Core Viewpoint - The "Wine Price Reference" by Sina Finance has launched, providing real-time data on the retail prices of major Chinese liquor brands, indicating a structurally differentiated price trend in the market as of February 13, 2026 [1][8]. Price Trends - The average retail price of the top ten liquor products is 9,189 yuan, showing a slight increase of 3 yuan from the previous day [1][8]. - Among the top ten products, four saw price increases while six experienced declines, highlighting significant price differentiation [4][10]. Specific Product Price Changes - Guizhou Moutai (Flying Moutai) increased by 32 yuan to 1,790 yuan per bottle, reaching a one-month high due to tight supply and limited availability [4][10]. - Other products with price increases include: - Ancient Well Tribute Wine 20: up 3 yuan to 538 yuan [4][10] - Crystal Jian Nan Chun: up 3 yuan to 406 yuan [4][10] - Qinghua Fen 20: up 1 yuan to 384 yuan [4][10] - Products with price declines include: - Qinghua Lang: down 12 yuan to 698 yuan [4][10] - Boutique Moutai: down 9 yuan to 2,415 yuan [4][10] - Wuliangye Pu 58: down 7 yuan to 808 yuan [4][10] - Guojiao 1573: down 5 yuan to 885 yuan [4][10] - Yanghe Dream Blue M6+: down 2 yuan to 613 yuan [4][10] - Xijiu Junpin: down 1 yuan to 652 yuan [4][10]. Market Analysis - A recent report from招商证券 indicates that the liquor industry is experiencing a double-digit decline in sales leading up to the Spring Festival, which aligns with expectations [6][11]. - Guizhou Moutai is showing strong performance with a significant increase in sales volume and price recovery, while other brands like Luzhou Laojiao and Shanxi Fenjiu are facing varying degrees of decline [6][11]. - The report suggests that the liquor sector may see a recovery in both performance and valuation as cyclical constraints gradually diminish [6][11].

Core Insights - The article highlights the launch of "Wine Price Reference" by Sina Finance, which provides real-time data on the retail prices of major Chinese liquor brands, indicating a structurally differentiated price trend in the market as of February 13, 2026 [1][8]. Price Trends - The average retail price of the top ten liquor products in China is reported at 9,189 yuan, showing a slight increase of 3 yuan from the previous day [1][8]. - Among the top ten products, four saw price increases while six experienced declines, indicating a clear price differentiation [4][10]. Specific Product Price Changes - Notable price changes include: - Guizhou Moutai (Flying Moutai) increased by 32 yuan to 1,790 yuan per bottle, reaching a one-month high due to tight supply and limited availability [4][10]. - Other products that increased include: - Gujing Gongjiu 20: up 3 yuan to 538 yuan [4][10]. - Shuijing Jian Nan Chun: up 3 yuan to 406 yuan [10]. - Qinghua Fen 20: up 1 yuan to 384 yuan [4][10]. - Products that decreased include: - Qinghua Lang: down 12 yuan to 698 yuan, marking a significant drop over three consecutive days [4][10]. - Boutique Moutai: down 9 yuan to 2,415 yuan [4][10]. - Wuliangye and Guojiao 1573: down 7 yuan to 808 yuan and 5 yuan to 885 yuan respectively [4][10]. Market Analysis - The data for "Wine Price Reference" is sourced from approximately 200 collection points across various regions, including designated distributors and major retail platforms, ensuring a comprehensive and objective price tracking [5][11]. - A recent report from招商证券 indicates a double-digit decline in liquor sales leading up to the Spring Festival, with Guizhou Moutai showing strong performance and a price recovery in the range of 1,600 to 1,700 yuan [6][11]. - The report also notes that the proportion of mass consumption has increased to 20%, and a supply-demand imbalance is expected to persist in the first quarter [6][11].

Core Viewpoint - The "Wine Price Reference" by Sina Finance has launched, providing real-time data on the retail prices of major Chinese liquor brands, indicating a structurally differentiated price trend in the market as of February 13, 2026, with a slight overall increase in prices [1][8]. Price Trends - The average retail price of the top ten liquor products is 9,189 yuan, reflecting a minor increase of 3 yuan from the previous day [1][8]. - Among the top ten products, four saw price increases while six experienced declines, showcasing significant price differentiation [4][10]. Specific Product Price Changes - Notable price increases include: - Guizhou Moutai (Flying Moutai) rose by 32 yuan to 1,790 yuan per bottle, reaching a one-month high due to tight supply and limited availability [4][10]. - Ancient Well Tribute Wine and Crystal Jian Nan Chun both increased by 3 yuan, while Qinghua Fen 20 saw a slight rise of 1 yuan [4][10]. - Price declines were observed in: - Qinghua Lang dropped by 12 yuan, marking a significant three-day decline [4][10]. - Boutique Moutai decreased by 9 yuan, following a peak price in the previous 30 days [4][10]. - Other declines included Wuliangye and Guojiao 1573, which fell by 7 yuan and 5 yuan respectively, while Yanghe Dream Blue M6+ and Xijiu Junpin decreased by 2 yuan and 1 yuan [4][10]. Market Analysis - The data for "Wine Price Reference" is sourced from approximately 200 collection points across various regions, including designated distributors and major retail platforms, aiming to provide an objective and traceable market price reference [5][11]. - A recent report from招商证券 indicates a double-digit decline in liquor sales leading up to the Spring Festival, with Guizhou Moutai showing strong performance and a price rebound in the 1,600 to 1,700 yuan range, while other brands like Luzhou Laojiao and Shanxi Fenjiu experienced varying degrees of sales decline [6][11].

Core Viewpoint - The food and beverage sector is experiencing a downturn, with the Huabao Food and Beverage ETF (515710) declining by 1.19% as of the close on February 12, 2026, reflecting weak performance in key stocks like liquor and consumer goods [1][8]. Group 1: Market Performance - The Huabao Food and Beverage ETF opened weakly and continued to fluctuate at low levels, closing down 1.19% [1][8]. - Key stocks in the sector, including Jinhe Industrial, Gujing Gongjiu, and Wuliangye, saw declines of over 2%, while major brands like Kweichow Moutai and Yanghe also fell by more than 1% [1][8]. Group 2: Liquor Pricing Trends - The price of Feitian Moutai has been rising, with the latest reported prices on February 12, 2026, showing the original box price at 1,700 yuan and the loose bottle price at 1,660 yuan [3][10]. - The liquor industry is showing a divergence in performance, with demand concentrating on leading brands, particularly Kweichow Moutai, which is benefiting from marketing reforms and strong customer engagement through the iMoutai app [3][10]. Group 3: Industry Outlook - Analysts predict that the liquor channel has reached a bottom, with expectations for a rebound post-Spring Festival, marking a favorable time for annual investment [4][11]. - The industry is currently at a low valuation, with the Huabao ETF's price-to-earnings ratio at 20.58, placing it in the 9.2% percentile of the last decade, indicating a potential opportunity for long-term investment [3][11]. Group 4: Investment Strategy - The Huabao Food and Beverage ETF is recommended for investors, with approximately 60% of its portfolio allocated to leading high-end and mid-range liquor brands, and nearly 40% to other segments like beverages and dairy [5][11]. - The ETF provides a way for investors to access core assets in the food and beverage sector, with a focus on companies with strong performance and dividend potential [4][11].

Group 1 - The "Great Beauty of Spring - 2026 Art Spring Festival Symphony Concert" was held at the National Convention Center, marking the beginning of a new year for China's cultural and artistic community [1][2] - The event, known as the "Spring Festival Gala" of the Chinese art world, has been held annually since 2013 and has attracted over a thousand artists from both domestic and international backgrounds [2][3] - The concert featured a variety of performances, including orchestral music, piano, violin, ballet, and vocal singing, creating a memorable auditory and visual feast [2][3] Group 2 - The event showcased several large-scale artworks, including the collective creation of three large paintings that celebrated the beauty of the motherland, and the grand piece "Ode to Peace," reflecting the theme of harmony and beauty [2][3] - The collaboration between Wuliangye and the "Great Beauty of Spring" event has evolved into a deep cultural integration, promoting the brand's spirit of craftsmanship and cultural depth within the art community [4][6] - Wuliangye has actively engaged in cultural activities, including organizing artists to create calligraphy and Spring Festival couplets at its production site, fostering a connection between artists and frontline workers [5][6] Group 3 - The partnership between Wuliangye and the "Great Beauty of Spring" event exemplifies the integration of a leading Chinese enterprise with a top cultural platform, enhancing cultural confidence and innovation [6] - Wuliangye has been involved in various cultural initiatives, including sponsoring major events and creating cultural IPs, which contribute to the innovative development of traditional Chinese culture [6]

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 ...

Core Viewpoint - The high-end liquor market is experiencing a significant recovery ahead of the 2026 Spring Festival, with leading brands like Moutai and Wuliangye showing strong sales performance and price increases, supported by a rebound in demand for business banquets and holiday gifting [2][3]. Group 1: Market Performance - Wuliangye has demonstrated a notable improvement in sales due to precise supply chain management and innovative marketing strategies, achieving high-quality growth since the New Year [2][3]. - The overall inventory levels in the liquor industry remain high, but Wuliangye's proactive measures have led to a healthier channel status, with inventory around one month [4][6]. - The core product, the eighth generation of Wuliangye, has seen significant growth compared to the same period last year, indicating strong market demand [4][5]. Group 2: Strategic Initiatives - Wuliangye's marketing strategy for 2026 focuses on "innovative marketing while maintaining core values," aiming to enhance efficiency and empower the terminal market [3][6]. - The company has implemented a "bottle opening scan" initiative to connect with consumers digitally, significantly increasing daily bottle opening rates and enhancing consumer engagement [5][6]. - Wuliangye has also targeted the younger demographic with new product launches and collaborations with popular cultural icons, achieving over 200 million yuan in sales for its new low-alcohol product [5][6]. Group 3: Industry Outlook - The liquor sector is in a "bottoming out" phase, with expectations of a valuation recovery post-Spring Festival as consumer demand begins to rise [6]. - Wuliangye's effective channel management and consumer-focused strategies are likely to enhance its market share during the festive season, while its strong brand positioning in the high-end market offers substantial growth potential [6].

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]