Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The food and beverage sector is experiencing a strong upward trend, driven by multiple factors including policy support, trading dynamics, fundamental improvements, and external catalysts, indicating clear investment value [3][9] - The food and beverage index increased by 4.3% from February 2 to February 6, outperforming the CSI 300 by approximately 5.6 percentage points, with sub-sectors like liquor, soft drinks, and beer leading the performance [9][11] - The liquor industry is entering a new development cycle, with Guizhou Moutai's market-oriented reforms marking a significant phase, and the pricing system gradually returning to a supply-demand driven model [10] Summary by Sections Market Performance - The food and beverage index rose by 4.3%, ranking first among 28 sectors, with liquor (+5.3%), soft drinks (+4.7%), and beer (+4.5%) showing relative strength [11][12] - Individual stocks such as Huangtai Liquor, Hai Xin Food, and Ri Chen Co. saw significant gains, while *ST Yedao, *ST Chuntian, and Li Ziyuan experienced declines [11][14] Upstream Data - Some upstream raw material prices are declining, with the price of whole milk powder at $3,614 per ton, down 13.3% year-on-year, and fresh milk prices at 3.04 yuan per kilogram, down 2.9% year-on-year [15][31] - The price of pork is down 20.1% year-on-year, with live pig prices at 12.2 yuan per kilogram, reflecting a broader trend of price adjustments in the sector [21][24] Liquor Industry News - Some distributors of Moutai have sold out their first batch of flying Moutai quotas for March, indicating strong demand during the Spring Festival [36] - The Qingdao Beer production base has commenced operations, aiming to produce high-end products and achieve an annual output value of approximately 1 billion yuan [36] Investment Recommendations - Focus on leading liquor stocks such as Guizhou Moutai, Wuliangye, Luzhou Laojiao, and Shanxi Fenjiu, as well as elastic stocks like Shede Liquor and benefiting stocks like Jiu Gui Liquor [10] - In the consumer goods sector, three main lines are suggested: the snack sector, dairy products, and the restaurant supply chain, with specific companies highlighted for potential growth [10][43]

Investment Rating - The report assigns an "Accumulate" rating for the food and beverage industry [1] Core Insights - Recent policies have strengthened consumer expectations, leading to marginal improvements in consumption during the Spring Festival peak season. The performance of high-end liquor, particularly Moutai, has rebounded, and the stability in pricing has improved market sentiment [3][4] - The report highlights the potential for recovery in the food and beverage sector, driven by improved domestic demand and consumption patterns as the Spring Festival approaches [4][7] Summary by Sections Investment Recommendations - The report suggests focusing on high-end liquor stocks with price elasticity, recommending companies such as Guizhou Moutai, Wuliangye, and Luzhou Laojiao. It also identifies potential stocks for gradual clearance, including Yingjia Gongjiu and Gujing Gongjiu [7] - Beverage companies are expected to benefit from favorable travel conditions, with recommendations for Dongpeng Beverage and Nongfu Spring. Low valuation and high dividend stocks like China Foods and Master Kong are also highlighted [7] - For snacks and food raw materials, recommended stocks include Bailong Chuangyuan and Weilong [7] - Beer recommendations include Qingdao Beer and Zhujiang Beer, while condiment and catering sectors are expected to recover, with recommendations for Qianhe Flavor Industry and Baoli Food [7] Liquor Sector Insights - The high-end liquor sector is leading market sentiment, with Moutai's sales data boosting confidence. The report notes that Moutai's monthly active users exceeded 15.31 million, with over 2.12 million orders in January [8][9] - The liquor industry is currently at a cyclical bottom, with expectations for recovery in sales and pricing as the Spring Festival approaches. Positive trends in inventory and demand could catalyze stock prices further [9] Consumer Goods Insights - The approval of D-allohexose-3-epimerase as a food additive is expected to expand the market for this product, benefiting leading companies like Bailong Chuangyuan. The report anticipates significant growth potential for this company [10][11] - The catering supply chain is expected to recover, with companies like Baobi Food showing promising growth driven by new store formats. The report notes Baobi's revenue of 1.859 billion in 2025, a year-on-year increase of 11.22% [11]

Investment Rating - The report assigns an "Accumulate" rating for the liquor industry [5] Core Insights - The liquor industry is currently at the bottom of its cycle, with the "opening red" sales expected to remain under pressure year-on-year, while brand differentiation is evident. Positive feedback from high-end liquor is significantly boosting market confidence, and a shift in style and improved expectations may catalyze liquor stock prices [2][6] Summary by Sections Market Overview - The liquor market is experiencing a deep adjustment, with sales and revenue expected to decline throughout the year. However, there are signs of marginal improvement starting from Q4 2025, with high-end brands like Moutai and Wuliangye leading the market [6] High-End Liquor Performance - High-end liquor brands are showing resilience, with Moutai and Wuliangye implementing strategies to stabilize prices and enhance channel profits. Moutai's sales performance has improved, with significant user engagement and order volume [6][7] Stock Recommendations - The report recommends stocks with price elasticity, including Guizhou Moutai, Wuliangye, and Luzhou Laojiao, as well as other brands like Shanxi Fenjiu and Yingjia Gongjiu, which are expected to clear inventory [6][7] Future Outlook - The liquor industry is believed to be at the bottom of its current cycle, with potential catalysts for stock prices including improvements in sales, price increases, and inventory reduction. Positive signals from policy changes could further enhance market sentiment [6][7]

Group 1 - The core viewpoint of the article is that instant retail is emerging as a new growth opportunity for the liquor industry, particularly in the context of structural adjustments in the baijiu sector, with significant market expansion expected in the coming years [1][14][20] - The instant retail market in China reached 780 billion yuan in 2024, with a year-on-year growth of 20%, and is projected to exceed 1 trillion yuan by 2025 and reach 2 trillion yuan by 2030, with a compound annual growth rate (CAGR) of approximately 17% over the next six years [1][26][20] - The liquor instant retail market, although starting later, is experiencing rapid growth, with an estimated scale of 360 billion yuan in 2024, expected to rise to 1 trillion yuan by 2027, reflecting a near double-digit CAGR [3][20] Group 2 - The rise of instant retail is driven by three main factors: changing consumer habits favoring convenience and instant gratification, significant cost advantages through reduced distribution channels, and proactive changes from suppliers seeking new growth avenues [4][19][52] - Four operational models of liquor instant retail have emerged: vertical platforms (e.g., 1919, Jiu Xiaoyi), platform-type (e.g., Meituan Flash Purchase, JD Seconds), integrated warehouse-store models (e.g., Hema, Yonghui), and front warehouse models (e.g., Dingdong Maicai, Meituan Maicai) [4][47] - Major liquor companies, including Kweichow Moutai, Wuliangye, and Luzhou Laojiao, are actively collaborating with platforms like Meituan and JD to offer rapid delivery services, indicating a strategic focus on instant retail [7][48] Group 3 - Instant retail is seen as a key channel for liquor companies to reach younger consumers, with the potential to create incremental sales through efficient fulfillment [19][56] - However, challenges exist, such as the inability of online channels to provide the social experience and authenticity associated with offline purchases, which may impact brand image and pricing structures [11][57] - The report suggests that liquor companies should carefully manage channel boundaries to avoid core products becoming mere traffic drivers and to enhance product differentiation and digital anti-counterfeiting measures [13][57] Group 4 - The overall view is that instant retail represents not only a channel transformation but also a crucial strategy for the liquor industry to adapt to cyclical adjustments and connect with a new generation of consumers [14][55] - The competition in the instant retail space will favor those who can balance efficiency with brand value, positioning themselves advantageously in the evolving market landscape [16][56]

天眼查App显示，近日，深圳市金高投资合伙企业(有限合伙)成立，执行事务合伙人为金惠红湖(深圳) 企业管理有限公司，出资额约2.5亿人民币，经营范围为以自有资金从事投资活动、企业管理、企业管 理咨询、财务咨询，由泸州老窖（000568）集团旗下四川金舵投资有限责任公司、泸州高泰实业有限公 司、金惠红湖(深圳)企业管理有限公司共同出资。 ...

| | | | 月公司 自老板 自关系 育风险 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 都在用的 商业 查 询 工 具 国家中小企业发展子基金旗下机构 | 深圳市金高投资合伙企业(有限合伙) | × | 天眼一下 | 船 应用 ▼ | 商务合作 1 | | 基本信息 9 | | 法律诉讼 | 经营风险 | 经营信息 | | 公司发展 | 知议 | | 合伙人信息 3 ⑦ ● 品 股权结构 | | | | | | | | | 序号 | | | 合伙人名称 | | | 出资比例÷ | 认缴出资额(万 | | 1 | 金舵 投资 | 四川令能投资有限责任公司 思 | | | | 59.976% | | | 国有全资 | | | | | | | | | 2 | 高泰 | 泸州高泰实业有限公司 器 | | | | 39.984% | | | 实不 | | 国有全资 | | | | | | | 3 | 金惠 | 金惠红湖（深圳）企业管理有限公司 品 | | | | 0.04% | | | 红湖 | | 国有控股 | | | | | ...

天眼查App显示，近日，深圳市金高投资合伙企业（有限合伙）成立，执行事务合伙人为金惠红湖（深 圳）企业管理有限公司，出资额约2.5亿人民币，经营范围为以自有资金从事投资活动、企业管理、企 业管理咨询、财务咨询，由泸州老窖集团旗下四川金舵投资有限责任公司、泸州高泰实业有限公司、金 惠红湖（深圳）企业管理有限公司共同出资。 ...

这种信任建立机制解释了为何头部酒企的资本动作总能影响终端销售。消费者或许看不懂K线图，但能敏锐感知到：一个舍得与421名员工分享成长红利的 企业，大概率也不会在酿酒环节偷工减料。当成本费用占比、净资产收益率等专业指标通过解禁公告进入公众视野时，它们已经完成了从金融语言到品质承 诺的转换。 从消费心理学视角看，此次解禁事件最精妙的设计在于"约束条件可视化"。董事会公告中详细披露的考核标准，让外界得以窥见企业内部管理的颗粒度。这 种透明化处理，本质上是在向消费者传递"我们连员工激励都如此严谨，对产品质量只会更苛刻"的信号。就像高级餐厅开放明厨亮灶，看得见的约束机制往 往比广告语更有说服力。 当泸州老窖公告显示其净资产收益率高达34.81%时，这个数字正在悄悄改变消费者的购买决策。就像人们会下意识认为门庭若市的餐厅食材更新鲜一样， 财务健康的酒企往往被赋予"品质可靠"的隐形标签。 此次196.28万股限制性股票解禁，涉及421名核心员工的严格考核流程，构成了一个完整的信任传递链条。董事会薪酬与考核委员会的核查、个人绩效的达 标要求、6名未达标者的股票回购，这套机制与食品安全溯源体系有着惊人的相似——每个环节的透明度 ...

Group 1 - The A-share market opened lower on February 6, 2026, with the major consumption index down by 1.06% as of 10:08 AM, indicating mixed performance among constituent stocks [1] - The food and beverage industry is showing a recovery trend, particularly in the liquor sector, driven by macro policy optimization, low valuation levels, and improvements in leading companies' fundamentals [1] - Optimized real estate policies and intensive domestic demand support measures have boosted market expectations for a recovery in consumer scenarios [1] Group 2 - The top ten weighted stocks in the major consumption index as of January 30, 2026, include Kweichow Moutai, Wuliangye, Yili, Muyuan Foods, Luzhou Laojiao, Shanxi Fenjiu, Wens Foodstuff, Haitian Flavoring, Dongpeng Beverage, and Haida Group, collectively accounting for 67.37% of the index [1] - The consumption ETF managed by Harvest (512600) tracks the major consumption index, which encompasses leading consumer stocks across various sectors, with liquor being the largest sector, accounting for over 38% of the index [2] - Investors can also access the consumption recovery trend through the consumption ETF linked fund (009180) [3]

Core Insights - The core insight of the news is that the retail prices of major Chinese liquor brands have significantly increased, with the average price of the top ten products reaching a new high since 2026, indicating a strong market recovery and demand surge ahead of the Spring Festival [1][6]. Price Trends - The total retail price for a package of the top ten liquor products is 9118 yuan, which is an increase of 67 yuan from the previous day [1][6]. - Among the top ten products, eight saw price increases while two experienced declines, reflecting a general upward trend in the market [1][6]. - The most notable price increases include: - Gujinggong 20, up 15 yuan per bottle, reaching a 30-day high [1][6]. - Yanghe Dream Blue M6+ increased by 12 yuan per bottle [1][6]. - Both Feitian Moutai and Qinghua Lang rose by 10 yuan per bottle [1][6]. - Other products like Qinghua Fen 20, Guojiao 1573, and Shuijing Jian Nan Chun increased by 6 yuan per bottle [1][6]. - The only products that saw price declines were Wuliangye Pu 58 and boutique Moutai, which fell by 2 yuan and 1 yuan respectively [1][6]. Market Analysis - The data for the "Liquor Price Reference" is collected from approximately 200 points across various regions, ensuring a comprehensive and accurate representation of the market [2][7]. - The recent price trends are attributed to several factors: - The upcoming Spring Festival, which traditionally boosts consumer demand [8]. - Improved macroeconomic policies that enhance domestic demand [8]. - A shift in investment strategies, with institutional holdings at historically low levels [8]. - The current state of the liquor industry is characterized by a "five-bottom phase" in terms of policy, inventory, sales, and pricing, suggesting a potential turning point for the market [8].