行业点评（R3）- 无重点股票 食品饮料 白酒表现分化，大众品价稳量升 食品饮料行业春节跟踪点评 投资要点： 2026 年 02 月 24 日 评级 领先大市 评级变动： 维持 行业涨跌幅比较 30% 食品饮料 沪深300 % 1M 3M 12M 食品饮料 3.28 -3.44 -3.56 沪深 300 -0.90 4.64 17.14 黄静 分析师 -10% 0% 10% 20% 2025-02 2025-05 2025-08 2025-11 | 执业证书编号:S0530524020001 | | | --- | --- | | huangjing48@hnchasing.com | | | 胡跃才 | 分析师 | | 执业证书编号:S0530525070001 | | | huyuecai@hnchasing.com | | 证券研究报告 投资建议：考虑食品饮料板块低预期、低估值、低持仓的特征，以 及板块呈现企稳改善的态势，我们维持板块"领先大市"的评级。 白酒方面，建议关注品牌力强、量价策略改善的龙头企业；大众品 方面，建议关注β企稳、α持续释放的速冻食品龙头；竞争格局稳 固，价盘有望边际改善的乳品龙头 ...

每经AI快讯，天眼查App显示，近日，毕节茅台酒销售有限公司成立，法定代表人为李强清，注册资本3000万元人民币，经营范围包括酒类经营、食品销 售、道路货物运输等，由贵州茅台（600519）旗下贵州茅台酒销售有限公司全资持股。 | | 自公司 都在用的商业青询丁目 | 普老板 音关系 音风险 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 家中心 昨年第十章会旗 初内 | 毕节茅台酒销售有限公司 | 8 天殿一下 | 船 应用 ▼ | | 商务合作 企业级产品、 ■ 开通会员, ▲ ? | | | 基本信息 5 | 法律诉讼 | 经营风险 | 经营信息 | 公司发展 | 知识产权 | | 历史信息2 ◎ | | 工商信息 ● | | | | | | | 7天眼 | | 工商信息 历史工商信息0 | | | | | | 2 工商官网快照 | 司 导 | | 企业名称 | 毕节茅台酒销售有限公司 | | | | | | | | 法定代表人 | 學 李鵬 | 登记状态 ⑦ | 存续 | | 天眼评分 2 | 79 % | | | | ...

Core Viewpoint - The consumer sector experienced a strong start during the Spring Festival, with significant growth in consumption demand, particularly in services and travel, despite some weaknesses in the film box office [3][6][9]. Group 1: Market Performance - The leading consumer ETF (159928) initially rose over 1% but later fell by 0.64%, with a trading volume exceeding 360 million yuan and a net subscription of 24 million shares during the day [1]. - The consumer ETF's latest scale surpassed 22.3 billion yuan, maintaining a leading position among its peers [1]. Group 2: Consumption Trends - The Spring Festival saw a notable increase in travel and service consumption, with a record number of cross-regional movements expected to reach 9.5 billion people, marking a historical high [6][7]. - Restaurant bookings for the New Year's Eve dinner increased by 105% year-on-year, with significant growth in demand from lower-tier cities [7]. - The demand for pre-packaged food is accelerating, driven by new national standards and retail channel transformations [8]. Group 3: Alcohol Consumption Insights - High-end liquor brands, particularly Moutai, showed better-than-expected performance, with sales expected to increase by 10-20% year-on-year during January and February [9][10]. - The overall liquor market is experiencing a recovery, with high-end brands gaining market share while lower-tier brands face challenges [10]. Group 4: Policy and Economic Environment - The government is implementing zero-tariff measures for 53 African countries and enhancing support for rural enterprises to access multi-level capital markets [3]. - The market is expected to see a positive start post-Spring Festival, with historical trends indicating a strong "Spring Festival effect" in A-shares [3].

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 爱企查显示，近日，毕节茅台酒销售有限公司成立，法定代表人为李强清，注册资本3000万人民币，经 营范围包括酒类经营、食品销售、道路货物运输等，由贵州茅台旗下贵州茅台酒销售有限公司全资持 股。 | 企业各称 | 日公家即即發度知名出 | 第一社会信用代码(1) | 91520502MAK64L5775 | | --- | --- | --- | --- | | 法定代表人(1) | 335 | 是言状六 | 开业 | | | 部 TA有1家企业 > | | | | 成立日期 | 2026-02-13 | 行商区划 | 图书图书记作者就言明 | | 湖南汽车(7) | 3.000万(元) | 文社资本 | | | 中文字 | 有限责任公司非自然人投资者在线的法人进贤 | 用于行业 | 三首届 | | 工商注册号() | 520502001272226 | 是级机构代码 () | MAK84L57-7 | | 外贸人用时与(1) | 91520502MAK64L5775 | 给我人爱情(1) | | | 音 用限(1) | 2026-02-13 至元四元的 ...

天眼查App显示，近日，毕节茅台酒销售有限公司成立，法定代表人为李强清，注册资本3000万人民 币，经营范围包括酒类经营、食品销售、道路货物运输等，由贵州茅台（600519）旗下贵州茅台酒销售 有限公司全资持股。 ...

沪深300ESGETF南方（560180）业绩比较基准为沪深300ESG基准指数收益率，管理人为南方基金管理 股份有限公司，基金经理为李佳亮，成立（2023-04-13）以来回报为18.35%，近一个月回报为-1.91%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月24日，截止午间收盘，沪深300ESGETF南方（560180）涨1.35%，报1.198元，成交额65.18万元。沪 深300ESGETF南方（560180）重仓股方面，贵州茅台截止午盘跌0.92%，中际旭创涨6.27%，宁德时代 跌0.48%，招商银行涨0.67%，中国平安跌0.75%，美的集团涨1.06%，紫金矿业涨4.16%，长江电力涨 0.15%，兴业银行跌0.43%，比亚迪涨0.49%。 来源：新浪基金∞工作室 ...

Group 1 - The core viewpoint of the article highlights the positive performance of leading liquor brands during the Spring Festival, with Moutai experiencing double-digit sales growth and Wuliangye exceeding expectations in both volume and price [1] - According to Huachuang Securities, the current state of the liquor industry is at a bottom in terms of expectations and inventory, with opportunities arising as Moutai's wholesale prices stabilize after a decline, indicating a potential recovery as the year progresses [1] - Guojin Securities reports that overall sales of liquor during the Spring Festival met pre-holiday market expectations, with an anticipated year-on-year decline in total channel sales of approximately 10%-15% [1] Group 2 - Feedback from post-holiday channel surveys indicates that the performance of Moutai's wholesale prices remained strong, with current prices still above 1700 yuan per box, showing resilience in sales [1] - There were isolated instances of replenishment for mid-range products during the holiday, reflecting a shift in purchasing habits towards smaller, more frequent orders to mitigate risks associated with capital occupation and inventory depreciation [1]

与高端市场的火热形成呼应的是大众价格带的繁荣。走访时，北京商报记者发现，泸州老窖六年窖龄 酒、海之蓝等300元以下白酒产品也成为消费者追捧的热销产品。方庄附近的烟酒店店员表示："春节期 间高端白酒产品销量亮眼的同时，大众酒销量也在稳步提升。家庭自饮场景下消费者多选择大众酒，进 一步推动了该价格带动销提升，这与我们年前的预判一致。" 随着9天"加长版"假期落下帷幕，白酒旺季消费也逐渐告一段落。今年春节期间，白酒消费市场呈现出 清晰的"哑铃型"分化结构。2月24日，北京商报记者走访北京部分终端市场并结合春节期间调研发现， 高端酒与大众酒两端需求升温，次高端价位却陷入"冰河期"，这一格局的形成，是消费场景深度重构的 集中体现。如今，当春节旺季的喧嚣散去，白酒行业如何在接下来的消费淡季中"弯道超车"，成为所有 从业者必须直面的课题。 高端与大众的"崛起" 在白酒传统消费周期中，春节假期既将行业消费旺季推向小高潮，也预示着淡季的到来。在2026年春节 期间，白酒消费在旺季小高潮中，呈现出明显的分化发展。这种分化不再是简单的品牌此消彼长，而是 沿着价格带形成了清晰的断层。 北京商报记者走访终端发现，春节期间，茅台、五粮液 ...

Core Insights - The overall demand for the liquor market has declined compared to previous years, but the high-end liquor market prices have stabilized, driven by Moutai [2][5] - Many institutions are optimistic about a rebound in the liquor industry in the second half of 2026, despite current market caution from liquor merchants [2][5] Group 1: Market Trends - The 2026 Spring Festival liquor market is expected to be the "coldest" in history, with a psychological expectation of this among industry players [3] - There is a noticeable shift in consumption habits, with fewer people attending gatherings and a decrease in the number of tables at banquets [3] - Sales of liquor are reported to have declined by 10% to 20% across multiple provinces during the 2026 Spring Festival [3] Group 2: Price Stability - High-end liquor prices, particularly for Moutai, have stabilized, with the wholesale price of Moutai around 1700 yuan per bottle, up approximately 150 yuan from the end of 2025 [5] - Other premium brands like Wuliangye and Fenjiu have also shown price stability, indicating a potential recovery in consumer sentiment [5][6] Group 3: Market Dynamics - The market is experiencing a "two extremes hot, middle cold" situation, where products priced between 100-200 yuan and above 800 yuan are performing well, while mid-range products face pressure [6] - The core products of leading liquor companies are selling well, but the profit margins for these products are limited, indicating a complex market situation [6] - The stabilization of high-end liquor prices is seen as a signal of industry bottoming out, but further recovery depends on the restoration of business dining and overall economic support for high-end consumption [6]

沪深300ESGETF招商（561900）业绩比较基准为沪深300ESG基准指数收益率，管理人为招商基金管理 有限公司，基金经理为房俊一，成立（2021-07-06）以来回报为-1.65%，近一个月回报为-1.83%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月24日，截止午间收盘，沪深300ESGETF招商（561900）涨1.02%，报0.995元，成交额31.26万元。沪 深300ESGETF招商（561900）重仓股方面，贵州茅台截止午盘跌0.92%，中际旭创涨6.27%，宁德时代 跌0.48%，招商银行涨0.67%，中国平安跌0.75%，美的集团涨1.06%，长江电力涨0.15%，紫金矿业涨 4.16%，兴业银行跌0.43%，比亚迪涨0.49%。 来源：新浪基金∞工作室 ...