Investment Rating - The report assigns an "Outperform" rating to multiple companies in the consumer staples sector, including Guizhou Moutai, Wuliangye, Luzhou Laojiao, and others, indicating a positive outlook for these stocks [1]. Core Insights - There is an intensified divergence among mid-to-high-end baijiu products, with no discount contraction observed in food and beverage categories [1]. - The report highlights that the wholesale prices of various baijiu brands have shown stability or slight changes, with some brands experiencing price increases while others remain flat or decrease [3][4][35]. - Discounts on representative products in condiments, liquid milk, and soft drinks have widened compared to the end of December, indicating a shift in pricing strategies [19][32]. Summary by Relevant Sections Baijiu Pricing - Guizhou Moutai's wholesale prices for Feitian (case and single bottle) and Moutai 1935 are reported at 1600, 1580, and 630 yuan respectively, with changes of 0, -10, and -10 yuan compared to last month [35]. - Wuliangye's eighth-generation price is 830 yuan, reflecting a +10 yuan increase from the previous month [35]. - Luzhou Laojiao's Guojiao 1573 remains at 850 yuan, unchanged from last month [35]. Discount Trends - The average discount rate for condiments decreased from 87.1% to 85.0%, while liquid milk discounts fell from 62.8% to 61.4% [19][22]. - In contrast, discounts for beer, infant formula, and convenience foods remained stable, with beer discounts slightly increasing from 80.3% to 80.7% [20][22][32]. Company Ratings - The report lists several companies with an "Outperform" rating, including: - Guizhou Moutai - Wuliangye - Luzhou Laojiao - Qingdao Beer - China Feihe - Others [1].

Core Viewpoint - The liquor sector, particularly the baijiu (Chinese liquor) segment, is experiencing a significant surge, with multiple stocks hitting their daily limit up due to consumer recovery expectations. Company Summaries - **Huangtai Liquor (000995.SZ)**: Latest stock price is 14.48 CNY with a daily increase of +10.03%. It is a regional liquor company in Gansu with a historical brand presence [1]. - **Jiu Gui Liquor (000799.SZ)**: Latest stock price is 56.85 CNY with a daily increase of +10.00%. It is known for its unique flavor profile and is a pioneer in the fragrant liquor category [2]. - **Jin Hui Liquor (603919.SH)**: Latest stock price is 21.54 CNY with a daily increase of +10.01%. It is a leading liquor company in Northwest China with two major brands [3]. - **Shui Jing Fang (600779.SH)**: Latest stock price is 41.99 CNY with a daily increase of +10.01%. It is a well-known high-end liquor brand in China [4]. - **Luzhou Laojiao (000568.SZ)**: Latest stock price is 124.23 CNY with a daily increase of +10.00%. It is recognized as the originator of the strong aroma liquor category [5]. - **Jin Zhong Zi Liquor (600199.SH)**: Latest stock price is 10.30 CNY with a daily increase of +10.04%. It focuses on promoting new fragrant liquor products in Anhui [6]. - **Shede Liquor (600702.SS)**: Latest stock price is 59.49 CNY with a daily increase of +10.00%. It is one of the "Six Flowers of Sichuan Liquor" and adheres to an old liquor strategy [7][8]. - **Gu Qing Gong Liquor (000596.SZ)**: Latest stock price is 138.58 CNY with a daily increase of +10.00%. It is one of China's eight famous liquors and a leader in Huizhou liquor [9]. - **Shanxi Fen Liquor (600809.SH)**: Latest stock price is 177.42 CNY with a daily increase of +10.00%. It is a leading clear aroma liquor brand with rapid national expansion [10]. - **Wuliangye (000858.SZ)**: Latest stock price is 110.77 CNY with a daily increase of +10.00%. It is a well-known brand representing high-end strong aroma liquor [11]. - **Jin Si Yuan (603369.SH)**: Latest stock price is 35.44 CNY with a daily increase of +9.99%. It is a quality liquor company in Jiangsu known for its unique product [12]. - **Lao Bai Gan Liquor (600559.SH)**: Latest stock price is 17.16 CNY with a daily increase of +10.00%. It is a leading liquor company in Hebei implementing a multi-flavor and multi-brand strategy [13]. - **Kou Zi Jiao (603589.SH)**: Latest stock price is 31.34 CNY with a daily increase of +10.00%. It is a core Huizhou liquor company emphasizing traditional brewing techniques [14]. - **Ying Jia Gong Liquor (603198.SH)**: Latest stock price is 42.63 CNY with a daily increase of +10.10%. It is a major representative of Huizhou liquor focusing on ecological brewing [15]. - **Tian You De Liquor (002646.SZ)**: Latest stock price is 9.81 CNY with a daily increase of +9.98%. It represents Qingke liquor with unique regional advantages [16].

随着春节的临近，飞天茅台价格近日持续上涨。 在A股市场，贵州茅台也开始发力，1月29日一路上扬，截至收盘大涨8.61%，单日涨幅创近期新高。网友纷纷表示："这是我的茅台么？""能到1400以上真 是想不到""茅台今天变成黄金股了"。 今天，A股涨幅第一 白酒板块迎来涨停潮 今天，白酒板块午后集体上攻，走出一波新行情。截至下午收盘，板块指数暴涨近10%，位列A股板块涨幅第一。个股迎来久违的涨停潮，皇台酒业、酒鬼 酒、古井贡酒、水井坊、金徽酒、五粮液、口子窖、洋河股份舍得酒业、泸州老窖、山西汾酒等十多只个股纷纷涨停。 | 白酒 | 油气开采及服务 | 贵金属 | | --- | --- | --- | | 9.68% | 8.18% | 8.04% | | 金种子酒 10.04% | 科力股份 29.99% | 晓程科技 19.52% | | 文化传媒 | 保险 | 饮料制造 | | 3.89% | 3.44% | 2.89% | | 因赛集团 20.00% | 中国平安 5.02% | 会稽山 10.00% | | V | 白酒 2810.11 9.68% | | | 涨幅榜 | 盘口 跌幅榜 | 新闻 | | ...

Core Viewpoint - The A-share liquor sector experienced a significant surge, with the liquor ETF rising by 10.08% and the China Securities Liquor Index increasing by 9.79% on January 29, driven by macroeconomic expectations and seasonal factors related to the upcoming Spring Festival [1][2]. Group 1: Market Performance - 20 liquor companies saw stock price increases, with 18 reaching the daily limit, including notable gains from Kweichow Moutai (8.61% increase) and others like Jinzhongzi Liquor and Huangtai Liquor, both around 10% [1][2]. - The wholesale price of Feitian Moutai has been rising, surpassing 1600 yuan, indicating a market recovery signal as the product remains sold out on official platforms [3]. Group 2: Expert Insights - Experts attribute the price increase to a combination of Moutai's proactive price control and seasonal demand, suggesting that the liquor sector is a target for capital investment due to its cyclical nature [4]. - The overall industry is under pressure, with several companies forecasting significant declines in net profit, indicating a challenging competitive landscape and increased inventory issues [4]. Group 3: Future Outlook - Analysts suggest that the proactive inventory adjustments by liquor manufacturers and the stabilization of high-end liquor prices could lead to a healthier market development [5]. - The upcoming Spring Festival is expected to boost demand, with the liquor sector seen as a value opportunity for investors, despite the need for cautious optimism regarding long-term trends [5].

29日，白酒等消费股迎来大反弹。截至收盘，贵州茅台大涨8.6%，成交额超260亿元。金种子酒、皇台 酒业、迎驾贡酒、金徽酒等近20股涨停。白酒板块全天成交金额超600亿元。 消费股全面反弹 29日，以茅台为代表的消费股全面反弹。截至收盘，白酒基金LOF(161725)涨停，成交额超2.9亿元。 | 白酒基金LOF | | | | | | 17 Q | | --- | --- | --- | --- | --- | --- | --- | | 0.746 10.03% | | | | | | | | 股吧 | 资讯 | 公告 | 资金 | 持仓 | | 荒彩 | | 持仓占比明细数据 | | | | | | | | 持仓占比(2025-12-31) | | | | | 申赎清单(?) | | | 名称 | | 持仓占比↓ | | 最新, | | 涨幅 | | 贵州茅台 600519 | | 15.38% | | 1437.72 | | 8.61% | | 山西分酒 608009 | | 15.11% | | 177.42 | | 10.00% | | 五粮液 000858 | | 14.65% | | 110. ...

Core Viewpoint - The prices of Feitian Moutai and Zodiac Horse Moutai have increased across the board, indicating a positive trend in the premium liquor market [5]. Price Summary - The price for the 26-year Feitian Moutai in original packaging is reported at 1590 yuan per bottle, an increase of 35 yuan; the price for loose bottles is 1570 yuan, up by 20 yuan [5]. - The 25-year Feitian Moutai is priced at 1600 yuan per bottle in original packaging, also up by 35 yuan, while loose bottles are at 1580 yuan, increasing by 20 yuan [5]. - Prices for the 23-year and 24-year Feitian Moutai have also seen varying degrees of increase [5]. Industry Overview - The liquor sector includes various brands categorized by flavor profiles, such as: - Sauce-flavor: Guizhou Moutai - Strong-flavor: Luzhou Laojiao, Yanghe, Wuliangye, Gujinggongjiu, Jianshiyuan, Yingjia Gongjiu, Shede Jiuye, Jinhui Jiu, Shuijingfang, Huangtaijiu, Yilite, and others - Light-flavor: Shanxi Fenjiu, Shunxin Agriculture, Tianyoude Jiu, and others [6].

投顾发展 | 投顾晨报 元月中阳收官在即，消费初显端倪 朝闻道 20260130 市场策略 元月中阳收官在即，2 月谨慎乐观 风格策略 周期轮动续力，消费初显端倪 行业策略 生猪：预期极度悲观，配置价值凸显 主题策略 食品饮料：赔率优化，胜率初显 风险提示 畜禽价格不及预期；畜禽疫病大规模爆发；原材料价格大幅波动；需求不及预期；食品安全、产业政策调 整等。 报告发布日期 2026 年 01 月 30 日 江韶军 执业证书编号：S0860525090001 jiangshaojun@orientsec.com.cn 021-63326320 于震荡中护慢牛，自中盘处取超额：朝闻 道 20260128 2026-01-27 震荡依旧，结构为王：朝闻道 20260126 2026-01-25 慢牛预期强化，把握中盘蓝筹：朝闻道 20260123 2026-01-21 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 ⚫ 临近月末再回首，1 月经历了先突破后盘整，中阳收官在即，依旧符合我们"横盘前 震荡，略有走强"的中期判断。 ...

证券之星消息，1月29日白酒板块较上一交易日上涨9.16%，金种子酒领涨。当日上证指数报收于 4157.98，上涨0.16%。深证成指报收于14300.08，下跌0.3%。白酒板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 661009 | 金种子酒 | 10.30 | 10.04% | 58.45万 | | 5.83亿 | | 000995 | 皇台酒业 | 14.48 | 10.03% | 26.37万 | | 3.65亿 | | 603198 | 迎驾贡酒 | 42.63 | 10.01% | 21.40万 | | 8.78亿 | | 616809 | 全徽酒 | 21.54 | 10.01% | 16.00万 | | 3.32亿 | | 600779 | 水井坊 | 41.99 | 10.01% | 18.55万 | | 7.53亿 | | 000799 | 酒鬼酒 | 56.85 | 10.00% | 29.50万 | | 16.20亿 | | 6 ...

（文章来源：21世纪经济报道） 消息面上，飞天茅台价格节前连续上涨，整箱批价突破1600元。第三方报价平台显示，1月29日，2026 年原箱茅台价格单瓶价格上涨20元为1610元/瓶，回升到1600元以上，散瓶的价格保持在1570元/瓶，前 几日茅台的批价还稳定在1550元/瓶左右。记者在"i茅台"平台看到，1499元的普茅连续第29天在多次秒 空后显示售罄。 1月29日，A股三大指数涨跌不一，沪指窄幅震荡，上证50指数涨超1%，创业板指冲高回落，科创50指 数跌超3%。从板块来看，白酒板块午后爆发，成分股全线飘红，金种子酒、皇台酒业、迎驾贡酒、金 徽酒、水井坊、酒鬼酒、舍得酒业、泸州老窖等18股涨停，顺鑫农业、贵州茅台、古井贡B等涨超5%。 ...

Core Viewpoint - The liquor sector, including core liquor stocks, yellow wine, beer, and red wine, has experienced a significant surge, with many stocks hitting their daily limit up, indicating a strong market interest and potential recovery in the sector [1][2]. Liquor Sector Performance - On the afternoon of the 29th, the core liquor stocks continued to rise, with multiple stocks such as Shui Jing Fang, Shanxi Fenjiu, Wuliangye, and others reaching their daily limit up. Kweichow Moutai saw an increase of over 9% at one point [1]. - A total of 19 out of 20 core liquor stocks hit the daily limit up, while Kweichow Moutai, which did not, still rose by 8.61%. Over 600 billion yuan flowed into the liquor sector, with total trading volume reaching 614.2 billion yuan [2][3]. Price Movements - The price of Feitian Moutai has risen above 1,600 yuan per bottle, with the price on January 29 showing an increase of 20 yuan to 1,610 yuan per bottle. This price increase is attributed to strong demand during the upcoming Spring Festival [5]. Market Sentiment and Future Outlook - Analysts from CITIC Securities suggest that the liquor sector is poised for a recovery as the Spring Festival marketing activities approach, with stable sales expected. The report indicates that the current stock prices reflect market expectations, and the sector's valuation is relatively low, making it an attractive investment opportunity [6]. - The report from Guotai Junan Securities highlights that the current public fund holdings in the liquor sector are at a historical low of 3.93%, suggesting that the conditions for a new cycle in the sector are in place [6]. Broader Market Trends - The real estate sector also saw a significant rise, with stocks like Dayuecheng and Sanxiang Impression hitting their daily limit up, indicating a rotation in market interest towards liquor and real estate sectors [4]. - The A-share indices showed divergent trends, with the Shanghai 50 Index rising over 1% while the Sci-Tech 50 Index fell over 3% [4]. Investment Perspectives - Notable investor Duan Yongping commented on Kweichow Moutai, suggesting that while short-term fluctuations are uncertain, the long-term outlook remains positive, indicating that the current price is not expensive when viewed over a decade [8].