二级市场方面，截至12月12日，贵州茅台(600519.SH)股价收报1420.65元/股，总市值17790亿元。 【#经销商称茅台1天上调4次价格#，拿货价格为1580元/瓶】 此外据媒体报道，今年上半年茅台管理层曾与京东、阿里达成共识，要求"电商渠道主动融入茅台渠道 生态，反对不正当竞争"。 前不久在三季度业绩说明会上，茅台集团总经理、贵州茅台代总经理王莉也透露，当前茅台正在努力与 各大网络平台建立假冒侵权信息绿色处置通道，配合各级市场监管部门推动协同共治。 据21经济报道，贵州茅台酒价出现明显异动。有深圳经销商透露，2025年飞天茅台酒的价格在一天之内 上调了4次价格。12月13日傍晚，拿货价格为1580元/瓶。北方某省的渠道经销商亦证实了这一点。 回顾2025年以来的市场走势，飞天茅台零售价格呈现出单边下行态势。6月11日散瓶批发价首次跌破 2000元心理关口后，降价通道正式开启：6月22日跌至1900元以下，6月25日再破1800元，虽7月7日短暂 反弹至1880元，但8月29日再度失守1800元，10月底跌破1700元，11月末跌破1600元。 另据智通财经报道，茅台各省区经销商联谊会近日召开会议 ...

Core Viewpoint - The article discusses the potential price adjustment strategies of high-end liquor brands, particularly focusing on Wuliangye and Guojiao 1573, in response to market dynamics and competition, especially following Wuliangye's recent price changes [1][2]. Group 1: Market Dynamics - Wuliangye has initiated a price adjustment strategy, leading to speculation about whether Guojiao 1573 will follow suit [1]. - The competitive landscape has shifted, with Guojiao 1573's price gap with Wuliangye narrowing, and it even surpassed Wuliangye temporarily [2]. - The current market environment shows a trend of price adjustments among high-end liquor brands, with both Wuliangye and Guojiao 1573 historically following each other's pricing strategies [3][4]. Group 2: Pricing Strategies - Wuliangye's pricing strategy has included initial price increases followed by indirect price reductions through channel subsidies, ultimately leading to formal price cuts [5]. - Guojiao 1573 has historically adopted a follow-the-leader approach in pricing, often adjusting its prices in response to Wuliangye's moves [6][9]. - The article highlights that Guojiao 1573 may not need to follow Wuliangye's price adjustments directly due to its diverse product offerings, which provide it with more flexibility [14]. Group 3: Historical Context - The current pricing adjustments reflect patterns seen in previous cycles, where both brands engaged in back-and-forth pricing strategies [3][10]. - Guojiao 1573's past experiences with pricing strategies have led to significant market share fluctuations, emphasizing the importance of timely adjustments [6][11]. - The article notes that the competitive landscape has evolved, with new players entering the market, making pricing strategies more complex [14][15]. Group 4: Future Outlook - The article suggests that both brands will need to navigate the ongoing challenges in the market, with a focus on maintaining brand value while managing pricing [17]. - The need for a balanced approach between pricing and volume is emphasized, as companies face the dilemma of sacrificing one for the other [11][12]. - The future strategies of both Wuliangye and Guojiao 1573 will likely continue to evolve in response to market conditions and competitive pressures [13][16].

白酒行业市场分析方面，太平洋证券研报指出，近期白酒行业在基本面、价格层面与市场预期的三重压 力下持续寻底。行业面临高库存与弱需求的双重挑战，一方面渠道库存高企，经销商资金压力巨大，打 款进货意愿低迷；另一方面传统政务及高端商务消费场景收缩，导致真实开瓶消费动力不足。但从股价 层面来看，当前板块的调整已较为充分，悲观预期在股价中得到显著反映，估值已进入历史低位区间， 长期配置价值凸显。 | 青化郎 | 746/瓶 | -8元▼ | | --- | --- | --- | | 53度/500ml | | | | 水晶剑南春 | 406/瓶 | -14元▼ | | 52度/500ml | | | | 数据来源:全国各大区合理分布的约200个采集点,包括但不限于 酒企指定经销商、社会经销商、主流电商平台和零售网点等 原始数据:过去24个小时中各点位经手的真实成交终端零售价 | | | | sma 打开新浪财经APP 搜索 酒价内参 Q | | | | 新浪财经客户端 Sina Finance Mobile Version | | | "酒价内参"的每日数据源自全国各个大区均有合理分布的约200个采集点，包括但不限于酒 ...

Core Viewpoint - The price of Moutai, once considered "liquid gold," has fallen below the official guidance price of 1499 yuan, marking a significant shift in the Chinese consumer market and reflecting deeper changes in the industry [1][4]. Price Decline - Moutai's wholesale price for 53-degree 500ml bottles dropped to 1485 yuan, with box prices at 1495 yuan, both breaking the long-held 1499 yuan threshold [1]. - Compared to the peak price of over 2200 yuan at the beginning of 2025, the decline exceeds 30%, with some e-commerce platforms offering promotional prices as low as 1399 yuan [1][3]. Market Dynamics - The price drop is a result of a prolonged decline, starting with the first breach of the 2000 yuan psychological barrier in June 2025, followed by continuous decreases throughout the year [3]. - Retail prices in offline stores have decreased from over 2000 yuan to around 1580 yuan, allowing consumers to purchase Moutai at more accessible prices [4]. Supply and Demand Factors - The reversal in supply-demand dynamics is the fundamental reason for the price drop, with Moutai's production capacity expected to reach 48,000 tons in 2025 and social inventory estimated between 120 million to 220 million bottles [6]. - Demand has weakened significantly, with government consumption dropping to 0.8% and business banquet demand reduced by 30%, while younger consumers show less interest in high-proof liquor [6]. Channel Changes - The transformation of distribution channels has disrupted the traditional pricing system, with direct sales from Moutai increasing from 13.5% in 2020 to 46.8% [6]. - E-commerce platforms are using Moutai as a "traffic tool," leading to a vicious cycle of price cuts and inventory issues [6]. Financial Implications - The financial appeal of Moutai has diminished, with annualized returns dropping below 5%, prompting speculative funds to withdraw [6]. - Prices for previously inflated products, such as the "scattered Moutai," have plummeted over 70%, now below 3000 yuan [6]. Industry Impact - The collapse of Moutai's price has triggered a domino effect across the high-end liquor sector, with other brands like Wuliangye and Luzhou Laojiao experiencing significant price drops [9]. - Among 18 listed liquor companies, only Moutai and Shanxi Fenjiu have shown slight growth, while others face substantial declines in revenue and profit [9]. Future Outlook - The decline in Moutai's price signifies the end of an era reliant on government consumption and speculative investment [11]. - Moutai is adapting by introducing smaller packaging and new products aimed at younger consumers, while industry analysts suggest that 2026 may mark a turning point as inventory levels normalize [11].

Core Viewpoint - The article discusses the recent price adjustment strategies of high-end liquor brands, particularly focusing on Wuliangye and Guojiao 1573, and the competitive dynamics in the premium liquor market following Wuliangye's price changes [1][3][5]. Group 1: Market Dynamics - Wuliangye has been leading the high-end liquor market, with Guojiao 1573 closely following, and both brands often adjust their prices in tandem [1][3]. - The competition has intensified, with Guojiao 1573 expected to adopt a follow-up strategy similar to Wuliangye, potentially using channel subsidies to effectively lower prices without officially changing the factory price [1][3][9]. - The price gap between Guojiao 1573 and Wuliangye has been narrowing, with Guojiao 1573's price sometimes exceeding Wuliangye's [3][9]. Group 2: Pricing Strategies - Wuliangye's pricing strategy has included initial price increases followed by indirect price reductions through channel incentives, leading to a complex pricing environment [7][9]. - Guojiao 1573 has historically followed Wuliangye's pricing moves, but its management has indicated a more cautious approach this time, reflecting on past experiences where aggressive pricing led to market share losses [8][10]. - The current market environment is characterized by a need for strategic pricing adjustments, as both brands face declining demand and the challenge of maintaining market share [10][12]. Group 3: Product Focus and Revenue Contribution - Wuliangye's revenue is heavily reliant on its flagship product, contributing 50%-60% to its overall income, while Guojiao 1573 has diversified its offerings, with significant contributions from both high and low alcohol content products [13][14]. - Guojiao 1573's revenue contribution from high-end products has increased significantly, indicating a successful strategy in expanding its market presence [13][14]. - The competitive landscape has evolved, with new players entering the market, making pricing strategies more critical for maintaining brand positioning [14][15].

Group 1 - The core viewpoint of the articles indicates a continued decline in the retail prices of major Chinese liquor brands, with the average price of the top ten products dropping to 9123 yuan, a decrease of 15 yuan from the previous day, reflecting a weak market overall but with notable internal structural differentiation [1][2] - The data collected from approximately 200 sampling points across various regions ensures an objective and traceable representation of the market prices for well-known liquors [1] - Specific brands show significant price variations, with Qinghua Lang leading the decline at 20 yuan per bottle, while Xijiu Junpin and Guojiao 1573 saw increases of 7 yuan and 6 yuan respectively, indicating a mixed performance among brands [1][2] Group 2 - On December 10, a meeting took place between the Vice President of the Central Radio and Television Station and the Chairman of Moutai Group, where the Chairman emphasized the need to consolidate market advantages amidst ongoing industry adjustments [2] - The strategic focus of Moutai has shifted from merely pursuing price benchmarks to actively competing for market share in a contracting market, marking a new phase in their approach to industry challenges [2]

Core Viewpoint - The recent price adjustment news from Wuliangye has sparked industry speculation about whether other high-end liquor brands will follow suit, particularly focusing on the competitive dynamics between Wuliangye, Guojiao 1573, and other brands in the premium liquor market [1][3][4]. Group 1: Market Dynamics - Wuliangye, Guojiao 1573, and Moutai are the top three players in the high-end liquor market, with Wuliangye and Guojiao 1573 often adjusting their strategies in tandem due to their similar pricing and market positioning [2][4]. - The competition has intensified, with Guojiao 1573's pricing strategy closely mirroring that of Wuliangye, often resulting in a price difference of only a few dozen yuan between the two brands [4][11]. - The current market environment shows a trend of price adjustments, with Wuliangye leading the way by increasing channel subsidies to effectively lower the cost for distributors without officially changing the factory price [13][15]. Group 2: Historical Context - The current price adjustment cycle resembles previous cycles, where both Wuliangye and Guojiao 1573 have engaged in back-and-forth pricing strategies, including price increases followed by temporary reductions [9][10][12]. - Historical data indicates that Guojiao 1573 has previously faced challenges when maintaining higher prices than Wuliangye, leading to a significant drop in market share during past adjustment periods [10][11]. Group 3: Strategic Responses - Guojiao 1573 is expected to adopt a follow-up strategy similar to Wuliangye's, potentially using indirect methods such as increased subsidies to maintain competitiveness without directly lowering factory prices [4][15]. - The strategic focus of both companies has diverged, with Wuliangye prioritizing volume sales while Guojiao 1573 has the flexibility to leverage both high and low alcohol content products to enhance market presence [18][20]. - The competitive landscape has evolved, with new entrants like Langjiu and Moutai 1935 gaining market share, complicating the pricing strategies for established brands [22][23].

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 新浪财经"酒价内参"过去24小时中收集的数据显示，白酒市场十大单品的终端零售均价周五延续回调态 势，整体继续下探。如果十大单品各取一瓶整体打包售价为9123元，较昨日回落15元，市场整体延续弱 势，但内部结构性分化特征突出。 "酒价内参"的每日数据源自全国各个大区均有合理分布的约200个采集点，包括但不限于酒企的指定经 销商、社会经销商、主流电商平台和零售网点等，原始取样数据为过去24个小时中各点位经手的真实成 交终端零售价格，确保为社会各界提供一份关于知名白酒市场价格的客观、真实、科学、全程可追溯的 数据。 今日各品牌走势差异显著。青花郎价格环比显著回落20元/瓶，领跌市场，其价格在经历前期快速上涨 后迎来阶段性调整。飞天茅台与精品茅台价格延续小幅阴跌，分别下跌3元/瓶与5元/瓶。洋河梦之蓝 M6+价格下跌4元/瓶。五粮液普五八代价格下跌2元/瓶。部分品牌逆市走强，习酒君品价格环比上涨7 元/瓶，涨幅居前。国窖1573价格上涨6元/瓶。水晶剑南春与青花汾20分别上涨4元/瓶和2元/瓶。古井贡 古20价格则与昨日持平。 【点击进入酒价内参，查看真实酒价 ...

Core Insights - The overall retail price of the top ten Chinese liquor products continues to decline, with a total packaged price of 9,123 yuan, down 15 yuan from the previous day, indicating a weak market trend with notable internal structural differentiation [1][6][7] - The data for "Liquor Price Reference" is collected from approximately 200 sampling points across various regions, ensuring an objective and traceable representation of market prices [1][6] Brand Performance - The price of Qinghua Lang has significantly decreased by 20 yuan per bottle, leading the market decline after a previous rapid increase [7] - Prices for Feitian Moutai and Premium Moutai have continued to slightly decline, down 3 yuan and 5 yuan per bottle respectively [7] - Yanghe Dream Blue M6+ saw a price drop of 4 yuan per bottle, while Wuliangye Pu 58th generation decreased by 2 yuan per bottle [7] - Some brands have shown resilience, with Xijiu Junpin increasing by 7 yuan per bottle, and Guojiao 1573 rising by 6 yuan per bottle [7] - Other brands like Shuijing Jian Nan Chun and Qinghua Fen 20 increased by 4 yuan and 2 yuan respectively, while Guqingong Gu 20 remained stable [7][9][10] Strategic Developments - In response to the ongoing industry adjustment and market decline, Moutai Group's chairman has emphasized the need to consolidate market advantages, shifting the focus from merely pursuing price benchmarks to actively competing for market share [2][8]

Core Viewpoint - The white liquor market is experiencing a continued decline in retail prices for the top ten products, with a notable structural differentiation among brands [1]. Price Trends - The average retail price for the top ten white liquor products is 9123 yuan, down by 15 yuan from the previous day [1]. - Significant price drops were observed for several brands, including: - Qinghua Lang down 20 yuan per bottle - Feitian Moutai down 3 yuan per bottle - Premium Moutai down 570 yuan per bottle - Yanghe Dream Blue M6+ down 470 yuan per bottle - Wuliangye down 2 yuan per bottle [1][3][4]. Brand Performance - Some brands showed resilience against the overall market decline: - Xijiu Junpin increased by 7 yuan per bottle - Guojiao 1573 increased by 6 yuan per bottle - Shuijing Jian Nan Chun and Qinghua Fen 20 increased by 4 yuan and 2 yuan per bottle, respectively [1][4]. Market Data - The data is sourced from approximately 200 collection points across major regions, including designated distributors, social distributors, mainstream e-commerce platforms, and retail outlets [4].