Core Viewpoint - The market circulation price of Feitian Moutai has recently fallen below 2000 yuan per bottle, raising concerns about its implications for Kweichow Moutai and the future price trend of Feitian Moutai [1][3][10]. Price Trends - As of June 11, the price of Feitian Moutai was reported at 1990 yuan per bottle, a decrease of 30 yuan from the previous day, and further declined to 1980 yuan on June 12 [3][8]. - The price has been on a downward trend, dropping from 2090 yuan per bottle a month ago and from around 2200 yuan at the beginning of the year, indicating a decline of approximately 10% [3][4]. - In early 2024, the price was as high as 2600-2700 yuan per bottle before starting to decrease [3]. Other Moutai Products - Other Moutai products are also experiencing price declines. For instance, Moutai 15 years was priced at 4570 yuan per bottle on June 11, down from 4750 yuan a month prior [4]. - Various Moutai products, including Moutai Prince and Moutai Zodiac, have seen significant price drops, with Moutai Prince falling from a peak of 4500 yuan to around 2580 yuan [7]. Factors Influencing Price Decline - The price drop is attributed to several factors, including e-commerce platforms offering low-priced Feitian Moutai during promotional events like "6·18," with prices as low as 1499 yuan [8][9]. - The recent "ban on alcohol" policy, which restricts high-end alcohol consumption in official settings, has also contributed to reduced demand for premium products like Feitian Moutai [8][9]. - The current period is traditionally a low season for liquor consumption, further exacerbating the price decline [9]. Future Price Outlook - The breach of the 2000 yuan mark for Feitian Moutai could signal a shift towards its suggested retail price of 1499 yuan, potentially losing its premium status [10]. - Analysts predict that the overall market for high-end liquor will continue to face challenges, with expectations of further price declines in the coming months due to high inventory and reduced demand [10].

6月12日，A股三大股指收盘涨跌不一，上证指数报收3402.66点，涨0.01%；深成指报收10234.33点，跌 0.11%；创业板指报收2067.15点，涨0.26%。 2025.06. 12 本文字数：678，阅读时长大约1分钟 作者 | 一财资讯 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | more | 3402.66 с | 0.34 | 0.01% | | 399001 | 深证成指 | Ampen | 10234.33 с | -11.69 | -0.11% | | 899050 | 非证50 | Mar | 1424.38 с | -3.53 | -0.25% | | 881001 | 万得全A | Myrr | 5199.82 с | 6.59 | 0.13% | | 000688 | 科创20 | | 977.97 c | -2.96 | -0.30% | | 399006 | 创业板指 | Mirrow | 2067.15 с | 5.29 | 0.26 ...

行业降速共识进一步强化，个股alpha边际降低，酒企股东大会传递理性增长态度 2025Q2伴随行业beta进一步走弱，个股表现从前期分化加剧、强者恒强，逐步过渡为强alpha标的也显 现压力。渠道看，主要酒企回款及发货进度略慢于去年同期，节后库存环比有增加，后续仍以促动销、 去库存为主要工作。报表端看，酒企增行蓄水池边际减弱，年报目标多理性降速，中报增速预计同比下 修，个股调节业绩的工具或有差异，年内茅台、汾酒、古井、今世缘（603369）预计仍能实现份额提 升。 该行认为当前位置进入底部可布局区间，或可适当乐观 1)飞天批价可视为行业景气度指标，5-6月飞天批价同比跌幅相较此前收窄，当前多重不利因素叠加， 若平稳度过当前压力测试阶段，后续有望企稳2000元以上。2)市场对业绩增速环比下修已有充分预期， 酒企在做长期正确的事，茅台积极拓展销售渠道，扩大消费者基础，以文化赋能品牌;五粮液 （000858）、老窖、汾酒重视消费者培育和厂商关系维护;区域酒龙头理性竞争，今年更加重视产品价 盘和产品生命周期。3)龙头公司分红指引积极，对冲增速下降对ROE的影响，当前股息率支撑力较强， 洋河股息率(TTM)在7%附近; ...

2025年6月12日 证券研究报告 | 白酒板块6月投资策略 淡季价格体现压力，估值或进入底部布局期 行业研究·行业专题 食品饮料·白 酒 投资评级：优于大市 证券分析师：张向伟 联系人：张未艾 zhangxiangwei@guosen.com.cn zhangweiai@guosen.com.cn S0980523090001 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 ◼第二季度进入白酒行业传统淡季，叠加环境不确定因素增加，板块股价走弱。需求看，Q2以来关税政策扰动宏观经济，5月出台《党政机 关厉行节约反对浪费条例》，政商务消费场景受到一定影响；五一&端午小旺季宴席场次有所回补，单场均开瓶表现一般，整体需求延续 平淡。供给看，酒厂多以维护渠道健康度为先，纾压渠道、慢速发货；另一方面伴随即时零售强势入局，"618"线上酒类销量延续高速 增长，美团闪购大力度补贴，对传统渠道名酒价格产生冲击，高端白酒批价环比下跌。市场担忧需求压制、价格松动对短期基本面的影响， 估值持续回调。 ◼行业降速共识进一步强化，个股alpha边际降低，酒企股东大会传递理性增长态度。2025Q2伴随行业beta进一步走弱，个股 ...

Group 1 - The A-share market shows mixed performance, with the leading consumption ETF (159928) declining over 1% and nearing a transaction volume of 200 million CNY, while also receiving a net subscription of 10 million units, bringing its total scale to over 12.8 billion CNY as of June 11, 2025 [1] - The top ten constituent stocks of the consumption ETF mostly experienced declines, with Wens Foodstuffs down over 2%, and other major stocks like Yili, Wuliangye, and Moutai also seeing slight decreases [1][5] Group 2 - The "618" shopping festival is driving a new wave of consumer enthusiasm, with JD.com reporting over 200% growth in transaction volume and order numbers during the first hour of the event, and Tmall seeing 217 brands surpassing 100 million CNY in sales [2] - National consumption data shows a 4.7% year-on-year increase in retail sales from January to April 2025, with a notable 5.1% increase in April, supported by the "old for new" consumption policy [2] Group 3 - The white liquor sector is experiencing a bottoming trend, with market sentiment affected by new regulations limiting alcohol at business meals, but overall demand is expected to stabilize, and the sector remains attractive for investment due to low valuations and increasing dividends [3][5] - Traditional consumer brands are exploring new beverage products targeting health and wellness, with a focus on younger demographics, and are expected to benefit from high-potential channels and category growth [4][5] Group 4 - The domestic consumption sector is showing strong performance driven by multiple factors, with specific segments like beauty care, gold jewelry, and IP toys attracting significant investment interest due to their growth potential [5] - The consumption ETF (159928) is characterized by its resilience across economic cycles, with over 67% of its top ten constituent stocks being essential consumer goods, including leading liquor companies and major agricultural firms [5][6]

Group 1 - The core viewpoint of the articles highlights a slowdown in the performance of the liquor industry, particularly the white liquor sector, with a significant decline in stock prices and market confidence [1][3] - The white liquor index has experienced a cumulative decline of nearly 14% this year, with some individual stocks like Welcoming Driving Tribute Wine and Wine Ghost Wine dropping over 20% [1] - From the beginning of 2023 to now, the white liquor index has seen a staggering cumulative decline of nearly 50%, indicating a challenging market environment [1] Group 2 - Despite the overall industry pressure, there is a notable trend of capital inflow into the white liquor sector, with private equity firms, financing clients, and retail investors increasing their positions [1][3] - The financing balance for the white liquor sector has increased from a low of 31.50 billion yuan on May 15 to 33.52 billion yuan by June 10, marking a rise of 20.17 million yuan [3] - The Penghua CSI Liquor ETF has seen a significant increase in circulation shares, with daily increases exceeding 300 million shares on multiple trading days, resulting in a total scale of 11.40 billion yuan as of June 10 [3] Group 3 - The financial performance of A-share listed liquor companies in 2024 is projected to show total operating revenue of 442.23 billion yuan, a year-on-year growth of 2.28%, and a net profit of 166.63 billion yuan, reflecting a 4.32% increase [1] - The industry is experiencing a clear differentiation, with leading companies maintaining growth due to brand and channel advantages, while some regional liquor companies face inventory and sales pressure, leading to noticeable performance declines [1] - Many listed companies acknowledge that the industry is still in an adjustment phase, with intensified competition and a need for time to restore customer confidence [1]

白酒板块不断走弱的背后，白酒行业的业绩增速近年来下降明显。证券时报记者根据Wind数据统计， 2024年A股白酒上市公司实现营业总收入4422.27亿元，同比增长2.28%；实现归属上市公司股东的净利 润1666.31亿元，同比增长4.32%。 整体来看，白酒行业仍呈现出明显分化局面，头部企业凭借品牌、渠道优势实现增长，而部分区域酒企 则面临库存与动销压力，业绩下滑比较明显。 多家白酒上市公司表示，2024年，白酒行业整体仍处于调整期，行业竞争进一步加剧，白酒产品销售承 压，客户信心仍处于修复阶段，特别是次高端产品消费需求仍待恢复。 近期，多路资金正逆市加仓白酒板块。 在业绩增速明显放缓、白酒批价持续下行的背景下，近几年白酒股表现疲软，白酒指数今年以来累计下 跌近14%。 不过，证券时报记者发现，近日，包括私募机构、融资客、基民在内的多路资金开始逆市加仓白酒板 块。机构认为，当前白酒行业正处于磨底阶段，短期受需求疲软及情绪扰动承压，但基本面筑底迹象渐 显，配置价值凸显。 多只白酒股年内跌幅超过20% 近期，白酒批价持续下跌，引发市场对白酒行业的担忧。 行业数据显示，白酒指数自年初以来基本上呈现持续下跌走势，累 ...

多家白酒上市公司表示，2024年，白酒行业整体仍处于调整期，行业竞争进一步加剧，白酒产品销售承压，客 户信心仍处于修复阶段，特别是次高端产品消费需求仍待恢复。 近期，多路资金正逆市加仓白酒板块。 在业绩增速明显放缓、白酒批价持续下行的背景下，近几年白酒股表现疲软，白酒指数今年以来累计下跌近 14%。 不过，证券时报记者发现，近日，包括 私募机构、融资客、基民 在内的多路资金开始逆市加仓白酒板块。机 构认为，当前白酒行业正处于磨底阶段，短期受需求疲软及情绪扰动承压，但基本面筑底迹象渐显，配置价值 凸显。 多只白酒股年内跌幅超过20% 近期，白酒批价持续下跌，引发市场对白酒行业的担忧。 行业数据显示，白酒指数自年初以来基本上呈现持续下跌走势，累计跌幅接近14%，迎驾贡酒、酒鬼酒、金种 子酒、舍得酒业等多只白酒股年内跌幅超过20%。 实际上，自2023年初以来，由于白酒行业增速放缓，企业库存高企，同时白酒产品的价格普遍出现倒挂情形， 市场对白酒的信心一直比较低。行情数据显示，2023年初以来，白酒指数累计跌幅接近50%，不少个股的跌幅 更大。 白酒板块不断走弱的背后，白酒行业的业绩增速近年来下降明显。证券时报记者根 ...

"贵州省有关方面非常重视提拔茅台本土派干部担任高管，避免'空降'党政干部到企业任职， 以免漫长适应调整期对企业正常市场经营的影响。这也让更多年轻茅台员工能看到职业发展的 希望。"中国酒业分析师肖竹青对财联社记者表示。 与张贵超和向平有接触的人士告诉财联社记者，其个人认为张贵超、向平二人作风比较务实， 且在销售体系摸爬滚打多年，具有较为丰富一线市场操作经验和营销管理经验。 " 张贵超是80后，比较能够接受新的事物。近期他就主导招募了饿了么、抖音和美团等新零售 运营商。 "上述知情人士表示，其目的是为7000家"茅台酱香 万家共享"主题终端店实施线上 线下引流，帮助线下终端向及时零售转型。 昨晚，贵州茅台官微发布消息，当日茅台集团召开干部领导大会和党委扩大会议，并宣布了贵 州省委有关任职决定。会议内容显示， 贵州茅台（600519.SH）党委委员、副总经理向平， 茅台酱香酒营销公司党委书记、董事长张贵超二人已正式出任茅台集团党委委员。 茅台集团官网显示，此前最年轻的领导层是集团党委委员、副总经理涂华彬，他出生于1975 年6月。如今， 80后的张贵超成为茅台集团最年轻的党委委员 。 据财联社记者了解，张贵超出生于 ...

Core Viewpoint - The price of 53-degree Feitian Moutai has dropped significantly, nearing the psychological threshold of 2000 yuan per bottle, with a decline of over 10% compared to the same period in 2023 and 2024 [2][6][7]. Price Trends - As of June 10, the wholesale price for 53-degree Feitian Moutai reached 2020 yuan per bottle for loose bottles and 2080 yuan for boxed bottles [2]. - The retail price in some Beijing stores is around 2100-2300 yuan per bottle, with indications that prices may rise slightly after mid-July due to seasonal demand [2]. - The recovery price for loose bottles has fallen below 2000 yuan, reaching 1970 yuan, marking a historical low [6]. Market Dynamics - The decline in prices is attributed to the end of the peak consumption season around the Dragon Boat Festival, leading to a seasonal downturn in white liquor sales [6][7]. - E-commerce promotions, particularly during the "6·18" sales event, have further pressured prices, with some platforms offering Moutai at prices as low as 1499 yuan [7][8]. Supply Chain and Distribution - Moutai has increased the distribution of non-standard products, which has affected the demand for Feitian Moutai, contributing to the price drop [8]. - The company has implemented measures to control supply, including halting direct sales of 500ml Feitian Moutai and freezing a portion of inventory to stabilize prices [8][9]. Strategic Adjustments - Moutai plans to adjust its product structure across various sales channels to enhance consumer reach and improve operational capabilities [9]. - The company aims to adapt to changing consumer behaviors and preferences by exploring new consumption scenarios beyond traditional gifting and dining occasions [9].