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 ...

近日，美的2026全国经销商大会暨开门红年货节动员会召开，有业内人士告诉搜狐财经，在活动现场， 美的中国区总裁王春凯疑似在现场发表"要干掉30%运营商"相关言论。 为此，搜狐财经于12月25日以投资者身份向美的方面求证，工作人员表示"没有听说"，需要求证并与搜 狐财经约定时间再度回电；不过，搜狐财经按约定时间回电后，一位工作人员仍表示"没听说"，询问有 关渠道改革相关问题，对方也表示"没有消息"。 据悉，王春凯是新上任不久的美的中国区总裁。其接替的是前中国区总裁柏林的职位，而柏林已经被调 任至美的国际美洲区域总裁。 天眼查显示，王春凯在14家美的系企业担任法定代表人，涵盖广东、内蒙、山东、山西等地。同时也在 14家美的系企业中担任董事长等高管。 值得关注的是，此次活动的参会群体之一是各地运营商和代理商。 根据业内人士透露，此次会议对美的意义非凡。"智能家居事业群中国区去年线下渠道（不含电商下 沉、不含直营连锁）规模1000亿"，而此次开门红动员会差不多可以拉动全年35%的进度，全国渠道吸 款额度大概在350亿-400亿元。 业内人士还透露，美的全国29个运营中心，平均每个运营中心可以拉动12亿元-13亿元，" ...

编辑｜杨锦 （图片来源：网络） 出品｜搜狐财经 作者｜李保铭 近日，美的2026全国经销商大会暨开门红年货节动员会召开，有业内人士告诉搜狐财经，在活动现场，美的中国区总裁 王春凯疑似在现场发表"要干掉30%运营商"相关言论。 为此，搜狐财经于12月25日以投资者身份向美的方面求证，工作人员表示"没有听说"，需要求证并与搜狐财经约定时间 再度回电；不过，搜狐财经按约定时间回电后，一位工作人员仍表示"没听说"，询问有关渠道改革相关问题，对方也表 示"没有消息"。 据悉，王春凯是新上任不久的美的中国区总裁。其接替的是前中国区总裁柏林的职位，而柏林已经被调任至美的国际美 洲区域总裁。 王春凯此前曾担任美的小天鹅国内营销总经理职务，2022年曾以美的集团中国区域副总裁、美的集团洗衣机事业部国内 营销总经理等身份被媒体报道。 天眼查显示，王春凯在14家美的系企业担任法定代表人，涵盖广东、内蒙、山东、山西等地。同时也在14家美的系企业 中担任董事长等高管。 值得关注的是，此次活动的参会群体之一是各地运营商和代理商。 根据业内人士透露，此次会议对美的意义非凡。"智能家居事业群中国区去年线下渠道（不含电商下沉、不含直营连锁） ...

Core Insights - The 29th "12·18 Consensus Co-construction and Sharing Conference" of Wuliangye was held in Yibin, focusing on "New Situation, New Opportunities, New Journey" [1][3] - The conference is significant as it marks a critical transition point for the liquor industry, emphasizing Wuliangye's leadership in navigating changes and promoting sustainable high-quality development [3][4] Group 1: Industry Dynamics - The year 2025 is anticipated to be challenging for the liquor industry, characterized by inventory and pricing pressures, alongside tests of confidence and partnership resilience [4] - The change in the conference's name from "Co-discussion, Co-construction, and Sharing" to "Consensus Co-construction and Sharing" symbolizes a strategic shift towards long-term value recognition and emotional connections with partners [6][8] Group 2: Company Strategy - Wuliangye's chairman highlighted that the current industry adjustment is cyclical, structural, and a return to market rationality, asserting the company's capability to seize opportunities during this phase [10] - The evolution of the partnership model reflects a deeper understanding of the industry chain, transitioning from a transactional relationship to a collaborative development community [10] Group 3: Product Strategy - Wuliangye is adapting to a "Three Rationality Era" in consumer behavior, focusing on the real value of products, cultural recognition, and emotional resonance [11] - The product strategy includes a clear framework with a core brand supported by various product lines, aiming to establish a comprehensive and competitive product matrix [11][13] - The introduction of the new Wuliangye zodiac wine reflects the brand's commitment to cultural and emotional value, expanding the product's significance beyond mere consumption [15] Group 4: Channel Strategy - Wuliangye is implementing a dual approach of strict management and optimization in its channel strategy to create a healthier and more efficient channel ecosystem [16] - The company is restructuring its organizational framework to enhance regional market responsiveness and improve marketing resource allocation [18] - Plans include the addition of new retail formats and partnerships with leading companies to expand market reach and enhance consumer engagement [18][19]

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][10]. Core Views - The food and beverage sector is expected to see a recovery in consumer scenarios, with a stable price expectation for Moutai [1][3]. - The sector is entering a left-side layout phase, with high-quality companies expected to gain greater growth potential [2][10]. - The report highlights the differentiation in the fundamentals of various categories, with beverages outperforming food and alcohol [2][10]. Summary by Relevant Sections 1. Sector Overview - The food and beverage sector experienced a cumulative decline of 1.52% this week, with A-shares down 1.63% and H-shares up 0.07% [1]. - The top five gainers in the food and beverage sector this week were Yanjinpuzi (5.11%), Huikaishan (4.85%), New Dairy (3.22%), Chenguang Biological (3.09%), and Anji Food (3.08%) [1]. 2. Alcohol Sector - In the liquor segment, the report recommends focusing on leading companies like Luzhou Laojiao, Shanxi Fenjiu, Guizhou Moutai, and Yingjia Gongjiu, while also monitoring the reform pace of Wuliangye and Yanghe [2][10]. - The report notes that the current market is in a left-side layout phase, with positive signals expected from both demand and supply sides [10]. 3. Beverage Sector - The beverage industry is experiencing a sustained boom, with leading companies significantly outperforming the market [14]. - Recommendations include Nongfu Spring and Dongpeng Beverage, which are accelerating their national and platform expansion [14]. 4. Food Sector - The snack segment is advised to focus on strong alpha stocks, particularly in the konjac snack category, where leading companies like Weilong and Yanjinpuzi show strong competitive advantages [11][12]. - The restaurant supply chain is showing signs of stabilization, with recommendations for leading companies like Yihai International and Haitian Flavoring [12]. 5. Earnings Forecasts and Investment Ratings - Key companies such as Guizhou Moutai, Nongfu Spring, Wuliangye, Shanxi Fenjiu, and Luzhou Laojiao are rated as "Outperform the Market" with projected earnings per share (EPS) growth for 2025 and 2026 [4][10]. - The report provides detailed earnings forecasts for these companies, indicating a positive outlook for the sector [4][15].

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][10]. Core Views - The food and beverage sector is expected to see a recovery in consumer scenarios, with a stable price expectation for Moutai [1][3]. - The sector is entering a left-side layout phase, with high-quality companies expected to gain greater growth potential [2][10]. - The report highlights the differentiation in the fundamentals of various categories, with beverages outperforming food and alcohol [2][10]. Summary by Relevant Sections 1. Sector Overview - The food and beverage sector (A-shares and H-shares) experienced a cumulative decline of 1.52% this week, with A-shares down 1.63% and H-shares up 0.07% [1]. - The top five gainers in the food and beverage sector this week were Yanjinpuzi (5.11%), Kuaijishan (4.85%), New Dairy (3.22%), Chenguang Biological (3.09%), and Anji Food (3.08%) [1]. 2. Alcohol Sector - In the liquor segment, the report recommends focusing on leading companies like Luzhou Laojiao, Shanxi Fenjiu, Guizhou Moutai, and Yingjia Gongjiu, while also monitoring the reform pace of Wuliangye and Yanghe [2][10]. - The report notes that the current market is in a left-side layout phase, with positive signals expected from both demand and supply sides [10]. 3. Beverage Sector - The beverage industry is experiencing a sustained boom, with leading companies significantly outperforming the market [14]. - The report continues to recommend companies like Nongfu Spring and Dongpeng Beverage, which are accelerating their national and platform expansion [14]. 4. Food Sector - In the snack segment, the report emphasizes strong alpha stocks, particularly in the konjac snack category, with leading companies like Weilong and Yanjinpuzi showing strong competitive advantages [11][12]. - The restaurant supply chain is showing signs of stabilization, with recommendations for leading companies like Yihai International and Haitian Flavoring [12]. 5. Earnings Forecast and Investment Ratings - The report provides earnings forecasts for key companies, with Guizhou Moutai expected to have an EPS of 75.79 in 2026, and Luzhou Laojiao with an EPS of 8.04 in the same year [4]. - The average PE ratio for these companies is projected to be around 18.9 for Moutai and 16.0 for Luzhou Laojiao in 2026 [4].

面对飞天批价疲软，茅台出手稳市。12月暂停发货，2026年非标产品配额大幅缩减，力保渠道利润。 二、 2026年"大手术"：非标配额遭腰斩目前，除了飞天茅台外，大部分非标产品（如15年、生肖、珍品等）在渠道端都 面临利润倒挂（亏损）的窘境。为了扭转这一局面，茅台决定在2026年大幅削减这些"亏损大户"的投放量： 1. 彩釉珍品：削减 100%（直接砍掉，力度空前） 2. 生肖茅台：削减 50% 3. 茅台15年：削减 30% 4. 1升装茅台：削减 30% 预估这一波操作将直接减少约 200亿元人民币 的非标产品销售额（占2025年销售额约10%）。同时，非标产品的销售模式 也将改革，从现在的"大锅饭"（普通批发模式）转向"特种兵"（代理模式），只交给有实力的大商或核心经销商集团操 盘，以此精准控制货源和价格。 三、战略转向：力推"精品茅台"砍掉了200亿的量，业绩怎么补？茅台给出的答案是——精品茅台。 飞天茅台批价持续走弱，市场情绪一度低迷。12月11号茅台召开了经销商会议，传递核心信息只有一个：不惜一切代价， 保护渠道利润，提振经销商信心。 一、按下"暂停键"：12月暂停发货为了防止年底经销商为了回笼资金 ...

以下文章来源于晚点财经 ，作者晚点团队 晚点财经 . 用框架思维分析上市公司的增长逻辑与投资价值。 高分红撑起 "债券价值"，但股票增长缺乏逻辑支撑。 文 丨 胡昊 毫无疑问，格力电器是 A 股中大额且持续分红的代表企业，在很大程度上，这也成为其最为核心的价 值标签。 在近期的股东会上，格力审议通过了《2025 年中期利润分配预案》——每 10 股派发现金红利 10 元，但有股东提问，近十年来格力的分红稳定性是否将会改变？ 从 2018 年至 2024 年的七年时间里，格力的营业收入基本就在 2000 亿元以内，根据 2025 年前三季 度营收 1372 亿元、同比约-7% 的增长态势看，其今年也很难达到去年 1892 亿元的营收规模。 尤其面对愈发激烈的市场竞争，格力处于被动发展局面已是显而易见。 试想一下，如果未来格力逐步下调分红比例，那么格力的股价或市值将会面临多大的压力，无论是股 东、员工、以及合作伙伴、公司管理层，都不会愿意承受由此带来的结果。 但对于分红，格力董事长董明珠表示，其理解大家对格力分红的期待，但格力自从上市以来仅从市场 累计融资 50 亿元，而累计分红已超过 1700 亿元，股东们希望 ...

Core Viewpoint - Gree Electric Appliances has maintained a high dividend policy, distributing over 170 billion yuan in total dividends since its listing, but faces challenges with declining revenue and net profit in recent quarters, highlighting the need for operational efficiency and market adaptation [5][10][23]. Dividend Policy - Gree's 2025 mid-term profit distribution plan proposes a cash dividend of 10 yuan per 10 shares, totaling 5.585 billion yuan, with cumulative dividends exceeding 170 billion yuan since its listing [6][9]. - Gree ranks approximately 17th in total dividends among A-share companies, with the highest dividends being distributed by state-owned enterprises [6][9]. - The company has a dividend-to-financing ratio of about 33 times, placing it in the top ten among A-share companies [6][9]. Financial Performance - For the first three quarters of 2025, Gree reported revenue of 137.65 billion yuan, a year-on-year decrease of 6.6%, and a net profit of 21.46 billion yuan, down 2.3% [10][11]. - Gree's revenue decline is attributed to its heavy reliance on the air conditioning business, which constitutes 78.38% of total revenue, and is affected by industry downturns [10][13]. Market Position and Competition - Gree faces increasing competition from rivals like Midea and Haier, which have diversified their business models and reported revenue growth, while Gree's market share in the air conditioning sector is under pressure from emerging competitors like Xiaomi [12][13]. - The company's recent channel reforms have temporarily hindered domestic sales, contributing to the revenue decline [12]. Leadership and Shareholding - Dong Mingzhu, Gree's chairperson, holds approximately 1.008 billion shares, making her the sixth-largest shareholder and the largest individual shareholder [14][19]. - Dong's annual salary is reported at 14.37 million yuan, and she stands to gain significant dividends from Gree's high payout policy [16][19].

Core Viewpoint - Moutai is considered a strong stock due to its ability to withstand economic cycles and its long-term stable growth, making it a preferred asset for beating inflation [2][15]. Group 1: Moutai's Resilience and Growth - Moutai has demonstrated its ability to lead the high-end liquor industry through economic cycles, showcasing its resistance to downturns and its capacity for long-term growth [2][15]. - Investors have developed a sense of complacency regarding Moutai's performance, expecting consistent growth at a moderate rate, with many believing that significant downward adjustments in performance are unlikely [2]. - The sustainability of Moutai's high dividends and return on equity (ROE) is crucial, as is the continuous upward trend in profit margins, both of which rely on price increases [2]. Group 2: Inflation Resistance Re-evaluation - The perception that essential consumer goods can resist inflation is challenged, as many do not outperform inflation rates, and their stock returns may not exceed broader market indices [4]. - Moutai's pricing trends are closely tied to GDP growth, indicating a dual characteristic of cyclical bubbles and long-term inflation [7]. Group 3: Supply and Demand Dynamics - The current white liquor market is experiencing a "volume and price decline," with supply exceeding demand expected in the coming years due to previously added production capacity [9]. - Long-term demand remains unpredictable, but maintaining current demand levels is a core assumption for future projections [9]. Group 4: Long-term Outlook - The white liquor industry is expected to transition from business to consumer demand, with the potential for a new growth cycle as wealth effects spread through society [13]. - Historical patterns suggest that Moutai was once a common choice for family celebrations, indicating a latent demand that could be reactivated [12]. Group 5: Moutai's Pricing Strategy - Moutai's pricing strategy is pivotal, with price increases directly impacting company performance, and the introduction of differentiated products helps stabilize prices [19][20]. - The revenue structure of Moutai has diversified, with a significant portion now coming from non-standard products, which are expected to contribute to higher profit margins [26]. Group 6: Market Reactions and Performance - Despite declining prices in the market, Moutai's stock has not followed suit, with some investors viewing the current price as an attractive entry point based on the stability of channel profits [29]. - There is a noted discrepancy between reported performance and actual market demand, indicating potential risks for future earnings adjustments [30].