格隆汇2月2日｜白酒股盘初走高，其中，水井坊涨超5%，山西汾酒、贵州茅台、五粮液涨超3%，古井 贡酒、舍得酒业跟涨。消息上，酒价内参2月2日价格发布，十大单品涨跌分化整体价格升至阶段高位。 ...

Core Viewpoint - The Chinese liquor market shows a divergence in retail prices for the top ten products, with an overall upward trend in prices, reaching the highest level since January 8, 2023, at a total price of 9020 yuan for a bundled sale of these products, an increase of 9 yuan from the previous day [1]. Price Movements - Among the top ten products, seven saw price increases while three experienced declines. Notable price increases include: - Guojiao 1573, Qinghua Fen 20, and Gujing Gong 20, each rising by 10 yuan per bottle due to channel restocking and a shift in transaction focus [1]. - Wuliangye Pu 58th generation increased by 8 yuan per bottle, indicating a recovery in the price difference between wholesale and retail [1]. - Yanghe Dream Blue M6+ rose by 6 yuan per bottle, supported by regional inventory reduction [1]. - Premium Moutai increased by 2 yuan per bottle, driven by high-end gifting demand, accumulating a total increase of over 60 yuan in four consecutive days [1]. - Crystal Jian Nan Chun saw a slight increase of 1 yuan per bottle [1]. Price Declines - The products that experienced price declines include: - Xijiu Junpin, which fell by 17 yuan per bottle, reaching a 30-day low at an average price of 625 yuan [1]. - Feitian Moutai decreased by 15 yuan per bottle [1]. - Qinghua Lang dropped by 6 yuan per bottle [1]. Current Prices of Major Products - Current retail prices for notable products are as follows: - Feitian Moutai: 1715 yuan per bottle, down by 15 yuan [3]. - Premium Moutai: 2417 yuan per bottle, up by 2 yuan [3]. - Wuliangye Pu 58th generation: 801 yuan per bottle, up by 8 yuan [4]. - Qinghua Fen 20: 384 yuan per bottle, up by 10 yuan [4]. - Yanghe Dream Blue M6+: 585 yuan per bottle, up by 6 yuan [4]. - Gujing Gong 20: 520 yuan per bottle, up by 10 yuan [4]. - Xijiu Junpin: 625 yuan per bottle, down by 17 yuan [4]. - Qinghua Lang: 707 yuan per bottle, down by 6 yuan [4]. - Crystal Jian Nan Chun: 389 yuan per bottle, up by 1 yuan [4].

Investment Rating - The report rates multiple companies in the consumer staples sector as "Outperform," including Guizhou Moutai, Wuliangye, and Yili [1]. Core Insights - The consumer staples industry in January 2026 shows a recovery in basic demand while hedonic consumption remains under pressure, indicating a divergence in performance across different segments [3][29]. - Among the eight key consumer industries tracked, four are experiencing positive growth (condiments, frozen food, soft drinks, and catering), while four are facing declines (high-end and above Baijiu, mass-market Baijiu, dairy products, and beer) [29]. Summary by Segment Baijiu (High-end and Above) - In January, the revenue for high-end Baijiu reached 47 billion yuan, a year-on-year decline of 14.0%. The price pressure is significant, with expectations of over a 10% price drop throughout the year due to high inventory levels [11]. Baijiu (Mass-market and Below) - The mass-market Baijiu segment generated 22.9 billion yuan in January, down 3.0% year-on-year. Despite the decline, the segment shows resilience due to rigid demand and adaptability to consumption scenarios [13]. Beer - The beer industry reported revenues of 17 billion yuan in January, a decrease of 7.1% year-on-year. The demand was affected by adverse weather and the delayed Spring Festival, leading to a cautious inventory approach by distributors [15]. Condiments - The condiment sector achieved revenues of 46.9 billion yuan in January, reflecting a year-on-year growth of 3.5%. The recovery in the catering channel and increased demand from small and medium-sized businesses are key drivers [17]. Dairy Products - The dairy sector's revenue was 43.5 billion yuan in January, down 3.3% year-on-year. The demand remains under pressure, but a potential recovery is anticipated in the coming months due to low base effects [19]. Frozen Food - The frozen food segment saw revenues of 14.99 billion yuan in January, with a year-on-year increase of 8%. The demand is supported by pre-Spring Festival stocking and favorable weather conditions [21]. Soft Drinks - The soft drink industry generated 96.2 billion yuan in January, with a modest growth of 1.1% year-on-year. Increased promotional activities indicate heightened market competition [24]. Catering - The catering sector reported revenues of 16.2 billion yuan in January, up 2.5% year-on-year. The demand is gradually improving, particularly in small and medium-sized restaurants [26].

Group 1: Spring Festival Travel and Tax Policies - The 2026 Spring Festival travel season will begin on February 2 and end on March 13, lasting 40 days, with an expected cross-regional population flow of 9.5 billion people, setting a historical record [1][8] - The State Taxation Administration has announced a new export tax rebate management method to make the export tax rebate application process more convenient and efficient [1][8] - The personal tax threshold for value-added tax has been raised to 1,000 yuan, with specific conditions outlined for certain transactions that will not apply to this threshold [1][8] Group 2: Shipbuilding Industry Performance - In 2025, China's shipbuilding industry maintained its global leadership for 16 consecutive years, with a completed shipbuilding volume of 53.69 million deadweight tons, a year-on-year increase of 11.4%, accounting for 56.1% of the world total [9] - The new orders received amounted to 107.82 million deadweight tons, representing 69.0% of the global total, while the hand-held order volume reached 274.42 million deadweight tons, a year-on-year increase of 31.5%, accounting for 66.8% of the world total [9] Group 3: Telecommunications and Film Industry Updates - China Mobile, China Unicom, and China Telecom announced adjustments to the applicable scope of value-added tax for telecommunications services, with the tax rate changing from 6% to 9% starting January 1, 2026 [9][11] - As of February 1, 2026, the annual box office has exceeded 2 billion yuan, with several domestic films scheduled for release during the Spring Festival [9]

Group 1 - The company Gujing Gongjiu announced a profit distribution plan based on its total share capital of approximately 529 million shares, which includes about 409 million A-shares and 120 million B-shares [1] - The distribution will involve a cash dividend of 10 RMB per 10 shares (including tax), totaling approximately 529 million RMB in cash dividends, with no bonus shares or capital reserve transfers [1] - The record date for the dividend is set for February 9, 2026, and the ex-dividend date is February 10, 2026 [1]

一、股东会授权及董事会审议通过利润分配方案的情况 1.安徽古井贡酒股份有限公司（以下简称"公司"）于2025年9月 29日召开了2025年第二次临时股东大会，审议通过《关于提请股东大 会授权董事会制定中期分红方案的议案》，同意授权董事会论证、制 定并实施2025年中期分红方案。根据2025年第二次临时股东大会的授 权，公司召开了第十届董事会第十三次会议，审议通过《2025年中期 利润分配方案》。具体分配方案为：以公司现有总股本528,600,000股 （其中A股总股本408,600,000股，B股总股本120,000,000股）为基数， 向全体股东每10股派现金10.00元（含税），共计分配现金股利人民币 528,600,000.00元，不送红股，不以公积金转增股本； 2.公司自分配方案披露日至本次实施期间，公司股本总额未发生 变化。若在分配方案实施前公司总股本由于股份回购、再融资新增股 份上市等原因而发生变化的，按照分配总额不变的原则对分配比例进 行调整； 3.本次实施的分配方案与董事会审议通过的分配方案一致； 证券代码：000596、200596 证券简称：古井贡酒、古井贡 B 公告编号：2026-003 ...

Investment Rating - The report suggests a positive investment outlook for the liquor and food sectors, particularly highlighting the potential for growth during the upcoming Spring Festival season [1][2]. Core Insights - The report emphasizes the initiation of the Spring Festival peak season for liquor sales, with leading brands like Moutai showing significant improvements in sales and pricing, indicating a recovery in market sentiment and expectations [1][2]. - In the food sector, there is an anticipated boost in demand due to pre-holiday stocking, with specific focus on snack foods and beverages as key growth areas [1][2]. Summary by Sections Liquor Sector - The report indicates that the liquor market is entering a peak season, with Moutai leading the way in sales and price recovery, driven by increased demand and channel reforms [2]. - Other notable brands such as Guizhou Moutai, Ancient Well, and Luzhou Laojiao are recommended for short-term investment due to their strong performance and market positioning [1]. Food Sector - The food sector is expected to benefit from pre-holiday stocking, with companies like Anjuke and Qiaqia Foods positioned to capitalize on the festive demand [2][4]. - Anjuke is focusing on new product launches and expanding into overseas markets, while Qiaqia Foods is set to improve profitability in 2026 due to lower raw material costs [4][3]. Growth Opportunities - The report identifies growth opportunities in the snack and beverage segments, with specific companies such as H&H International Holdings and Nongfu Spring highlighted for their potential [1][2]. - The emphasis is placed on the recovery of the restaurant and dairy sectors, with companies like Yili and Qingdao Beer expected to show positive performance [1][2].

Group 1 - The core viewpoint of the article indicates that the retail prices of the top ten Chinese liquor products showed a mixed trend on February 1, with an overall slight increase in price, reaching the highest level in nearly 20 days [1] - The total price for a package of one bottle from each of the top ten products is 9011 yuan, which is a slight increase of 2 yuan from the previous day [1] - Among the ten products, two increased in price, seven decreased, and one remained stable, indicating a complex internal price structure [1] Group 2 - The product with the largest price increase is the premium Moutai, which rose by 34 yuan per bottle, marking the highest increase since the data collection began on November 10 [1] - The price of the flagship Moutai decreased by 25 yuan per bottle, following a significant increase of 90 yuan the previous day [1][3] - Other products that saw price declines include Wuliangye, which dropped by 57 yuan, and Xijiu Junpin, which fell by 4 yuan [1][4] Group 3 - The retail prices for specific products are as follows: - Moutai (Flying) at 1730 yuan, down 25 yuan - Premium Moutai at 2415 yuan, up 34 yuan - Wuliangye at 793 yuan, down 57 yuan - Qinghua Lang at 713 yuan, up 6 yuan - Xijiu Junpin at 642 yuan, down 4 yuan [3][4] - The data is sourced from approximately 200 collection points across major regions, including designated distributors and mainstream e-commerce platforms [4]

Core Insights - The ultimate battlefield of marketing is shifting from traditional venues to consumer mindset, with brands needing to adapt to new game rules to rewrite the competitive landscape [1][3] Group 1: Traditional Marketing Challenges - The traditional Spring Festival marketing strategy in the liquor industry is facing diminishing returns, as brands like Gujinggongjiu experience reduced brand search index despite long-term sponsorships [3][4] - The linear thinking characteristic of Newtonian thought leads to a rigid marketing approach, which struggles to adapt to the rapidly changing market dynamics during the Spring Festival [4][5] Group 2: Shift to Quantum Thinking - Quantum thinking, contrasting with Newtonian thought, emphasizes non-linear relationships and the importance of consumer engagement in marketing strategies [5][8] - The transition from a manufacturer-led approach to a consumer co-creation model is essential for liquor brands to thrive in the current market [5][14] Group 3: New Marketing Strategies - "Dimensionality reduction" in marketing is a strategic approach that encourages brands to redefine market demands and focus on consumer needs rather than historical advantages [12][13] - The concept of "one body" between sellers and consumers promotes collaborative value creation, breaking down traditional barriers in marketing [14][15] Group 4: Collaborative Ecosystem - The ultimate goal of Spring Festival marketing should be to achieve co-creation, sharing, and win-win outcomes among brands, channels, consumers, and stakeholders [16][17] - Building an open value creation ecosystem through partnerships and data sharing is crucial for maximizing overall value in the liquor industry [16][17]

Core Viewpoint - The event "Cheers to the Chinese Economy - Entrepreneur Night" serves as a significant platform for business leaders to gather, share insights, and celebrate the resilience and innovation of Chinese entrepreneurs, with a strong emphasis on the values of quality and social responsibility embodied by Gujing Gongjiu [1][20]. Group 1: Event Overview - The "Cheers to the Chinese Economy - Entrepreneur Night" has become a hallmark event in the Chinese economic landscape, attracting hundreds of entrepreneurs and scholars annually to exchange ideas and celebrate achievements [3][22]. - Notable past awardees include prominent figures such as Cao Dewang, Wang Chuanfu, and Lei Jun, highlighting the event's prestige within the business community [3][22]. - This year's event honored several distinguished individuals, including Chen Jinghe of Zijin Mining and Lu Mai, former vice chairman of the China Development Research Foundation, among others [3][22]. Group 2: Gujing Gongjiu's Role - Gujing Gongjiu, as a strategic partner, emphasizes its corporate values of "being a real person, brewing fine wine, being good to oneself, and benefiting the world," aligning closely with the spirit of innovation and resilience among Chinese entrepreneurs [1][20]. - The brand has a rich heritage of over 1800 years in brewing, which resonates with the pursuit of excellence shared by Chinese entrepreneurs [3][22]. Group 3: Entrepreneurial Insights - Chen Jinghe expressed pride in Zijin Mining's rapid rise in a traditionally controlled industry, emphasizing the foundational role of mining in industrial development [8][27]. - Lu Mai's call for funding to support rural child-rearing initiatives reflects a strong sense of social responsibility, resonating with Gujing Gongjiu's values [10][29]. - Cold Youbin, chairman of China Feihe, highlighted the "spirit of a lifetime" in his work, which aligns with Gujing Gongjiu's commitment to craftsmanship and tradition [11][30]. Group 4: Technological Innovations - Han Bicheng, founder of Zhejiang Qiangnao Technology, showcased impressive advancements in bionic technology, illustrating the blend of tradition and innovation [13][31]. - The event featured discussions on autonomous driving technology and the achievements of the "Chinese Chip Infrastructure" group, showcasing the strength of domestic innovation [15][31]. Group 5: Cultural Significance - The event serves as a platform for cultural exchange, where the essence of Chinese entrepreneurial spirit is celebrated through the shared experience of enjoying Gujing Gongjiu [17][33]. - The phrase "there are no enterprises in an era, only enterprises of the era" encapsulates the enduring nature of businesses like Gujing Gongjiu, which continues to thrive through changing times [17][33].