outlook - As the Spring Festival approaches, a final wave of concentrated purchasing is expected, with the market likely to maintain a two-tiered structure where high-end and mass-market products perform steadily, while mid-range products continue to face challenges [2][7]

[Table_Title] 食品饮料行业 如何看白酒板块上涨持续性？ [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2026-02-08 [Table_PicQuote] 相对市场表现 [Table_Page] 投资策略周报|食品饮料 [分析师： Table_Author]符蓉 -10% -3% 4% 10% 17% 24% 02/25 04/25 07/25 09/25 11/25 02/26 食品饮料 沪深300 | SAC 执证号：S0260523120002 | | | | --- | --- | --- | | SFC CE No. BWC944 | 021-38003552 | | | furong@gf.com.cn | 分析师： | 周源 | | SAC 执证号：S0260525040003 | fzzhouyuan@gf.com.cn | | | 请注意，周源并非香港证券及期货事务监察委员会的注册 | 持牌人，不可在香港从事受监管活动。 | | [相关研究： Table_DocReport] | 食品饮料行业:金星啤酒"中式 ...