Core Viewpoint - The A-share market sees a rise in liquor stocks despite overall demand decline, with specific brands like Moutai performing well while others face pressure [1] Group 1: Market Performance - Liquor stocks such as Huangtai Liquor and Shui Jing Fang hit the daily limit, with Shui Jing Fang rising over 7% and Jin Hui Liquor over 6% [1] - Other brands like Jinzhongzi Liquor, Jiu Gui Liquor, and Ying Jia Gong Jiu increased by over 3%, while Shede Liquor, Wuliangye, Kouzi Jiao, and Guizhou Moutai rose over 2% [1] Group 2: Demand Analysis - According to a recent report by China Merchants Securities, total demand for liquor is still declining, with a double-digit decrease, aligning with previous expectations [1] - In terms of specific scenarios, business banquets are primarily small gatherings, and mid-to-high-end dining remains sluggish, although there is some recovery in gift-giving demand [1] Group 3: Brand Performance - There is a significant brand differentiation, with Moutai showing excellent sales performance and preemptive stocking for the Spring Festival, while other brands are under pressure [1]

Core Viewpoint - The A-share market for liquor stocks has shown resilience, with several key stocks experiencing significant gains despite an overall decline in demand for liquor products [1] Group 1: Market Performance - Huangtai Liquor reached the daily limit increase, while Shuijingfang rose over 7%, and Jinhui Liquor increased by more than 6% [1] - Other notable gains include Jizhongzi Liquor, Jiugui Liquor, and Yingjia Gongjiu, each rising over 3%, while Shede Liquor, Wuliangye, Kouzi Jiao, and Guizhou Moutai saw increases of over 2% [1] Group 2: Demand Analysis - According to a recent report from China Merchants Securities, total demand for liquor is still declining, with a double-digit decrease, aligning with previous expectations [1] - In terms of specific scenarios, business banquets are primarily small gatherings, and the mid-to-high-end dining sector remains sluggish, although there is some recovery in gift-giving demand [1] Group 3: Brand Performance - There is a clear differentiation among brands, with Moutai performing exceptionally well, benefiting from pre-holiday stocking demands, while other brands are under pressure [1]

截至1月30日，细分食品指数最新PE-TTM仅19倍，位于近十年2.91%分位数，也就是说比历史上98%时 间都要"便宜"，处于极度低估区域。场外投资者也可以关注其联接基金。 2月2日，贵州茅台再度放量大涨，盘中一度涨近4%，近三日涨超9%。白酒板块跟随大涨，水井坊冲击 涨停，山西汾酒、五粮液涨3%。1月29日，贵州茅台单日曾大涨8.6%，成交额达263亿元，同时飞天批 价上行，一度突破1710元引发市场关注。尽管周末批价回落，但从股价反应来看，并未影响市场乐观情 绪。 长江证券最新观点表示："在本轮调整期中，茅台凭借自身的量价策略，成功扩大了消费群体，随着终 端需求的改善，茅台将最先迎来业绩的爆发。"该机构看好本次市场化改革将重塑茅台公司产品体系、 渠道体系，为公司长期健康增长夯实基础。 食品饮料ETF持有贵州茅台仓位17%，相比纯酒类ETF，食品饮料ETF更聚焦一二线优质白酒，如贵州 茅台、五粮液、山西汾酒、泸州老窖、水井坊、舍得酒业等，在行业周期底部更具韧性。 ...

Group 1 - The food and beverage sector is experiencing a strong rally, with the Huabao Food and Beverage ETF (515710) seeing a price increase of 2.59% as of the latest report, following a peak increase of 3.28% during the trading session [1][7] - Major liquor stocks have surged, with notable increases including Shui Jing Fang up over 8%, Jin Hui Jiu up over 7%, and Jiu Gui Jiu up over 5%, while other prominent brands like Moutai and Luzhou Laojiao also showed significant gains [1][7] Group 2 - According to Tianfeng Securities, the liquor sector has been in a correction phase for about five years, with current valuations and institutional positions at historical lows. The market sentiment is generally pessimistic, but there is potential for stock prices to recover ahead of fundamental improvements [3][9] - The food and beverage ETF Huabao is currently at a low valuation, with a price-to-earnings ratio of 19.81, placing it in the bottom 3.33% of the last decade, indicating a favorable long-term investment opportunity [3][9] Group 3 - CITIC Securities highlights significant changes in the liquor industry since 2026, emphasizing the need for companies to enhance customer engagement and education. The focus on consumer-centric channel collaboration is expected to be a key competitive advantage in the next market cycle [4][10] - The Huabao Food and Beverage ETF allocates approximately 60% of its portfolio to leading high-end and mid-range liquor stocks, while nearly 40% is invested in leading stocks from other segments like beverages and dairy [4][10]

【国泰海通食饮】周报第5期：茅台动销批价上行，零食迎接备货行情 本周1月29日白酒板块单日大幅上涨，主要受地产政策、茅台批价、流动性等多重因素催化。 据我们观察，茅台价盘理顺后渠道融合度显著提升，线上i茅台掀起抢购潮，线下经销商出货甚至略快于往年，近 期礼赠及饮用需求增加，普飞批价本周一度涨超1700元。 展望后续：1）短期维度，白酒开门红推进中，除强势品牌外多数渠道打款积极性一般，预计动销高峰2月开启， 届时若普飞等核心大单品需求持续释放，则有望支撑价盘，若批价确认企稳，我们认为其对股价的压制将会减 轻；2）中期维度，2026年景气修复和库存去化尚需时间，预计酒企通过以价换量或控量的方式维持渠道韧性，典 型的以价换量如高端龙头茅台、五粮液，控量如习酒、郎酒等，5-6月起行业迎来低基数，动销或将逐步企稳，具 备较强放量潜力的品牌有望更快修复，行业预计呈现主动或被动去库之势，为后续发展奠定基础。 大众品：元旦良好人流量利好出行相关食饮需求。 成长为主线、重视供需出清下的拐点机会。 1）首选具有价格弹性标的：贵州茅台、五粮液、泸州老窖以及有望陆续出清标的：迎驾贡酒、古井贡酒、山西汾 酒、今世缘、珍酒李渡、舍得酒业 ...

格隆汇2月2日｜白酒股盘初走高，其中，水井坊涨超5%，山西汾酒、贵州茅台、五粮液涨超3%，古井 贡酒、舍得酒业跟涨。消息上，酒价内参2月2日价格发布，十大单品涨跌分化整体价格升至阶段高位。 ...

Investment Rating - The report rates multiple companies in the consumer staples sector as "Outperform," including Guizhou Moutai, Wuliangye, and Yili [1]. Core Insights - The consumer staples industry in January 2026 shows a recovery in basic demand while hedonic consumption remains under pressure, indicating a divergence in performance across different segments [3][29]. - Among the eight key consumer industries tracked, four are experiencing positive growth (condiments, frozen food, soft drinks, and catering), while four are facing declines (high-end and above Baijiu, mass-market Baijiu, dairy products, and beer) [29]. Summary by Segment Baijiu (High-end and Above) - In January, the revenue for high-end Baijiu reached 47 billion yuan, a year-on-year decline of 14.0%. The price pressure is significant, with expectations of over a 10% price drop throughout the year due to high inventory levels [11]. Baijiu (Mass-market and Below) - The mass-market Baijiu segment generated 22.9 billion yuan in January, down 3.0% year-on-year. Despite the decline, the segment shows resilience due to rigid demand and adaptability to consumption scenarios [13]. Beer - The beer industry reported revenues of 17 billion yuan in January, a decrease of 7.1% year-on-year. The demand was affected by adverse weather and the delayed Spring Festival, leading to a cautious inventory approach by distributors [15]. Condiments - The condiment sector achieved revenues of 46.9 billion yuan in January, reflecting a year-on-year growth of 3.5%. The recovery in the catering channel and increased demand from small and medium-sized businesses are key drivers [17]. Dairy Products - The dairy sector's revenue was 43.5 billion yuan in January, down 3.3% year-on-year. The demand remains under pressure, but a potential recovery is anticipated in the coming months due to low base effects [19]. Frozen Food - The frozen food segment saw revenues of 14.99 billion yuan in January, with a year-on-year increase of 8%. The demand is supported by pre-Spring Festival stocking and favorable weather conditions [21]. Soft Drinks - The soft drink industry generated 96.2 billion yuan in January, with a modest growth of 1.1% year-on-year. Increased promotional activities indicate heightened market competition [24]. Catering - The catering sector reported revenues of 16.2 billion yuan in January, up 2.5% year-on-year. The demand is gradually improving, particularly in small and medium-sized restaurants [26].

新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 （来源：云酒头条） 酒，本质是连接情感与场景的媒介。当品牌自己先变得鲜活、开放、甚至有趣时，它递给消费者的，才不再只是一杯酒，更是一个值得分享和回味 的故事。 说到底，选择谁代言，从来不只是"找一张脸"，而是"讲一个怎样的故事"。 文｜宋玥 1月26日，沱牌官宣双料影后刘晓庆与喜剧达人杨雨光担任"沱牌特级嘴替"。 "冷门"或许意味着初始认知度不高，但也预示着更大的新鲜感与话题延展空间。酒，本质是连接情感与场景的媒介。当品牌自己先变得鲜活、开放、甚至 有趣时，它递给消费者的，才不再只是一杯酒，更是一个值得分享和回味的故事。 对于传统酒类消费群体而言，他的名字或许陌生；但在以Z世代为代表的年轻圈层里，他却拥有可观的认知度和号召力，而这群人，恰恰是白酒行业亟待 触达、并有望重塑市场未来的关键所在。 于是，沱牌的这次亮相，便成了一道有趣的景观：一边是父辈记忆里的"国民女神"刘晓庆，一边是年轻人屏幕中的"赛博开心果"杨雨光，宛若在老干部茶 话会上插播了一段脱口秀——看似跳脱，却意外地碰撞出新鲜的话题火花，让沱牌在春节营销的密集炮火中，抢下了一块独特的声量阵地。 ...

Group 1 - The liquor sector experienced a significant surge on January 29, with stocks rising across the board, led by Kweichow Moutai, which closed at 1437.72 yuan, up 8.61% from the previous trading day, marking the highest single-day increase in nearly 16 months [1] - Kweichow Moutai's market capitalization returned to 1.8 trillion yuan, indicating a strong recovery in investor confidence [1] - More than ten A-share listed liquor companies, including Wuliangye, Shanxi Fenjiu, and Luzhou Laojiao, reached their daily price limits, while Hong Kong-listed liquor company Zhenjiu Lidu saw a single-day increase of over 12% [1] Group 2 - The liquor industry is currently in an adjustment phase, with a bottoming process being the norm, and signs of recovery are not yet evident [3] - The upcoming Spring Festival holiday presents a significant opportunity for liquor consumption, and the industry is encouraged to leverage this key consumption period to enhance market investment and brand promotion [3]

Core Viewpoint - The liquor stocks experienced a significant decline, with major brands such as Tianyoude, Yanghe, and Shunxin all dropping over 5% in value, indicating a bearish trend in the sector [1]. Group 1: Stock Performance - Tianyoude Liquor saw a decrease of 5.81%, with a total market capitalization of 4.427 billion [2] - Yanghe shares fell by 5.67%, bringing its market value to 85 billion, with a year-to-date decline of 7.10% [2] - Shunxin Agriculture dropped by 5.53%, with a market cap of 11.1 billion and a year-to-date increase of 2.53% [2] - Other notable declines include Kuaizijiao (-4.95%, 17.8 billion), Yilite (-4.74%, 6.658 billion), and Jianshiyuan (-4.66%, 42.1 billion) [2] - Major brands like Wuliangye and Guizhou Moutai also experienced declines of 3.93% and 1.90%, respectively, with market caps of 413.1 billion and 1.7663 trillion [2]