贵州茅台市场化运营方案正式出炉！2026年白酒周期能否见底？

Core Viewpoint - Guizhou Moutai has approved the "2026 Guizhou Moutai Liquor Market Operation Plan," which includes four key reforms: product system, operation model, channel layout, and pricing mechanism [1] Group 1: Reforms Overview - The pricing mechanism emphasizes a market-oriented approach, establishing a dynamic adjustment mechanism for retail prices that is "responsive to market conditions and relatively stable" [1] - The current retail prices for the self-operated system have been implemented in iMoutai and self-operated stores [1] Group 2: Industry Insights - According to Huachuang Securities, the white liquor industry has experienced a persistent supply-demand mismatch over the past few years, with a significant imbalance expected in 2025 due to damaged consumption scenarios [1] - The team predicts that the white liquor cycle will accelerate its bottoming process in 2026, focusing on two key indicators: cash flow of channels and liquor companies, and the stabilization of core product prices, particularly for Feitian Moutai [1] Group 3: Market Position - Guizhou Moutai is a component stock of the CSI segmented food index, representing over 15% of the holdings in the food and beverage ETF as of January 13 [1]