吃喝板块今日（12月9日）继续深度回调，反映吃喝板块整体走势的食品ETF（515710）开盘后持续走 弱，截至发稿，场内价格跌1.35%。 成份股方面，白酒跌幅居前。截至发稿，泸州老窖、古井贡酒双双大跌超3%，五粮液、今世缘跌超 2%，贵州茅台、山西汾酒等多股跌超1%。 | | 分时 多日 1分 5分 15分 30分 · | | | | | F9 盘前盘后 盈加 九转 画线 工具 @ 2 > | | | SHETF O | | 515710 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.601 | | | 515710[食品ETF] 13:57 价 0.585 熟跌 -0.000(-1.35%) 均价 0.589 成交量 727 | | | | 1,3596 | E | 0.585 | | -0.008 -1.35% | | 0.597 | | | | | | | 0.6796 | | SSE CNY 13-57-59 D BLUM | | 通用7.4 | | | | | | | | | | | ...

Core Viewpoint - Guizhou Province is implementing measures to promote the sales of liquor, particularly focusing on supporting union members in purchasing liquor and enhancing export strategies for the liquor industry [1][2] Group 1: Policy Measures - The draft policy includes support for union organizations to facilitate discounted liquor purchases for their members [1] - It emphasizes the acceleration of liquor exports by developing supportive policies and cultivating a tier of export enterprises [1] - The strategy aims to leverage international friendships and resources to expand overseas sales channels, particularly targeting Chinese communities abroad [1] Group 2: Market Outlook - Guojin Securities indicates that the current sales cycle is stabilizing, with performance pressures easing and sales feedback showing continuous improvement [1] - The firm believes that the market is shifting to a longer-term perspective on the liquor sector's bottom value, with short-term negative impacts from price declines becoming less significant [1] Group 3: Investment Recommendations - The institution recommends investing in high-end liquor brands with strong brand power and deep moats, such as Kweichow Moutai and Wuliangye, as well as Shanxi Fenjiu, which is benefiting from upward channel momentum [2] - It also suggests considering cyclical stocks with potential catalysts, including national brands like Gujing Gongjiu and Luzhou Laojiao, and innovative companies with new products and channels like Zhenjiu Lidu and Shede Liquor [2]

跳出单一产品价格波动，五粮液乃至整个白酒行业的未来，正系于能否彻底告别对"提价-囤货"旧路径的依赖，真正完成发展模式的转型。五粮液集团近年 跨界投资航空、新能源等领域，虽意在多元化布局，但白酒主业的根基仍在于市场的健康度。 表面上看，这是五粮液面对渠道压力的战术性妥协。从"涨价潮"到"暗流涌动"的降价，仅仅过去一年。2024年，五粮液刚将第八代出厂价从969元提至1019 元，与茅台等头部酒企的步伐一致，意图巩固高端形象与利润空间。然而，市场并未如愿买账。正如行业数据所揭示的，当前白酒消费正转向理性，中高端 市场受礼品与商务消费收缩冲击明显，导致渠道库存高企，市场价格严重"倒挂"——即实际成交价长期低于出厂价。五粮液前三季度营收与净利润近十年来 的首次双双负增长，便是最直接的注脚。 此次通过补贴变相降价，首要目的无疑是"泄洪"，缓解经销商沉重的资金与库存压力，正如分析师所指出的，将资源导向真实消费环节。这更像是一次被市 场倒逼的"急救"，而非主动的战略进攻。 然而，更深层次观察，五粮液的让步绝非孤例，而是行业逻辑生变的必然结果。回顾上一次类似降价，还是在2014年的行业深度调整期。十年一个轮回，但 此番境况已 ...

12月8日，A股三大指数高开高走，但依旧"带不动"白酒板块。 数据显示，截至当日收盘，酿酒行业资金净流出18.8亿元，白酒指数（803017）低开后拉高，但很快回落，午后不断走低，收盘跌1%。 行业寒冬下，五粮液率先给出应对之策，让利经销商。近日，市场有消息称，明年五粮液将调整核心单品52度第八代五粮液的价格，在1019元/瓶的出厂价 基础上给予折扣，经销商开票直降119元，为900元/瓶。 记者试图向五粮液方面确认，但后者未给予正面回复。不过有媒体在报道中提到，第八代五粮液开票价格降至900元/瓶，加上各种费用、返利后，预计价格 可能到800多元/瓶。 吴典 摄 这是五粮液十年来首次下调产品价格，上一次宣布降价还是在2014年。 东吴证券在近期的一则研报中指出，考虑高端需求复苏进程相对缓和，且公司加大去库出清力度，五粮液中长期利润中枢有望较当前值实现一定修复。 他指出，此举有助于缓解经销商的资金压力，引导企业资源更聚焦于真实的消费环节，推动行业从过去依赖"渠道压货"的模式向"消费者价值驱动"的健康方 向转型，"作为行业风向标，五粮液的行动可能促使其他面临类似压力的酒企优化自身渠道政策，共同挤压价格泡沫"。 ...

数据显示，截至当日收盘，酿酒行业资金净流出18.8亿元，白酒指数（803017）低开后拉高，但很快回落，午后不断走低，收盘跌1%。 他指出，此举有助于缓解经销商的资金压力，引导企业资源更聚焦于真实的消费环节，推动行业从过去依赖"渠道压货"的模式向"消费者价值驱动"的健康 方向转型，"作为行业风向标，五粮液的行动可能促使其他面临类似压力的酒企优化自身渠道政策，共同挤压价格泡沫"。 行业寒冬下，五粮液率先给出应对之策，让利经销商。近日，市场有消息称，明年五粮液将调整核心单品52度第八代五粮液的价格，在1019元/瓶的出厂 价基础上给予折扣，经销商开票直降119元，为900元/瓶。 记者试图向五粮液方面确认，但后者未给予正面回复。不过有媒体在报道中提到，第八代五粮液开票价格降至900元/瓶，加上各种费用、返利后，预计价 格可能到800多元/瓶。 吴典摄 这是五粮液十年来首次下调产品价格，上一次宣布降价还是在2014年。 公开信息显示，彼时五粮液宣布核心产品52度水晶瓶五粮液出厂价由729元/瓶调整为609元/瓶，团购价659元/瓶，零售指导价由1109元/瓶降为729元/瓶。 在白酒行业分析师蔡学飞看来，五粮液此次 ...

哈喽，大家好，小圆最近被酒圈一条消息炸懵了，号称"浓香之王"的五粮液，居然低头降价了，要知 道，这可是它自2014年以来，整整十年间的首次实质性降价，消息一出来，就像往平静的湖面扔了颗深 水炸弹，整个行业都震动了。 可能有朋友会说，大品牌不都爱硬撑着体面吗？五粮液怎么突然服软了？官方回应说只是加大渠道支 持，但明眼人都能看出来，这背后藏着的是现实的压力，今天咱们就好好聊聊，熬了十年的五粮液，到 底为啥突然选择降价低头。 明补暗降 先得说清楚五粮液这次到底是怎么"降"的，这操作确实挺有讲究，按照官方说法，从2026年开始，第八 代普五的经销商打款价还是1019元/瓶，没动过，但关键在于，厂家会给每瓶119元的打款折扣，算下来 经销商实际开票价就降到了900元/瓶，降幅差不多11.7%。 要是再叠加其他费用支持和返利，经销商实际拿货成本甚至能低到800多元/瓶，面对媒体追问，五粮液 说得很委婉："不是降价，是加大渠道支持力度。"这话听着是维护品牌体面，毕竟千元价格带是高端白 酒的"脸面"，直接降价太伤牌面。 2025年的白酒圈，最尴尬的词莫过于"价格倒挂"，简单说就是经销商进货价比市场售价还高，卖得越多 亏得越多 ...

2025年12月5日，一则消息在白酒圈炸开：五粮液将从2026年起对核心产品第八代五粮液实施"变相官降"。 在维持1019元/瓶打款价不变的基础上，经销商可获得119元/瓶的折扣，实际开票价降至900元/瓶。 若叠加厂家补贴，最终拿货成本甚至能压到800多元区间。这是五粮液自2014年以来首次主动下调价格体系， 距离上一次官方降价已整整十年。 五粮液官方随后回应称"出厂价未调整"，强调这只是渠道支持政策的落地。但多位行业人士直言，对于经销商 而言，这就是实打实的降价。一场围绕行业标杆产品的价格风暴，正撕开白酒市场繁荣表象下的裂痕。 压力直接传导至业绩端。2025年三季报显示，五粮液前三季度营收609.45亿元，同比下降10.26%；净利润 215.11亿元，同比下降13.72%，这是公司自2015年以来首次出现营收、净利润双降。 第三季度数据更为惨烈：营收暴跌52.66%至81.74亿元，净利润下滑65.62%至20.19亿元，单季营收被山西汾酒 反超，利润落后于泸州老窖和汾酒，行业排名跌至第四。 根据市场流传的细则，五粮液此次价格调整并未触碰1019元/瓶的"打款价"（即出厂价），而是通过折扣直接 降低"开 ...

Core Insights - The Chinese liquor industry is undergoing a profound transformation driven by generational shifts in consumption, with a focus on engaging younger consumers through "youth-oriented" strategies [1][2][3] Group 1: Industry Trends - The rise of the younger consumer demographic, particularly those born between 1985 and 1994, is reshaping the consumption structure of the liquor market, prompting companies to explore niche markets [2][3] - The China Alcoholic Drinks Association predicts that the low-alcohol market will exceed 740 billion yuan by 2025, with a compound annual growth rate of 25% [3][4] Group 2: Product Innovation - Many liquor companies are adopting "low-alcohol" products as a key strategy to attract younger consumers, with 62% of consumers under 35 perceiving traditional liquor as "spicy and stimulating" [4][5] - Major brands like Wuliangye and Moutai are launching low-alcohol products, such as Wuliangye's 29-degree liquor, which achieved over 100 million yuan in sales within two months of launch [4][5][6] Group 3: Marketing Strategies - Digital marketing is becoming a crucial avenue for liquor brands to connect with younger consumers, with social media being the primary channel for 49.57% of consumers to learn about liquor [7][8] - Innovative marketing campaigns, such as short dramas and interactive social media challenges, are being employed to engage younger audiences and redefine drinking culture [8][9] Group 4: Cultural Engagement - Companies are recognizing the importance of emotional connections and cultural resonance with younger consumers, moving beyond just product innovation to include storytelling and brand heritage in their marketing [7][10] - The shift towards a more interactive and consumer-driven marketing approach is evident, as brands encourage user-generated content and new drinking methods [8][9]

"酒价内参"的每日数据源自全国各个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、主流电商平台和零售网点等，原始取样数据为过去24个小时中各点位经手的真实成 交终端零售价格，确保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。 今日市场结构性分化显著，核心高端酒品走势不一。上涨产品中，国窖1573价格环比上涨10元/瓶，涨 幅领先。贵州茅台飞天价格环比回升9元/瓶，展现出较强韧性。洋河梦之蓝M6+价格上涨8元/瓶。青花 郎与水晶剑南春价格则与昨日持平。下跌产品中，古井贡古20价格下跌12元/瓶，调整幅度较大。精品 茅台价格回落5元/瓶。习酒君品与五粮液普五八代价格均下跌4元/瓶。青花汾20价格微跌2元/瓶。 来源：酒业内参 新浪财经"酒价内参"在过去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周二呈现企 稳整理态势。如果十大单品各取一瓶整体打包售卖，今日总售价为9160元，与昨日持平，市场在连续回 调后初现止跌迹象。 【点击进入酒价内参，查看真实酒价】 【点击进入酒价内参，查看真实酒价】 白酒业的重要新闻方面，"酒价内参"的姊妹栏目酒 ...

Core Insights - The core viewpoint of the article is that the Chinese liquor market, particularly for well-known baijiu brands, is showing signs of stabilization after a period of decline, with the average retail price of the top ten products remaining steady at 9,160 yuan [1][6]. Market Price Trends - The average retail price of the top ten baijiu products has stabilized, with a total price of 9,160 yuan, unchanged from the previous day, indicating a potential halt in the market's downward trend [1][6]. - Notable price movements include: - Guojiao 1573 increased by 10 yuan per bottle, leading the price rise [1][7]. - Moutai Feitian rose by 9 yuan per bottle, demonstrating resilience [1][7]. - Yanghe Dream Blue M6+ saw an increase of 8 yuan per bottle [1][7]. - In contrast, Gujing Gong 20 dropped by 12 yuan per bottle, indicating a significant adjustment [1][7]. - Moutai's boutique variant fell by 5 yuan per bottle, while Wuliangye and Xijiu both decreased by 4 yuan per bottle [1][7]. Brand Strategy and Market Positioning - The launch of the 29° Wuliangye "First Love" product, endorsed by singer G.E.M., represents a strategic move towards brand rejuvenation and targeting younger consumers [2][8]. - This product aims to cater to the "self-reward" and "quality socializing" trends among young consumers, aligning with their preferences for indulgence and stress relief [2][8].