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 ...

山西汾酒以2094.68亿元的市值继续"一骑绝尘"，牢牢占据山西板块年度市值榜首；大秦铁路以1039.59亿元位列第二，上述也是山西唯二千亿级企业。 山西汾酒于1994年1月在上海证券交易所上市，是中国白酒第一股，亦山西第一股。山西汾酒控股股东汾酒集团为山西省18家省属国企之一。 目前，山西汾酒业绩表现已跻身行业前三，形成"茅五汾"三足鼎立的局面。山西汾酒2025年三季报显示，其前三季度实现收入329.2亿元，同比增长 5.0%；实现归母净利润114.1亿元。 此外，山西还有12家上市公司总市值在百亿级别，其中山西焦煤、潞安环能、永泰能源均超过300亿元。 2025年A股市场呈现"震荡上行、结构分化、科技引领、制度护航"的特征，这些特点也同样映射在山西板块。 截至2025年12月31日，A股全年收涨18.41%，涨超600点，创10年新高；山西板块全年涨幅27.41%，跑赢大盘，41家A股上市公司中东杰智能大涨 186.7%，涨幅位居第一。 随着股价提升，不少公司市值也出现新突破。不过，晋融社梳理发现，41只晋股市值居前的大多集中于传统产业，而股价涨幅居前的则多聚集于新兴产 业，且多家布局涉足机器人相关产业。 ...

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]

Core Viewpoint - The white liquor market is experiencing a downturn in demand, particularly for the 2026 Spring Festival, but high-end liquor prices have stabilized, driven by Moutai's influence [1][6]. Market Overview - Despite concerns about the 2026 Spring Festival being the "coldest" for the white liquor market, several institutions are optimistic about a rebound in the second half of 2026 [1]. - The overall demand for white liquor has declined compared to previous years, with many retailers adopting a wait-and-see approach for the current market [1][7]. Consumer Behavior - Consumer habits have shifted towards more rational spending, with a decrease in the number of tables and guests at banquets, now typically not exceeding eight people [2]. - E-commerce has diverted some traditional offline demand, allowing consumers to purchase liquor quickly even during the Spring Festival [1]. Price Trends - High-end liquor prices, particularly for Moutai, have stabilized, with the wholesale price of Moutai remaining around 1,700 RMB per bottle, up approximately 150 RMB from the end of 2025 [6]. - Other premium brands like Wuliangye and Fenjiu have also shown price stabilization, indicating a potential recovery in the high-end market [6]. Market Dynamics - The market is characterized by a "two extremes hot, middle cold" situation, where products priced between 100-200 RMB and above 800 RMB are performing well, while mid-range products face pressure [7]. - The core products of leading liquor companies are selling well, but the profit margins for these products are limited, indicating a complex market situation [7]. Future Outlook - Analysts expect that the high-end liquor market's stabilization is a sign of industry recovery, although the market is still in a fragile state [7][8]. - The recovery of business banquets and the overall economic environment will be crucial for supporting high-end consumption in the future [8].

白酒六省渠道调研要点20260222 春节动销总结： 整体符合预期，分化延续：#高端动销表现突出，茅台、五粮液多地同比增长，价格坚挺；中低端品牌部分地区承 压，去库存为主。 #区域间有所分化，宴席需求带动头部品牌增长，节后库存水平整体可控。 ■ 四川：春节期间白酒动销分化，茅台、五粮动销较好，千元标杆价格下探至800元，#整体动销超去年，市场表 现喜人。 白酒六省渠道调研要点20260222 春节动销总结： 整体符合预期，分化延续：#高端动销表现突出，茅台、五粮液多地同比增长，价格坚挺；中低端品牌部分地区承 压，去库存为主。 #区域间有所分化，宴席需求带动头部品牌增长，节后库存水平整体可控。 ■ 四川：春节期间白酒动销分化，茅台、五粮动销较好，千元标杆价格下探至800元，#整体动销超去年，市场表 现喜人。 主流品牌如水井坊、舍得、红花郎等中低端动销持平或偏弱，库存去化进度较快。 ■ 江苏：茅台、五粮液动销高效，销售计划基本完成，节前招商推动分销进度。 五粮液终端限价严格，批价760-795元，分销政策灵活。 #整体动销好于去年，部分产品供货节奏加快。 ■ 河南：节前茅台动销积极，库存去化明显，#动销同比增长约 ...

行业整体动销下滑约10%、符合预期，#其中茅台及五粮液表现超预期，此外古井、迎驾、汾酒、剑南春、今世缘 表现相对较优，其余酒企仍处调整期，行业触底特征明显，头部酒企批价下行&库存压力继续提升的风险较小。 【建投食饮|杨骥】白酒春节总结：分化加剧&行业触底，强推超预期的茅台&五粮液（20260223） 白酒春节总结：#核心关键词为"分化"&"触底"、行业周期大底复苏第一阶段。 行业整体动销下滑约10%、符合预期，#其中茅台及五粮液表现超预期，此外古井、迎驾、汾酒、剑南春、今世缘 表现相对较优，其余酒企仍处调整期，行业触底特征明显，头部酒企批价下行&库存压力继续提升的风险较小。 【建投食饮|杨骥】白酒春节总结：分化加剧&行业触底，强推超预期的茅台&五粮液（20260223） 白酒春节总结：#核心关键词为"分化"&"触底"、行业周期大底复苏第一阶段。 #差异化认知：我们认为当前为行业十年周期大底复苏第一阶段，特征为"分化&触底"，具体看： ①品牌及价位分化加剧，茅台及五粮液春节超预期，其余多数酒企仍在调整：中高端大众价位较优、高端价位稳 健、次高端价位承压，其中茅台和五粮液表现超预期，#茅台在春节期间动销、出货、批 ...

证券研究报告 | 行业点评报告 2026 年 02 月 24 日 信心逐步企稳 白酒春节渠道跟踪报告 消费品/食品饮料 本篇报告重点反馈河南、江苏、四川、山东、安徽等地白酒渠道春节动销情况， 综合来看，26 年春节期间行业动销符合节前预期（双位数下滑），各价格带分 化延续，高端与大众价格带韧性较强、次高端有一定压力。政商务延续承压， 大众消费场景需求提振显著、占比持续提升。除茅台、五粮液等强势品牌外， 多数品牌不再要求开门红，节后库存低于去年同期，渠道压力继续释放，叠加 费用兑付周期加快，经销商与终端信心逐步企稳。价格侧考虑到茅台供需具备 支撑，其他多品牌价格调整接近触底、26 年不再强压任务，后续淡季下探空间 有限，春节后行业配置建议精选强势头部品牌与动销超预期品种。 ❑ 26 年春节动销符合预期、品牌分化延续、渠道信心逐步企稳。 1）行业整体动销方面：26 年春节期间行业动销符合节前预期（双位数下滑）， 分价格带来看，高端与大众价格带韧性较强、次高端具有一定压力。分消费 场景来看，政商务需求仍然承压，家庭消费与个人聚饮等大众消费需求明显 提振，占比持续提升，悦己属性不断强化。 2）任务执行进度方面：当前除 ...

白酒春节反馈总结：关注高端及大众价位超预期表现 大众价位带（今世缘等）则受益于#超长假期走亲访友及大众聚饮宴席需求的爆发。 茅台：#动销量超预期，春节飞天线下渠道动销增长20%，考虑i茅台投放增长超30%，主因春节期间#个人消费群 体对散茅的需求爆发（往年茅台备货节前大部分提前完成）。 预计1-2月茅台任务完成度将达45%（比往年快10个点），一季度达50%，将压力前置。 当前库存几乎为零，为后续批价坚挺提供基础，但由于非标系列缩量明显（同比下滑20-30%），需关注后续酒厂 供给端调整。 总体情况：量的层面预计动销整体下滑10%左右，考虑价格因素下滑15-20%，略好于预期，其中高端及大众价位 带表现较优。 具体来看，高端（茅、五）#降价后需求弹性凸显，激发了大众消费热度，相应弥补政商场景的缺失，此外#禁酒 令压制的礼赠需求也在春节有一定释放。 大众价位带（今世缘等）则受益于#超长假期走亲访友及大众聚饮宴席需求的爆发。 白酒春节反馈总结：关注高端及大众价位超预期表现 总体情况：量的层面预计动销整体下滑10%左右，考虑价格因素下滑15-20%，略好于预期，其中高端及大众价位 带表现较优。 具体来看，高端（茅、 ...

| 指数 涨跌 (%) | | --- | | 名称 | | 上证指数 4082 -1.26 -1.37 0.41 | | 深证综指 2680 -1.05 0.16 1.16 | | 风格指数 (%) | | | --- | --- | | 大盘指数 | 11.32 | | 中盘指数 1.78 | 26.74 | | 小盘指数 | 19.55 | | 涨幅居前 行业(%) | 昨日 | 近１个月 近６个月 | | | --- | --- | --- | --- | | 摩托车及其 114 | 3.01 | -2.59 | 2.47 | | 影视院线 | 2.7 | 15.61 | 28.26 | | 海小 | 2.5 | 1.64 | 11.89 | | 综合II | 2.06 | 11.75 | 55.72 | | 航海装备Ⅱ | 1.87 | 3.91 | -0.69 | | 跌幅居卸 行业(%) | | 昨日 近１个月 近６个月 | | | 玻璃玻纤 | -4.69 | 30.4 | 65.53 | | 工业金属 | -3.82 | 0.19 | ୧୦ ବଟ | | 小尖属工 | -3.8 | 12.8 ...

Group 1 - Industry Investment Rating: Buy [2] - Previous Rating: Buy [2] - Report Date: February 24, 2026 [2] Group 2 - Core Viewpoint: The report summarizes feedback from six liquor distributors across five provinces regarding the sales performance of liquor during the Spring Festival, indicating a narrowing decline in sales of famous liquor compared to the Mid-Autumn Festival. The C-end scenarios, such as banquets, performed well with an upgrade trend, while B-end scenarios are still recovering [6][9][14] - Feedback from Henan liquor distributors indicates that Moutai and Wuliangye are leading in sales, with Moutai's return rate exceeding 35% and Wuliangye's at 30%. There is a trend of consumers concentrating on famous liquor across different price ranges [6][9] - In Shandong, Fenjiu is performing well in the mid-range segment, with a reported sales growth of approximately 8% during the Spring Festival [10] - In Anhui, the wedding market showed strong performance, particularly in the 200 CNY price range, which is experiencing growth [11] - Jiangsu distributors reported a mixed performance, with strong sales at both ends of the market but weakness in the mid-range, indicating a systemic price-driven volume increase [13] - In Sichuan, overall sales volume is expected to decline by 8% and sales amount by 15%, with personal and gift consumption performing better than expected [13] Group 3 - Investment Recommendations: For liquor, the sector is expected to enter a new development cycle in 2026 after four years of adjustment. Key recommendations include Luzhou Laojiao, Shanxi Fenjiu, Shede Liquor, Guizhou Moutai, Jianshe Liquor, and Gujing Gongjiu. For consumer goods, the industry is expected to see a moderate price increase in 2026, with opportunities in new products and channels. Key recommendations include Anjoy Food, Lihua Food, Angel Yeast, Yanjing Beer, Qianhe Flavor Industry, Dongpeng Beverage, New Dairy, Guoquan, and Tianwei Food [14]