Investment Rating - The report rates the industry as "Buy" [5] Core Insights - The 2026 Spring Festival consumption exceeded expectations, with service consumption leading the growth, driven by a significant increase in dining and travel demand [2][7] - The report highlights a notable recovery in the travel sector, with an expected total of 9.5 billion people traveling during the Spring Festival, marking a historical high [10][12] - The report emphasizes the importance of quality and experience in consumer spending, with a shift towards premium products and services [7][19] Summary by Sections 1. Spring Festival Consumption Trends - The Spring Festival holiday from February 15 to 23, 2026, saw a "good start" in consumption, with key retail and dining enterprises reporting a 10.6% increase in average daily sales compared to the same period in 2025 [10][22] - The first four days of the holiday recorded an 8.6% increase in average daily sales for key retail and dining enterprises compared to the previous year [10][19] - Government initiatives, including a 20.5 billion yuan fund for consumer subsidies, significantly boosted consumer spending [11][10] 2. Baijiu (Chinese Liquor) Market - The Baijiu market showed signs of improvement, with a narrowing decline compared to previous major holidays, although brand differentiation became more pronounced [27][30] - High-end Baijiu brands like Moutai and Wuliangye continued to lead the market, with a focus on price elasticity and rational consumer behavior [27][30] - The report identifies three key changes in the Baijiu market: increased importance of personal consumption, a more relaxed approach from manufacturers regarding sales targets, and improved channel sentiment [30][31] 3. Snack and Food Market - The snack market is expected to benefit from an extended peak season, with a longer preparation and sales cycle compared to 2025 [33][34] - Offline channels, particularly membership-based supermarkets and discount stores, are performing better than online channels, with significant growth in sales during the holiday period [34][35] - The report notes a diversification in snack offerings, with strong performance in high-quality nut gift boxes and innovative packaging strategies enhancing brand visibility [35][36]

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 ...

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 每经记者｜温梦华 每经编辑｜廖丹 2026年农历春节期间，位于成都城南的1919酒饮生活馆旗舰店照常营业。身着工作服的小金正忙碌地对 照着货单，快速地将顾客需要的酒水包装好，再骑上电动车，马不停蹄地给客户配送上门。 小金今年28岁，在这家1919酒饮生活馆旗舰店已当了三年的送货员。今年是小金在成都度过的第三个春 节。和往年一样，今年的春节，小金依然选择了在店里值班，等春节假期结束后再调休，届时再回宜宾 和家人一起过节。 上述旗舰店的店长欢欢和其他几位店员也选择留下来，在春节期间值守，保证门店用酒、餐饮的正常运 营。 《每日经济新闻》记者走访市场了解到，家庭小酌、朋友小聚、拜访礼赠等即时性需求显著增加。 来自绵阳的欢欢，大学毕业后就留在了成都，一转眼已经十多年。每年春节她基本都留了下来。"我父 母非常理解，因为我还没成家，所以现在以事业为主，想着为将来的生活打一个好的基础。"欢欢说。 巨大的增量之下，各大互联网巨头、酒企也纷纷瞄准白酒即时零售新风口。春节期间，美团、淘宝闪 购、1919等即时零售平台或品牌都打起了"春节不打烊"招牌，抢夺春节消费注意力，满 ...

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22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9247元，较昨日下跌4元。板块轮 动特征明显，市场整体维持良性整理。 今日十大单品价格六跌四涨。上涨端，青花郎强势领涨10元/瓶，实现六连阳；国窖1573紧随其后，上 涨8元/瓶；古井贡古20上涨4元/瓶；五粮液普五八代微涨1元/瓶，供需平衡走势稳健。下跌方面，习酒 君品和青花汾20均下跌7元/瓶，次高端去库存压力犹存，后者近期价格振荡较为剧烈；水晶剑南春下跌 5元/瓶；精品茅台和飞天茅台分别下跌4元/瓶、3元/瓶，节后消费空窗期价格理性回归；洋河梦之蓝 M6+微跌1元/瓶。 【点击进入酒价内参，查看真实酒价】 | 中国知名白酒大单品 | 市场真实成交终端价 | | | --- | --- | --- | | i茅台飞天茅台(2026)售价1499精品茅台售价2299 | | | | 品名/规格 | 今日价格(元) | 较昨日(元) | | 贵州茅台酒(飞天) 53度/500ml | 1768/ ...

Group 1 - The core point of the article is that the recent US Supreme Court ruling on the $175 billion tariff refund has significant implications for both China and the A-share market, despite the refund being an internal US matter [2][6][28] - The $175 billion in tariffs was primarily collected from imports, including a 10% tariff on Chinese goods, and is now being refunded to US importers [8][10] - The refund will indirectly benefit Chinese companies as US importers, who have been financially strained by tariffs, will use the refunded money to pay off debts to Chinese suppliers and resume orders [12][14][28] Group 2 - The immediate impact on the A-share market is expected to be positive, with a potential "opening red" for A-shares as market sentiment improves following the ruling [40][46] - The ruling is seen as a signal that the previous high tariffs on Chinese goods may not be a permanent state, which could lead to a more favorable environment for Chinese exports [20][48] - Structural opportunities in the A-share market are identified, focusing on five main lines: export-oriented sectors, domestic substitution, strategic resources, domestic consumption, and new energy [51][62][88] Group 3 - Export-oriented sectors, particularly those with high exposure to the US market, are expected to benefit directly from the tariff refunds, with companies like Midea Group and Haier expected to see improved performance [52][72][73] - Domestic substitution and self-sufficiency in sectors like semiconductors and military equipment are highlighted as long-term strategic focuses, with companies like SMIC and AVIC Shenyang Aircraft being key players [53][78][86] - Strategic resources such as rare earths and gold are also expected to see price support due to ongoing global supply chain disruptions, benefiting companies like Northern Rare Earth and Shandong Gold [56][87]

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 dynamic market with price fluctuations and trends [1][4]. Price Trends - The average retail price of the top ten Chinese liquor products reached 9,251 yuan on February 21, marking a 20 yuan increase from the previous day and the highest in three months [1][6]. - Among the ten products, six saw price increases, three decreased, and one remained stable. The strongest performer was Qinghua Lang, which rose by 8 yuan per bottle, continuing a five-day upward trend [1][6]. Individual Product Performance - Specific price changes include: - Qinghua Fen 20 increased by 7 yuan to 399 yuan per bottle [2][7]. - Premium Moutai rose by 6 yuan to 2,401 yuan per bottle [2][7]. - Crystal Jian Nan Chun increased by 4 yuan to 417 yuan per bottle [3][8]. - Both Flying Moutai and Yanghe Dream Blue M6+ decreased by 4 yuan to 1,771 yuan and 611 yuan per bottle, respectively [2][7]. - Gujing Gong Gu 20 saw a slight decrease of 1 yuan to 549 yuan per bottle [7]. Market Dynamics - The market is characterized by a rotation of product performance, indicating a stable yet differentiated growth pattern [1][6]. - The introduction of new sales channels for Moutai, with prices set at 1,499 yuan for Flying Moutai and 2,299 yuan for Premium Moutai, has begun to influence market prices significantly [4][9]. Consumer Behavior - A survey conducted regarding Moutai consumption during the New Year revealed that 43.85% of participants reported having Moutai at home this year compared to last year, indicating a positive trend in consumer sentiment towards Moutai [5][9].

今日市场呈现五涨五跌的均衡分化格局。上涨产品方面，青花郎表现抢眼，价格环比上涨8元/瓶，领涨 全场连续第四天上扬；国窖1573价格上涨5元/瓶，重返905元；洋河梦之蓝M6+与精品茅台价格分别上 涨4元/瓶和3元/瓶；古井贡古20价格微涨1元/瓶。下跌产品中，青花汾20回调幅度居前，环比下跌9元/ 瓶，从401元回落至392元；飞天茅台价格下跌3元/瓶，连续三日小幅回落；水晶剑南春价格下跌2元/ 瓶；习酒君品价格微跌1元/瓶；五粮液普五八代价格微跌1元/瓶。高端酒与次高端酒有序轮动，推动总 价再创年内新高。 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20日延 续稳步上扬态势。如果十大单品各取一瓶整体打包售卖，今日总售价为9231元，较昨日上涨5元，再度 刷新2026年以来的最高纪录。市场做多情绪持续发酵，价格中枢稳步抬升。 | | | 中国知名白酒大单品 圈 市场真实成交终端价 | | | --- | --- | --- | --- | | | | i茅台飞天茅台(2026)售价1499精品茅台售价2299 ...

Core Viewpoint - The competition for sponsorship of the 2026 CCTV Spring Festival Gala is intensifying among liquor companies, particularly in the white liquor sector, which has a long-standing partnership with the event due to its alignment with the festive atmosphere and consumer behavior during the Spring Festival [1][5]. Group 1: Sponsorship and Marketing Strategies - CCTV has officially announced four white liquor sponsors for the 2026 Spring Festival Gala, with Wuliangye being the most talked-about due to its prominent presence in the magic performance segment [2][4]. - Wuliangye has been the exclusive interactive partner for the "Heavenly Gifts" segment of the Spring Festival Gala for four consecutive years, distributing 136,000 gifts valued at 100 million yuan during the event [4]. - Yanghe has been the exclusive timekeeping partner for the seventh consecutive year, while Gujinggongjiu and Langjiu also maintain significant sponsorship roles [4][5]. Group 2: Industry Trends and Consumer Behavior - The number of white liquor sponsors for the 2026 Spring Festival Gala has increased by one compared to the previous year, indicating sustained enthusiasm for sponsorship despite economic pressures [5]. - White liquor companies are increasingly focusing on creative and engaging marketing strategies, moving beyond traditional advertising to more integrated product placements in various segments of the gala [5][6]. - Local television stations are also seeing increased collaboration with liquor companies, showcasing a broader marketing strategy that emphasizes regional brand recognition and consumer engagement [5][6]. Group 3: Financial Performance and Market Challenges - The financial outlook for white liquor companies is challenging, with significant profit declines reported by major players such as Yanghe and Kweichow Moutai, indicating a tough market environment [6][8]. - Despite the high costs associated with sponsoring the Spring Festival Gala, companies view it as a strategic investment to maintain brand visibility and consumer engagement during a period of economic downturn [6][10]. - The industry is shifting towards more cost-effective marketing strategies, focusing on key moments and channels that can directly influence sales, rather than relying solely on broad advertising campaigns [10].

Core Viewpoint - The article highlights the deep cultural connection between the Yanghe brand and the Chinese New Year Gala, emphasizing its role as a cultural symbol and a bridge for emotional resonance among Chinese people globally [1][5][10]. Group 1: Brand and Cultural Significance - Yanghe's Dream Blue M6+ has become an emotional anchor for Chinese families during the New Year's Eve, marking its seventh consecutive year as the timekeeper for the Spring Festival Gala [2][4]. - The brand's partnership with the Spring Festival Gala reflects a profound alignment with national sentiments, capturing the essence of family reunion and national pride [5][6]. - Yanghe's commitment to quality and tradition is evident in its use of non-heritage handcraft brewing techniques, which resonate with Chinese consumers' taste preferences [5][6]. Group 2: International Expansion and Cultural Exchange - Yanghe has expanded its brand presence internationally, engaging in cultural exchange activities in countries like Thailand and Singapore, thereby transforming festive emotional resonance into sustainable brand assets [6][8]. - The establishment of overseas cultural exchange centers in various countries has allowed Yanghe to integrate Chinese liquor culture into local communities, enhancing its global brand narrative [8][9]. - Yanghe's participation in high-profile events, such as the APEC summit and international wine expos, has elevated its status as a cultural ambassador for Chinese liquor [9][10]. Group 3: Market Performance and Growth - Despite industry challenges, Yanghe achieved a 23% growth in overseas sales in 2025, positioning itself as a leader in the international market for Chinese liquor [10]. - By the end of 2025, Yanghe's products were available in 86 countries and regions across six continents, establishing it as a benchmark for Chinese liquor exports [10].