| 600573.SH | 惠泉啤酒 | | --- | --- | | 603779.SH | 威龙股份 | | 600696.SH | *ST岩石 | | 000568.SZ | 泸州老窖 | | 603369.SH | 今世缘 | 随着白酒行业进入企业煎熬期中程，不少公司股价开始进入底部区间。本周，Wind白酒指数周跌幅为1.7%，12月以来累计跌幅已超过5%。 个股方面，上周股价就大跌6.2%的古井贡酒，本周再跌6.74%。而"徽酒一哥"连续回调的背后，是市场对其能否率先复苏产生的疑虑。 | 白酒指数 | | | 884705 | | --- | --- | --- | --- | | 55906.50 | | +240.49 +0.43% | | | SSE 15:00:05 | | Wind概念指数 / @ + | | | 跌 | 5家 平 1家 涨 | | 13家 | | 全额 | | | 150.68亿 | | 成交量 | | | 1.62亿 | | 开盘 | | | 55914.19 ( 0.45%) | | 最高 | | | 56724.66 ( 1.90%) | | 最低 | | | 5 ...

新浪财经"酒价内参"过去24小时中收集的数据显示，白酒市场十大单品的终端零售均价周日呈小幅整理态 势，整体价格与昨日持平。如果十大单品各取一瓶整体打包售卖，今日总售价为9073元，市场在连续回调 后初现止跌企稳迹象。今日市场涨跌互现且幅度不大，部分产品止跌反弹。上涨产品中，习酒君品价格环 比上涨6元/瓶，表现较为突出。青花郎的价格上涨4元/瓶。青花汾20价格上涨3元/瓶。飞天茅台与五粮液普 五八代价格均上涨2元/瓶。下跌产品中，国窖1573价格大幅回调7元/瓶，调整幅度居前。洋河梦之蓝 M6+价格下跌4元/瓶。古井贡古20价格下跌3元/瓶。精品茅台价格微跌2元/瓶。水晶剑南春价格微跌1元/ 瓶。 | 中国知名白酒大单品 | 市场真实成交终端价 | | | --- | --- | --- | | 品名/规格 | 今日价格(元) | 较昨日(元) | | 贵州茅台酒(飞天) 53度/500ml | 1808/瓶 | 2元 | | 贵州茅台酒(精品) 53度/500ml | 2280/瓶 | -2元 | | 五粮液普五八代 52度/500ml | 830/瓶 | 2元 | | 青花汾20 53度/500ml | 3 ...

底部更加积极 白酒行业 2026 年度投资策略 消费品/食品饮料 本篇报告重点分析了 26 年白酒行业投资策略，从长周期白酒产量变化、消费者 饮酒习惯，到中周期产业状态&报表节奏，以及明年飞天需求拆分及供给判断 分析。我们认为当前板块仍在出清过程之中，头部白酒真实利润对应估值约为 20 倍左右，虽然上行空间有限，但股息率已筑稳安全边际。26 年可重点关注市 场风格转换节奏、价格指数回升情况与旺季动销环比改善情况，预计板块整体 节奏前低后高，板块已至底部，建议积极布局。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 143 | 2.8 | | 总市值（十亿元） | 4688.2 | 4.5 | | 流通市值（十亿元） | 4477.0 | 4.7 | 行业指数 证券研究报告 | 行业深度报告 2025 年 12 月 13 日 % 1m 6m 12m 绝对表现 -7.1 -3.0 -3.5 相对表现 -5.7 -20.7 -17.2 资料来源：公司数据、招商证券 -20 -10 0 10 20 30 Dec/24 Apr/25 Jul/25 Nov ...

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 每经记者｜张宝莲 每经编辑｜赵云 在白酒行业进入存量竞争的当下，一向稳健的徽酒企业开始寻找新的突破口。最新的答案，似乎回归到了最原始的"打酒"模式。 12月12日，古井贡酒（000596.SZ）首家"古井打酒铺"在安徽亳州桐乡路开业，采用"前店后坊、现打现卖"模式 。而就在一周前的12月5日，口子窖 （603589.SH）首家"口子酒坊"在淮北一社区启幕，主打纯粮散酒与社区化体验。更早之前，迎驾贡酒（603198.SH）以非直营模式悄然做起了散酒生意。 其中一款42度500毫升白酒"浓香窖藏·1号"单瓶秒杀价25元，在"轻养社·古井打酒铺"抖音官方直播间，双瓶装线上销售量已经超过2000单。 当日下午，记者又来到合肥古井罍小馆，店铺门口海报上写道"打一壶好酒，交天下朋友"。店铺入口挂牌了一列待售散酒，价格从2.9元/50毫升到29.9元/50 毫升不等，香型覆盖浓香、清香、明绿香等，度数为42度或50度，还有一款名为"金桂柚香酒"的12度低度酒，面向微醺场景。店员称，店铺也是古井贡酒直 营店，目前散装酒仅有部分支持瓶装，1斤起售。散酒为单独产线生产，（ ...

白酒行业市场分析方面，太平洋证券研报指出，近期白酒行业在基本面、价格层面与市场预期的三重压 力下持续寻底。行业面临高库存与弱需求的双重挑战，一方面渠道库存高企，经销商资金压力巨大，打 款进货意愿低迷；另一方面传统政务及高端商务消费场景收缩，导致真实开瓶消费动力不足。但从股价 层面来看，当前板块的调整已较为充分，悲观预期在股价中得到显著反映，估值已进入历史低位区间， 长期配置价值凸显。 | 青化郎 | 746/瓶 | -8元▼ | | --- | --- | --- | | 53度/500ml | | | | 水晶剑南春 | 406/瓶 | -14元▼ | | 52度/500ml | | | | 数据来源:全国各大区合理分布的约200个采集点,包括但不限于 酒企指定经销商、社会经销商、主流电商平台和零售网点等 原始数据:过去24个小时中各点位经手的真实成交终端零售价 | | | | sma 打开新浪财经APP 搜索 酒价内参 Q | | | | 新浪财经客户端 Sina Finance Mobile Version | | | "酒价内参"的每日数据源自全国各个大区均有合理分布的约200个采集点，包括但不限于酒 ...

Group 1 - The core viewpoint of the articles indicates a continued decline in the retail prices of major Chinese liquor brands, with the average price of the top ten products dropping to 9123 yuan, a decrease of 15 yuan from the previous day, reflecting a weak market overall but with notable internal structural differentiation [1][2] - The data collected from approximately 200 sampling points across various regions ensures an objective and traceable representation of the market prices for well-known liquors [1] - Specific brands show significant price variations, with Qinghua Lang leading the decline at 20 yuan per bottle, while Xijiu Junpin and Guojiao 1573 saw increases of 7 yuan and 6 yuan respectively, indicating a mixed performance among brands [1][2] Group 2 - On December 10, a meeting took place between the Vice President of the Central Radio and Television Station and the Chairman of Moutai Group, where the Chairman emphasized the need to consolidate market advantages amidst ongoing industry adjustments [2] - The strategic focus of Moutai has shifted from merely pursuing price benchmarks to actively competing for market share in a contracting market, marking a new phase in their approach to industry challenges [2]

Group 1 - The food and beverage sector experienced a rise in the market, with the food ETF (515710) increasing by 1.03% as of the report time [1] - Notable stocks in the liquor segment saw significant gains, with brands like JiuGuiJiu rising over 6%, and SheDe JiuYe increasing over 4% [1] - Major liquor brands such as Moutai and Wuliangye also showed strong performance, contributing to the overall positive trend in the sector [1] Group 2 - Analysis indicates that the slight decline in liquor prices year-on-year should be viewed as a rational adjustment by the industry to manage inventory and stabilize channel pricing, paving the way for future healthy development [3] - The current valuation of the food and beverage sector is at a historical low, suggesting a favorable time for investment, with the food ETF's price-to-earnings ratio at 19.97, positioned in the lower 4.71% of the past decade [3] - Citic Securities highlights that while Moutai's price drop may temporarily suppress sector performance, potential policy catalysts in December could enhance consumption, making high-quality assets like liquor appealing for investment [3] Group 3 - The consumer market has shown signs of slowing growth due to high base effects and reduced subsidies, with a need for time to recover domestic demand [4] - Looking ahead to 2026, opportunities may arise from supply-side optimization, new product categories, and policies aimed at boosting consumption [4] - The food ETF (515710) is recommended for investors, as it tracks a diversified index with significant allocations to leading liquor brands and other beverage sectors [4]

Core Insights - The overall retail price of the top ten Chinese liquor products continues to decline, with a total packaged price of 9,123 yuan, down 15 yuan from the previous day, indicating a weak market trend with notable internal structural differentiation [1][6][7] - Moutai Group's chairman, Chen Hua, emphasized the need to consolidate market advantages amidst industry adjustments, signaling a shift from passive pressure to proactive market share competition [2][8] Price Trends - The price of Qinghua Lang dropped significantly by 20 yuan per bottle, leading the market decline after a previous rapid increase [7] - Prices for Feitian Moutai and premium Moutai decreased by 3 yuan and 5 yuan per bottle, respectively [7][9] - Other brands like Yanghe Dream Blue M6+ and Wuliangye Pu 58th generation also saw price drops of 4 yuan and 2 yuan per bottle [7] - Conversely, some brands experienced price increases, with Xijiu Junpin rising by 7 yuan, Guojiao 1573 by 6 yuan, and Shujin Jian Nan Chun and Qinghua Fen 20 by 4 yuan and 2 yuan, respectively [7][10]

Core Insights - The overall retail price of the top ten Chinese liquor products continues to decline, with a total packaged price of 9,123 yuan, down 15 yuan from the previous day, indicating a weak market trend with notable internal structural differentiation [1][6][7] - Data for the "Liquor Price Reference" is collected from approximately 200 sampling points across various regions, ensuring objective and traceable pricing information for well-known liquor brands [1][6] Price Trends - The price of Qinghua Lang has significantly decreased by 20 yuan per bottle, leading the market decline after a previous rapid increase [7] - Prices for Feitian Moutai and Premium Moutai have continued to slightly decline, down 3 yuan and 5 yuan per bottle, respectively [7] - Other brands such as Yanghe Dream Blue M6+ and Wuliangye Pu 58th generation have also seen price drops of 4 yuan and 2 yuan per bottle, respectively [7] - Conversely, some brands have shown price increases, with Xijiu Junpin rising by 7 yuan per bottle, and Guojiao 1573 increasing by 6 yuan [7][8] Strategic Developments - In response to the ongoing industry adjustment and market downturn, Moutai Group's chairman has emphasized the need to "continuously consolidate market advantages," indicating a shift from merely pursuing price benchmarks to actively competing for market share [2][8]

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 新浪财经"酒价内参"过去24小时中收集的数据显示，白酒市场十大单品的终端零售均价周五延续回调态 势，整体继续下探。如果十大单品各取一瓶整体打包售价为9123元，较昨日回落15元，市场整体延续弱 势，但内部结构性分化特征突出。 "酒价内参"的每日数据源自全国各个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，确保为社会各界提供一份关于知名白酒市场价格的客观、真实、科学、全程可追溯的 数据。 今日各品牌走势差异显著。青花郎价格环比显著回落20元/瓶，领跌市场，其价格在经历前期快速上涨 后迎来阶段性调整。飞天茅台与精品茅台价格延续小幅阴跌，分别下跌3元/瓶与5元/瓶。洋河梦之蓝 M6+价格下跌4元/瓶。五粮液普五八代价格下跌2元/瓶。部分品牌逆市走强，习酒君品价格环比上涨7 元/瓶，涨幅居前。国窖1573价格上涨6元/瓶。水晶剑南春与青花汾20分别上涨4元/瓶和2元/瓶。古井贡 古20价格则与昨日持平。 责任编辑：李昂 新浪财经"酒价内 ...