几乎同时，精品茅台、43度茅台和茅台1935等产品合同价也不同程度下调。 01 价格调整 茅台集团党委书记、董事长陈华在经销商大会上指出，要以消费者为中心推进价格市场化，让产品价格"随行就市"，尊重市场经济规律和消费者的选择。 茅台终于放下了它的价格身段。 1月13日，就在陈年贵州茅台酒（15年）首次在i茅台平台上架当天，市场传出消息：茅台已调整多款产品的经销合同价。 这次降价涉及茅台的高端系列，陈年茅台（15年）合同价从5399元下调至3409元/瓶，降幅高达1990元。 茅台产品价格调整幅度惊人，陈年茅台(15年)从5399元下调至3409元/瓶，降幅近37%，精品茅台从2969元下调至1859元/瓶。 43度飞天茅台合同价从798元降至739元，茅台1935从798元降至668元。 此次价格调整迅速获得茅台经销商证实，多家媒体从经销商处获得确认，降价消息"属实"。 02 战略转向 这次降价并非孤立事件，而是茅台营销市场化转型的重要一环。茅台正以价格的市场化激活整盘大棋。 1月9日，茅台在武汉召开的全国经销商会长联谊会上明确了改革方向：市场导向和价值导向，构建"随行就市"的价格体系。 茅台相关负责人表示， ...

1月9日，贵州茅台（600519）官方公众号发布茅台酒全国经销商会长联谊会在武汉召开的消息。当中披 露，各省区经销商联谊会会长、秘书长等围绕会议主题提出了真实的想法和中肯的建议——"i茅台上线 53%vol 500ml贵州茅台酒的举措，广而告之，就是精准触达消费者，挤压了市场的炒作空间，缓解了市 场假冒伪劣产品的冲击，构建了稳定的价格体系，满足了消费者的刚性需求，增强了消费者对茅台品牌 的认同感、忠诚度。""i茅台上线53%vol 500ml贵州茅台酒后，我们线下门店的咨询量提升了3倍，客流 量上涨了10%。" 要做好渠道市场化。坚持一切以消费者为中心，从聚焦渠道转向服务消费者。做好"坐商"向"行商"转 变，主动走访目标客群、拓展新场景，深耕线下零售、餐饮、私域渠道。做好"线上+线下"融合转型， 实现相互引流与体验融合，通过线上渠道触达真实消费者，再经线下体验服务转化为长期客户。做 好"业绩+服务"考核，引导渠道体系回归服务消费者的本质。 茅台集团党委副书记、总经理王莉王莉在主持会议时，围绕"定力、能力、合力"提出三点建议。 未来的分工逻辑就是线上管效率、管触达，线下管转化、管服务，最终形成一个线上线下融合、 ...

Core Viewpoint - The company Guizhou Moutai has launched a significant initiative by making its 53-degree 500ml Flying Moutai available for purchase on the "i Moutai" app starting January 1, 2026, with a daily purchase limit of 12 bottles per person, aiming to regain market pricing power and reduce speculation [1][4]. Group 1: Pricing Strategy - The price for the 2026 Flying Moutai is set at 1499 yuan per bottle, while prices for previous years range from 1909 yuan to 2649 yuan [1]. - Moutai management has expressed intentions to stabilize prices and prevent speculation by adjusting supply on the i Moutai platform based on market demand [4][5]. Group 2: Market Dynamics - Historically, there has been a significant discrepancy between Moutai's official pricing and actual market prices, sometimes exceeding a 100% difference due to speculation by distributors [2]. - The introduction of the i Moutai app is seen as a move towards market-oriented marketing, allowing consumers easier access to genuine Moutai products [4]. Group 3: Financial Implications - The financial attributes of Moutai have contributed to its popularity, but there are concerns that this may lead to market volatility as the company shifts focus back to consumer goods [5]. - The stock price of Guizhou Moutai has shown slight declines, indicating market apprehension regarding the potential detachment from its financial attributes and the impact on long-term performance [5].

对此，贵州茅台在这次大会上披露了如下营销方向： 1、致力让茅台的产品和价格，适配市场需求和消费意愿； 历史上，茅台酒一直都处于供不应求的状态，市场长时间是在卖方一边，但最近几年，随着消费环境的 变化，原有的营销模式也需要与时俱进了。 2025年，整个消费板块的表现普遍不佳，这是CPI持续低迷和规模以上工业企业利润总额不断下滑所导 致的，影响的不仅仅是茅台，也不仅仅是白酒，可以说衣食住行各方各面都受到了波及。 2、在2026年的投放计划中，适当减少高附加值产品的量； 3、要价格合理稳预期，让产品价格随行就市； 12月28日，2026年贵州茅台酒全国经销商联谊会召开，会议的主题是"坚持以消费者为中心，全面推进 茅台酒营销市场化转型"，这是贵州茅台营销发展史上的重大事件。 这些变革措施，对茅台，对白酒，乃至对整个消费板块的意义都是重大的。可以说，虽然短期还有价格 起伏，但就2026年全年情况来看，普飞的价格基本可以稳住了。 而且厂家直供的经销商直接对终端销售，可以最大程度保证消费者用比较低的价格买到真酒，这既能防 止分销商低价抛货，扰乱市场整体价格，又能从根本上避免假酒扩散。 价格稳住，假酒消散，茅台就没有问题。茅 ...

Core Viewpoint - The article discusses the significant marketing transformation of Kweichow Moutai, emphasizing a consumer-centric approach to adapt to changing market demands and stabilize pricing in the face of a challenging economic environment [1][2]. Group 1: Marketing Strategies - Kweichow Moutai aims to align its products and pricing with market demand and consumer willingness to pay [2] - The company plans to reduce the volume of high-value products in its 2026 launch plan [2] - Moutai will implement reasonable pricing strategies to stabilize expectations and allow prices to adjust according to market conditions [2] - The company is promoting an integrated online and offline channel network, encouraging authorized dealers to establish online stores for better compliance and transparency [2] - The distribution policy for high-value products will be canceled to streamline sales [2] - Moutai will focus on maintaining existing customer relationships while targeting new consumption scenarios, such as family gatherings and private events [2] Group 2: Market Outlook - Despite short-term price fluctuations, the overall price of Moutai is expected to stabilize throughout 2026 [3] - Direct supply from manufacturers to dealers will help ensure consumers can purchase authentic products at lower prices, preventing market disruption from low-price dumping [3] - The stabilization of Moutai's pricing is crucial for the overall recovery of the liquor industry and the broader consumer sector [4] Group 3: Consumer Demographics - The article argues that the impact of younger consumers on the liquor market is minimal, as the primary demographic for liquor consumption remains individuals aged 35-55 [4] - Although the overall consumption of low-end liquor is declining, high-end liquor is expected to grow due to the increasing number of middle-class and high-net-worth individuals [4] - The theme of "drinking less but better" is anticipated to persist in the future [4] Group 4: Economic Context - The liquor industry is currently facing a cyclical downturn, primarily driven by broader economic conditions and insufficient consumer demand [5] - The potential for recovery in consumer spending is linked to expected increases in household income as outlined in the 14th Five-Year Plan [5] - High-end liquor, particularly Moutai, is primarily consumed by wealthier demographics, and as wealth increases, the demand for premium products is likely to rise [5] Group 5: Investment Perspective - The stock price of Kweichow Moutai has shown stability despite fluctuations in product pricing, indicating resilience in the face of market challenges [6] - The company's dividend payout ratio has significantly increased, providing a safety net for investors amid economic uncertainty [7] - The long-term profitability of Kweichow Moutai is expected to recover, with a focus on maintaining a minimum dividend rate to reassure investors [7] - The investment value of high-end liquor companies is considered to be at a ten-year low, presenting a unique opportunity for investors [7]

Core Viewpoint - iMoutai will launch the Flying Moutai (500ml 53 degrees) at a price of 1499 yuan per bottle starting January 2026, marking a significant adjustment in the product matrix of Guizhou Moutai [2][5]. Group 1: Product Launch and Pricing - iMoutai will officially introduce the Flying Moutai at a price of 1499 yuan per bottle from January 2026 [2]. - The product matrix will include various series such as classic, boutique, zodiac, aged, cultural, and low-alcohol products, focusing on the 53% vol 500ml Flying Guizhou Moutai [2][5]. Group 2: Marketing Strategy and Sales Performance - Guizhou Moutai aims to transform its marketing system towards a fully market-oriented approach, emphasizing consumer-centric strategies [5]. - The sales revenue for iMoutai is projected to be approximately 20 billion yuan for the entire year of 2024 and 12.692 billion yuan for the first three quarters of the current year [5]. Group 3: Product Structure Optimization - Guizhou Moutai plans to dynamically balance product supply based on market demand, ensuring a more reasonable and stable product structure [6]. - The company will return to a "pyramid" product structure, focusing on the 500ml Flying Guizhou Moutai as the main product, while strengthening boutique and zodiac products to stimulate consumer demand [6].

12月30日下午，有媒体报道，自2026年1月开始，贵州茅台（600519）（600519）将在旗下官方数字销 售平台"i茅台"App内首次上线普通飞天茅台（500ml/53度），申购价格为1499元/瓶。 这一消息随后被证实。当日晚间，i茅台官方正式宣布，2026年将调整贵州茅台酒上架产品矩阵，主要 有经典、精品、生肖、陈年、文化、低度酒等6大系列，涵盖53%vol 500ml飞天贵州茅台酒等多款茅台 酒产品。 这一消息被看作是茅台深化渠道改革、重塑产品体系的举措。 就在两天前召开的经销商联谊会上，贵州茅台董事长陈华明确提出，2026年将全面取消原有的分销方 式，推进营销市场化转型，核心方向包括构建线上线下（300959）融合的渠道网络、强化消费端触达能 力等。从财报数据来看，直销渠道的毛利率要高于经销渠道。 对于产品结构和价格，贵州茅台管理层提出了"金字塔"体系。其中，普通飞天是金字塔的"塔基"产品， 负责走量。公司明确表示，明年将"尽最大努力防止价格炒作"，以"尊重市场经济规律与消费者选择"为 目标，要让产品价格合理、稳预期，努力维持量价平衡。 目前，多家券商在最新研报中预测，贵州茅台2025年全年营收 ...

Investment Rating - The investment rating for the food and beverage sector is "Outperform the Market" [4][5][10]. Core Views - The food and beverage sector is expected to perform well in 2026, with four main investment themes: cost advantages, efficiency improvements, innovation-driven growth, and opportunities for recovery from difficulties [3][10]. - The report highlights a differentiation in the fundamentals of various categories, with beverages outperforming food and alcoholic beverages [2][10]. Summary by Relevant Sections Market Overview - The food and beverage sector (A-shares and H-shares) experienced a cumulative decline of 0.46% this week, with A-shares down 0.57%, underperforming the CSI 300 by approximately 2.52 percentage points [1]. - The top gainers in the food and beverage sector this week included Anji Food (29.65%), Richen Co. (9.00%), and Ximai Food (8.54%) [1]. Alcoholic Beverages - The demand for liquor remains weak, with premium liquor companies focusing on supply-side optimization. The report recommends companies like Luzhou Laojiao, Shanxi Fenjiu, and Guizhou Moutai for their growth potential [2][10]. - The report notes that the white liquor sector is in a left-side layout phase, with positive signals expected from both supply and demand sides [10]. Beer - The beer industry is in a healthy inventory position, awaiting demand recovery. The report suggests actively investing in the beer sector, particularly in leading brands like Yanjing Beer [2][11]. Dairy Products - The dairy sector is experiencing a steady recovery in demand, with supply gradually clearing. The report recommends focusing on leading dairy companies like Yili for their valuation safety margins [2][13]. Snacks - The report emphasizes selecting strong alpha stocks in the snack sector, particularly those benefiting from the growth of konjac snacks, with leading companies like Weilong and Yanjinpuzi showing strong competitive advantages [2][11]. Investment Recommendations - The recommended investment portfolio includes Baba Foods, Dongpeng Beverage, Weilong, and Shanxi Fenjiu, with an average decline of 0.27% this week, underperforming the food and beverage sector by 2.21 percentage points [15].

临近岁末，整个白酒行业的目光投向贵阳。12月28日，2026年贵州茅台酒全国经销商联谊会在这里举行。据了解，经销商"能来的都来了"，加上投资者 等，现场汇聚超过2000人。 2026年将取消分销方式 "产品若足够出色，许多环节确实可以简化。"会议前夕，一位酒商的观点，直指本次会议的核心关切——产品。而产品的焦点，始终围绕价格与结构调 整。 回望2025年，白酒市场最牵动市场神经的，莫过于飞天茅台酒的价格波动。从年初开始一直震荡下行，一度回归官方指导价，就在前不久，在打出控量、 非标产品配额缩减等一系列"组合拳"后，飞天茅台批价一度上演单日反弹超百元的行情。 然而，暂时的稳价措施还不足以穿越周期，各方都在期待长久之计。 此次茅台经销商大会的主题，就定调在"坚持以消费者为中心，全面推进茅台酒营销市场化转型"。业界认为，这意味着白酒行业从"渠道为王"到"消费者 主权"回归的革新即将到来。 尽最大努力防止价格炒作 关于价格，茅台集团党委书记、董事长陈华首先明确：价格要合理，能稳定预期。 价格市场化改革目的是要尊重市场经济规律和消费者的选择，让产品价格随行就市。随行就市的根本目的，是要根据市场供需实际，努力促进量价平衡 ...

首先是让市场更"稳"，要坚持长期主义，致力让茅台的产品和价格适配市场需求和消费意愿，让其彰显 应有的价值和意义。 一方面，要供需适配稳基础，在2026年的投放计划中，适当减少高附加值产品的量，目的就是坚持市场 导向和价值导向，进一步明晰产品定位，更加精准地界定普茅、精品、陈年等产品面向的不同客群和消 费场景，靶向施策开展相关市场活动和品牌宣传，打造更加稳固的"金字塔"型产品体系。另外将根据市 场供需实际，动态平衡产品投放量，确保产品结构更加合理、稳固。 另一方面，要价格合理稳预期，价格市场化改革目的是要尊重市场经济规律和消费者的选择，让产品价 格随行就市。随行就市的根本目的，是要根据市场供需实际，努力促进量价平衡。价格过高或者过低， 都容易引起市场波动，当产品存销比适当的时候，价格就是比较合理的，价格合适了，专卖店就能成为 消费者的"第一选择"。必须想尽一切办法，尽最大努力防止价格炒作，这既是对广大消费者负责，也是 对茅台自己负责。 其次是让渠道更"活"。 12月28日，"坚持以消费者为中心，全面推进茅台酒营销市场化转型"贵州茅台酒全国经销商联谊会在贵 阳召开，茅台集团党委书记、董事长陈华指出，未来关键在于坚 ...