| 序号 | 股东名称 | 持股数量 (股) | 持股比例 | 股东性质 | 是否存在质押或 其他争议事项 | | --- | --- | --- | --- | --- | --- | | | 嵊州巴贝 | 52.972.411 | 35.02% | 境内法人 | 合 | | | 嵊商企管 | 27.945.541 | 18.47% | 有限合伙企业 | 香 | | | 雅戈尔 | 7.160.298 | 4.73% | 境内法人 | 是 | | U + WN | 何锐敏 | 7.000.000 | 4.63% | 境内自然人 | 否 | | | 吴满元 | 5.671,553 | 3.75% | 境内自然人 | 否 | | 6 | 大津源峰 | 5,464,562 | 3.61% | 有限合伙企业 | 否 | | 7 | 阡陌投资 | 5.000.000 | 3.31% | 有限合伙企业 | 石 | | 8 | 君棋投资 | 4.958.560 | 3.28% | 有限合伙企业 | 否 | | 9 | 桑梓投资 | 4,000,000 | 2.64% | 有限合伙企业 | 否 | | 10 | 并台基金 ...

Group 1 - The A-share market is experiencing a narrow consolidation, with the leading consumption ETF (159928) declining by 0.52% and a total trading volume exceeding 350 million yuan, while net inflows over the past 60 days have surpassed 2.1 billion yuan [1] - The Shanghai government has introduced new real estate policies, reducing the social security requirement for non-local residents to purchase homes within the outer ring from 3 years to 1 year, and allowing families with a residence permit for 5 years to buy one property without social security [3] - During the recent Spring Festival, there were reports of shortages of premium liquor, with some distributors indicating that they could not meet demand, leading to an increase in prices instead of the usual post-holiday decline [3] Group 2 - The Spring Festival has seen a significant recovery in restaurant consumption, with key retail and restaurant enterprises reporting a daily sales increase of 5.7% year-on-year, and foot traffic in 78 key pedestrian streets rising by 6.7% [5] - The demand for dining experiences during the holiday surged, with Meituan's New Year's Eve dinner reservations increasing by 105% and Douyin's group purchases rising by 185%, indicating strong consumer vitality [5] - The frozen food and seasoning sectors are benefiting from the recovery in restaurant consumption, with B-end product sales increasing due to the resurgence of dining scenes during the Spring Festival [6] Group 3 - The overall consumption trend during the Spring Festival aligns with expectations, showing a division between material and service consumption, with emotional consumption demonstrating resilience [7] - The consumption ETF (159928) is characterized by its essential and domestic demand attributes, showing significant profitability resilience across economic cycles, with the top ten constituent stocks accounting for over 68.55% of the index [8] - The restaurant supply chain is expected to see improvements in inventory and sales, driven by the strong performance of downstream dining consumption, which is likely to enhance the profitability of leading companies in the sector [6][7]

北京商报讯（记者 刘一博 冯若男）2月26日尾盘，沪指4146.63点下跌0.01%。白酒板块2223.89点收盘 下跌1.17%，其中19只白酒股下跌，贵州茅台1466.21元/股收盘。 从个股来看，贵州茅台收盘价达1466.21元/股，下跌1.71%；五粮液收盘价达103.88元/股，下跌1.23%； 山西汾酒收盘价161.38元/股，下跌1.55%；泸州老窖收盘价达111.00元/股，下跌1.70；洋河股份收盘价 达53.25元/股，下跌1.39%。 天风证券在其研报中指出，目前板块或处于基本面出清的最后阶段，茅台批价企稳是边际改善的积极信 号，板块估值修复或领先于业绩修复。 ...

据i茅台官微消息，自2026年2月26日（丙午年正月初十）起，在i茅台APP"i购"板块购买贵州茅台酒 （丙午马年）经典版/礼盒装，在自选生产日期时，除可选阳历生产日期外，还增加了对应的农历生产 日期。 ...

Core Viewpoint - The recent upgrade of the "i茅台" app allows users to select both Gregorian and lunar production dates for the new "马茅" classic edition and gift box, marking a significant development in the product structure of the Moutai zodiac series [2] Group 1: Product Launch and Features - The "马茅" classic edition and gift box will feature a new lunar date printing on the bottle caps starting from February 17, 2026 [2] - The product lineup includes three specifications: classic edition priced at 1899 yuan per bottle,珍享版 at 2499 yuan per bottle, and gift box at 3789 yuan per box [2] - The sales model allows consumers to choose between random shipping or specifying a production date for their orders, continuing the "date wine" concept from previous zodiac products [2] Group 2: Market Performance - Since its launch on January 6, "马茅" has maintained high demand on the i茅台 platform, but market prices have seen a decline [3] - Current market prices are approximately 2150 yuan per bottle for the classic edition, 3950 yuan per box for the gift box, and 3850 yuan per bottle for the珍享版 [3] Group 3: Industry Context - The recent "错版" incident has sparked significant discussion regarding the price trends of "马茅" and the overall zodiac wine sector, increasing external interest [2]

Core Viewpoint - The data indicates significant outflows of main funds from various stocks, with notable amounts in the energy, materials, and financial sectors [1][2][3] Group 1: Stock Outflows - The stock with the highest outflow is 阳光电源, with a total of -20.02 billion yuan [1][2] - 宁德时代 follows closely with an outflow of -18.87 billion yuan [1][2] - Other significant outflows include 北方稀土 at -14.76 billion yuan and 兆易创新 at -11.52 billion yuan [1][2] Group 2: Sector Analysis - The electric equipment sector shows substantial outflows, with 阳光电源 and 宁德时代 leading [2] - The non-ferrous metals sector is also impacted, with 北方稀土 and 紫金矿业 experiencing notable outflows [2][3] - The financial sector, represented by 中国平安 and 中信证券, also shows significant fund outflows [2][3] Group 3: Additional Notable Stocks - 贵州茅台 has an outflow of -9.42 billion yuan, indicating a decline in investor interest [1][3] - 立讯精密 and 恩捷股份 also report outflows of -8.23 billion yuan and -6.35 billion yuan respectively, reflecting trends in the electronics and energy sectors [1][3] - 比亚迪, a key player in the automotive sector, shows an outflow of -5.95 billion yuan, suggesting potential shifts in market sentiment [1][3]

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 据i茅台官微，自2026年2月26日（丙午年正月初十）起，在i茅台APP"i购"板块购买贵州茅台酒（丙午 马年）经典版/礼盒装，在自选生产日期时，除可选阳历生产日期外，还增加了对应的农历生产日期。 此外，自2026年2月17日（丙午年正月初一）起生产的贵州茅台酒（丙午马年）经典版/礼盒装就已增加 了农历生产日期。 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 据i茅台官微，自2026年2月26日（丙午年正月初十）起，在i茅台APP"i购"板块购买贵州茅台酒（丙午 马年）经典版/礼盒装，在自选生产日期时，除可选阳历生产日期外，还增加了对应的农历生产日期。 此外，自2026年2月17日（丙午年正月初一）起生产的贵州茅台酒（丙午马年）经典版/礼盒装就已增加 了农历生产日期。 责任编辑：李思阳 责任编辑：李思阳 ...

摘要 ■ 投资逻辑 基于大模型对券商年度展望的全面解析 每年的年底到年初，各券商会密集发布关于总量、行业等年度报告。对投资者而言，难以整合大量研报信息从而提取共识点，此外分歧点也同样缺乏量化 对比。大模型工具的出现解决了这一难点，大模型可以帮助分析师快速完成研报数据预处理、观点精准抓取与分类；大模型通过确定共识点与分歧点的判 定规则，系统整合分散观点，量化呈现各券商对板块不同观点的支持率，清晰核心分歧维度。本次研究以大模型为核心分析工具，全面剖析2026年各大板 块年度展望，梳理宏观、策略、固收及七大细分行业的共识与分歧，为投资者提供高效精准的决策参考。 总量观点总结 对于总量观点，我们分别从宏观经济、年度策略、固定收益三个方面分别剖析了各券商分析师的年度展望。 在宏观经济方面，大多数券商认为随着"十五五"政策发力，2026年GDP目标为5%左右；CPI、PPI从低位逐步修复，国内通货膨胀的压力得到缓解；货币 政策维持适度宽松基调，流动性保持合理充裕；财政政策延续积极取向，赤字率维持合理高位；出口保持稳健，贸易顺差维持历史较高水平；国外环境虽 然出现波动，但整体风险可控。 作者：高智威、许坤圣 在年度策略方面 ...

"供应链第一股"怡亚通的高层变动，为这家900亿巨头的转型阵痛写下注脚——执掌公司29年的创始人周国辉正式卸任董事长，元老陈伟民接棒，标志着 怡亚通一个时代的落幕。 创始人的彻底离场，不仅是企业治理结构的更迭，更揭开了其经营困境的冰山一角：预计2025年由盈转亏，净亏损达2亿至3亿元；营收从巅峰期的944亿 元缩水至2024年的776亿元，且仍在以两位数速度下滑。 在这场前所未有的危机中，耗费十多年打造的酒业版图，成为最引人争议的焦点——当新任管理层明确将战略重心转向供应链主业与科技赛道，这块曾经 的"业绩增长极"，是否会沦为被抛弃的"弃子"？ 回溯怡亚通的酒业征程，曾有过一段风光无限的高光时刻。2013年，凭借自身强大的供应链分销能力，怡亚通切入白酒赛道，成为茅台、五粮液等名酒的 核心分销商，巅峰时期白酒业务年销售额突破70亿元，一度占据公司营收的近三分之一，成为支撑企业增长的关键支柱。 在上一轮"酱酒热"席卷行业时，怡亚通顺势而为，向上游延伸布局，与钓鱼台、国台等酒企合作推出"珍品壹号""国台黑金十年"等产品，甚至高价收购茅 台镇大唐酒业，推出自有酱酒品牌"大唐秘造"，试图构建从生产到销售的全产业链布局， ...

Core Viewpoint - The report from Daiwa Capital Markets indicates a positive trend in domestic consumption during the recent Spring Festival holiday, suggesting an initial recovery in the consumer market, particularly in tourism, culture, and dining sectors [1] Industry Summary - The sectors expected to benefit from structural consumption growth, potential policy support, and overseas growth opportunities include dining, services, and experiential consumption [1] - The domestic consumption industry is maintained at an "overweight" rating by Daiwa Capital Markets [1] Company Summary - Preferred stocks include Anta Sports (02020), China Resources Beer (00291), China Duty Free Group (601888.SH), Haidilao (06862), Midea Group (000333.SZ), and Yum China (09987), all rated as "buy" [1] - Target prices have been adjusted based on consumption and travel data during the Spring Festival, with Haidilao's target price raised to HKD 19.7, Li Ning's to HKD 21.6, Kweichow Moutai's to RMB 1,682, and Wuliangye's slightly increased to RMB 115.1 [1]