春节是酒水消费传统旺季，马年春节期间，白酒动销稳健复苏。多家机构调研发现，白酒消费呈现"哑 铃形分化、头部向下挤压"等特点，多地渠道反馈茅台、五粮液动销超预期且同比增长。新京报记者春 节前夕走访北京市场也了解到，多家茅台门店1月、2月飞天茅台配额基本售罄，有的门店已提前使用3 月的产品配额。 同时，白酒消费逐步向"即饮""即时"场景倾斜。新京报记者在走访中了解到，部分80后、90后消费者春 节不会囤酒，"即买即饮"成为趋势。有酒商告诉新京报记者，"即买即饮"有助于提升白酒的开瓶率，这 也倒逼未来厂商必须全面发力消费端营销。 高端白酒动销超预期 马年春节，多地白酒市场出现消费热潮，高端产品走俏。春节前夕，新京报记者走访北京部分商超看 到，飞天茅台、五粮液、国窖1573等高端名酒热销，不少消费者为春节用酒备货，"春节用酒，我们会 倾向于喝好一点、喝少一点"，消费者王先生告诉新京报记者。 招商证券2月24日发布的研报调研数据提到，多地渠道反馈茅台春节期间动销增长15%以上；五粮液春 节期间销量有所增长，目前阶段性供需达到平衡，经销商与社会库存得到消化，经销商库存在1个月左 右，与上年同期接近，"普五"批价在790- ...

2026年马年春节作为假期延长后的首个春节，叠加消费市场持续回暖的利好态势，成为检验酒类产业转型成效、洞察消费趋势变革的关键窗口。中国酒业 协会结合全国多地市场调研、渠道反馈及第三方数据监测发现，马年春节酒类消费市场呈现"结构分化、理性升级、场景多元、品质为王"的鲜明特征，高 端酒稳健承压、大众酒韧性凸显、特色酒多点突破，行业正从"规模扩张"向"质效提升"稳步迈进，在团圆年味中书写高质量发展的新答卷。 一、消费核心转向：理性回归主导，品质需求凸显 马年春节，酒类消费彻底告别"盲目攀比、过度消费"的旧模式，"少喝、喝好、喝对"成为主流共识，消费者决策更趋理性，品质与性价比成为核心考量因 素，这也与行业长期"由规模向质量的转型方向高度契合。 从消费行为来看，消费者主权时代特征愈发明显，开瓶率取代渠道库存成为衡量品牌健康度的核心指标，头部酒企纷纷通过精准投放、扫码促销等措施， 将资源集中于促进终端开瓶，推动行业增长引擎切换至真实消费。调研显示，春节期间多数消费者饮酒频次较往年有所减少，但对酒体品质、酿造工艺的 关注度显著提升。 价格带表现呈现清晰的"两极稳健、中端承压"格局：100元以下光瓶酒、口粮酒销量同比增长； ...

来源：酒业内参 新浪财经"酒价内参"过去24小时收集的数据显示，中国白酒市场十大单品的终端零售均价在2月25日呈 明显回调态势，春节假期涨幅领先的品种卖压较重。如果十大单品各取一瓶整体打包售卖，今日总售价 为9221元，较昨日大幅下跌37元，创近一周以来新低。整体价格在前期高位整理后出现技术性回落，预 计市场短期将继续承压。 今日十大单品八跌两涨，市场情绪明显谨慎。上涨方面，精品茅台逆势上行，环比上涨7元/瓶，成为今 日全场的主要支撑力量；洋河梦之蓝M6+小幅上涨3元/瓶，延续窄幅波动态势。下跌方面，国窖1573跌 幅居前，下调18元/瓶，价格重心明显下移，此前该酒品刚经历五连阳；古井贡古20下跌13元/瓶，跟随 回落；习酒君品回调5元/瓶。水晶剑南春下跌3元/瓶，飞天茅台、五粮液普五八代、青花汾20及青花郎 均小幅回落2元/瓶。 "酒价内参"的每日数据源自全国各大区均有合理分布的约200个采集点，包括但不限于酒企的指定经销 商、社会经销商、电商平台和零售网点等，原始取样数据为过去24个小时中各点位经手的真实成交终端 零售价格，力求为社会各界提供一份关于知名白酒市场价格的客观、真实、科学、全程可追溯的数据。 ...

数据来源:全国各大区合理分布的约200个采集点,包括但不限于 酒企指定经销商、社会经销商、主流电商平台和零售网点等 原始数据:过去24个小时中各点位经手的真实成交终端零售价 sma 打开新浪财经APP 搜索 酒价内参 Q 新浪财经客户端 Sina Finance Mobile Version | 中国知名白酒大单品 | | 市场真实成交终端价 | | | --- | --- | --- | --- | | | | i茅台飞天茅台(2026)售价1499精品茅台售价2299 | | | 品名/规格 | | 今日价格(元) | 较昨日(元) | | 53度/500ml | 贵州茅台酒(飞天) | 1759/瓶 | -2元 | | 53度/500ml | 贵州茅台酒(精品) | 2411/瓶 | 7 TG | | 52度/500ml | 五粮液普五八代 | 818/瓶 | -2元 | | 青花汾20 | 53度/500ml | 392/瓶 | | | 100 | 国窖1573 | | | | | 篇/ 52度/500ml | AN /ONA | - 1075 | | --- | --- | --- | --- | ...

新浪财经"酒价内参"过去24小时收集的数据显示，中国白酒市场十大单品的终端零售均价在2月25日呈 明显回调态势，春节假期涨幅领先的品种卖压较重。如果十大单品各取一瓶整体打包售卖，今日总售价 为9221元，较昨日大幅下跌37元，创近一周以来新低。整体价格在前期高位整理后出现技术性回落，预 计市场短期将继续承压。 今日十大单品八跌两涨，市场情绪明显谨慎。上涨方面，精品茅台逆势上行，环比上涨7元/瓶，成为今 日全场的主要支撑力量；洋河梦之蓝M6+小幅上涨3元/瓶，延续窄幅波动态势。下跌方面，国窖1573跌 幅居前，下调18元/瓶，价格重心明显下移，此前该酒品刚经历五连阳；古井贡古20下跌13元/瓶，跟随 回落；习酒君品回调5元/瓶。水晶剑南春下跌3元/瓶，飞天茅台、五粮液普五八代、青花汾20及青花郎 均小幅回落2元/瓶。 | 五粮液普五八代 | 818/瓶 | -2 T | | --- | --- | --- | | 52度/500ml | | | | 青花汾20 53度/500ml | 392/瓶 | -2元 | | 国窖1573 52度/500ml | 906/瓶 | -18元 | | 洋河梦之蓝M6+ 52度 ...

新浪财经"酒价内参"过去24小时收集的数据显示，中国白酒市场十大单品的终端零售均价在2月25日呈 明显回调态势，春节假期涨幅领先的品种卖压较重。如果十大单品各取一瓶整体打包售卖，今日总售价 为9221元，较昨日大幅下跌37元，创近一周以来新低。整体价格在前期高位整理后出现技术性回落，预 计市场短期将继续承压。 今日十大单品八跌两涨，市场情绪明显谨慎。上涨方面，精品茅台逆势上行，环比上涨7元/瓶，成为今 日全场的主要支撑力量；洋河梦之蓝M6+小幅上涨3元/瓶，延续窄幅波动态势。下跌方面，国窖1573跌 幅居前，下调18元/瓶，价格重心明显下移，此前该酒品刚经历五连阳；古井贡古20下跌13元/瓶，跟随 回落；习酒君品回调5元/瓶。水晶剑南春下跌3元/瓶，飞天茅台、五粮液普五八代、青花汾20及青花郎 均小幅回落2元/瓶。 "酒价内参"的每日数据源自全国各大区均有合理分布的约200个采集点，包括但不限于酒企的指定经销 商、社会经销商、电商平台和零售网点等，原始取样数据为过去24个小时中各点位经手的真实成交终端 零售价格，力求为社会各界提供一份关于知名白酒市场价格的客观、真实、科学、全程可追溯的数据。 随着元旦官方i茅 ...

Investment Rating - The food and beverage industry is rated as stable for 2025 and 2026 [1] Core Insights - The food and beverage industry in China includes various sub-industries such as agriculture, food processing, and beverage manufacturing, closely linked to economic development, population structure, and consumer preferences. Despite ongoing economic pressures and weak consumer demand, the industry continues to grow, although revenue growth rates are declining and profitability is weakening [1][6] - The agricultural sector shows a steady increase in grain planting area and production, with major crops like rice, wheat, and corn maintaining a balance between supply and demand. However, some crop prices are under pressure due to supply-demand dynamics and international trade conditions [24][25] - The food manufacturing sector is experiencing stable growth, with overall profitability remaining flat. The industry is characterized by increasing fixed asset investments and a slight increase in total assets [52][53] Summary by Sections 1. Industry Performance - The food and beverage industry has a total asset value of 8.42 trillion yuan at the end of 2024, with a year-on-year growth of 3.59%. The industry’s revenue for 2024 is 9.07 trillion yuan, showing a slight decline of 0.20% year-on-year [7][11] - By the end of September 2025, the industry’s total assets increased to 8.61 trillion yuan, with a revenue of 6.71 trillion yuan, reflecting a year-on-year growth of 1.75% [7][11] 2. Agricultural Sector - The agricultural sector's total output value reached 162,787.5 billion yuan in 2024, with a year-on-year growth of 2.7%. The grain planting area for 2024 and 2025 is projected to be 11,931.9 million hectares and 11,940.9 million hectares, respectively [24][25] - Grain production is expected to increase, with total grain output for 2024 and 2025 estimated at 70.65 million tons and 71.49 million tons, respectively [27] 3. Feed Industry - The feed industry is experiencing growth in production, influenced by the recovery of the livestock sector. The total industrial feed production for 2024 is 31,503.1 million tons, showing a year-on-year decline of 2.1% [45] - The feed prices are expected to remain low due to fluctuations in raw material prices and weak downstream demand [49] 4. Food Manufacturing - The food manufacturing sector continues to grow, with total assets reaching 2.41 trillion yuan by September 2025, reflecting a 4% increase year-on-year. The revenue for the first three quarters of 2025 is 1.63 trillion yuan, with a slight decrease in profit margins [52][53] 5. Livestock Industry - The livestock sector is under pressure, with pork prices gradually declining. The production of beef is increasing, while sheep meat production is decreasing due to weak demand [56][58] - The overall production of meat is expected to grow, with pork production for 2024 and 2025 estimated at 5,706.03 million tons and 5,938 million tons, respectively [58]

Core Viewpoint - The joint issuance of the "Guidance on Quality Improvement and Upgrading of the Brewing Industry (2026-2030)" marks the beginning of a high-quality development path for China's liquor industry, focusing on enhancing raw material supply, technological innovation, and optimizing industry structure [1] Group 1: Upstream Development - The guidance emphasizes the shift from a "procurement mindset" to a "planting mindset" in the liquor industry, highlighting the importance of strengthening raw material supply and cultivation bases [2] - Key tasks include promoting the cultivation of specific brewing raw materials such as sorghum, barley, and wine grapes, and encouraging collaboration between universities, research institutions, and enterprises for high-yield, flavor-rich varieties [2][3] - The construction of raw material bases will focus on quality precision and customized varieties, leveraging biotechnology to meet diverse flavor needs [3] Group 2: Intelligent Manufacturing - The guidance prioritizes the "promotion of intelligent transformation," indicating that smart brewing will enhance traditional techniques rather than replace them [4] - Support for AI applications in various production processes aims to improve efficiency and quality control, with initiatives for smart manufacturing solutions and infrastructure development [4][5] - Companies like Wuliangye and Gujing Gongjiu are already implementing advanced technologies, such as 5G networks and AI decision-making models, to enhance production efficiency and accuracy [5] Group 3: Downstream Channel Innovation - The guidance encourages innovation in sales models, promoting a shift from traditional wholesale to brand agency and chain operations, as well as the development of new retail formats like community e-commerce and live streaming [7] - The liquor industry's immediate retail market is projected to exceed 50 billion yuan in 2024, with a growth rate of over 35%, indicating a significant shift in consumer purchasing behavior towards instant delivery [7] - Companies are increasingly adopting direct-to-consumer strategies through live streaming and community marketing, reducing reliance on traditional distribution networks [8] Group 4: Cultural and Cross-Industry Integration - The guidance supports the integration of brewing culture into various lifestyle products, indicating a broader cultural value of liquor beyond just consumption [8] - The emphasis on "brewing industry +" suggests a focus on cross-industry collaborations and the creation of original intellectual properties [8]

23 February 2026 | 1:39AM HKT Equity Research China Spirits Tracker: 2026 LNY retail sales slightly better than expected; Resilient super premium with Moutai/Wuliangye LNY consumption sentiments: Pax mobility: The pax mobility for LNY holiday (Feb 15 - 21), up by c.9% yoy and the whole Chunyun window recorded 5.3bn (Feb 2-20). Strong homecoming flows translated into robust on-premise activity: daily average sales of key retail and catering enterprises rose +10.6% yoy over the first two holiday days (MOFCOM) ...

行业点评报告 | 食品饮料 证券研究报告 行业评级 推荐（维持） 报告日期 2026 年 02 月 24 日 相关研究 【兴证食饮】餐饮链克危寻机，同时关 注食品春节备货-2026.01.21 【兴证食饮】保健品行业：赛道长青， 新消费重构增长逻辑-2026.01.12 分析师：沈昊 S0190525010006 shenhao@xyzq.com.cn 投资要点： 请阅读最后评级说明和重要声明 1/3 ⚫ 春节动销符合预期，高端突出，大众价格带表现稳健。根据渠道反馈，春节白酒动销普 遍下滑 10-20%，边际改善，整体表现符合此前预期。分区域看，经济基础、饮酒氛围 好的河南、四川、华东等市场反馈动销下滑约 10%左右，山东、安徽等市场下滑幅度约 20%。分场景看，受禁酒令影响商务宴请依旧承压，礼赠需求有所恢复，自饮及中低端 宴席需求相对稳健。春节期间，不同价格带动销表现有所分化，高端表现突出，i 茅台 上线普飞刺激需求，100-200 元大众价格带动销平稳，而次高端价格带承压较大、春节 期间动销下滑约 20%左右。 ⚫ 茅台市场化改革初步显效，基本面表现好于预期。茅台以消费者为中心，积极推进市场 化转型，强化 ...