◎记者 时娜 上市公司的回购增持热潮持续至2026年。2026年1月4日，东诚药业、世纪华通等上市公司发布回购股份 计划，宁德时代、美的集团、潍柴动力、蓝思科技等多家深市龙头公司也披露了回购进展情况，英派斯 等公司披露增持计划实施情况，以"真金白银"传递信心，夯实公司价值投资基础。此外，多家上市公司 近日宣布向投资者派发"大红包"。 股份回购是上市公司优化股权结构、提升股东回报的重要抓手。2026年伊始，便有深市上市公司发布股 份回购计划。 东诚药业1月4日公告，计划以集中竞价交易方式回购股份，金额不低于1亿元（含），不超过2亿元 （含），用于实施股权激励和/或员工持股计划。回购价格不超过18.00元/股。 2025年以来，深市上市公司积极回应号召、立足自身发展，持续掀起"真金白银"的回购、增持、分红热 潮，多措并举提升投资者回报，为资本市场健康发展注入强劲动力。 上市公司下"红包雨" 据上海证券报记者不完全统计，2025年12月31日至2026年1月4日晚，仅深市就有15家公司披露半年度或 三季度分红实施公告，相关分红将于2026年1月陆续到账。 其中，天赐材料公告，公司2025年前三季度利润分配预案已获2 ...

Investment Rating - The report maintains a positive outlook on the food and beverage industry, particularly on the liquor sector, with a focus on high-quality companies for long-term investment [3][7]. Core Insights - The report emphasizes the importance of domestic demand, which has been highlighted by authoritative media and government officials since mid-December 2025. It notes that the high-end liquor prices have recently declined, indicating a market shift towards finding a balance between volume and price [3][7]. - For 2026, the report anticipates a double-digit decline in sales volume in Q1, with a potential stabilization in Q2 and a turning point in fundamentals by Q3. If the fundamentals recover as expected, a dual boost in valuation and performance is anticipated towards the end of 2026 and into 2027 [3][7]. - The report recommends several key liquor companies, including Luzhou Laojiao, Shanxi Fenjiu, Guizhou Moutai, and Wuliangye, while also suggesting attention to other brands like Yingjia Gongjiu and Jinhuijiu [3][7]. - In the consumer goods sector, the report highlights opportunities in the supply chain related to condiments, frozen foods, and dairy products, recommending companies such as Anjijia, Yili, and Qianhe Flavoring [3][10]. Summary by Sections 1. Food and Beverage Weekly Insights - The food and beverage sector experienced a decline of 2.26% last week, with liquor down 2.79%, underperforming the broader market [6][33]. - The report notes that the liquor sector's performance is closely tied to the upcoming Spring Festival, with expectations of improved market conditions compared to the previous months [11]. 2. Market Performance of Food and Beverage Sectors - The report indicates that the food and beverage industry underperformed the Shenwan A index by 1.95 percentage points, with the liquor sector lagging behind by 2.48 percentage points [33][34]. 3. Key Company Updates - Guizhou Moutai announced a significant adjustment to its online sales strategy, which is expected to have a profound impact on both the company and the industry. The adjustment includes a new product matrix aimed at better consumer engagement and market pricing [8][11]. - The report also mentions that Moutai's product prices have seen a decline, with the retail price for its flagship product dropping to 1490 yuan per bottle, reflecting a broader trend in the high-end liquor market [8][19].

Core Insights - The report emphasizes the need for major liquor companies to focus on supply-demand matching and price-volume balance, especially in light of the weak demand and inventory reduction strategies being adopted by distributors [8][15][16] - The overall investment recommendation for the liquor sector remains "Buy," with a focus on companies that are expected to achieve a dual bottom in valuation and performance [8][9] Group 1: Industry Overview - The 2026 liquor distributor conference highlighted that major liquor companies like Kweichow Moutai and Wuliangye are setting more pragmatic growth targets for 2026, with a general trend of lower revenue growth expectations compared to previous years [8][15] - The report notes that the liquor industry is increasingly emphasizing the importance of core products within various price segments, with clearer distinctions between product price bands [16][19] - Companies are prioritizing the interests of distributors, focusing on price order reinforcement and inventory management, while also exploring new sales models such as consignment and instant retail [16][19] Group 2: Company-Specific Strategies - Kweichow Moutai is focusing on market-oriented reforms to ensure consumers can access its products fairly and quickly, while also maintaining a stable supply of its flagship products [19][20] - Wuliangye aims to achieve high-quality sales through a focus on core products and enhancing brand value, with a strategy that includes performance evaluations and a mechanism for eliminating underperforming distributors [22][23] - Shanxi Fenjiu is pursuing a dual strategy of national expansion and targeting younger consumers, while also enhancing its brand collaboration across its product lines [24][25] Group 3: Market Performance and Valuation - The food and beverage sector experienced a decline of 0.6% in the week of December 29 to January 2, underperforming the CSI 300 index by 1.7 percentage points [31][34] - As of January 2, the food and beverage sector's PE-TTM valuation stands at 21.1X, while the liquor sector's PE-TTM is at 18.3X, indicating a relative valuation of 1.49 and 1.29 times compared to the CSI 300 [47][52] - The report tracks the pricing of key liquor products, noting a decrease in the price of Moutai and an increase in the price of Wuliangye, reflecting market dynamics [53]

Investment Rating - The investment rating for the essential consumer goods sector in China is "Outperform" for multiple companies including Kweichow Moutai, Wuliangye, and Yili [1]. Core Insights - In December 2025, four out of eight monitored essential consumer sectors showed positive growth, while four experienced negative growth. The growing sectors included condiments, frozen foods, soft drinks, and catering services, while the declining sectors comprised mid-to-high-end baijiu, mass-market baijiu, dairy products, and beer. The overall performance indicates a slight improvement in growth rates for most sectors, driven by policy support and changing consumer preferences [27]. Revenue Forecasts - The revenue for mid-to-high-end baijiu in December was 28.4 billion yuan, down 17.0% year-on-year, with a cumulative revenue of 377.6 billion yuan for the year, reflecting a 7.1% decline [28]. - The mass-market baijiu sector generated 25.2 billion yuan in December, a 3.1% year-on-year decline, with a total revenue of 206.1 billion yuan for the year, down 7.9% [29]. - The beer industry reported revenue of 8.2 billion yuan in December, a decrease of 5.7% year-on-year, with a cumulative revenue of 170.5 billion yuan for the year, down 0.3% [30]. - The condiments sector achieved revenue of 41.1 billion yuan in December, up 1.4% year-on-year, with a total of 453.9 billion yuan for the year, reflecting a 1.3% increase [31]. - Dairy products generated 31 billion yuan in December, down 3.4% year-on-year, with a cumulative revenue of 450 billion yuan for the year, down 2.3% [32]. - The frozen food sector's revenue reached 9.57 billion yuan in December, up 4.0% year-on-year, with a total of 106 billion yuan for the year, a 2.3% increase [33]. - The soft drink industry reported revenue of 40.2 billion yuan in December, up 3.6% year-on-year, with a cumulative revenue of 698.5 billion yuan for the year, a 4.1% increase [35]. - The catering sector recorded revenue of 13.9 billion yuan in December, up 0.7% year-on-year, with a total of 174.6 billion yuan for the year, down 0.6% [36]. Subsector Performance - The mid-to-high-end baijiu market showed a pattern of initial growth followed by a downturn, with significant price corrections observed at the end of December [28]. - The mass-market baijiu segment remained resilient, supported by government policies and year-end holiday spending [29]. - Beer consumption faced challenges due to cold weather and seasonal factors, impacting outdoor consumption scenarios [30]. - The condiments sector benefited from promotional activities and a slight recovery in catering demand, although profitability remains under pressure [31]. - Dairy products continued to experience weak demand, with increased discounting observed in retail channels [32]. - The frozen food sector maintained robust consumer demand, with stable growth in customized orders [33]. - The soft drink sector saw a narrowing of discount margins, indicating reduced competition during the off-season [35]. - The catering industry showed signs of stabilization, although mid-to-high-end dining demand remains sluggish [36].

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry, indicating a positive outlook for selected stocks within the sector [5]. Core Insights - The report highlights a structural improvement in consumer spending, particularly in the liquor and mass-market product segments, with a strong recovery in consumption during the New Year holiday [1][2]. - The focus is on the market transformation of Moutai, which aims to enhance its market presence and adapt to consumer demands, while also emphasizing the importance of supply-side improvements and dividend strategies for long-term investments [3]. Summary by Sections Liquor Industry - Moutai has initiated a market-oriented transformation, focusing on a consumer-centric approach and enhancing its product portfolio, including a pyramid structure for product offerings [3]. - The report suggests investing in both supply-side improvements and long-term leaders like Moutai and Wuliangye, with a positive outlook for gradual demand recovery in 2026 [3]. Mass-Market Products - The report notes a robust recovery in consumer spending during the New Year holiday, with significant growth in dining and dairy products, indicating a clear upward trend in both volume and price [1][2]. - Key companies to watch include Yili, Anjuke Foods, and Qingdao Beer, which are expected to benefit from this recovery [1]. Beer and Beverage Sector - The craft beer segment has seen over 100% growth in sales, while fruit-flavored beers have increased by over 70%, reflecting a trend among younger consumers [4]. - New product launches, such as the 1L juice from Uni-President, are positioned to attract consumers with competitive pricing and quality [4]. Consumer Behavior - The report emphasizes the high engagement in experiential consumption during the holiday season, with travel and shopping activities showing significant year-on-year growth [2][7]. - The report also highlights the impact of government-issued consumption vouchers in stimulating retail sales across major cities [7].

| | | | 2025年中国白酒行业A股上市企业市值排行榜 | | | | --- | --- | --- | --- | --- | --- | | 排名 | 证券代码 | 证券简称 | 市值(亿元) | 上市日期 | 所在地区 | | ਹ | 600519. SH | 贵州茅台 | 17246.01 | 2001-08-27 | 贵州省 | | 2 | 000858. SZ | 五粮液 | 4112. 18 | 1998-04-27 | 四川省 | | 3 | 600809. SH | 山西汾酒 | 2094. 68 | 1994-01-06 | 山西省 | | 4 | 000568. SZ | 泸州老窖 | 1710.69 | 1994-05-09 | 四川省 | | 5 | 002304. SZ | 洋河股份 | 915.01 | 2009-11-06 | 江苏省 | | 6 | 000596. SZ | 古井贡酒 | 700. 92 | 1996-09-27 | 安徽省 | | 7 | 603369. SH | 今世缘 | 433. 64 | 2014-07-03 | 江苏省 | | 8 | 60 ...

Core Viewpoint - The launch of iMoutai on January 1, 2026, marks the beginning of Moutai's market-oriented reform and a significant transformation in the Chinese liquor industry, affecting manufacturers, distributors, and consumers alike [2][4][20]. Group 1: Market Reforms and Strategies - Moutai's chairman emphasized a consumer-centric approach to drive market-oriented transformation, while Wuliangye and Fenjiu also announced unprecedented reform measures during their dealer conferences [2][4][6]. - The 2025 dealer conference for Moutai introduced significant changes, including the cancellation of distribution and the establishment of an e-commerce company, which some dealers viewed as revolutionary [4][10]. - Wuliangye shifted its strategy from "co-discussion, co-construction, and sharing" to "consensus, co-construction, and sharing," reflecting the industry's adaptation to new trends [6][20]. Group 2: Consumer Focus and Market Challenges - The liquor industry is facing a challenging environment, with expectations of continued weak consumption in Q4 2025, influenced by a later Spring Festival compared to 2025 [4][20]. - Moutai aims to enhance consumer experience and loyalty by transitioning from selling products to selling lifestyles, focusing on emotional value and consumer rights protection [13][20]. - Fenjiu's strategy emphasizes co-creation with consumers, leveraging cultural and digital support to enhance emotional value [15][20]. Group 3: Channel Management and Inventory Control - All three companies are prioritizing healthy channel development, implementing measures to help distributors manage inventory and meet customer demands, while penalizing non-compliant distributors [10][20]. - Wuliangye terminated partnerships with 55 underperforming distributors, while Fenjiu took extensive actions against non-compliant distributors, including canceling contracts and conducting thousands of investigations [10][20]. Group 4: Product and Marketing Innovations - Moutai is focusing on a pyramid structure for its product lineup, emphasizing flagship products while stimulating demand for cultural and collectible items [20]. - Wuliangye is set to enhance its product strategy with a focus on new consumer demographics, including younger and female consumers, while also expanding into international markets [16][20]. - Fenjiu is developing new products aimed at younger consumers and is actively engaging in KOL/KOC marketing on platforms like Xiaohongshu and Douyin [18][20].

来源：酒业内参 sma 打开新浪财经APP 搜索 酒价内参 Q 新浪财经客户端 Sina Finance Mobile Version 白酒业的重要新闻方面，在元旦假期销售客户数超过十万名之后，茅台旗下数字营销平台"i茅台"于1月 3日宣布了一项关键调整：为迎接春节旺季并满足更广泛消费者的需求，自1月4日至春节前，将每位用 户每日购买53%vol 500ml飞天茅台（2026）的最高限额从12瓶下调至6瓶。此次调整将持续至春节前， 此举旨在通过更均衡的投放，让更多消费者能在节日期间购买到飞天产品。 | 1 1 | | --- | | | 国窖1573 52度/500ml | 896/瓶 | 1元A | | --- | --- | --- | --- | | 1 - 1 | 洋河梦之蓝M6+ | 570/瓶 | 持本 | | | 52度/550ml | | | | | 古井贡古20 | 505/瓶 | -2元▼ | | | 52度/500ml | | | | 2 | 习酒君品 53度/500ml | 662/瓶 | -1元▼ | | | 青花郎 53度/500ml | 698/瓶 | -7元▼ | | | 水晶 ...

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Core Insights - The core viewpoint of the article highlights the ongoing decline in the retail prices of major Chinese liquor brands, with the overall market sentiment remaining cautious as prices continue to slowly decrease [1][4]. Price Trends - The average retail price of the top ten Chinese liquor products on January 4 is reported at 9,078 yuan, down 5 yuan from the previous day, marking a new low for four consecutive trading days [1][4]. - The market shows a mixed performance with five products declining, four increasing, and one remaining stable [1][4]. Price Changes of Specific Products - Notable price increases include: - Wuliangye Pu Wubai: up 7 yuan per bottle [1][4] - Shuijingfang Jianan Chun: up 7 yuan per bottle [1][4] - Qinghua Fen 20: up 1 yuan per bottle [1][4] - Guojiao 1573: up 1 yuan per bottle, achieving four consecutive days of price increases [1][4] - Significant price decreases include: - Premium Moutai: down 7 yuan per bottle [1][4] - Qinghua Lang: down 7 yuan per bottle [1][4] - Feitian Moutai: down 4 yuan per bottle [1][4] - Gujing Gong Gu 20: down 2 yuan per bottle [1][4] - Xijiu Junpin: down 1 yuan per bottle [1][4] Market Data Collection - The data for the "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, aiming to provide objective and traceable market price data [2][5]. Industry News - In a significant industry update, Moutai's digital marketing platform "i Moutai" announced a reduction in the daily purchase limit for the 53% vol 500ml Feitian Moutai from 12 bottles to 6, effective from January 4 until the Spring Festival, to better meet consumer demand during the holiday season [2][5].