Group 1 - The overall performance of the food and beverage sector is currently experiencing fluctuations, with the Huabao Food and Beverage ETF (515710) trading near the waterline, reflecting the sector's overall trend [1] - Major consumer goods stocks are leading in gains, with Lianhua Holdings rising over 4%, while some liquor stocks like Shanxi Fenjiu and Yanghe are slightly down, dragging the sector's performance [1] - Research from Guotai Haitong Securities indicates that the current stock prices of liquor companies have largely reflected market expectations, with low valuation levels and attractive dividend yields, suggesting potential for price recovery [3] Group 2 - The period leading up to the 2026 Spring Festival is expected to be the most challenging for liquor pricing, but there is potential for a correction in the market's pessimistic outlook on liquor prices [3] - The food and beverage sector is currently at historical low valuation levels, making it a favorable time for left-side positioning, with the food index's price-to-earnings ratio at 19.42 times, at the 2.1% percentile of the last decade [3] - Future market trends may show a clear distinction between growth sectors and liquor, with increased focus on snacks and dairy industries, which are expected to benefit from policy support and improving monthly data [4] Group 3 - The Huabao Food and Beverage ETF (515710) primarily invests in leading high-end and mid-range liquor stocks, with about 60% of its portfolio allocated to these sectors, and the top ten weighted stocks include major brands like Moutai and Yili [5] - Investors can also access the Huabao Food and Beverage ETF through linked funds, providing an opportunity to invest in core assets of the food and beverage sector [5] - The current market environment suggests limited downside for leading consumer companies post-2026, with significant upside potential due to attractive dividend yields and the ability to navigate through economic cycles [4]

来源：美通社 曼谷、上海和北京2026年1月23日 /美通社/ -- 1月22日，由中国酒类流通协会主办的"BAIJIU & Beyond 2026中国美酒嘉年华"在泰国曼谷凤凰国际食品城正式开幕。本届嘉年华以"解码中国美酒，共创东盟未 来"为主题，标志着中国酒业以体系化、平台化模式开拓东盟核心市场进入实质性推进阶段。 一对一配对开启高效商贸对接 与战略对话同步，首场"一对一贸易配对会"在展馆内启动。基于会前完成的供需精准画像，主办方对参 展品牌和东南亚渠道商的需求进行了筛选和匹配，确保了洽谈双方的高度相关性，避免了盲目和低效 的"撒网式"对接。活动为参展品牌与东南亚进口商、分销商及零售商搭建了高效洽谈平台。现场洽谈节 奏密集，一位来中国标志性白酒品牌参展商表示："在短时间内集中接触多位经过筛选的潜在伙伴，极 大提升了出海试水的效率。"参展企业的评价也说明了，"中国美酒嘉年华"对于中国酒业"试水"东盟市 场的直接助推作用。 品牌展会呈现产业多元化面貌 同期开放的主展厅，汇集了极具代表性的中国白酒品牌:五粮液、古井贡酒、成义烧坊、牛栏山、贵州 习酒、董酒、中国劲酒、茅台不老酒等。展区设计突出文化体验与品鉴互动， ...

21世纪经济报道记者贺泓源、实习生徐鸿儒 作为春节期间最大流量场，各方对于央视春晚效应寄予厚望。 2026年1月20日，在宜宾两会期间，宜宾市政协委员、市文化广播电视和旅游局副局长刘勇表示，办好 央视春晚分会场，是今年工作的重中之重。 2025年末，中央广播电视总台《2026年春节联欢晚会》分会场发布，包括黑龙江哈尔滨、浙江义乌、安 徽合肥、四川宜宾四地。 还需看到，宜宾此前尝到了晚会经济的甜头。 据四川日报，2023年央视中秋晚会让宜宾李庄知名度大幅提升。在2025年上半年，李庄接待游客约330 万人次，同比上涨73%，营收约5000万元，同比上涨42%。 另外，宜宾对春晚的重视似乎体现在各个方面。 2025年11月，中央广播电视总台和五粮液公司品牌建设战略合作签约活动在北京举行，宜宾市委书记方 存好就出席了相关活动。 五粮液为宜宾市属国企。 刘勇提到，宜宾将实施"跟着春晚游宜宾"计划。"我们要把春晚的镜头语言，转化为可游、可感、可消 费的旅游线路和场景。"他说。春节期间，6大主题活动、6条精品线路及系列优惠政策将同步推出， 从"三江光影秀"到"长江大庙会"，活动热潮将延续2026年上半年。 刘勇还透露，宜 ...

Group 1 - The core focus of the article is on the significance of the CCTV Spring Festival Gala and its impact on tourism in Yibin, with plans to enhance local tourism through various activities and promotions [1][2][3] - Yibin plans to implement the "Follow the Spring Festival Gala to Tour Yibin" initiative, which includes six major themed activities and six premium tourism routes, along with a budget exceeding 10 million yuan for promotional activities [1] - The city aims to convert the gala's visual language into tangible tourism experiences, targeting both first-time and repeat visitors [1][2] Group 2 - The 2025 CCTV Mid-Autumn Festival Gala significantly boosted the recognition of Lizhuang, with approximately 3.3 million visitors and revenue of about 50 million yuan, marking a 73% and 42% year-on-year increase, respectively [2] - Yibin's previous experience with gala-related economic benefits has set a precedent for the expected outcomes of the Spring Festival Gala [1][2] - The collaboration between the Central Radio and Television Station and Wuliangye for brand building indicates a strategic partnership aimed at enhancing local economic development [3][4]

曾几何时，潮流趋势总是从北上广深向四面八方扩散，一个概念、一种风味、一件单品，要完成从一线到五线的普及，所需时间常常以年为单位。 然而若你留心观察，不难发现，自己的家乡可能早已成为新的爆款发源地。 比如，云贵川的独特风味，通过Bistro（小酒馆）在全国各地遍地开花。贵州酸汤火锅从"小众口味"直达火锅圈顶流；云南菌子火锅凭借鲜香和高颜值迅 速成为火锅界的"漂亮饭"；东南沿海，潮州人将一杯工夫茶喝到出神入化，也让"鸭屎香"这个名字令人费解的茶种，成为了全国茶饮店里的爆款基底。 视线转向北方，内蒙古最寻常不过的奶皮子，在某个冬日与街头小吃冰糖葫芦意外相遇，旋即成为上海、北京街头最甜蜜的风景线，引得无数人甘愿在寒 风中排起长队。 小城的独特风情，正在悄然重塑着一线城市的审美与喜好。而那些过去常常被人忽略的小城，也正在成为新的消费热土。 01 如果在几年前提"回老家"，还总是与一些无聊、单调、低消费的刻板印象绑定。和大城市相比，家乡就像退而求其次的选择，掀不起多少波澜。 但如今，家乡小城的形态已经变得鲜活而灵动。2024年底，《经济学人》杂志提出了一个有趣的中国城市观察，即"二、三线城市正在崛起，成为中国未 来城市的 ...

Group 1 - The agricultural sector showed strong performance with the CSI Agricultural Theme Index rising by 0.55%, driven by significant gains in stocks such as Lier Chemical (up over 5%) and Guangxin Co. (up nearly 4%) [1] - The Tianhong Agricultural ETF (512620) recorded a trading volume of nearly 8 million yuan, with a net inflow of over 7 million yuan on January 21, marking two consecutive days of net inflows totaling 16.38 million yuan [1] - The Tianhong Food and Beverage ETF (159736) also performed well, with a trading volume exceeding 10 million yuan and a net inflow of 685.26 thousand yuan on January 21 [2] Group 2 - The Ministry of Agriculture and Rural Affairs emphasized the increasing application of modern technology in agriculture, including AI and drones, to enhance production efficiency [2] - The Ministry reported that meat cattle farming has been profitable for nine consecutive months, and the losses in dairy cattle farming have been narrowing, indicating a positive trend in the agricultural sector [3] - The commercialization of genetically modified corn and soybean is accelerating, with planting areas expected to exceed 40 million mu by 2025, and a penetration rate projected to rise from 15% to over 25% by 2026 [3]

Core Viewpoint - The Chinese liquor market is experiencing a slight recovery in retail prices for the top ten products, indicating a temporary alleviation of downward pressure, although structural volatility remains significant [1]. Price Trends - The overall retail price for a package of the top ten liquor products is 8,863 yuan, an increase of 9 yuan from the previous day [1]. - Among the top ten products, five saw price increases, four decreased, and one remained stable, reflecting a mixed performance in the mid-to-high-end segment [1]. - Notable price increases include Xijiu Junpin and Gujing Gonggu 20, which rose by 10 yuan and 8 yuan per bottle, respectively [1]. - The price of Guojiao 1573 increased by 5 yuan per bottle, while Qinghua Fen 20 and Qinghua Lang saw smaller increases of 3 yuan and 2 yuan, respectively [1]. - On the downside, the price of premium Moutai dropped by 11 yuan per bottle, with Feitian Moutai following with a decrease of 4 yuan, attributed to stable supply and inventory management [1]. Market Analysis - The data for liquor prices is sourced from approximately 200 collection points across major regions, ensuring a comprehensive and objective representation of market prices [2]. - Recent sales of Moutai products at fixed prices have begun to influence market retail prices, indicating a shift in consumer purchasing behavior [2]. - Fund managers are showing a mixed approach towards the liquor sector, with some increasing their holdings in leading liquor stocks, suggesting a potential recovery in the sector [3]. - The white liquor sector is perceived to be at a historical valuation low, with expectations of demand recovery driven by consumption policies under the "14th Five-Year Plan" [3].

Core Insights - The core viewpoint of the article highlights a slight recovery in the retail prices of China's top ten liquor products, indicating a temporary alleviation of downward pressure in the industry [1][7]. Price Trends - The average retail price of the top ten liquor products reached 8,863 yuan on January 23, an increase of 9 yuan from the previous day [1][7]. - The market displayed a mixed performance with five products increasing in price, four decreasing, and one remaining stable [1][8]. - Notable price increases included Xijiu Junpin and Gujing Gonggu 20, which rose by 10 yuan and 8 yuan per bottle, respectively [1][8]. - Conversely, the premium Moutai led the declines with a drop of 11 yuan per bottle, followed by Feitian Moutai, which fell by 4 yuan [1][8]. Market Analysis - The data for "Wine Price Reference" is sourced from approximately 200 collection points across various regions, aiming to provide an objective and traceable overview of liquor market prices [2][9]. - The introduction of new sales channels for Moutai products has begun to influence market prices significantly [2][9]. - Fund managers are showing a mixed approach towards the liquor sector, with some increasing their holdings in leading brands, indicating a potential recovery phase for the industry [3][9]. - The liquor sector is perceived to be at a historical valuation low, with expectations of demand recovery driven by consumption policies under the "14th Five-Year Plan" [3][9].

中信证券研报表示，白酒行业即将迎来春节旺季营销活动，渠道在经销商大会后持续学习吸收龙头企业 进行的渠道、产品等多维度改革经验。我们认为，行业或在新改革和新方向下重新聚焦市场培育和消费 者教育，促进开瓶动销并为经销商减负。综合考虑到动销已逐步平稳、2026年春节假期多一天、白酒春 节消费场景等诸多因素，我们判断2026年春节白酒实际动销有望维持平稳，无须过度悲观。再考虑到后 续逐步复苏趋势明确，看好白酒行业底部配置机会。预计2026年啤酒行业将在底部位置温和复苏，建议 关注渠道控制力强、具备品牌溢价能力的行业龙头。 全文如下 酒类｜行业加速聚焦消费者，底部推荐板块龙头 白酒行业即将迎来春节旺季营销活动，渠道在经销商大会后持续学习吸收龙头企业进行的渠道、产品等 多维度改革经验。我们认为，行业或在新改革和新方向下重新聚焦市场培育和消费者教育，促进开瓶动 销并为经销商减负。综合考虑到动销已逐步平稳、2026年春节假期多一天、白酒春节消费场景等诸多因 素，我们判断2026年春节白酒实际动销有望维持平稳，无须过度悲观。再考虑到后续逐步复苏趋势明 确，看好白酒行业底部配置机会。预计2026年啤酒行业将在底部位置温和复苏，建 ...

白酒：龙头加速聚焦消费者，积极推动对原有渠道的改革。 从2026年来，行业发生了较多大事件和变化，推动白酒行业渠道升级和突破。短期，白酒龙头企业开始 积极拥抱消费者，消费者触达和消费者教育工作热度空前；中部企业适当降价，维持市场量价平衡；尾 部企业停产、出清库存。长期，"以消费者为核心"的渠道协同体系料将成为行业下轮周期中核心竞争 力，需要企业逐步提升拓客能力、服务能力和场景运营能力。新一轮市场培育下，行业整体有望受益于 本轮新消费者获取和消费者教育提升效果。 智通财经APP获悉，中信证券发布研报称，近期头部酒企陆续召开重要会议，传递调整、改革、渠道再 平衡决心，有利于行业长期健康发展。2025年四季度以来，白酒头部企业均采取持续控制发货、为经销 商减负、促进开瓶动销等措施，以降低渠道库存。综合考虑到动销已逐步平稳、2026年春节假期多一 天、白酒春节消费场景等诸多因素，2026年春节白酒实际动销有望维持平稳，无须过度悲观。再考虑到 后续逐步复苏趋势明确，看好白酒行业底部配置机会，关注需求回升下五粮液等龙头企业的弹性。预计 2026年啤酒行业将在底部位置温和复苏，行业整体呈现量稳价增的趋势，建议关注结构升级战 ...