新春将近，年味渐浓。春节，这个中国人心中最隆重而温暖的节日，自2024年成功申遗、成为"全球春 节"以来，正以愈加开放、鲜活的姿态，成为全球共享的文化盛宴——从各地非遗民俗轮番上演，到多 国地标点亮"中国红"，春节正不断跨越文化界限、释放着恒久的生命力。 值此2026年农历新春，国窖1573再次延续"品味中国年"的约定，携手中国奢侈品品牌端木良锦创始人、 首席设计师祁天，以中国细木镶嵌技艺打造"吉祥纳福"多宝格艺术作品，以器载情，以格藏韵，邀世界 共贺新春佳节，让跨越山海的情感找到一份美学共鸣。 "格"开吉至，呈中国年的仪式感 国窖1573"吉祥纳福"多宝格艺术作品取古代文玩器物收藏所用的多宝格为创意原型，以中国细木镶嵌技 艺雕琢而成。格间蕴藏"福、禄、寿、喜"四大年节祝福：五"蝠"临门喻"福至花开"、灵鹿欢动载"禄佑 顺遂"、鹤舞青云寄"寿岁安康"、喜鹊登枝传"喜事盈门"；辅以传统南北庭院建筑、中式窗棂之形韵， 意象构成热烈温情的年俗场景，传递"福满华夏"的美好祈愿。 格间庭院中，藏纳着品牌"活态双国宝"的文化根脉：北方庭院复现中国第一窖"1573国宝窖池群"的酿酒 盛景，呼应"450余年不间断酿造"的历史 ...

Core Viewpoint - The recent surge in Chinese liquor stocks, particularly after a period of poor performance, is attributed to a combination of market sentiment changes and capital seeking safer investments [3][5]. Group 1: Market Performance - On January 29, 2026, 17 liquor stocks, including Kweichow Moutai, experienced a collective surge, with Kweichow Moutai rising by 8.61% [3]. - The afternoon trading session saw a significant shift, with liquor stocks rapidly hitting their daily price limits [3]. - Alongside liquor stocks, yellow wine and beer stocks also saw notable increases, indicating a broader positive trend in the alcoholic beverage sector [3]. Group 2: Recent Trends and Challenges - Since the third quarter of 2025, liquor stocks have faced challenges, with many companies reporting significant declines in earnings growth [4]. - Several liquor companies have issued profit warnings, indicating a substantial impact on their annual performance [4]. - For instance, Jinzhongzi Liquor is expected to report a net loss of between 150 million to 190 million yuan for 2025, yet it also saw a price surge on the same day [5]. Group 3: Market Dynamics - The collective rise in liquor stocks is seen as less related to individual company fundamentals and more influenced by broader market dynamics, including a strong performance in defensive sectors like liquor, resources, and banking [5]. - The current bullish sentiment in the stock market, coupled with the upcoming Spring Festival, is expected to boost liquor consumption, contributing to a more optimistic investor outlook [5]. - Additionally, there is a noted correlation between liquor stocks and the real estate sector, which also experienced a collective rise due to recent news [5].

1月29日，A股市场整体走势分化。 沪深300今日主力资金净流出129.01亿元，创业板主力资金净流出171.69亿元。 2. 沪深300主力资金净流出近130亿元 截至收盘，上证指数收报4157.98点，上涨0.16%；深证成指收报14300.08点，下跌0.3%；创业板指收报3304.51点，下跌0.57%。两市合计成交32300.08亿 元，较上一交易日增加2645.98亿元。 1. 两市主力资金净流出超600亿元 3.食品饮料等行业实现主力资金净流入 今日沪深两市主力资金开盘净流出221.16亿元，尾盘净流出98.94亿元，两市全天主力资金净流出602.22亿元。 | | | 沪深两市最近五个交易日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | 尾盘净流入 | 超大单净买入 | | 2026-1-29 | -602. 22 | -221.16 | -98.94 | -296.09 | | 2026-1-28 | -274. 87 | -58.90 | -29.34 | -118. 55 | | 2026 ...

Investment Rating - The report rates the food and beverage sector as "Overweight" [4][6]. Core Insights - The allocation ratio for the food and beverage sector has decreased quarter-on-quarter, with significant reductions in the allocation for both liquor and non-liquor segments. Conversely, other segments such as beverages, dairy products, and snacks have seen an increase in allocation [2][16]. - The report suggests focusing on five main investment lines, emphasizing opportunities arising from supply-demand clearing. Recommended stocks include Guizhou Moutai, Wuliangye, and Luzhou Laojiao for liquor; Eastroc Beverage and Nongfu Spring for beverages; and various companies in the snack and food processing sectors [6][32]. Summary by Sections 1. Sector Allocation Trends - The allocation ratio for food and beverage stocks among actively managed equity mutual funds has continued to decline for seven consecutive quarters, reaching 4.04% in Q4 2025, ranking ninth among all sectors [8][11]. - The allocation for liquor stocks decreased to 2.92%, driven by declines in leading brands such as Wuliangye and Shanxi Fenjiu [16][18]. 2. Sub-Sector Performance - Liquor and non-liquor segments saw a reduction in allocation, while other segments like snacks and dairy products experienced increases. The allocation for snacks rose to 0.26%, and dairy products to 0.44% [16][17]. - Specific stock movements include a decrease in holdings for major liquor brands, while dairy leaders like Yili and Mengniu saw increases in their allocation ratios [23][24]. 3. Individual Stock Analysis - Major liquor stocks such as Guizhou Moutai and Wuliangye experienced significant reductions in their mutual fund holdings, with Moutai down by 0.8% and Wuliangye down by 13.2% [19][20]. - In the beverage sector, Eastroc Beverage's holdings decreased by 4.16%, while Yili's increased by 3.42% [23][24]. - Snack companies like Wancheng Group and Ximai Foods saw increases in their allocation ratios, indicating a positive trend in the snack segment [26][27]. 4. Valuation and Earnings Forecast - The report includes a section on earnings forecasts and valuations, indicating a cautious outlook for the food and beverage sector amidst changing consumer preferences and market dynamics [32].

Core Viewpoint - The liquor sector experienced a significant surge on January 29, leading to an overall rise in the food and beverage sector, with the Huabao Food and Beverage ETF (515710) increasing by 7.1% by the end of the trading day, recovering multiple moving averages [1][4]. Group 1: Liquor Stock Performance - A wave of涨停 (limit-up) occurred among liquor stocks, with major players like Wuliangye, Luzhou Laojiao, and Yanghe all hitting the limit, while Kweichow Moutai surged by 8.61% [2]. - The price of various Flying Moutai products has seen notable increases since January 26, with the 2026 Flying Moutai original box (53 degrees/500ml) rising by 55 yuan, and the 2025 version also increasing by 55 yuan [4]. Group 2: Market Drivers - The recent recovery in Moutai sales is attributed to two main factors: the demand for high-end liquor during the Spring Festival and effective supply-demand adjustments by iMoutai, which has reached new consumer groups [4]. - The overall valuation of the food and beverage sector remains low, with the price-to-earnings ratio of the Huabao Food and Beverage ETF at 19.09 times, placing it in the 1.37% percentile of the last decade, indicating a favorable long-term investment opportunity [4]. Group 3: Future Outlook - According to Guojin Securities, the most challenging period for the liquor industry has passed, and external constraints on consumption are expected to ease, leading to a gradual stabilization in sales post-2026 Spring Festival [6]. - The Huabao Food and Beverage ETF is recommended for investors looking to gain exposure to core assets in the food and beverage sector, with approximately 60% of its portfolio allocated to leading high-end and mid-range liquor stocks [6].

亚商投顾熊舞老师提醒大家：股市有风险，投资需要多加小心，避免不必要的风险。 一、大盘 1.盘面 上证指数早盘小幅高开，随后窄幅震荡，午后再度小幅震荡，截止收盘，指数上涨0.16%，收出十字线，全天成交额1.49万亿，相比上交易日的1.37万亿， 增加了1200亿。 深证成指早盘小幅低开，随后冲高回落，午后低位震荡，截止收盘，指数下跌0.30%，收出十字线，全天成交额1.74万亿，相比上交易日的1.60万亿，增加 了1400亿。 2.技术分析 图片来源：东方财富 上证指数今日依旧小幅震荡，沿着5日线稳健攀升，整体来看趋势仍属多头主导的温和上行格局；不过从分时图上可清晰观察到黄白线午后再度背离，指数 虽稳如泰山，但个股似乎并没那么乐观，跌多涨少格局再度凸显，赚钱效应持续萎缩，所以近几日大家的体感并不好，多数个股并不跟随指数上涨，反而出 现"赚指数不赚钱"现象。且最近"权重"与"题材"形成了跷跷板效应，资金在权重蓝筹与题材成长之间快速腾挪，导致二者此消彼长、节奏错位；所以操作上 务必严守"高低切换"纪律，避免追高已兑现品种，优先关注低位启动、量价配合良好、且具备业绩支撑的科技细分龙头。 深证成指今日窄幅震荡，小幅收 ...

国信证券认为，食品饮料板块2026年整体向好，建议关注四条主线：成本红利释放、经营效率提升、创 新驱动增长以及部分子行业的困境反转机会。春节旺季有望成为重要催化，预制菜国标即将出台也为行 业带来利好。 东海证券指出，在扩内需政策支持下，消费潜力有望释放，行业存在结构性机会。一方面关注餐饮供应 链、乳业等困境反转方向，另一方面看好零食、茶饮等新消费趋势，强调质价比与健康化需求。 （文章来源：每日经济新闻） 盘面上，两市全天窄幅震荡，消费板块大幅上涨。相关ETF方面，食品饮料ETF天弘（159736）标的指 数收盘涨5.58%，成交额达7318.67万元。成分股中，"茅五泸汾"四家头部白酒公司有三家涨停，茅台也 涨超8%。 值得关注的是，Wind显示，食品饮料ETF天弘（159736）近4个交易日（2026年1月23日—2026年1月28 日）实现连续"吸金"，食品饮料ETF天弘（159736）最近十个交易日累计获资金净流入3898.37万元。截 至2026年01月28日，该基金最新规模为53.00亿元，为同标的全市场第一。 中证食品饮料指数（CS食品饮）行业相对分散，前十大集中度最低，分散投资白酒、饮料乳品、食 ...

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 ...

Group 1 - The A-share market saw a significant rally in the liquor and real estate sectors, with the liquor index rising over 9% and several stocks hitting the daily limit, including Guizhou Moutai which increased by over 8% [1] - The liquor index had previously dropped to 2532.899 points, marking a decline of over 24% since early 2025, while the real estate sector had risen over 26% during the same period [1] - Both liquor and real estate are considered cyclical sectors, with their last simultaneous surge occurring during the "924" market rally, where the real estate index rose over 28% and the liquor sector over 36% within five trading days [1] Group 2 - Wanlian Securities indicates that the liquor industry is currently in a bottoming phase, with low valuations and high dividends providing support for stock prices, and anticipates an upward turning point as channel inventories clear [2] - Guojin Securities notes positive changes in the real estate market since the beginning of 2026, with increased transaction volumes and stabilization in second-hand housing prices, marking a departure from previous trends [2] - The current improvement in the real estate market is characterized by a lack of optimization policies and a decrease in the number of second-hand listings in key cities, contrasting with past market recoveries [2]

| 沪深京市场 | | 香港市场 | 美国市场 | 英国市场 | 全球指数 | | 股转系统 | 期权市场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 沪深综合 | | 沪深京A股 ▼ | 创业板 ▼ | 科创板 ▼ | CDR | 沪深京指数 ▼ | | 白酒 ▼ | | 序 | 代码 | 名称 | | 最新 | 涨幅 > | 涨跌 | 成交量 | 现量 | | 0 | BK0896 | 白酒 | | 2319.88 | +5.16% | +113.84 | 26.1万手 | 03 | | 1 | 600199 | 金种子酒 | R ● | 10.30 | +10.04% | +0.94 | 58.5万手 | 4345手 | | 2 | 000995 | 三圆织与新 | ● | 14.48 | +10.03% | +1.32 | 26.4万手 | 576手 | | 3 | 603198 | 迎驾贡酒 | R . | 42.63 | +10.01% | +3.88 | 21.4万手 | 673手 | | 4 | 603919 | 金徽 ...