（文章来源：证券日报） 证券日报网讯 1月14日，五粮液在互动平台回答投资者提问时表示，公司独特优势包括独有的产区、古 窖池群、品质、品牌、消费群体，构成五粮液不可复制的核心竞争力。 ...

从个股来看，贵州茅台收盘价达1398.01元/股，下跌0.92%；五粮液收盘价达107.04元/股，下跌0.89%； 山西汾酒收盘价175.48元/股，下跌0.85%；泸州老窖收盘价达116.86元/股，下跌0.97%；洋河股份收盘 价达63.30元/股，下跌0.39%。 浙商证券在其研报中指出，当前白酒板块仍处底部区间，在新量价平衡下头部酒企销量已拐点向上，短 期仍看好品牌酒企核心单品春节销量超预期。 北京商报讯（记者 刘一博 冯若男）1月14日尾盘，沪指4126.09点下跌0.31%。白酒板块2237.49点收盘 微跌0.03%，其中16只白酒股下跌，贵州茅台跌下1400元/股 ...

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 1月14日消息，有投资者在互动平台向五粮液董秘提问：在五粮液与泸州老窖各自的年报资料中，双方 都是浓香型白酒的领先企业。 为进一步提升五粮液在浓香型白酒市场的份额，请问五粮液产品对比泸 州老窖产品，五粮液产品有哪些显著差异化的独特优势？ 对此，五粮液回答表示，公司独特优势包括独有的产区、古窖池群、品质、品牌、消费群体，构成五粮 液不可复制的核心竞争力。 | 17 4 N 20 | 首页 问·答 | 云访谈 | 综合资讯, | 投票 | 清输入代码/简称/关键字股票 | | --- | --- | --- | --- | --- | --- | | | | | 董秘,您好!在五粮液与泸州老窖各自的年报资料中,双方都是浓香型自酒的领先企业。 为进一 步提升五粮液在浓香型自酒市场的份额,请间五粮液产品对比泸州老窖产品,五粮液产品有哪些显 | | | | 著差异化的独特优势? ? | | | | | | | irm3045353 · 2026-01-07 · 来源 网站 | | | | | | | 图 王 粮 液 [000858] · 13分钟前 | | | ...

《金证研》 陌语/作者 来源：金证研 2025年12月12日，三部门联合发布《关于加强商务和金融协同更大力度提振消费》通知，其中明确细化 落实举措，地方商务主管部门需结合扩消费工作，加强与金融管理部门的政策衔接、工作对接及信息共 享，推动调动金融资源、落地政策措施。金融机构则需依据《关于金融支持提振和扩大消费的指导意 见》《关于发展消费金融助力提振消费的通知》等已有政策，统筹内部资源、主动服务，制定实施细则 并开展专项行动，以支持提振和扩大消费。 随着政策对消费领域的持续关注与支持，消费作为拉动经济增长的重要引擎，其市场活力与长期发展潜 力备受瞩目。而涉及消费赛道的主题基金，一般聚焦消费行业优质资产，或反映握消费升级与行业复苏 机遇。 一、政策"暖风"持续加码消费，行业指数平均自由流通市值超600亿元 需先说明的是，中证主要消费指数是一款聚焦消费赛道的指数基金，是由中证指数有限公司编制，选取 中证800指数样本股中属于主要消费行业的股票组成，旨在反映沪深两市A股中主要消费类股票的整体 表现。该指数以2004年12月31日为基日，基点为1000点。 样本空间严格限定于中证800指数样本中的主要消费行业证券，通过 ...

什么样的酒能赢得市场？ 2026年开年，A股市场的"分裂感"格外清晰。一边，是上证指数稳步站上4100点，释放着宏观经济回暖的积极信号；而另一边，则是白酒板块仍在估值与信心的双 杀中深陷泥潭。 真正的产业信号，往往隐藏在冰冷的财务数字里。日前"徽酒老三"口子窖交出2025年业绩预告，其归母净利润预计同比锐减50%—60%，仅为6.62亿至8.28亿元。 图源：口子窖公告 这不仅创下其上市以来最大降幅，更如同一声惊雷，炸响了五粮液董事长曾从钦所言"极不平凡、极为不易、极其艰辛"的2025年——那份被市场隐约感知却不愿正 视的残酷真相。 口子窖的巨幅预减，绝非个例。它标志着一个旧时代的加速终结：以"面子溢价"和泛化社交为驱动的增长逻辑已然失效。2025年，白酒行业"量价利"的全面失守， 金融属性褪色，社交光环收缩，行业定价的锚点正从"身份象征"不可逆转地回归到"产品价值"本身。 图源：网络 市场的法则从来简单而残酷。我们预判，这场祛魅将在2026年催生一场剧烈的"两极分化"。 未来的生存法则将无比清晰——要么攀上"极致体验"的巅峰，成为不 可替代的硬通货；要么沉入"精准价值"的腹地，成为某一生活场景的刚需解决方案 ...

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 据五粮液公众号消息，1月7日至12日，五粮液集团（股份）公司党委书记、董事长曾从钦带队，赴广 州、深圳、南京、杭州、嘉兴、三亚等市场，围绕市场营销策略优化、渠道体系建设升级、消费者服务 提质等核心工作开展深度调研。 调研期间，曾从钦指出，当前白酒行业正处于深度调整期，消费趋势加速迭代升级。面对新形势新挑 战，要准确识变、科学应变、主动求变，坚持以顾客和市场为中心，强化消费需求洞察和深度链接，大 力弘扬"悦己、悦人、共悦"的和美生活范式，聚焦"五新拓展"全面发力，加快拓展新人群、新渠道、新 场景、新市场、新机制，推动白酒消费全方位深入消费场景。新春佳节将至，要提前谋划、周密部署好 动销方案、保障旺季动销效率，全体营销人员要下沉一线、靠前服务，以精细化赋能助力商家抢抓市场 机遇，实现更高质量的终端动销。 曾从钦强调，2026年是"十五五"开局之年，也是五粮液的"营销守正创新年"，公司将坚定执行"一核心 三强化双目标"营销方针，持续强化营销变革、强化应市策略、强化执行能力，落实落细好"一品一策、 一商一策、一地一策、一渠一策、一群一策"，与广大商家一道，在宴 ...

Core Viewpoint - The article highlights the contrasting fortunes of Kweichow Moutai and Wuliangye in the Chinese liquor industry, emphasizing Moutai's successful pricing strategy through the iMoutai app, while Wuliangye struggles with pricing chaos and declining performance [2][3][7]. Group 1: Moutai's Strategy - Moutai's use of the iMoutai app has effectively stabilized prices and increased direct sales, benefiting its financial performance while undermining competitors like Wuliangye [3][6]. - The app serves as a "price stabilizer" and "profit harvester," allowing Moutai to control pricing and combat scalpers, making the product more accessible to genuine consumers [2][3]. Group 2: Wuliangye's Challenges - Wuliangye is facing unprecedented difficulties, including price discrepancies, a significant drop in performance, and a chaotic distribution channel [2][7]. - The launch of Wuliangye's new retail platform in 2022 has not resolved its issues; instead, it has led to confusion among consumers due to inconsistent pricing across different sales channels [4][5]. - In Q3 2025, Wuliangye reported a revenue of 8.174 billion yuan, a year-on-year decline of 52.66%, marking its first revenue drop since 2015 [7]. - Wuliangye's reliance on its flagship product, the "Pu Wu," which accounts for over 50% of its revenue, has become a liability as it faces intense competition from brands like Moutai and others in the market [8][9]. Group 3: Competitive Landscape - Moutai's growth contrasts sharply with Wuliangye's decline, as Moutai's revenue and net profit showed slight increases, while competitors like Shanxi Fenjiu have surpassed Wuliangye in both revenue and profit [7][9]. - Wuliangye's struggle to maintain its "second place" status is compounded by the aggressive strategies of competitors, leading to a potential loss of market position if it fails to address its pricing and distribution issues [9].

Core Viewpoint - The Chinese liquor market is experiencing a price adjustment, with the average retail price of the top ten liquor products declining, indicating cautious market sentiment [1]. Group 1: Market Price Trends - On January 14, the average retail price of the top ten liquor products decreased by 44 yuan, bringing the total price to 8925 yuan [1]. - Eight out of the ten products saw price declines, with Feitian Moutai leading the drop at 9 yuan per bottle [1]. - Other notable declines include Gujing Gonggu 20 and Qinghua Lang, both down 8 yuan per bottle, while Guojiao 1573 and Yanghe Dream Blue M6+ fell by 4 yuan each [1]. Group 2: Market Dynamics - The market is characterized by a general downward trend, with a narrowing trading volume and a clear differentiation among products [1]. - Only Wuliangye Pu 58th generation saw a slight increase of 1 yuan per bottle, while Qinghua Fen 20 remained unchanged [1]. Group 3: Pricing Mechanism Changes - On January 13, Kweichow Moutai announced a new market-oriented pricing strategy, moving away from fixed factory prices to a dynamic pricing mechanism based on market conditions [3]. - This new pricing system aims to enhance the company's control over retail prices and stabilize the market, allowing for flexible pricing based on product, channel, and operational model differences [3]. - The company is piloting a consignment model for new products, allowing consumers to order online and pick up in-store, aiming for a win-win situation between manufacturers and channels [3].

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1月14日迎 来普遍回调，价格中枢温和下探。如果十大单品各取一瓶整体打包售卖，今日总售价为8925元，较昨日 降低44元。市场在短暂反弹后再度进入整理，十大单品八种价格出现回落，显示市场情绪仍偏谨慎。 今日市场呈现普跌格局，分化态势凸显量能收窄。下跌产品方面，飞天茅台领跌，环比下跌9元/瓶，i 茅台推出平价2026年飞天的定价锚作用开始渗透零售终端；古井贡古20、青花郎紧随其后，均环比下跌 8元/瓶；国窖1573、洋河梦之蓝M6+价格同步回落，分别下跌4元/瓶；精品茅台、水晶剑南春价格小幅 下探，分别下跌3元/瓶、2元/瓶。普跌行情下，仅五粮液普五八代逆势微涨1元/瓶，青花汾20价格与昨 日持平。 "酒价内参"的每日数据源自全国各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、电商平台和零售网点等，原始取样数据为过去24个小时各点位经手的真实成交终端零 售价格，力求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 ...

Group 1 - The core viewpoint is that the recent price adjustments by major liquor companies like Moutai and Wuliangye indicate a significant turning point in the liquor industry, which is currently undergoing deep adjustments [4] - Moutai has reduced the prices of several products, including Moutai 1935 from 798 yuan to 668 yuan and aged Guizhou Moutai (15) from 5399 yuan to 3409 yuan, reflecting a broader trend of price reductions in the industry [3] - Wuliangye plans to adjust its pricing strategy starting in 2026, maintaining a factory price of 1019 yuan while offering a discount of 119 yuan, effectively lowering the invoice price to 900 yuan [3] Group 2 - The liquor industry is facing a "price inversion" crisis, with 60% of liquor companies experiencing this issue, particularly in the 800-1500 yuan price range, leading to a cycle of losses for distributors [4] - The current market conditions, including high inventory and sluggish sales, necessitate proactive price adjustments by liquor companies to reshape the pricing structure and stimulate market activity [4][7] - The anticipated "price reduction wave" is not limited to the liquor industry but is expected to affect various sectors, including automotive and real estate, indicating a broader economic trend [5] Group 3 - Historical precedents show that proactive price adjustments in the liquor industry can lead to increased market activity and expanded market share, as seen during the adjustments from 2013 to 2015 [7] - The current challenges in the liquor industry, such as supply-demand imbalances and inventory pressures, are more complex than in previous years, making it essential for companies to embrace price reductions to rebuild the pricing system [7] - The price adjustments by Moutai and Wuliangye are likely to trigger a broader industry-wide price restructuring, potentially leading to the elimination of smaller, less distinctive liquor brands [7]