国泰海通｜食饮：茅台动销批价上行，零食迎接备货行情

Group 1: Core Views - The liquor sector is experiencing increased sales and rising prices, particularly for Moutai, driven by multiple factors including real estate policies and liquidity [2] - The upcoming Spring Festival is expected to boost demand for snacks and dairy products, creating investment opportunities in these sectors [3] Group 2: Liquor Sector Insights - The liquor market is seeing a significant rise in Moutai prices, with the price of its products exceeding 1700 yuan recently, indicating a strong demand for gifting and consumption [2] - Short-term expectations suggest that the peak sales period will begin in February, with potential stabilization of prices if demand for core products continues [2] - Mid-term outlook indicates that the industry will undergo inventory reduction and recovery, with brands like Moutai and Wuliangye expected to maintain resilience through pricing strategies [2] Group 3: Consumer Goods Sector Insights - The demand for snacks and dairy products is anticipated to peak in January 2026 due to favorable logistics and low base effects from the previous year [3] - The allocation of equity funds in the food and beverage sector has decreased slightly, while there is an increase in allocation towards snack and dairy segments [3]