白酒渠道跟踪 20251205 摘要 2025 年白酒市场普遍面临动销下滑和库存积压问题，茅台、五粮液等 高端品牌虽回款尚可，但价格出现松动，库存压力增加，线上平台甚至 出现低于成本价销售现象。 五粮液预计 2026 年销量增长 10%，主要因新任董事长上任及对 2025 年减量补偿，但具体打款价格和补贴政策尚未确定，经销商面临毛利甚 至负毛利挑战。 汾酒在山东市场表现相对稳定，部分区域略有增长，但 20 年汾酒价格 降至历史低点，经销商利润主要依赖返利，2026 年计划增长 10%。 江苏市场高端白酒需求下降，宴会用酒减少，价格下调，库存增加，五 粮液专卖店打款积极性不高，整体销量同比下降 25%-30%。 古井贡酒 2025 年任务完成率预计 80%左右，库存较高，古 20 等产品 价格有所松动，公司加大了渠道下沉力度，但高端产品销量不理想。 山东地区白酒动销整体下滑，水井坊和舍得下滑明显，汾酒持平或略增， 经销商库存偏大，各品牌面临一定压力。 河南地区 2025 年白酒销售额同比减少约 20%，部分酒厂下发减少指令， 导致销量减少，但最终完成了任务，没有再增加销量。 Q&A 最近白酒市场的动销情况如何？ ...

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for selected stocks and sectors within the industry [4]. Core Insights - The white liquor sector is showing signs of recovery, with Shanxi Fenjiu focusing on national expansion, youth engagement, and internationalization strategies for 2026. The company is optimizing inventory and enhancing market capacity, which is expected to support growth [2]. - In the beverage sector, companies like Nongfu Spring are planning to strengthen their water and tea product lines while introducing new products. The beer segment is diversifying with new flavors to cater to changing consumer preferences [3]. - The report highlights the potential for growth in consumer staples, with companies like Three Squirrels expanding into a full-category strategy and Mengniu Dairy leading in deep processing innovations [7]. Summary by Sections White Liquor - Shanxi Fenjiu's 2026 marketing strategy focuses on nationalization, youth engagement, and precise consumer service. The company is targeting key markets and optimizing inventory to enhance growth potential [2]. - The white liquor industry is characterized by bottoming out in sales, clearing financial reports, and low expectations, suggesting a favorable environment for quality asset allocation [2]. Beer and Beverage - The beer sector is witnessing the launch of new products like Jin Xing Beer’s winter flavor, reflecting a shift in consumption patterns towards home and outdoor settings [3]. - Nongfu Spring's strategy for 2026 includes strengthening its core water products and expanding its tea offerings, indicating a focus on product diversification and market penetration [3]. Consumer Staples - Three Squirrels is advancing its full-category strategy with the opening of flagship stores, emphasizing community engagement and a wide range of products [7]. - Mengniu Dairy is enhancing its product line with deep processing innovations, which are expected to drive demand and improve the utilization of raw milk [7]. - The frozen food sector is recovering, with companies like Anjuke benefiting from new product launches and channel optimizations, indicating a positive market response [7].

近日，中国老八大名酒——古井贡酒正式启动"古井贡酒•年三十"杯2026丙午年全球春联征集大赛，拉开了白酒2026新年文化营销的序幕。 对古井贡酒而言，这并非简单的节庆活动，而是深耕多年的"年文化IP"战略的进一步落地。它试图回答一个核心命题：在传统与现代的交汇处，白酒品牌如 何用文化的温度，叩开消费者的心门，将千年年味转化为品牌增长的持久动力？ 古井贡酒也给出了答案：以春联这一年俗核心载体为桥，将年文化传承与品牌表达深度融合，在全球范围内唤醒情感共鸣。 从"看春晚"到"写春联"，十余年春节营销的体系化深耕 元春旺季向来是白酒行业的"年度考场"，一场争夺消费心智的深度较量必不可少。 年，是刻在全球华人基因里的精神图腾，贴春联、喝年酒、守岁团圆，这些延续千年的习俗早已将物质消费与精神寄托编织成网。白酒作为年俗场景的"刚 需符号"，承载着团圆的期盼与美好的祝愿。 而年文化又为白酒品牌提供了最深厚的情感土壤，二者的共生共荣，构成了中国传统文化中独特的"年味叙事"。古井贡酒对这一文化逻辑的精准把握，早在 十年前便已落笔。 复盘来看，古井贡酒的春节营销动作清晰呈现出一条升级路径：从品牌曝光到场景绑定，最终迈向情感共创。 ...

Core Insights - The report from Huatai Securities indicates that the essential consumer sector has entered a favorable left-side layout window, with expectations for a mild recovery in consumption in the second half of 2026 due to stabilizing real estate prices, increased policy stimulus, and the recovery of household balance sheets [1][2]. Industry Overview - The essential consumer sector is currently at historical low valuation levels and public fund allocation ratios, providing a high safety margin and potential upside for investors [1][2]. - Some sub-industries are showing signs of bottoming out, with leading companies shifting focus from price wars to product innovation and adapting to channel changes [1][2][6]. - Structural changes such as the rebalancing of raw milk cycles, recovery in restaurant demand, and stricter regulations on zero additives are optimizing the competitive landscape of the industry [1][2]. Investment Recommendations - The report recommends four categories of stocks: 1. Cyclical high-upside stocks, including Gujing Gongjiu, Luzhou Laojiao, China Resources Beer, Qingdao Beer, Haitian Flavoring, Anjuke Food, and Qianhe Flavoring [2][7]. 2. Companies at fundamental turning points, such as Mengniu Dairy and Master Kong [2][7]. 3. High-dividend blue-chip leaders like Yili and Shuanghui Development [2][7]. 4. Small but promising growth stocks, including Ximai Food, Baoli Food, and Yanjinpuzi [2][7]. Market Trends - The report emphasizes a three-stage market strategy from expectation recovery to performance realization for 2026 [2]. - The essential consumer sector is expected to see a gradual improvement in retail sales growth, projected to reach 4.8% in 2026 [25]. - The consumer confidence index has shown some recovery but remains in a low range, indicating cautious consumer sentiment [26]. Sub-Industry Insights - Specific sub-industries are highlighted: 1. Frozen food is showing signs of bottoming out, with expectations for a reduction in price wars in 2026 [6][10]. 2. The dairy sector is anticipated to see a rebalancing of the raw milk cycle, enhancing domestic substitution logic [6][10]. 3. The beer industry is expected to maintain profit resilience due to rational competition and a diminishing demand dividend [6][10]. 4. Traditional condiment leaders are actively adjusting strategies to capture market share [6][10]. Conclusion - The essential consumer sector is positioned for a potential recovery, with various sub-industries adapting to market changes and focusing on innovation and strategic adjustments to enhance competitiveness [1][2][6].

| 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 | 1812/瓶 | -470 | | 贵州茅台酒(精品) 53度/500ml | 2326/瓶 | 1元 | | 五粮液普五八代 52度/500ml | 846/瓶 | 9元 | | 青花汾20 53度/500ml | 388/瓶 | 3元- | | 国窖1573 | 880/瓶 | | | | | 新浪财经"酒价内参"过去24小时收集的数据显示，白酒市场十大单品的终端零售均价周六强势反弹，结束 连续回调态势。如果十大单品各取一瓶整体打包售卖，今日总售价为9177元，较昨日上涨32元，市场重回 上行通道。"酒价内参"的每日酒价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，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。今日市场呈普涨格局，多数 ...

中国经济网北京12月5日讯 据同花顺iFinD数据显示，2025年前11月里，在共计970只（各份额分开 计算）普通股票型基金中，仅有29只基金收跌，而这其中，就有知名基金经理萧楠管理的易方达消费行 业股票。数据显示，该基金在今年前11月收益率下跌0.14%。 作为消费主题基金，其重仓股自然以消费板块为主，然而纵观年内前三个季度的季报看，前十大重 仓股中，白酒股无疑都占据较大仓位。今年三季报显示，其前十大重仓股为贵州茅台、山西汾酒、五粮 液、福耀玻璃、美的集团、古井贡酒、长城汽车、东鹏饮料、泸州老窖、赛轮轮胎，白酒股占据一半。 （责任编辑：刘畅 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com | 代码 名称 | 前11月复权单位 累计单位 规模 亿 | | --- | --- | | | 净值增长率% 净值元 元 | | 110022.0F 易方达消费行业股票 | -0.14 3.5660 169.4 ...

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 【点击进入酒价内参，查看真实酒价】 新浪财经"酒价内参"过去24小时收集的数据显示，白酒市场十大单品的终端零售均价周五延续回调态 势，整体继续下行。如果十大单品各取一瓶整体打包售卖，今日总售价为9145元，较昨日回落23元，市 场连续第二日呈现弱势调整格局。 "酒价内参"的每日酒价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，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。 今日市场多数产品仍以下跌为主，但部分产品企稳回升。洋河梦之蓝M6+逆势大涨，价格环比上涨10 元/瓶，扭转昨日大跌走势。青花汾20价格回升3元/瓶。水晶剑南春价格微涨1元/瓶。飞天茅台价格则与 昨日持平。下跌产品中，习酒君品与国窖1573价格各下跌9元/瓶。青花郎结束连涨态势，价格回调5元/ 瓶。古井贡古20与精品茅台价格均回落5元/瓶。五粮液普五八代价格下跌4元/瓶。 【点击进入酒价内参，查看真实酒价】 白酒 ...

| 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 | 1816/瓶 | 持本 | | 贵州茅台酒(精品) 53度/500ml | 2325/瓶 | -570 | | 五粮液普五八代 52度/500ml | 837/瓶 | -470 | | 青花汾20 53度/500ml | 385/瓶 | | | 国窖1573 | 871/瓶 | -9元 | | 52度/500ml | | | | 2 | 52度/550ml | 571/瓶 | 10元 | | --- | --- | --- | --- | | | 古井贡古20 | 508/瓶 | -5元 | | | 52度/500ml | | | | 2) | 习酒君品 | 661/瓶 | -9元 | | | 53度/500ml | | | | | 青花郎 | 765/瓶 | -570 | | | 53度/500ml | | | | | 水晶剑南春 52度/500ml | 406/瓶 | 1 T | 新浪财经"酒价内参"过去2 ...

随着春节的临近，白酒企业的春节推广也正式开启。 事实上，自2016年起，"过大年、喝古井、看春晚"这句口号逐渐从品牌广告语演变为一种新年俗的写照。古井贡酒通过十年的持续投入，成功地将自身品 牌融入这一全国性仪式中，成为共享体验的一部分。 "古井贡酒•年三十"的诞生，本身就是一次白酒品类创新与文化符号创造的结合。当大多数酒企还在香型、口感上做文章时，古井贡酒选择了一条更具挑 战却也更富远见的道路——创造一种与特定文化时刻深度绑定的产品。烤麦香型"自成一派"，这一技术创新的背后，是文化融合的巧思："麦"体现北方人 的小麦情结，在小麦未完全成熟之际，烤着吃，这个香味令人怀念。而"烤"也呼应南方人的腊味偏好，仿佛南北年味的精华在酒体中交融。 这种技术上的融合创新，恰好对应了中国"年文化"的本质——地域差异下的精神统一。年夜饭桌上的菜品可能千差万别，但团圆的意义却普天同庆；春联 上的文字可能各具特色，但祈福的心愿却四海相通。古井贡酒•年三十以"格外丰盛"与"南北交融"两大特征，巧妙地将产品特质与中国年的核心要义相联 结。正如其宣传所言，"菜不压酒香，酒不抢菜味"，这不仅是味觉的平衡艺术，更是文化表达的恰到好处——品牌不 ...

Core Viewpoint - Gujinggong Liquor announced on an interactive platform that as of November 28, 2025, the number of shareholders will reach 43,979 [2] Summary by Categories - **Company Information** - Gujinggong Liquor's projected number of shareholders is 43,979 by November 28, 2025 [2] - **Investor Engagement** - The company actively engages with investors through an interactive platform, providing updates on shareholder numbers [2]