本报（chinatimes.net.cn）记者黄兴利 北京报道 自2026年元旦53%vol 500ml飞天茅台酒在i茅台平台正式开启常态化销售以来，《华夏时报》记者近期 走访了北京市场多家终端门店，实地探访这一直销新政落地后的市场反馈。 在一家位于三环内的贵州茅台专卖店，记者刚进门，便有店员主动迎上前来介绍，这与数年前茅台销售 渠道普遍"高冷"的服务态度形成鲜明对比。"目前飞天茅台零售价是1600元一瓶，春节前应该会稳定在 这个价格上，不会下调了。"该店员坦言，"虽然比i茅台的官方价高一些，但门店有现货，不用预约， 随时可以提货。"从"坐等客户"到"主动服务"，店员态度的转变，直观反映了茅台经销体系正在经历的 深度调整。 与此同时，记者在1月1日至8日期间持续跟踪i茅台平台上的普茅抢购情况：每日上午9点开售即显示"访 问人数过多"，平台虽以每5分钟一次的频率补货，但库存通常在半小时内被抢购一空，期间，尽管平台 在1月4日起将单人单日限购数量从12瓶下调至6瓶，消费者线上抢购热情依然不减。 2026年也因此成为茅台商业逻辑"下半场"的转折之年：竞争重心已从渠道端的资源掌控，转向消费者端 的认知与体验争夺。酒类 ...

答：公司空调国内市场方面将优化销售节奏，线下开展专项 促销，线上以爆品为抓手，持续拉升流量增长；产品开发以用户 需求和创新为驱动做好规划，强化研发与市场衔接，支撑后续产 品落地，强化产品"科技化""智能化"标签；渠道坚持多元化 协同，打造共生共赢生态体系，线下提升质效、线上精细化分层 运营；逐步在全国范围推广营销转型，由 B 端向 C 端转型，从关 注"货到客户"转变为"货到用户"。 4.请简要介绍下公司海外空调产业的经营策略 投资者关系活 动类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他（请文字说明其他活动内容） 参与单位名称 及人员 博道基金：钱程；路博迈基金：吴瑾；国盛证券：徐程颖 时间 2026 年 1 月 8 日 地点 公司行政二号会议室 上市公司接待 人员姓名 董事会秘书：杨柳絮 证券事务代表：肖莉 证券事务经理：吕明 投资者关系活 动主要内容介 绍 投资者与公司代表互动交流问答 1.请简要介绍下公司国内冰箱柜产业的经营策略 答：公司冰箱国内市场深度推进"营销转型、用户直达"战 略，围绕"高质量客户运营、全方位用户运营"开展工作，以差 异 ...

东吴证券研报指出，12月28~29日，贵州茅台酒、茅台酱香酒全国经销商联谊会先后在贵阳召开，主题 均为"坚持以消费者为中心"。12月30日，i茅台公众号发布通知，2026年将新增提供500ml茅台经典系列 产品。2026年，公司进一步明确产品功能及价格定位，将夯实500ml飞天"塔基"优势；做强精品、生肖 等"塔腰"产品，精品打造2000元价位大单品，生肖则突出收藏属性；陈年、文化类"塔尖"产品，强调稀 缺价值。该行预计2026年茅台酒投放向500ml飞天、精品2大单品聚焦。茅台酱香酒打造"2+N"产品体 系，科学规划产品投放。公司2026年调整方向务实、思路清晰，多元、扁平的"森林式"渠道生态有助于 更好挖掘大众需求，价格体系随行就市、防止炒作也有利于动销尽早筑底企稳。维持"买入"评级。 ...

证券研究报告·公司点评报告·白酒Ⅱ 贵州茅台（600519） 2026 加速营销转型，多元渠道构建更进一步 2025 年 12 月 31 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 150,560 | 174,144 | 182,883 | 186,529 | 191,818 | | 同比（%） | 18.04 | 15.66 | 5.02 | 1.99 | 2.84 | | 归母净利润（百万元） | 74,734 | 86,228 | 90,154 | 91,036 | 92,882 | | 同比（%） | 19.16 | 15.38 | 4.55 | 0.98 | 2.03 | | EPS-最新摊薄（元/股） | 59.68 | 68.86 | 71.99 | 72.70 | 74.17 | | P/E（现价&最新摊薄） | 23.29 | 20.18 | 19.30 | 19.12 | 18.74 ...

12月17日，伊利液态奶事业部2026年客户大会在珠海成功召开。来自全国各地的经销商齐聚一堂，回顾2025年取得的扎实成绩，共话未来发展新机遇。大会 现场，液态奶事业部对305个年度优秀经销商颁发专项奖励，奖金总金额超6400万元，并进一步公布2026年高达数亿元的返利新政策！与此同时，液态奶事 业部在会上隆重发布包括金典鲜活纯牛奶、伊利纯牛奶升级款、安慕希益生菌爆珠酸奶以及优酸乳嚼柠檬新口味在内的多达十余款年度新品！ 16 3 . @ 伊利集团液态奶事业部2026年客户大会 d 小海省卫 (柴取新征 1 3 Fill 作 unit t the production d a t al province in min mirri 2025年，在行业竞争加剧与消费需求升级的市场背景下，液态奶事业部与经销商紧密联动、协同发力，以市场需求为锚点，持续深化产品创新、渠道拓展和 营销转型，推动产品新鲜度、渠道盈利能力与终端掌控力稳步跃升，实现业绩共赢。2025年前三季度，伊利液体乳营收549.39亿元，持续稳居行业第一！伊 利液态奶子品牌也分别占据核心三大品类赛道品牌力份额第一的位置！ 创新锚定消费者真实需求硬核产品赢得 ...

东吴证券研报指出，贵州茅台各省区经销商联谊会近日召开会议，讨论2026年经销渠道战略，传达茅台 产品、渠道调整思路。推出"控量政策"，短期减负，中期非标茅台酒减量释放结构压力；"十五五"定 调"积极、科学、理性"，通过营销转型把握市场主动权。短期确定性提升，投资者回报稳定性强。认为 公司调整方向务实，短期价格体系调整无碍中长期品牌价值提升。复盘白酒2013~14年周期，量的企稳 改善会先于价格，股价企稳拐点可首先关注动销反馈，当前茅台价格随行就市，将更有利于基本面尽早 筑底企稳。维持"买入"评级。 ...

证券研究报告·公司点评报告·白酒Ⅱ 贵州茅台（600519） 量价调控思路清晰，长期韧性值得信赖 2025 年 12 月 14 日 买入（维持） 股价走势 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 150,560 | 174,144 | 182,883 | 186,529 | 191,818 | | 同比（%） | 18.04 | 15.66 | 5.02 | 1.99 | 2.84 | | 归母净利润（百万元） | 74,734 | 86,228 | 90,154 | 91,036 | 92,882 | | 同比（%） | 19.16 | 15.38 | 4.55 | 0.98 | 2.03 | | EPS-最新摊薄（元/股） | 59.68 | 68.86 | 71.99 | 72.70 | 74.17 | | P/E（现价&最新摊薄） | 23.80 | 20.63 | 19.73 | 19.54 | 19.15 ...

出品 | 电商行业 作者 | 林羽 "老婆饼里没有老婆，夫妻肺片里没有夫妻，鱼香肉丝里没有鱼肉，煲仔饭里也没有孩子。"这些流传甚广的美食调侃，本质上是大众对文字误导的轻松吐 槽，消费者往往一笑而过，毕竟尝到的是真美味。 不过，当类似的文字套路蔓延到行业宣传中，成为品牌商家牟取利益的小把戏，这种无伤大雅的文字游戏也就变了味。 （来源：电商行业） 终究还是逃不过。 近日，新华社刊发了一篇以《"大字吸睛、小字免责"，这样的小把戏该退场了》为题的评论文章，对部分企业过度营销、玩弄文字游戏的现象展开犀利批 评。 这篇文章虽未直接点名相关厂商，但举例时的一句"逆光之王是产品设计目标"，让网友们几乎瞬间就锁定了小米。 新华社锐评厂商文字游戏 小米和雷军被点了 现在有些商家玩起文字游戏来，那叫一个"炉火纯青"。 图源：新华社微博 比如活动海报宣称全场5折，结果大大的"5折"后面跟个极小的"起"字；再比如拉用户时表示"下载APP必得大额红包"，旁边又用小字标注"仅限新人或以实 际情况为准"......这种"大字吸睛、小字免责"的宣传套路，近几年在多个行业愈演愈烈，甚至成为汽车、科技行业心照不宣的营销手法。 媒体将这种手法总结为 ...

Group 1: Luxury Goods Industry - The luxury goods industry is showing a more positive outlook compared to the past two years, with notable stabilization signs in the Chinese market [2] - Positive indicators in Q3 are seen as a crucial step towards stability in China, despite ongoing macroeconomic pressures and market volatility [2] - Chinese consumers are becoming more mature, discerning, and differentiated, leading to a polarization in brand performance [2] - The U.S. luxury market demand remains stable, with no significant price resistance, supported by the wealth effect, although there is a high sensitivity to value across all price points [2] - The Middle East market is performing strongly, while Europe shows mixed results with stable overall performance but brand and category disparities [2] - Japan's market is similar to Europe, with recent signs of recovery in tourism spending, while South Korea and Southeast Asia are performing well [2] Group 2: Pricing Strategies - The luxury goods industry is expected to maintain moderate pricing strategies in 2026, with most brands controlling price increases to low single-digit levels [3] - Brands are focusing on differentiated pricing strategies for specific products rather than uniform price adjustments, particularly to maintain the value proposition of entry-level products [3] - The influx of nearly 20 new designers into fashion brands over the past year is anticipated to inject creativity and drive demand for soft luxury goods starting in Q2 of next year [3] Group 3: Sports Goods Industry - The sports goods industry faces a more complex environment with uncertainties in demand due to U.S. tariff policies and intense competition in Greater China and Europe [4] - Brands are focusing on "self-rescue" strategies, such as launching new products, optimizing channels, and carefully managing brand image [4] - Despite uncertainties in the consumer market entering 2026, brands see growth opportunities in running, outdoor, and soccer segments, with the upcoming World Cup viewed as a significant additional driver [4] Group 4: Industry Trends - The conference highlighted a common trend in the industry towards marketing transformation, with luxury brands reallocating budgets from traditional media to experiential activities [5] - The second-hand market for luxury goods is growing and becoming more professionalized, driven by consumer demand for value and sustainability, particularly active in the U.S. [5] - Handbags remain the core category in the second-hand market, accounting for over half of total transaction value, with significant growth in high-end custom clothing and jewelry [5]

Core Viewpoint - Lei Jun, the founder of Xiaomi, has taken to social media to clarify misinterpretations of his statements regarding Xiaomi's automotive strategy, emphasizing that safety is a fundamental priority for Xiaomi cars [1][5][10] Group 1: Public Relations and Media Response - Xiaomi's automotive division has faced significant public scrutiny throughout the year, including controversies surrounding the Xiaomi SU7's design and performance [6][10] - Lei Jun's recent statements indicate a shift from a previously passive approach to a more confrontational stance against negative media narratives [5][10] - The ongoing negative publicity has led to claims that the order pool for the Xiaomi SU7 is dwindling, with reports suggesting only about 20,000 orders remain [8][10] Group 2: Sales Performance and Market Impact - Despite recent sales declines attributed to negative media coverage, Xiaomi's overall sales for October exceeded 40,000 units [10] - The stock price of Xiaomi has been on a downward trend, dropping 22% since early September, with a closing price of HKD 42.36 on November 14 [12] - The potential departure of Xiaomi's public relations head, Wang Hua, could signal a strategic shift in the company's marketing and public relations approach [12] Group 3: Marketing Strategy and Brand Image - Xiaomi's marketing relies heavily on Lei Jun's personal brand and the loyalty of its fanbase, which can amplify both positive and negative perceptions [14][16] - The company faces challenges in managing its public image amidst aggressive competition and negative campaigns from rival entities [18] - Lei Jun has called for resistance against online smear campaigns, indicating a need for a more robust and systematic public relations strategy [18]