吃喝板块今日（2月12日）继续回调，反映吃喝板块整体走势的食品饮料ETF华宝（515710）开盘后迅 速走弱，而后持续低位震荡，截至收盘，场内价格跌1.19%。 成份股方面，白酒、大众品均表现不振。截至收盘，金禾实业大跌3.48%，古井贡酒、迎驾贡酒、水井 坊等跌超2%，贵州茅台、五粮液、泸州老窖、山西汾酒、洋河股份等多股跌超1%，拖累板块走势。 消息面上，飞天茅台批价持续回升。今日酒价2月12日最新披露，2026年飞天（原箱）批价站上1700 元，2026年飞天（散瓶）批价也达到1660元。 有分析指出，当前白酒行业表现分化，终端需求向头部品牌快速集中，其中贵州茅台表现最为亮眼。相 关数据显示，受益于市场化营销改革红利释放，i茅台App充分激活长尾客户需求，公司回款/发货配额 完成较快，飞天茅台批价回升并站稳1600+元；五粮液受益于价格优势及飞天溢出效应，动销在行业内 部表现靠前。 还有分析认为，高端酒表现好于汾酒及区域地产龙头，二线次高端品牌略有承压，且随节前旺销窗口临 近，行业动销或将迎来环比改善。 从估值方面来看，吃喝板块估值处于历史低位，当前或为板块较好布局时机。数据显示，截至昨日（2 月11日） ...

"大美之春"有着中国美术界"春晚"的美誉，自2013年首次举办以来已走过十三个春秋。当晚，在著名指 挥家陈燮阳的带领下，交响乐团以波澜壮阔的乐章为晚会注入厚重昂扬的灵魂。恢宏的管弦乐、优雅的 钢琴及小提琴演奏、轻盈曼妙的芭蕾舞姿、深情的人声演唱等形式多样的表演次第绽放，共同勾勒出一 场高雅难忘的视听盛宴。晚会现场，数幅书画作品震撼亮相，艺术家们集体创作的三幅丈六大画以饱满 笔墨礼赞祖国山河、巨制大画《和平颂》更交织出一派和美壮丽的大美气象。 "大美之春"2026年美术界春节交响音乐会现场 近日，"大美之春——2026美术界春节交响音乐会"在国家会议中心举行，奏响了新一年度中国文化艺术 界的"和美"之音。这场由书画频道、中国国家画院、中国艺术档案学会联合主办，五粮液（000858）连 续七年冠名的艺术盛典，吸引了国内外千余名艺术家莅临。 自2019年五粮液携手"大美之春"美术界"春晚"以来，历经七载精心培育，这场合作已演变为一场双向赋 能、美美与共的深度文化融合。频频亮相书画作品展雅集活动、节目录制等环节和现场展示专区，醇厚 的五粮液酒香与淡雅的墨香交织，在艺术殿堂里氤氲交融，共同营造出"诗酒趁年华，书画颂太平 ...

业内人士表示，在白酒行业面临深度调整的背景下，五粮液隐藏款盲盒白酒逆市热销，凸显了头部品牌 以创新模式穿越周期的能力。一方面，五粮液标准款的高市场接受度为隐藏款提供了坚实的价值锚点， 让稀缺性有的放矢；另一方面，五粮液将高端宴饮、礼赠需求与世界杯年的社交热情相结合，使其成为 应景的"社交硬通货"，有效激活新一代消费群体。 五粮液将2026年定为"营销守正创新年"。除去本次推出的盲盒产品外，春节期间五粮液将第四次登上春 晚；在五粮液501古窖池中国白酒文化圣地、五粮液文化体验店推出年轻化互动活动；全国各地同步举 办"和美团圆宴"；面向股东开展新春优惠活动……这一系列兼具文化厚度与品牌温度的营销组合动作， 成功将静态的"品牌资产"活化为可感知、可参与、可收藏的"情感资产"，在激发市场活力的同时，有望 实现销量与品牌价值的双重跃升。 五粮液相关负责人表示，公司将以提升品牌价值为核心，深化营销体系变革，强化市场执行力，以更创 新的姿态、更扎实的作为，不断开拓品牌与消费情感联结的深度与广度，在"十五五"时期谱写稳健发展 的和美新篇，助力行业行稳致远、繁荣共进。 （文章来源：新华财经） "终于集到五粮液隐藏款了""运气真 ...

中国酒文化品牌研究院智库专家蔡学飞对《证券日报》记者表示，五粮液在今年春节前后的动销表现， 是行业调整期中的一个亮点，其市场策略精准洞察供给调控、创新的营销组合以及对消费趋势的把握。 2026年春节即将到来，高端白酒市场迎来久违暖意。以飞天茅台、五粮液为代表的头部品牌动销显著超 预期，批价普遍上涨，渠道库存降至安全水位，终端补货节奏加快。在商务宴请与节日礼赠需求回暖的 支撑下，高端酒不仅实现量价齐升，更成为行业结构性复苏的"压舱石"。 《证券日报》记者根据多地渠道调研反馈，白酒龙头品牌五粮液以精准供给调控、终端直补机制与真实 开瓶拉动等策略，在元旦以来的旺季交出一份高质量增长答卷。 真金白银赋能终端 库存水位显著优化 回顾2025年，白酒行业在经历饮酒政策收紧、价盘持续下行等冲击下，动销成为酒行业共同的课题。进 入2026年，尽管春节旺季带来回暖，但多数品牌回款偏弱、库存仍在高位。 在此背景下，五粮液的动销改善，与一系列系统性改革措施相关。在2025年底的"12·18大会"上，五粮 液将2026年明确定位于"营销守正创新年"，以"一核心三强化双目标"为营销方针。这一定位背后，其核 心目标已从初期的"梳理秩序、 ...

Core Viewpoint - The overall sales of liquor during the Spring Festival period are expected to decline by 8%, which is better than previous pessimistic forecasts, with varying performance across different consumption categories [1]. Group 1: Consumption Environment - The Spring Festival sales have fully commenced, with an overall expected decline of 8% in liquor sales during this period [1]. - Gift consumption (mass premium) is expected to see slight growth, while business consumption is projected to decline by 20% [1]. - Residential consumption is expected to remain flat with slight growth, and government consumption is anticipated to drop by 90% [1]. Group 2: Company Performance - **Kweichow Moutai**: The return of funds for the March flying Moutai is not fully completed, with zero inventory and low channel stocking willingness, focusing more on turnover rates. The post-holiday price is expected to stabilize at 1550 yuan [1]. - **Wuliangye**: Current shipments are up by 30% year-on-year, with sales performance showing a 10% increase compared to the previous year [1]. - **Luzhou Laojiao**: The current return progress for Guojiao 1573 is at 35%, with approximately three months of inventory. However, both shipment and sales are down by over 30% and 25% respectively, despite stable pricing [1]. - **Honghua Lang**: Currently, sales are up by 9% year-on-year [2]. - **Jian Nan Chun**: Sales are flat year-on-year [2]. - **Shede and Shui Jing Fang**: Both brands have seen slight declines despite low base comparisons [2].

Group 1 - The core viewpoint is that Wuliangye's dynamic price-to-earnings ratio has dropped to 14.5 times, leading to market divergence between pessimistic narratives about high-end liquor and value calls at historical valuation bottoms [2] - Wuliangye's recent price stabilization is attributed to a rebalancing of channel power, with proactive control of supply, a shift from "stocking subsidies" to "opening bottle incentives," and the cleaning of non-compliant distributors [2] - The company is transitioning from a focus on scale to a focus on value, emphasizing that stabilizing prices is more important than increasing sales volume for high-end liquor [2] Group 2 - Current channel inventory for Wuliangye is approximately 30 days, indicating a shift from growth driven by channel stockpiling to growth driven by real consumer demand [3] - The end of the difficult destocking phase suggests that performance will enter a low base recovery phase starting in the second quarter [3] Group 3 - Wuliangye's product structure has evolved to include a core product (Pu Wuliang), two high-end products, two growth drivers (1618/low-alcohol), and a focus on younger consumers, indicating a diversified strategy [6] - The company aims to generate stable cash flow from core products while pursuing growth through a tiered product strategy [6] Group 4 - Factors such as a 14.5 times PE ratio, high dividend commitments, strong operating cash flow, bottomed inventory, and rising prices place Wuliangye in a "low valuation + marginal improvement in fundamentals" observation zone [8] - Wuliangye is characterized as a stable value stock with high barriers, strong cash flow, and high dividends, rather than a high-growth story [9]

Group 1 - The core point of the article highlights the performance of the Basic Fundamental 120 ETF managed by Harvest Fund Management, which opened at 2.504 yuan with a slight increase of 0.08% [1] - The ETF's performance benchmark is the Shenzhen Basic Fundamental 120 Index, and it has achieved a return of 150.22% since its inception on August 1, 2011, with a recent one-month return of 1.30% [1] Group 2 - Major holdings in the ETF include companies such as CATL, which increased by 0.54%, and Midea Group, which decreased by 0.29% [1] - Other notable stock performances include Gree Electric Appliances down by 0.21%, BOE Technology Group unchanged, Ping An Bank unchanged, Luxshare Precision up by 0.22%, Vanke A up by 0.82%, TCL Technology down by 0.21%, Wuliangye down by 0.13%, and Weichai Power up by 1.62% [1]

Core Viewpoint - The Chinese liquor market is experiencing a structural differentiation in retail prices, with the average price of the top ten products showing a slight increase, indicating varied performance across different price segments [1][6]. Price Trends - The total retail price for a package of the top ten liquor products is 9,186 yuan, up by 3 yuan from the previous day [1][6]. - The market shows a mixed trend with five products increasing in price and five decreasing [7]. - Notable price increases include: - Guizhou Moutai's premium liquor, which rose by 24 yuan per bottle, reaching a 30-day high [7]. - Wuliangye's 58th generation increased by 7 yuan per bottle, marking a one-month peak [7]. - Other products like Guojiao 1573 and Shuijing Jianshan Chun saw increases of 4 yuan and 3 yuan per bottle, respectively [7]. - Decreases were observed in products such as Yanghe Dream Blue M6+, which fell by 15 yuan per bottle, and Guqing Gong Gu 20, which decreased by 9 yuan [7]. Market Data Collection - The daily data for liquor prices is sourced from approximately 200 collection points across various regions, including designated distributors, social distributors, e-commerce platforms, and retail outlets [2][8]. - The data aims to provide an objective and traceable representation of the market prices for well-known liquor brands [2][8]. Market Analysis - JPMorgan recently reaffirmed a positive outlook on the Chinese stock market, emphasizing the potential for cyclical and growth stocks to outperform defensive stocks [2][8]. - The report highlights Guizhou Moutai as a key representative of high-end liquor, along with Wuliangye, as preferred investment targets [2][8].

Core Viewpoint - The Chinese liquor market is experiencing a structural differentiation in retail prices, with the average price of the top ten products showing a slight increase, indicating varied performance across different price segments [1][6]. Price Trends - The total retail price for a package of the top ten liquor products is 9,186 yuan, up by 3 yuan from the previous day [1][6]. - The market shows a mixed trend with five products increasing in price and five decreasing [7]. - Notable price increases include: - Guizhou Moutai's premium liquor, up 24 yuan per bottle, reaching a 30-day high due to pre-Spring Festival demand [7]. - Wuliangye's 58th generation, up 7 yuan per bottle, marking a one-month high [7]. - Other increases include 4 yuan for Guojiao 1573 and 3 yuan for Shuijingjiu [7]. - Decreases in price include: - Yanghe Dream Blue M6+, down 15 yuan per bottle [7]. - Guqingong 20, down 9 yuan per bottle [7]. - Other declines include 6 yuan for Qinghualang and 4 yuan for Xijiu Junpin [7]. Market Data Collection - The data for liquor prices is sourced from approximately 200 collection points across various regions, including designated distributors, social distributors, e-commerce platforms, and retail outlets [2][8]. - The pricing data aims to provide an objective and traceable overview of the market [2][8]. Market Analysis - JPMorgan recently reaffirmed a positive outlook on the Chinese stock market, suggesting that the appreciation of the RMB against the USD typically boosts stock returns [2][8]. - The report highlights high-end liquor, particularly Guizhou Moutai and Wuliangye, as key investment areas, alongside other sectors like gold, tourism, and education [2][8].

Core Viewpoint - The trend of pre-Spring Festival dividends among listed companies is on the rise, with a total amount of 348.8 billion yuan, surpassing the previous year's total of 344.6 billion yuan, indicating improved profitability and a stronger shareholder return awareness among companies [1] Group 1: Dividend Trends - A total of 235 listed companies are expected to distribute dividends before the Spring Festival, with the financial and consumer sectors being the main contributors [1] - The banking sector alone accounted for 243.4 billion yuan in dividends, representing nearly 70% of the total, with notable contributions from China Merchants Bank and Industrial Bank [1] - The overall dividend payout timing has advanced, with 2025 December dividends reaching 264.7 billion yuan, 3.7 times that of December 2024, enhancing investor returns [3] Group 2: Corporate Participation - Major companies like Yangtze Power and Luxshare Precision are leading with dividend amounts exceeding 1 billion yuan, with Yangtze Power's payout exceeding 5.1 billion yuan [2] - Small and medium-sized enterprises are also participating actively, focusing on specialized fields, with three companies from the Beijing Stock Exchange distributing a total of 4.45 million yuan [2] Group 3: Policy Influence - The willingness of private enterprises to distribute dividends has doubled, with a total of 61.6 billion yuan, increasing their share from 8% to 18% of the total pre-Spring Festival dividends [3] - Regulatory bodies have been promoting improvements in the dividend system, transitioning from soft constraints to hard requirements, which has encouraged companies to prioritize shareholder returns [3][4]