天风证券在其研报中指出，本轮白酒板块已经调整约5年，行业目前的估值和机构仓位已经处于历史低 位。在目前股市背景下，股价有可能领先于基本面见底。天风证券认为，目前板块或处于基本面出清的 最后阶段，茅台批价企稳是边际改善的积极信号，板块估值修复或领先于业绩修复。 北京商报讯（记者 刘一博 冯若男）2月9日尾盘，沪指4123.09点上涨1.41%。白酒板块2306.55点收盘上 涨0.95% ，其中14只白酒股上涨，贵州茅台1524.96元/股收盘。 从个股来看，贵州茅台收盘价达1524.96元/股，上涨0.66%；五粮液收盘价达107.36元/股，上涨0.34%； 山西汾酒收盘价174.70元/股，下跌0.23%；泸州老窖收盘价达121.29元/股，下跌1.25%；洋河股份收盘 价达55.66元/股，上涨0.76%。 ...

近日，宿迁市产业集聚发展基金与宿迁市智能制造战新产业（300832）母基金在中国证券投资基 金业协会成功完成备案，标志着两支总规模达65亿元的市级产业母基金正式进入投资运作阶段。 此次完成备案的两支基金具体情况如下： 一、宿迁市产业集聚发展基金规模为50亿元，存续期15年。该基金由市产发集团联合县（区）国 有资本发起设立，旨在围绕宿迁"619"产业体系，形成投资合力，推动重大产业项目落地。 二、宿迁市智能制造战新产业母基金规模为15亿元，存续期同为15年。该基金由市产发集团联合 洋河股份（002304）及市交通集团、市水务集团、市文旅集团共同发起。基金将重点投向机器 人、人工智能、智能装备、数据产业和低空产业等智能制造领域，为打造长三角数智制造新基地提 供资本支持。 下一步，市产发集团将充分发挥母基金的撬动效应，广泛吸引各类资本聚集，加速构建全生命周期 基金矩阵，聚力打造区域长期资本高地，为宿迁现代化产业体系建设与经济高质量发展注入新动 能。 来源：宿迁产发集团 每日｜荐读 热文： 谁押中了沐曦股份？ 荐读： 2025募资市场年度观察：一年聊过239家LP的真实感受 荐读： 2025年IPO退出盘点：哪些GP ...

Group 1 - The upcoming Spring Festival is a crucial marketing period for the liquor industry, with a long holiday expected to boost consumption opportunities [1] - The CCTV Spring Festival Gala has announced four major liquor sponsors: Wuliangye, Yanghe, Gujinggong, and Langjiu, with each having a significant presence in the event [1][2] - There are expectations of additional liquor brands participating in the Spring Festival Gala, despite a perceived reduction in sponsorship compared to previous years [1] Group 2 - In recent years, the Spring Festival Gala has typically featured a core group of four liquor sponsors, with additional brands appearing in various capacities [2][3] - The number of liquor brands participating in the Spring Festival Gala has varied, with a peak of nine brands in 2024, indicating a trend of increasing brand involvement [4] - Some liquor companies are shifting their focus to local television programs to strengthen brand presence in their key markets, while still maintaining participation in major events like the CCTV Spring Festival Gala [5] Group 3 - Various liquor brands are exploring partnerships with social media platforms to enhance engagement and marketing reach during the Spring Festival [8] - Companies like Xijiu are entering into direct sales partnerships with platforms like Meituan to facilitate quicker delivery and boost sales [9] Group 4 - New product launches are occurring, such as the introduction of a low-alcohol liquor by Shui Jing Fang, which has seen significant pre-sale success [10] - The UMEET blueberry sparkling wine from Moutai has achieved impressive sales figures on its launch day, indicating strong market interest [11] - Luzhou Laojiao aims to enhance its market position and is targeting a top-three industry ranking, reflecting competitive ambitions within the sector [12] Group 5 - Chongqing Beer reported growth in revenue, profit, and sales volume for 2025, indicating a recovery and positive trend in the beer market [14]

Group 1 - The traditional peak season for liquor sales around the Spring Festival has been delayed by nearly one month this year, with significant promotional efforts from companies to help distributors clear inventory [2] - Sales activity for the Spring Festival began noticeably later, around mid-January, compared to previous years, indicating a more rational purchasing behavior from corporate and family consumers [2] - Despite expectations for a small sales peak before the Spring Festival, surpassing last year's sales figures appears challenging due to overall market conditions [2] Group 2 - 2025 is projected to be a particularly difficult year for the liquor industry, with significant declines in performance for listed companies starting in the third quarter [3] - Major liquor brands are increasing promotional activities and channel support, with various campaigns offering cash prizes and incentives to attract consumers [3] - The focus of these promotions is primarily on C-end consumers, aiming to enhance actual consumption and reduce inventory pressure through strategies like "open bottle" promotions [4] Group 3 - The market is experiencing a polarization effect, with high-end brands like Moutai and Wuliangye maintaining stable inventory levels, while many mid-tier and regional brands face cautious stocking and ongoing inventory pressure [4]

Core Viewpoint - The traditional peak season for liquor sales around the Spring Festival has been delayed by nearly one month this year, leading to increased promotional efforts by companies to help distributors clear inventory [3][4]. Group 1: Market Trends - The peak sales period for liquor this year began in early February, compared to previous years when it typically started around New Year's [3]. - Many distributors reported a double-digit decline in overall sales volume since January 2026, with significant market and brand differentiation emerging [4]. - The overall sales performance during the Spring Festival is expected to be challenging, with difficulty in surpassing last year's figures [3]. Group 2: Promotional Strategies - Liquor companies have intensified promotional activities, such as offering cash red envelopes and lottery draws, to stimulate consumer purchases [4][5]. - Major brands like Fenjiu and Guojiao 1573 have launched specific promotional campaigns aimed at increasing consumer engagement and actual sales [4]. - The focus of these promotions is to enhance the "opening bottle" strategy, encouraging consumers to consume more [5]. Group 3: Inventory and Distribution - There is a notable disparity in inventory levels, with top brands like Moutai and Wuliangye maintaining stable inventory and distribution, while many mid-tier and regional brands face cautious stocking and ongoing inventory pressure [5]. - The shift in strategy among leading liquor companies is moving from merely increasing cash flow to emphasizing actual sales and inventory reduction [5].

Group 1 - The traditional peak season for liquor sales around the Spring Festival has been delayed this year, starting nearly one month later than usual, with significant promotional efforts from companies to help distributors clear inventory [1][5] - Sales activity for the Spring Festival began to show signs of improvement only in mid-January, which is at least one month later than previous years, indicating a slower market response [1][5] - The overall sales volume from January to now has shown a double-digit decline, with a notable differentiation in performance among regional markets and brands, where top brands like Moutai are experiencing shortages while others like Wuliangye are seeing stable sales [5][6] Group 2 - Companies are increasing promotional activities targeting end consumers, focusing on strategies to encourage actual consumption, such as "scan to redeem" campaigns and festive giveaways [5][6] - The market is currently characterized by a "strong at both ends, weak in the middle" inventory situation, where high-end brands maintain stable inventory levels while many mid-tier and regional brands face cautious stocking and ongoing inventory pressure [6]

编辑|陈柯名 魏文艺宋思艰 继抖音、B站之后，快手也加入了抢夺2026年总台春晚流量的"战局"之中。 2月9日，快手宣布与中央广播电视总台《2026年春节联欢晚会》达成合作。用户打开快手搜索"春晚"， 即可提前预约马年央视春晚直播。 据悉，春晚期间，快手将通过直播、点播及短视频等呈现2026年央视春晚全程内容。同时，春节期间， 快手还将上线红包互动活动，摇一摇即可领红包。 《每日经济新闻》记者注意到，此前，抖音、B站已分别宣布成为2026年总台新媒体《竖屏看春晚》独 家合作伙伴、《2026年春节联欢晚会》独家弹幕视频平台。 据不完全统计，2026年总台春晚的合作阵营堪称"豪华"，除抖音、快手、B站等互联网视频平台之外， 还有宇树科技、火山引擎等AI科技公司，以及五粮液、洋河、郎酒等传统酒企，各领域"玩家"摩拳擦 掌，纷纷试图"大手笔"抓住这块流量大蛋糕。 记者|温梦华 据悉，春晚期间，快手将通过直播、点播及短视频等呈现2026年央视春晚全程内容。同时，春节期间， 快手还将上线红包互动活动，摇一摇即可领红包。 《每日经济新闻》记者注意到，此前，抖音、B站已分别宣布成为2026年总台新媒体《竖屏看春晚》独 家合作 ...

Core Viewpoint - The Chinese white liquor market is experiencing a price increase, with the average retail price of the top ten products reaching a new high since December 27, 2025, at 9,221 yuan, up 29 yuan from the previous day [1] Group 1: Price Trends - The top ten products saw six price increases, three decreases, and one stable price, indicating a strong overall upward trend [1] - Yanghe Dream Blue M6+ led the market with a price increase of 13 yuan per bottle, while Gujing Gong 20 followed with a 12 yuan increase [1] - Moutai products, including Feitian Moutai, saw a price increase of 5 yuan per bottle, marking a one-month high due to strong market demand before the Spring Festival [1] Group 2: Market Dynamics - A survey indicated that the overall sales of the national white liquor market have declined by 10%-20%, with significant regional differences [2] - High-end liquor, particularly Feitian Moutai, performed well, with some distributors reporting a year-on-year sales increase of over 40% [2] - The market is characterized by a significant divide, with high-end products benefiting from gift and banquet demand, while mid-range products face challenges due to economic conditions and competition [2] Group 3: Data Collection Methodology - The data for the price trends is collected from approximately 200 points across various regions, including designated distributors, social distributors, e-commerce platforms, and retail outlets [2] - The pricing data aims to provide an objective and traceable representation of the market prices for well-known white liquors [2]

Core Viewpoint - The Chinese white liquor market is experiencing a price increase, with the average retail price of the top ten products reaching a new high since December 27, 2025, at 9,221 yuan, up 29 yuan from the previous day [1] Group 1: Price Trends - The top ten products saw six price increases, three decreases, and one stable price, indicating a strong overall upward trend [1] - Yanghe Dream Blue M6+ led the market with a price increase of 13 yuan per bottle, followed by Gujing Gong 20 with an increase of 12 yuan per bottle [1] - Moutai products, including Feitian Moutai, have shown strong performance due to high market demand before the Spring Festival, with Feitian Moutai achieving a five-day price increase [1] Group 2: Market Dynamics - A recent survey indicated that the overall sales of the national white liquor market have declined by 10%-20%, with significant regional differences [2] - High-end liquor, particularly Feitian Moutai, has performed well, with some distributors reporting a year-on-year sales increase of over 40% [2] - The market is characterized by a significant polarization, with high-end products benefiting from gifting and banquet demands, while mid-range products face challenges due to economic conditions and competition [2] Group 3: Data Collection Methodology - The data for the price trends is collected from approximately 200 points across various regions, including designated distributors, social distributors, e-commerce platforms, and retail outlets [2] - The pricing data aims to provide an objective and traceable representation of the market prices for well-known white liquors [2]

Core Insights - The Chinese white liquor market is experiencing a price increase, with the average retail price of the top ten products reaching 9,221 yuan, marking a rise of 29 yuan since the previous day, the highest since December 27, 2025 [1] - The market shows a divergence in performance, with leading brands seeing price increases while mid-tier products experience slight declines [1] Price Movements - Six of the top ten products saw price increases, with Yanghe Dream Blue M6+ leading the market with a rise of 13 yuan per bottle, followed by Gujing Gong 20 with an increase of 12 yuan [1] - Other notable increases include Guojiao 1573 and Boutique Moutai, both up by 7 yuan, and Feitian Moutai, which rose by 5 yuan, achieving a one-month high [1] - Conversely, Qinghua Lang dropped by 10 yuan, Xijiu Junpin fell by 7 yuan, and Shuijing Jianan Spring saw a minor decrease of 1 yuan, while Qinghua Fen 20 remained stable [1] Market Dynamics - A recent survey indicated a 10%-20% decline in overall white liquor sales across the country, with significant regional variations; Shandong and Anhui saw declines of around 20%, while Henan and Sichuan experienced a 10% drop [3] - Despite the overall decline, over 30% of distributors reported stable or even growing performance, highlighting a significant market segmentation [3] - Premium products like Feitian Moutai are performing well, with some distributors reporting over a 40% increase in sales volume year-on-year [3] - The price dynamics show a clear bifurcation, with high-end products benefiting from gifting and banquet demands, while mid-range products face challenges due to economic conditions and competition [3]