白酒巨头们明面上是酒厂，背地里早就成了金融巨头。这都不算啥？热衷投资的白酒大佬更是紧追投资圈，茅台五粮液最近几年盯上了新能 源、合成生物、AI、芯片这样的风口产业。 继贵阳银行、贵州银行、贵州凤岗村农商行之后，茅台集团又入股了一家新的银行——贵州农商银行： 只涨不跌"金融酒"的神话难以为继，就干真的金融吧。 从此，贵州也成为继浙江、山西、四川、广西、江西、江苏等地之后，全国第7个获批组建省级农商联合银行的省份。 事实上，白酒巨头们明面上是酒厂，背地里早就成了金融巨头，五粮液有宜宾商业银行有金融集团，茅台有贵州银行有白酒交易所，泸州老窖也有泸州银 行。 这都不算啥？热衷投资的白酒大佬更是紧追投资圈，茅台五粮液组建了投资基金，早年投了机场、运输、包材、食品等传统行业，最近几年盯上了新能 源、合成生物、AI、芯片这样的风口产业。 来吧，跟八妹一起来深扒一下，白酒大佬这些年都投资了啥？ 1.白酒巨头背地里是"银行大鳄" 12月15日，国家金融监督管理总局贵州监管局正式批复同意贵州农村商业联合银行股份有限公司开业。 批复信息显示，贵州农商联合银行注册资本达104.58亿元。主要股东有4家，分别为贵州省财政厅、贵州金融控 ...

编者按 2025年，中国酒水行业在挑战与机遇中持续变革。渠道库存高企、终端动销乏力等长期问题尚未缓解， 政策、消费与场景的多重变化推动行业步入深度调整。 与此同时，新机遇不断显现：年轻化趋势助推产品创新，低度酒、果露酒、气泡黄酒等成为连接Z世代 的重要载体；渠道去库存催生变革，即时零售、打酒铺等新模式助力动销提升；国内增长放缓，促使酒 企加快出海步伐，白酒正从商品出口迈向文化输出，积极拓展全球布局。 在此背景下，今年酒行业涌现出哪些重要趋势、变化与现象？南都湾财社-酒水新消费指数课题组对此 进行总结与盘点。 当29度的五粮液在两个月内销售额突破1亿元，当泸州老窖宣布28度的国窖1573研发成功，当古井贡酒 推出"轻度古20"切入微醺场景——2025年的中国白酒行业，正以前所未有的集体姿态，涌向"低度化"这 条赛道。这一年里，低度白酒正从边缘尝试走向主流竞争赛道。 层出不穷的低度白酒新品，以及各大酒企的低度化转型，既是消费代际更迭下的必然选择，也是行业在 库存高企、增长放缓背景中的主动突围。然而，降低酒精度真的能叩开年轻消费者的心门吗？在这场关 乎行业未来的"降度"实验中，白酒企业面临的远不止口感调整这般简单。 ...

天风证券表示，酒企双节价格仍坚挺，持续坚定推荐白酒板块。白酒板块中秋终端动销逐渐开始。面对 中秋销售旺季，茅台五粮液等龙头酒企积极备货，大部分酒企本周中秋促销力度加大，三季度部分酒企 已经完成回款任务。预计龙头酒企在中秋国庆达到去年同期水平，高端酒未来或将向奢侈品方向发展。 东北证券也有类似观点，该机构表示，白酒继续中秋备货，高端酒市场需求紧俏，近日茅台批价继续上 涨至2860元，五粮液批价保持在960元左右。由于餐饮和宴席消费的恢复，中档酒和次高端酒有望在中 秋期间迎来一轮较明显的补偿性消费。当前板块估值虽然高于历史中枢，但对应行业格局优化，集中度 提升具备其合理性，长期来看，产业向好、强者恒强趋势不改，无惧调整，建议优配茅五泸汾，加配古 井贡酒、今世缘、洋河股份。(吴珊) 9月22日白酒板块逆市上涨，截至10：00，贵州茅台涨幅居前超过1%，其他涨幅在1%以上的白酒股还 有水井坊、山西汾酒等。 ...

Core Viewpoint - The current liquor industry, particularly the baijiu sector, is undergoing a deep adjustment period, which presents both challenges and opportunities for companies like Wuliangye [1]. Group 1: Market Research and Strategy - Wuliangye Group's Chairman, Zeng Congqin, led a market research initiative in cities such as Hanzhong, Xi'an, Yinchuan, and Lanzhou [1]. - The company aims to scientifically balance five key relationships: "short-term and long-term," "supply and demand," "existing and incremental," "co-construction and sharing," and "development and safety" [1]. Group 2: Collaboration and Support - Wuliangye emphasizes the importance of working closely with distributors to create a shared destiny and mutual success [1]. - The company is committed to optimizing policies and enhancing service capabilities to ensure that core products maintain a balance between volume and price [1]. Group 3: Focus on Distributor Returns - Wuliangye is dedicated to ensuring that distributors receive reasonable returns, aiming to foster a harmonious and symbiotic relationship within the industry [1].

| | | 17月64日至17月20日分同版仔33391 | | | | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 收盘价(元) | 评级券商数量 | 行化 | | 002600 | 领益智造 | 15.40 | 4 | 消费电子 | | 601088 | 中国神华 | 40.07 | 4 | 煤炭开采 | | 600694 | 大商股份 | 18.39 | 3 | 一般零售 | | 002050 | 三花智控 | 47.30 | 3 | 家电零部件 | | 000858 | 五粮液 | 109.78 | 3 | 白酒 | | 688041 | 海光信息 | 217.60 | 3 | 半导体 | | 000528 | 柳工 | 12.61 | 2 | 工程机械 | | 603766 | 降露通用 | 15.88 | 2 | 摩托车及其他 | | 603505 | 金石资源 | 19.18 | 2 | 化学制品 | | 601168 | 西部矿业 | 27.47 | 2 | 工业金属 | | | | 日期：12月22日至12月28日，南财投研通×南财快讯制图 | ...

证券研究报告 | 行业定期报告 2025 年 12 月 29 日 茅台定调投放量总体稳定，食品加大顺周期布局 食品饮料行业周报（12.28） 消费品/食品饮料 本周茅台经销商大会召开，26 年投放量定调总体平稳，减少高附加值产品投入 量，从以产定销到以销定产、分销取消。老窖在临时股东会上表示，国窖价格 管控将继续克制，26Q1 可能是行业重点调整窗口，公司将延续理性。我们预 计茅台 26 年量增落在持平-小个位数区间，叠加新兴渠道挖潜激发大众购酒需 求，供需关系相比 25 年有望显著改善。大众品板块加大顺周期板块布局。乳 制品随着供给有序去化+深加工需求逐步释放，明年奶价拐点确定性提升，牧 场之后看好 26 年龙头乳企在业绩修复+股息支撑的估值中枢抬升。仙乐 BF 个 护业务剥离在即，26 年业绩低基数下弹性高、建议结合季度节奏布局。 ❑ 核心公司跟踪：茅台定调投放量总体稳定，国窖价格管控克制。 贵州茅台：定调投放量总体稳定，26 年以销定产。茅台全国经销商联谊 会在贵阳召开，公司指出 25 年存在产品动销循环不畅、渠道转型动能不 足、"市场化"转型配套支撑不足三大问题，为此 26 年公司 1）维护量 价动态 ...

Core Insights - The core viewpoint of the article is that the Chinese liquor market, particularly the top ten liquor products, has shown signs of price recovery after a brief decline, with an overall increase in retail prices observed on Monday [1][6]. Price Trends - The average retail price of the top ten liquor products has stabilized and rebounded, with a total price of 9,210 yuan for a bundled sale of one bottle from each product, reflecting an increase of 23 yuan from the previous day [1][6]. - The market is experiencing a general upward trend, with most brands seeing price increases. Notably, Yanghe Dream Blue M6+ saw a significant rebound of 12 yuan per bottle, leading the market [1][7]. - Other notable price increases include: - Qinghua Lang up 7 yuan per bottle, marking its eighth consecutive day of price increases [1][7]. - Wuliangye Pu 58th generation up 5 yuan per bottle [1][7]. - Qinghua Fen 20 up 4 yuan per bottle [1][7]. - Guizhou Moutai premium up 3 yuan per bottle [1][7]. - Gujing Gong 20 and Shuijing Jian Nan Chun each up 1 yuan per bottle [1][7]. - Conversely, some products have seen price declines, including: - Xijiu Junpin down 6 yuan per bottle, continuing a three-day downward trend [1][7]. - Guojiao 1573 down 4 yuan per bottle [1][7]. - Feitian Moutai down 3 yuan per bottle [1][7]. Data Collection Methodology - The daily data for "Liquor Price Reference" is sourced from approximately 200 collection points across various regions, including designated distributors, social distributors, mainstream e-commerce platforms, and retail outlets, ensuring a comprehensive and objective representation of the market [2][7]. Industry Developments - On December 28, Guizhou Moutai held a national distributor conference, where the new management team emphasized respect and openness towards distributors and outlined a development strategy for 2026 [2][7]. - Moutai acknowledged its shortcomings in marketization and consumer reach while asserting the broad market potential for Moutai liquor [2][7]. - The core plan for the upcoming year includes preventing price speculation, promoting market-driven pricing, and establishing a pyramid product system centered around the 500ml Feitian Moutai as the main product [2][7]. - Moutai aims to enhance online and offline integration, encouraging compliant distributors to expand online business while focusing on consumer-centric marketing transformation [2][7]. - The chairman, Chen Hua, redefined the relationship with distributors, promising not to let them incur losses while urging a shift from passive to proactive consumer service [2][7].

对话白酒专家 20251228 摘要 白酒行业周期尚未见底，价格和供给均未充分调整，茅台价格虽有下降 但未触底，预计调整可能延续至 2026 年下半年或更晚，外部经济环境 和政策因素将影响复苏进程。 降价策略对白酒销售的长期效果不明确，茅台 1,935 和五粮液 1,618 通 过降价换取销量增长，但洋河 M3 等品牌效果不明显，降价刺激短期需 求，长期效果有待观察。 茅台面临价格体系难以维持的问题，飞天产品价格下跌，经销商面临亏 损风险，减量是稳定价格的有效方法，但面临任务增长压力，未来发展 预期并不乐观。 五粮液面临批发价格倒挂和渠道体系问题，数字化改革是关键，但受组 织结构限制，改革难度较大，若能借助当前契机进行有效改革，有望改 善发展。 泸州老窖对市场形势判断冷静深刻，坚持品牌战略，拒绝降价提议，即 使短期内可能损失部分销量，但从长远来看，有助于巩固品牌地位和市 场份额。 Q&A 请简要介绍一下当前白酒行业的整体情况及其未来展望。 目前，白酒行业正处于调整周期的下行阶段。四季度以来，市场总需求依然较 弱，这与整体消费指数密切相关。11 月和 12 月的需求表现尤其疲软。尽管一 些企业在进行长期规划和调 ...

Core Viewpoint - The article discusses the transformation of the "Harmony and Beauty" culture into practical business practices, highlighting the strategic direction and initiatives of Wuliangye Group during the 29th Consensus Building and Sharing Conference on December 18 [2][4]. Group 1: Strategic Initiatives - Wuliangye has positioned 2026 as the "Year of Marketing Integrity and Innovation," focusing on enhancing brand value while implementing a dual-target strategy to improve market share and sales performance [6]. - The company introduced a series of measures to reshape traditional cooperation models, emphasizing a dual-track support system for partners that combines incentives with support [7][8]. - Wuliangye's proactive measures during market downturns, such as slowing down shipment rates and lowering payment requirements, reflect a commitment to long-term channel health over short-term performance [10]. Group 2: Cultural Integration - The conference activities, including a sacrificial ceremony and a cultural night, reinforced the cultural identity and heritage of Wuliangye, showcasing its commitment to blending traditional values with modern business practices [13][15]. - Wuliangye aims to create a "fate community" with its partners, transcending mere commercial contracts to foster emotional and cultural connections [17][19]. Group 3: Market Positioning - The company is transitioning from a product supplier to a platform provider, focusing on deep strategic collaboration with distributors to enhance their operational capabilities and market presence [22][24]. - Wuliangye's initiatives aim to establish a win-win ecosystem involving brands, distributors, and consumers, ensuring a stable and trustworthy market environment [26]. Group 4: Industry Leadership - Wuliangye's "Harmony and Beauty" paradigm extends beyond its operations, aiming to lead the entire liquor industry towards high-quality development and sustainable practices [28][30]. - The company is actively involved in setting industry standards and promoting the protection and inheritance of cultural heritage within the sector [32][33].

Investment Rating - The report maintains a positive outlook on the food and beverage industry, particularly in the cyclical direction, emphasizing the importance of domestic demand and consumption [1][7]. Core Views - The report highlights the recent emphasis from authoritative media and high-level officials on the importance of domestic demand, which is crucial for the industry [7]. - Despite a recent pullback in the high-end liquor sector, the report anticipates a recovery in sales and pricing balance in the upcoming quarters, with expectations of a double-digit decline in sales year-on-year for Q1 2026, followed by stabilization in Q2 and a potential turning point in Q3 [7][8]. - The report suggests that high-quality liquor companies are currently in a strategic allocation phase, with recommendations for specific brands such as Luzhou Laojiao, Shanxi Fenjiu, Guizhou Moutai, and Wuliangye [7][8]. - For the consumer goods sector, the report identifies systemic opportunities, with a focus on CPI as a core observation indicator, predicting gradual improvement in food CPI throughout the year [7][10]. Summary by Sections Food and Beverage Weekly Insights - The food and beverage sector experienced a decline of 0.56% last week, with the liquor segment down by 0.20%, underperforming the broader market [6]. - The report notes that the top gainers included Anji Food (+29.65%) and Xichuan Food (+9%), while the biggest losers were Huanlejia (-16.35%) and Zhuangyuan Pasture (-13.19%) [6]. Liquor Sector - Moutai's bottle price is reported at 1550 RMB, with a week-on-week increase of 5 RMB, while the box price is 1560 RMB, also up by 5 RMB. Wuliangye's price remains stable at approximately 780 RMB, and Guojiao 1573 has decreased by 10 RMB to around 820 RMB [8][33]. - The Moutai dealer conference emphasized a market-oriented transformation, focusing on consumer-centric strategies and adjusting product offerings to stabilize market dynamics [8]. Consumer Goods Sector - The report recommends focusing on the restaurant supply chain, particularly in condiments and frozen foods, with specific recommendations for companies like Anji Food, Qianhe Flavor, and Tianwei Food [10]. - The dairy sector is expected to see an improved supply-demand balance in 2026, with recommendations for Yili and New Dairy [10]. Valuation Metrics - As of December 26, the food and beverage sector has a dynamic PE of 20.02x, with a premium rate of 21%, while the liquor sector has a dynamic PE of 18.50x, with a premium rate of 12% [34].