Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - During the Spring Festival, national catering and retail consumption showed steady growth, with holiday consumption potential continuing to be released. According to the Ministry of Commerce, the average daily sales of key retail and catering enterprises during the first four days of the Spring Festival in 2026 increased by 8.6% compared to the same period in 2025 [5][19] - The performance of Moutai and Wuliangye, as well as some mid-to-low-end price segments, exceeded expectations, while the overall performance of Fenjiu remained stable [15][19] Summary by Relevant Sections 1. Weekly Viewpoints - Moutai and mid-to-low-end liquor sales during the Spring Festival showed growth, while sub-premium liquor continued to face pressure. Moutai's repayment progress slightly exceeded the same period last year, and Wuliangye's repayment progress remained stable [15][6] - The mid-to-low-end liquor segment is expected to achieve double-digit growth during the Spring Festival, while high-end liquor sales are under pressure [15][6] 2. Industry Performance - The food and beverage sector experienced a decline, with the Shenwan Food and Beverage Industry Index (801120.SL) dropping by 2.51% during the week of February 9 to February 14, ranking 29th among 30 Shenwan primary industries [20] - All sub-sectors within the food and beverage industry saw declines, with meat products, health products, and baked goods experiencing relatively smaller drops [20] 3. Key Company Announcements - Luzhou Laojiao announced that the number of restricted stock units eligible for release is 1,962,814 shares, accounting for 0.1333% of the company's total share capital [29] - Miaokelan Duo signed a memorandum with SADAFCO to explore the market for children's cheese snacks in Saudi Arabia [29] 4. Important Industry News - The Ministry of Commerce announced anti-subsidy measures for EU companies, with rates ranging from 7.4% to 11.7%, effective from February 13, 2026 [31] - Kangshifu launched a new product, Kangshifu Ice Red Tea Energy, entering the energy drink market [31] 5. Industry Chain Data Tracking - As of February 10, 2026, wheat prices were 2,510.8 RMB/ton, up 6.45% year-on-year, while pork prices were 18.08 RMB/kg, down 11.63% year-on-year [34][36]

新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 新浪财经"酒价内参"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在2月24日呈 分化调整态势。如果十大单品各取一瓶整体打包售卖，今日总售价为9258元，较昨日下降2元。整体价 格在多日高位运行后出现轻微调整，市场仍以单品间分化波动表现为主。 今日十大单品六涨四跌。上涨产品中，精品茅台涨幅居前，环比上涨8元/瓶，重上2400元关口，部分终 端补货需求回升，对价格形成支撑；习酒君品上涨4元/瓶；国窖1573上涨3元/瓶；五粮液普五八代、青 花汾20及水晶剑南春均小幅上涨1元/瓶。下跌产品中，洋河梦之蓝M6+回落10元/瓶，调整幅度靠前且 已四连阴；飞天茅台与古井贡古20均下调4元/瓶，渠道报价出现小幅松动；青花郎小幅回落2元/瓶。 "酒价内参"的每日数据源自全国各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、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，力求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。 随着元旦官方i茅台平台开始出售 ...

证券研究报告·行业跟踪周报·食品饮料 食品饮料行业跟踪周报 从"历史经典产业"到"传统优势民生产业" ， 新五年酿酒产业提质发展 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2026 年 02 月 22 日 证券分析师 苏铖 执业证书：S0600524120010 such@dwzq.com.cn 证券分析师 孙瑜 执业证书：S0600523120002 suny@dwzq.com.cn 行业走势 -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 20% 2025/2/24 2025/6/22 2025/10/18 2026/2/13 食品饮料 沪深300 2026-02-10 东吴证券研究所 1 / 9 请务必阅读正文之后的免责声明部分 ◼ 从"历史经典"到"优势民生"产业，再度定调酿酒产业重要地位，鼓 励高质量发展。继 2025 年 10 月工信部发布《关于推动历史经典产业高 质量发展的指导意见（2026—2030 年）（征求意见稿）》，近期工信部、 人社部、市场监管总局再度印发《酿酒产业提质升级指导意见（2026— 2030 年）》，明确定调 ...

今日热点导览 TOP 3 大新闻 三亚飞北上广深机票逼近万元，官方出手 2月23日，春节假期进入尾声。海南三大机场将迎来整个春运期间客流峰值日，预计运送旅客将突破 23.2万人次。记者查询 多家在线旅游平台发现，2月22日至23日期间，从三亚飞往北京、上海等核心城 市的直飞航班经济舱几乎全部售罄，仅剩的公务舱票价普遍逼近万元大关。 与此同时，三亚至广州的直飞航班在23日已显示"售罄"；旅客只能选择耗时更久、价格仍高达近万元的 中转方案。深圳航线也不例外，2月22日、23日三亚飞往深圳的直飞机票全部售罄，一直到24号才有直 飞深圳的航班，售价仍超8000元。 面对"天价机票"，航司方面也给出了回应。根据"海口发布"消息，海南航空工作人员表示，春运期间机 票价格受市场供需关系影响出现波动，属于正常现象。所有国内航班经济舱票价均严格按备案价格体系 执行。"我们通过内部系统实时监控票价波动，确保春运期间票价处于合理区间。"另据新华社消息，中 国民航局已批复多个批次航班增加计划，在海口增加超110架次航班，精准执飞上海、北京、成都等热 门目的地。（智通财经、新华社） 史上最贵iPhone要来了，苹果首发折叠屏定价或冲2 ...

分析人士认为，加大现金分红是上市公司提升质量的重要体现，有利于增强投资者获得感，有利于构建长期稳定 的市场生态。 19家银行节前分红2627亿 分红，特别是现金分红，是投资者投资股票市场收益的重要来源。为强化投资者回报，越来越多的上市公司积极 响应监管号召，在春节前派发大"红包"。 2月12日，A股公司达仁堂发布了2025年季度权益分派实施公告，将每股派发现金红利2.45元，共计派发现金红利 18.87亿元。现金红利发放日即为2月12日。根据此前披露的分红预案，公司拟每10股派发红利24.5元（含税），合 计派发现金红利18.87亿元，占公司2025年前三季度归母净利润的87.67%。 水电巨头长江电力也在2月12日完成红利发放，每股派发现金红利0.21元（含税），共计派发现金红利51.38亿元。 一些公司赶在节前，完成红利发放。2月12日，长江电力（600900.SH）、达仁堂（600329.SH）分别派发红利 51.38亿元、18.87亿元。 还有一些公司在节前宣布分红预案。2月10日，陕国投A（000563.SZ）发布2025年度利润分配预案，预计全年将 合计分红4.6亿元。 长江商报消息 ●长江商报记 ...

证券日报网讯2月23日，五粮液（000858）在互动平台回答投资者提问时表示，截至2月10日，公司股东 户数为60余万户。 ...

Investment Rating - The report maintains a positive outlook on the liquor industry, particularly on high-end brands, indicating a strategic buy recommendation for major players like Guizhou Moutai, Luzhou Laojiao, Shanxi Fenjiu, and Wuliangye [3][7]. Core Insights - The overall sales volume for the liquor industry during the 2026 Spring Festival is expected to decline by 10%-20% year-on-year, which is slightly better than market expectations prior to the festival [3][6]. - A significant characteristic of the 2026 Spring Festival sales is the increasing differentiation and concentration among top brands, with high-end liquor performing exceptionally well. Moutai is projected to see a sales increase of over 30% year-on-year, while Wuliangye is expected to grow by 5%-10% [3][6]. - The industry is entering a notable destocking phase, with inventory levels for first-tier brands significantly lower than the same period last year [3][6]. - Prices for first-tier brands are stabilizing, with Moutai's price currently above 1700 yuan, expected to stabilize above 1600 yuan post-festival [3][6]. Summary by Sections Brand Performance - High-end liquor brands are outperforming expectations, with Moutai showing the best performance. Wuliangye is leveraging price adjustments to increase volume, while Guojiao 1573 is maintaining price stability [8][6]. - Moutai's sales are expected to grow by over 30%, with inventory levels at distributors being nearly zero [8][6]. - Wuliangye's sales are projected to increase by 5%-10%, with inventory levels at distributors around 10%-15% lower than last year [8][6]. - Guojiao 1573 is expected to see a sales decline of 15%-20%, while its low-end variant remains stable [8][6]. Regional Feedback - Feedback from various regions indicates a mixed performance, with high-end brands like Moutai and Wuliangye showing resilience, while mid-tier and local brands face challenges [19][21]. - In North China, overall sales are down by about 15%, with high-end brands benefiting from increased consumer interest [12][21]. - In Jiangsu, the overall sales volume is expected to decline by 10%-15%, with Moutai maintaining stable performance [19][21]. Future Outlook - The report anticipates that the second half of 2026 will see a turning point for top brands in terms of sales and financial performance, with a potential dual boost in valuation and earnings by the end of the year [7][3]. - The industry trend is shifting towards consolidation, with larger companies absorbing smaller ones, leading to inevitable differentiation among listed companies [7][3].

然而， 近年来白酒巨头却频频跨界新能源。 从 茅台出资百亿设立新能源基金，到 五粮液密集布局光伏、储能、氢能，再到 习酒与中国石油共 建"白酒+能源"供应链平台，头部酒企的动作已经超出了单纯的技术改造范畴，而是试图在 被动脱碳的 转型中，找出一条 主动增长的第二曲线。 白酒，真卖不动了 对于白酒企业而言，跨界新能源属于 内外兼修。 数据显示，2025年，全国白酒产量 连续第八年产量下滑，前10月产量降幅高达 11.5%。 从内部看，酒企面临 政策与市场的双重压力。新修订的《党政机关厉行节约反对浪费条例》规定 "公务 接待不上酒"。曾经的主要消费市场正在收缩，倒逼白酒企业寻找新的增长点。 在传统认知中， 白酒与新能源，一个承载着古老的酿造智慧，一个代表着未来的能源革命，二者似乎 相隔遥远。 那么，白酒企业这些在年轻人眼中 "老登"的代名词，如何丝滑接入新能源？ 就像 把大象装冰箱，拢共分三步：第一步，解决自身痛点；第二步，开辟增长曲线，做产业投资；第 三步，生态构建，定义行业未来。 最务实的就是第一步。 赋能主业，打造绿色工厂，直接解决了酒厂高耗能的痛点。2025年， 五粮液酿 酒生产用电已全部采用绿电，并投资 ...

五粮液2月23日在互动平台表示，公司近五年累计分红已超768亿元，2024年度分红率提升至70%。 ...

Core Insights - The article discusses the recent trends in the Chinese liquor market, particularly focusing on the retail prices of the top ten liquor products, which showed a mixed performance with six products declining and four increasing in price [1][6]. Price Trends - The overall retail price for a package of the top ten liquor products is 9,247 yuan, a decrease of 4 yuan from the previous day [1][6]. - Among the price increases, Qinghua Lang rose by 10 yuan per bottle, marking its sixth consecutive increase; Guojiao 1573 followed with an 8 yuan increase; and Gujing Gong 20 increased by 4 yuan [1][6]. - On the downside, Xijiu Junpin and Qinghua Fen 20 both dropped by 7 yuan per bottle, indicating ongoing inventory pressure in the mid-range segment; other declines included Shujin Jianan Chun down by 5 yuan, and both Jingpin Moutai and Feitian Moutai down by 4 yuan and 3 yuan respectively [1][6]. Market Dynamics - The data for the "Liquor Price Reference" is sourced from approximately 200 collection points across various regions, including designated distributors, social distributors, e-commerce platforms, and retail outlets, aiming to provide an objective and traceable market price [4][9]. - The introduction of new sales channels for Moutai products has begun to influence their market prices, with Feitian Moutai priced at 1,499 yuan and Jingpin Moutai at 2,299 yuan [4][9]. Industry Trends - A report published on the 21st highlighted seven core development trends in the liquor industry, including price polarization, the rise of mass consumption as a market stabilizer, and the emergence of new retail formats [4][9]. - The report also noted that the price range of 100-300 yuan is becoming a market necessity, and that traditional liquor stores are undergoing significant transformations [4][9].