| S | 洋河梦之蓝M6+ 52度/550ml | 570/瓶 | 持不 | | --- | --- | --- | --- | | | 古井贡古20 52度/500ml | 505/瓶 | -2元 | | 2 | 习酒君品 53度/500ml | 662/瓶 | -1元 | | 我 | 青花郎 53度/500ml | 698/瓶 | -7元 | | | 水晶剑南春 52度/500ml | 388/瓶 | 7元 | 数据来源:全国各大区合理分布的约200个采集点,包括但不限于 酒企指定经销商、社会经销商、主流电商平台和零售网点等 原始数据:过去24个小时中各点位经手的真实成交终端零售价 sina 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 新浪财经"酒价内参"过去24小时中收集的数据显示，中国白酒市场十大单品的终端零售均价在1月4日延续 弱势整理，整体价格继续小幅下行。如果十大单品各取一瓶整体打包售卖，今日总售价为9078元，较昨日 回落5元，连续第四个交易日创下近期新低。市场整体情绪依然谨慎，价格中枢在低位持续且缓慢下移。 今日市场格局分 ...

Core Insights - The Chinese liquor industry is entering an adjustment phase in 2025, facing challenges such as the "ban on alcohol," rising inventory pressure, and declining profits, yet opportunities for growth are emerging through innovation and market expansion [2][4]. Policy Impact - A strict "ban on alcohol" policy was introduced, prohibiting public officials from consuming alcohol during workdays and even at home gatherings, with severe penalties for violations [2][4]. - This policy aims to curb corruption and address public health concerns related to alcohol consumption [4]. Digital Transformation - Leading liquor companies are advancing their digital transformation from isolated upgrades to comprehensive collaborative development, with initiatives like the first "lighthouse factory" by Luzhou Laojiao and 5G-connected factories by Shede [5]. - The Ministry of Industry and Information Technology has released guidelines for digital transformation in the liquor industry, with companies actively contributing to industry mapping [5]. ESG Practices - ESG efforts among listed liquor companies have shifted from compliance to value creation, with companies like Zhenjiu Li Du setting ambitious carbon neutrality goals and achieving high water recycling rates [7]. - Companies are integrating ESG principles into performance assessments and utilizing blockchain for product traceability [7]. Market Dynamics - The liquor market is experiencing severe inventory issues, with major companies implementing supply control measures and channel reforms to reshape pricing structures [8][10]. - In the first three quarters of 2025, liquor exports reached $704 million, a 5.3% increase year-on-year, indicating a growing international market [8][10]. Young Consumer Trends - The younger generation is increasingly favoring low-alcohol and flavored beverages, with participation rates among Gen Z rising from 66% in 2023 to 73% in 2025 [12]. - Major companies are launching low-alcohol products to cater to this demographic, with Wuliangye and Luzhou Laojiao leading the way [12]. Personnel Changes - The liquor industry is undergoing significant personnel changes, with over 20 companies experiencing nearly 30 key position shifts, indicating a trend towards younger management [14][16]. - The new management is expected to focus on refined operations and innovation to navigate industry pressures [16]. Financial Performance - In the first nine months of 2025, only two companies, Kweichow Moutai and Shanxi Fenjiu, reported positive net profit growth, while the average profit of 20 liquor companies fell by 39.2% [18]. - The average inventory turnover days for these companies surged to 1456.29 days, marking a significant increase from the previous year [18]. Health-Oriented Products - The health-oriented liquor market is gaining traction, with sales of functional products like Jinjian's red label liquor increasing by 50% in the first half of the year [20]. - However, the market faces challenges such as product homogeneity and compliance risks, with a projected market size exceeding 58 billion yuan [22]. Price Fluctuations - Moutai's price fell below the official guidance price of 1499 yuan per bottle in December 2025, raising concerns about future price trends [22]. - Following a price drop, Moutai's wholesale prices rebounded due to supply control measures and increased market demand during the peak season [24].

MACD金叉信号形成，这些股涨势不错！ 责任编辑：公司观察 2025年，江苏省A股上市公司市值增量为24249亿元，较年初市值增长37.01%。 其中，各家头部企业的市值增量较为均匀，药明康德、天孚通信、东山精密、恒瑞医药、恒立液压分别 贡献了1115亿元、1072亿元、1052亿元、1026亿元、766亿元的市值增量，占江苏省市值总增量的 4.60%、4.42%、4.34%、4.23%、3.16%，合计20.75%。 江苏省市值缩量最为严重的企业为洋河股份、国电南瑞、宁沪高速、今世缘、长电科技，但其市值降幅 均未超过350亿元。 ...

Core Viewpoint - The Chinese liquor market is experiencing a significant price adjustment, with the average retail price of the top ten liquor products dropping sharply at the end of the year, indicating a clear intention to recover funds before the holiday season [1]. Price Trends - The total retail price for a package of the top ten liquor products is 9141 yuan, down 61 yuan from the previous day, marking a new low for the week [1]. - The overall price of nine major liquor products has decreased by 1.7% from the baseline date of November 10, with a total price of 6743 yuan compared to 6860 yuan [1]. - Since the introduction of the premium Moutai on November 18, the average retail price of the top ten products has decreased by 0.9%, from 9226 yuan to 9141 yuan [1]. Individual Product Performance - Among the products, the premium Moutai is the only one that has seen a price increase during the monitoring period, while Qinghua Lang and Gujing Gonggu 20 are the top gainers [1]. - The market is currently characterized by a broad decline in prices, with only Wuliangye's Pu Wu 8th generation showing a rebound, increasing by 20 yuan per bottle [2]. - Other notable price declines include Qinghua Lang down 18 yuan, Xijiu Junpin down 16 yuan, and Guojiao 1573 down 13 yuan [2][6]. Strategic Adjustments by Moutai - Moutai announced plans to adjust its product matrix by 2026, introducing six major series, including classic, premium, zodiac, aged, cultural, and low-alcohol products [3]. - The introduction of the 53% vol 500ml flying Moutai on the "i Moutai" platform will be a first, aiming to balance supply and demand while preventing speculation [3]. - Moutai emphasizes the importance of using the "i Moutai" platform to enhance the channel ecosystem and stabilize the market for its major products [3].

Core Viewpoint - The "Wine Price Reference" by Sina Finance has reported a significant decline in the retail prices of major Chinese liquor products, indicating a market adjustment as year-end sales aim to recover funds [1][7]. Group 1: Market Price Trends - The average retail price of the top ten liquor products dropped to 9141 yuan, a decrease of 61 yuan from the previous day, marking a new low for the week [1][7]. - The overall price of nine major liquor products, using November 10 as a base date, fell by 1.7% from 6860 yuan to 6743 yuan [1][7]. - Since the introduction of the premium Moutai on November 18, the average price of the top ten products has decreased by 0.9% from 9226 yuan to 9141 yuan [1][7]. Group 2: Individual Product Performance - Among the products, only the Wuliangye 58th generation saw a price increase of 20 yuan per bottle, recovering to normal levels after a previous drop [2][8]. - The Qinghua Lang experienced the largest price drop, decreasing by 18 yuan per bottle, followed by Xijiu Junpin down 16 yuan, and Qinghua Fen 20 down 15 yuan [2][8]. - The premium Moutai's price fell by 9 yuan per bottle, while the Flying Moutai decreased by 4 yuan [2][8]. Group 3: Industry Developments - On December 30, the "i Moutai" platform announced plans to adjust the product matrix for Moutai in 2026, introducing six major series including classic, premium, zodiac, aged, cultural, and low-alcohol products [2][8]. - The 53% vol 500ml Flying Moutai will debut on the "i Moutai" platform, which aims to balance product supply and demand while preventing speculation [2][8].

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the essential consumer goods sector, including Guizhou Moutai, Wuliangye, Luzhou Laojiao, and others, indicating a positive outlook for these stocks [1]. Core Insights - Wholesale prices of Baijiu have mostly stabilized, with specific brands showing varied price changes. For instance, the price of Feitian Moutai (case) is 1600 yuan, down by 50 yuan from last month, while the price of Wuliangye has increased by 20 yuan to 820 yuan [3][38]. - Discounts on liquid milk have significantly increased, while discounts on seasoning and soft drink products have narrowed compared to the end of November. The average discount rate for seasonings rose from 85.9% to 87.1%, and for soft drinks from 85.6% to 86.7% [5][17][35]. Summary by Sections Baijiu Pricing - The report details the wholesale prices of key Baijiu brands, noting that Feitian Moutai's prices have decreased by 640 yuan year-to-date compared to the previous year. Other brands like Wuliangye and Luzhou Laojiao have also shown price stability or slight increases [9][38]. Discount Trends - Discounts on liquid milk products have widened, with the average discount rate dropping from 66.0% to 62.8%. In contrast, discounts on convenience foods have decreased from 95.8% to 94.8% [19][21][36]. - The report highlights that infant formula and beer products have maintained stable discount rates, with slight changes observed [18][35]. Company Ratings - The report lists several companies rated as "Outperform," including Guizhou Moutai, Wuliangye, and others, indicating strong expected performance relative to the market [1].

从个股来看，贵州茅台收盘价达1389.72元/股，下跌0.88%；五粮液收盘价达107.36元/股，下跌0.65%； 山西汾酒收盘价达173.05元/股，下跌1.11%；泸州老窖收盘价达117.85元/股，上涨0.55%；洋河股份收 盘价达61.19元/股，下跌0.46%。 北京商报讯12月30日尾盘，沪指收盘3965.12点。白酒板块2173.07点收盘下跌0.51%，其中17只白酒股 下跌，贵州茅台1389.72元/股收盘。 国盛证券在其研报中指出，龙头积极优化供给，动销静待元春修复。2025年行业充分释放风险，2026年 有望迎来"供给先行、需求渐进"双改善，短期展望元春行业动销环比修复，中长期有望迎来逐步改善。 （文章来源：北京商报） ...

"这款鸡尾酒颜值高、味道好，适合聚餐时和朋友一起饮用。"12月29日，盒马北京旧宫万科广场店内，"00后"消 费者张琪琪（化名）和好友一起为元旦出游采购酒水。 事实上，不止盒马，北京各大商超在元旦节前已经铺设了促销专区。其中，兼具饮料风味和微醺体验的新酒饮被 摆在显眼位置，吸引不少年轻消费者前来选购。 近年来，低度酒品类迅速占领年轻消费市场，实现显著增长。根据天猫新品创新中心（TMIC）与凯度联合发布的 《低度潮饮趋势报告》，我国低度酒市场规模已从2020年的200亿元跃升至2024年的超570亿元。放眼全球，2023 年低度酒市场规模已达6341.7亿元，预计到2025年有望突破7400亿元。 伴随市场快速扩容，低度酒赛道不断涌入新品牌与新产品。在这场面向年轻人的口味与消费偏好竞争中，究竟哪 些品牌能够最终胜出？ 接连入局的新玩家 早在上世纪七八十年代，名酒企曾一度尝试推出30多度甚至20多度白酒，然而未形成低度化趋势。不过，当时华 南的果味啤酒"菠萝啤"却跑了出来，成为低度酒创新先锋。时至今日，菠萝啤依然是中国低度酒的重要品类。 之前，酒桌文化常与商务宴请、社交应酬绑定，"感情深，一口闷"的豪饮方式曾是主 ...

新浪财经"酒价内参"过去24小时中收集的数据显示，中国 白酒 市场十大单品的终端零售均价周二呈高 位盘整态势，整体价格小幅回调。如果十大单品各取一瓶整体打包售卖，今日总售价为9202元，较昨日 回落8元。市场在经历12月中下旬大幅波动后，似乎将以平稳姿态收官年末。 今日市场表现分化涨跌互现，多个酒品涨跌幅度较大，但个票大涨跌整体小输赢，市场在年末时点呈现 典型的资金与情绪博弈特征。上涨产品中，习酒君品价格环比上涨12元/瓶，领涨市场，此前君品经历 了三连跌。 贵州茅台 精品价格延续强势，环比上涨9元/瓶，实现三连阳，站上2400元/瓶大关。国窖 1573价格上涨7元/瓶，表现稳健。青花汾20价格上涨6元/瓶。洋河梦之蓝M6+价格小涨4元/瓶。下跌产 品方面， 五粮液 普五八代价格回调明显，跌幅达到21元/瓶，险守800元/瓶关口，昨日市场出现两笔低 于该价位的大量卖单。青花郎价格下跌13元/瓶，之前青花郎连续八天上涨，累计涨幅达45元/瓶。古井 贡古20价格下跌5元/瓶。飞天茅台与水晶剑南春价格分别下跌4元/瓶和3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 ...

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小时中收集的数据显示，中国白酒市场十大单品的终端零售均价周二呈高位 盘整态势，整体价格小幅回调。如果十大单品各取一瓶整体打包售卖，今日总售价为9202元，较昨日回 落8元。市场在经历12月中下旬大幅波动后，似乎将以平稳姿态收官年末。 "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、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，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。 【点击进入酒价内参，查看真实酒价】 白酒行业的市场动态方面，据佳酿网报道，郎酒日前在南京召开的"中国郎伙伴计划"大会，宣布江苏是 其最高等级的"战略型发展市场"，未来三年将进行"饱和攻击"，誓要打造一个全新的江苏市场。洋河虽 然一直把江苏市场视为"大本营"，但近些年其影响力在减弱，市场萎缩态势明显。郎酒此举大举"入 侵"，大有对洋河形成"兵临城下" 之势。如今，川酒、黔酒、徽酒与洋河们角逐江苏市场，恰好印证了 这 ...