得物App数据显示，1月下旬以来，53度500ml飞天茅台价格呈现上涨态势，近30日成交均价为1739元/ 瓶，且在1月31日上涨到1813元/瓶的近期高点。截至2月13日，成交均价为1789元/瓶。 贵州茅台近期在渠道端动作频频。自营电商平台"i茅台"已上线飞天茅台（500ml 53度）申购渠道， 其 中，26年飞天茅台申购价格为1499元/瓶，每人每日限购6瓶。 据21世纪经济报道，2月5日，记者注意到，有多位网友称i茅台APP页面加载困难，无法抢购。记者以 消费者身份致电贵州茅台证券部，公司接线工作人员回应，"近期都是一瓶难求的状态。因为订单暴 增，相应的电话咨询的也比较多。打电话的人太多，就可能占线的时间比较长。" 2月5日，贵州茅台股价盘中逆势拉升涨超2%，总市值时隔8个多月重新站上2万亿元关口。截至2月13日 智通财经发稿，贵州茅台报1497.99元/股，股价上涨了0.72%。 图片来 源：智通财经 春节临近，贵州茅台产品再度出现热销。 2月13日，"酒价内参"发布的数据显示，中国白酒市场十大单品的终端零售均价仍呈结构性分化走势。 其中，贵州茅台飞天酒价格大幅上涨32元/瓶，达1790元/瓶，逼近 ...

格隆汇2月13日｜据酒价内参，中国白酒市场十大单品的终端零售均价仍呈结构性分化走势。其中，贵 州茅台飞天酒价格大幅上涨32元/瓶，达1790元/瓶，逼近1800元关口，创下近一个月新高。 ...

2026年首月，A股市场492万户的新开户数为市场再添热度。随着2月券商金股组合的陆续发布，市场关注热点也更加显现。广州日报新花城记者汇总梳理 41家券商金股，除去重复推荐后共得到305个标的。其中，中际旭创、紫金矿业、海光信息等推荐频次居前，中国平安、贵州茅台等个股也重回券商推荐 榜。 2月电子行业仍最受关注 保险股重回推荐榜 春季行情或将延续推荐成长风格 近期A股指数震荡整理，板块轮动加剧。东吴证券研究所团队认为，一方面源于波动率修复的内在要求，1月中旬，沪指20个交易日波动率指标升至短线 高位，指数需要通过放缓上行斜率的方式完成波动率的修复。另一方面，也与外生力量的节奏引导相关。沪指走出十七连阳后市场情绪短期过热，多个信 号密集释放，核心宽基ETF多日放量净赎回，凸显外生力量逆周期调节平抑波动的决心，强化"慢牛"思路。 另一方面，最新公布的A股1月新开户数达492万户，同比增长213%，是2024年"9·24"牛市行情以来开户数第二高的月份，仅次于2024年10月685万户，居 民入市步伐加快。 进入2月，A股各行业板块轮动加快，但从各大券商的金股推荐中仍可捕捉到当前市场关注热点。从券商金股分布的行业来 ...

Core Viewpoint - Guizhou Bank is undergoing significant changes in its equity structure, corporate governance, and business expansion, indicating a strategic shift and potential growth opportunities in the near future [1][2][3] Equity Structure - Guizhou Water Investment Management Co., Ltd. acquired 100 million shares through judicial auction for 92 million yuan, marking its second increase in holdings this month [1] - Some shares held by Guizhou Hongcai Investment Group are still in the process of being sold, leading to cautious market reactions [1] Corporate Governance - A new leadership team, including President Wu Fan and several vice presidents, is expected to be fully established by 2025, contributing to a more stable governance structure [1] Business Development - The bank's shareholders' meeting approved a plan to acquire three rural banks through absorption and merger, pending regulatory approval [2] - As of the first half of 2025, the non-performing loan ratio stands at 1.69%, showing a slight decrease since the beginning of the year, although the non-performing rates for real estate and personal loans remain high, indicating challenges in retail transformation and risk management [2] Financial Performance - For the first three quarters of 2025, the bank reported operating income of 8.746 billion yuan and a net profit of 3.105 billion yuan; in the first half, revenue was 6.102 billion yuan with a net profit of 2.129 billion yuan, reflecting year-on-year growth rates of 2.26% and 0.31%, respectively, suggesting a lack of robust growth [3] - The major shareholders include the Guizhou Provincial Finance Department and Guizhou Moutai, with recent increases in local state-owned capital likely aimed at stabilizing the equity structure [3]

Core Viewpoint - The food and beverage sector is experiencing a counter-trend rise, with the Huabao Food and Beverage ETF (515710) showing a 0.51% increase, driven by strong performances from leading liquor stocks like Kweichow Moutai and Wuliangye [1][3]. Group 1: Market Performance - The Huabao Food and Beverage ETF opened higher and is currently up 0.51% [1]. - Major liquor stocks such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao have seen increases of over 1% [1]. - The food and beverage sector's valuation is at a historical low, with the ETF's underlying index PE ratio at 20.32, placing it in the 8.02% percentile over the past decade [3]. Group 2: Consumer Behavior and Logistics - The iMoutai App will remain operational during the Spring Festival, with extended pickup periods and adjusted logistics to enhance consumer experience [3]. - The adjustments in logistics and service during the holiday period aim to smooth out sales fluctuations and maintain brand market heat [3]. Group 3: Future Outlook - Analysts suggest that the liquor industry is entering a phase of rapid performance clearing, with demand expected to show weak recovery as policy pressures ease [3]. - The industry is currently at a low valuation, with pessimistic expectations fully priced in, indicating a clearer bottoming out trend [3]. - The industry is expected to see a recovery in wholesale prices, with leading liquor companies increasing dividend payouts, enhancing their investment appeal [3]. Group 4: ETF Composition - The Huabao Food and Beverage ETF tracks the CSI segmented food and beverage industry index, with approximately 60% of its holdings in high-end and mid-range liquor stocks [4]. - The top ten weighted stocks in the ETF include leading brands such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao, along with dairy and seasoning companies [4].

迎驾总经理交流要点 1、行业周期：目前需求量下降和消费降级趋势，看房地产和股市能否企稳。 高端价格受影响更大（预计年后茅五价格仍有压力），100-500元价格相对稳。 长期行业预计平稳发展，格局进一步集中。 长期行业预计平稳发展，格局进一步集中。 2、春节动销：禁酒令常态化，目前公务人员正常吃喝没问题，同比仍下滑。 2、春节动销：禁酒令常态化，目前公务人员正常吃喝没问题，同比仍下滑。 回款目前还不可同比，看春节期间需求情况。 迎驾总经理交流要点 1、行业周期：目前需求量下降和消费降级趋势，看房地产和股市能否企稳。 高端价格受影响更大（预计年后茅五价格仍有压力），100-500元价格相对稳。 4、分区域：合六淮核心区域以外，#皖北（蚌埠、宿州、淮北）培育较好、开始挤压当地其他酒份额，皖南（芜 湖、宣城、黄山等）接受度逐渐突破。 六安大本营政务占比较高受政策影响大、同时古井渠道利润高在攻击，公司在链接企业、提升服务质量上下功 夫。 5、分产品：洞69全省内势能提升，合肥洞16占有率也在提升，#100-300元大众消费有扩容空间，做好产品基础、 渠道精耕、会员体系、数字管理。 #100元以下往光瓶酒（类似玻汾）和散 ...

Core Viewpoint - The food and beverage sector is experiencing a counter-trend rally, with the Huabao Food and Beverage ETF (515710) showing a price increase of 0.51% as of the latest update, driven by strong performances from leading liquor stocks like Kweichow Moutai and Wuliangye [1][7]. Group 1: Market Performance - The Huabao Food and Beverage ETF (515710) opened higher and is currently up by 0.51% [1][7]. - Major liquor stocks such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao have seen gains exceeding 1% [1][7]. Group 2: Consumer Behavior and Logistics - The "i Moutai" app will remain operational during the Spring Festival, allowing consumers to place orders, with adjustments made to logistics and in-store services due to the holiday [3][9]. - The effective period for in-store pickup orders has been extended to March 2, and express delivery for certain products will be paused from February 12 to 21, resuming on February 22 [3][9]. Group 3: Valuation and Investment Opportunities - The food and beverage sector is currently at a historical low in terms of valuation, with the price-to-earnings ratio of the underlying index for the Huabao ETF at 20.32, which is in the 8.02% percentile of the last decade [10]. - This low valuation presents a favorable opportunity for medium to long-term investment in the sector [10]. Group 4: Future Outlook - Analysts predict that liquor companies are entering a phase of rapid performance recovery, with demand expected to show weak recovery as policy pressures ease [11]. - The industry is currently characterized by low valuations and fully priced pessimistic expectations, indicating a clearer direction for future performance [11]. - The Huabao Food and Beverage ETF is recommended for investors looking to allocate capital to core assets in the food and beverage sector, with a significant portion of its holdings in leading liquor brands [11].

Group 1 - The core viewpoint of the articles highlights a positive trend in the consumer sector, particularly in the food and beverage industry, driven by seasonal consumption patterns related to the upcoming Spring Festival [1][2] - The main consumption index has shown a slight recovery in January 2026, with significant increases in sub-sectors such as prepared foods, snacks, and alcoholic beverages, indicating a strong influence of holiday consumption on market dynamics [1] - The white wine sector is expected to perform better than market expectations during the Spring Festival, with increasing sales momentum as the holiday approaches, supported by resilient consumer spending [1] Group 2 - The consumption ETF managed by Harvest (512600) tracks the major consumer index, which includes leading A-share companies across various sectors, with white wine being the largest segment, accounting for over 38% of the index [2] - Investors can also access the consumption recovery trend through the consumption ETF linked fund (009180), providing an additional avenue for investment in the sector [3]

Core Viewpoint - The article highlights the trend of A-share listed companies implementing cash dividends ahead of the Spring Festival, indicating a shift towards a "return-focused" market environment driven by regulatory policies and improved corporate governance [2][6]. Group 1: Cash Dividends Overview - As of February 11, 57 A-share listed companies have implemented cash dividends totaling 409.11 billion yuan since February [2]. - Notable companies such as Changjiang Electric Power and Darentang have announced significant cash dividends, with Changjiang Electric Power distributing over 51 billion yuan [3][4]. - From December 1, 2025, to February 11, 2026, 289 A-share companies have distributed cash dividends amounting to 3,896.83 billion yuan, reflecting a year-on-year growth of approximately 13% [4]. Group 2: Industry Insights - The financial and consumer sectors continue to dominate cash dividends, with banks accounting for 8 out of the top 10 companies by total dividend amount [4]. - The total cash dividends from 19 listed banks reached 2,627.34 billion yuan, representing 67% of the total dividends during the specified period [4]. - In the food and beverage sector, 23 listed companies have distributed cash dividends totaling 494.84 billion yuan, with leading firms like Kweichow Moutai and Wuliangye contributing significantly [5]. Group 3: Regulatory Influence - Recent policies, including the new "National Nine Articles," have emphasized the importance of cash dividends, encouraging companies to enhance dividend stability and predictability [6][7]. - The China Securities Regulatory Commission has advocated for multiple dividends per year and pre-dividend announcements to improve investor returns [6]. - The Shanghai and Shenzhen Stock Exchanges are promoting initiatives to enhance cash dividend policies and increase the frequency of cash distributions [7].

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: China/Hong Kong Consumer sector, specifically Food & Beverage (F&B) and Dairy industries [1] - **Current Market Sentiment**: The overall industry view is rated as "In-Line" by Morgan Stanley, indicating expectations of performance in line with the broader market [5] Key Insights on Liquor Market - **Moutai Sales Performance**: - Strong demand for Feitian Moutai ahead of the Chinese New Year (CNY), particularly due to the launch of a new 500ml variant on iMoutai [2] - Vintage and Zodiac Moutai sales are reported as weak, but overall Moutai sales have exceeded expectations [2][7] - **Regional Disparities**: - Eastern region shows a positive trend with low channel inventory and improved pricing, attributed to early destocking efforts since 2024 [3] - Southern region experiences a double-digit decline in overall liquor demand year-to-date (YTD), with Moutai being the only brand showing growth [4] Insights on Dairy Market - **UHT Milk Demand**: - Demand for UHT milk has improved due to seasonal discounts, with YTD sales growth reported as flat or slightly positive [4] - Inventory levels are described as healthy, indicating a stable supply situation [4] Additional Observations - **Market Dynamics**: - Demand trends remain uneven across regions, with the eastern region outperforming others [7] - Anticipation of a post-CNY price correction due to low season effects and continued destocking expected in the second quarter of 2026 [4] Analyst Contact Information - **Analysts**: Lillian Lou and Wilkins Tong from Morgan Stanley Asia Limited are responsible for the report [5] Important Disclosures - **Conflict of Interest**: Morgan Stanley may have conflicts of interest due to its business relationships with companies covered in the research [5] This summary encapsulates the critical insights and data points from the conference call, focusing on the liquor and dairy sectors within the China/Hong Kong consumer market.