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 人民财讯1月13日电，贵州茅台(600519)1月13日公告，董事会审议通过《2026年贵州茅台酒市场化运营 方案》，其中提出，公司运营模式将由"自售+经销"的传统销售模式向"自售+经销+代售+寄售"多维协 同的营销体系转变，以更好适配、触达、转化消费需求。将构建批发、线下零售、线上零售、餐饮、私 域"五大渠道"并行的渠道布局，通过"线上+线下"融合转型，线上管效率、管触达，线下管转化、管服 务，形成以消费者为中心的良性渠道生态体系。将以市场为导向，构建"随行就市、相对平稳"的自营体 系零售价格动态调整机制。 ...

格隆汇1月13日｜贵州茅台公告，2026年1月13日，第四届董事会2026年度第一次会议以通讯表决方式召 开。会议同意《2026年贵州茅台酒市场化运营方案》。方案提到，构建批发、线下零售、线上零售、餐 饮、私域"五大渠道"并行的渠道布局，通过"线上+线下"融合转型，线上管效率、管触达，线下管转 化、管服务，形成以消费者为中心的良性渠道生态体系。根据"五大渠道"布局，建立以市场需求为驱动 的动态评估考核机制，持续优胜劣汰，调整优化区域渠道布局，推动市场投放精准化、科学化，保持市 场稳定。 ...

人民财讯1月13日电，贵州茅台(600519)1月13日公告，董事会审议同意《2026年贵州茅台酒市场化运营 方案》，其中提出，公司运营模式将由"自售+经销"的传统销售模式向"自售+经销+代售+寄售"多维协 同的营销体系转变，以更好适配、触达、转化消费需求。将构建批发、线下零售、线上零售、餐饮、私 域"五大渠道"并行的渠道布局，通过"线上+线下"融合转型，线上管效率、管触达，线下管转化、管服 务，形成以消费者为中心的良性渠道生态体系。将以市场为导向，构建"随行就市、相对平稳"的自营体 系零售价格动态调整机制。 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 转自：证券时报 ...

贵州茅台公告称，公司第四届董事会2026年度第一次会议通过《2026年贵州茅台酒市场化运营方案》。 方案包括：产品体系回归"金字塔"型结构，满足不同消费需求；运营模式从"自售+经销"转为"自售+经 销+代售+寄售"；渠道布局构建"五大渠道"并行；价格机制构建自营体系零售价格动态调整机制，明确 各产品自营零售价，并据此测算渠道利润率、销售合同价和佣金。 ...

Core Viewpoint - Guizhou Moutai announced the approval of the 2026 market-oriented operation plan for Moutai liquor, focusing on a dynamic pricing adjustment mechanism based on market conditions [1] Group 1: Company Strategy - The board meeting held on January 13, 2026, approved the market-oriented operation plan for the year [1] - The plan aims to establish a self-operated retail price adjustment mechanism that is "market-oriented and relatively stable" [1] - The pricing strategy will be based on self-operated retail prices, with a scientific calculation of channel profit margins to determine sales contract prices and commissions [1]

Core Viewpoint - The central government is addressing formalism to reduce burdens on grassroots levels, with a focus on rectifying issues such as excessive renovations in Chengdu's Jin Niu District [1] Group 1: Rectification Measures - The Sichuan Provincial Party Committee and government are taking the issue seriously, demanding comprehensive and thorough rectification, along with accountability for responsible parties [1] - Jin Niu District is avoiding simplistic solutions and is focusing on maximizing the utility of existing facilities while preventing new resource wastage [1] - The district is integrating project revitalization with the enhancement of public services and industrial support functions in the area [1] Group 2: Market Utilization and Performance - The Jin Bin International Hotel's clientele primarily consists of business travelers and local enterprises, with stable operational performance driven by meetings and events [2] - The project has hosted over 190 social training and conference events, generating revenue exceeding 25 million yuan by November 2025 [2] - The district is committed to strict accountability for any disciplinary violations, ensuring thorough investigations and legal actions where necessary [2] Group 3: Institutional Improvements - Jin Niu District has implemented 11 new policies aimed at enhancing cost control and investment supervision for public projects [3] - The district is revising internal control systems to create a comprehensive framework covering all stages of project management [3] - The district aims to use this rectification as an opportunity to embed frugality and accountability into daily management practices [3]

Core Viewpoint - The central government is addressing formalism to reduce burdens on grassroots levels, with a focus on rectifying issues such as excessive renovations in Chengdu's Jin Niu District [1] Group 1: Rectification Measures - The Sichuan Provincial Party Committee and government are taking the issue seriously, demanding comprehensive and thorough rectification, along with accountability for responsible parties [1] - Jin Niu District is avoiding simplistic solutions and is focusing on maximizing the utility of existing facilities while preventing new resource wastage [1] Group 2: Project Utilization and Market Strategy - The Jin Niu District is integrating the revitalization of the foreign exchange center with the enhancement of public services and industrial support in the area [1] - A professional operating team is being introduced to shift the project towards a more open and market-oriented utilization, with plans to operate under the "Jin Bin International Hotel" brand starting January 2025 [1] Group 3: Operational Performance - The hotel primarily serves business travel, meetings, and local enterprises, showing stable operational performance with significant contributions from meetings and events [2] - By the end of November 2025, the project has hosted over 190 social training and meeting events, generating over 25 million yuan in revenue [2] Group 4: Accountability and Governance - Jin Niu District is emphasizing strict accountability for disciplinary violations, ensuring thorough investigations and legal actions against those involved in misconduct [2] - The district is implementing a comprehensive system to enhance project management and investment supervision, aiming to prevent similar issues in the future [3] Group 5: Policy Implementation - Jin Niu District has issued 11 documents to reinforce cost control and management practices, along with revising internal audit and control systems [3] - The district aims to embed the principle of frugality into daily management and project execution to prevent recurrence of similar issues [3]

Core Viewpoint - The key focus for the future of Moutai is to adhere to a market-oriented direction while ensuring the completion of established goals, aiming to stabilize the market, invigorate channels, and enhance service quality to achieve tangible results in Moutai's marketing efforts [1][7]. Group 1: Market Stability - The company emphasizes the importance of long-termism, aiming to align product offerings and prices with market demand and consumer willingness, thereby reflecting the inherent value of Moutai products [1][7]. - To stabilize the foundation of supply and demand, Moutai plans to reduce the volume of high-value-added products in its 2026 release plan, clarifying product positioning and targeting different consumer groups and scenarios more precisely [1][7]. - The company will dynamically balance product release volumes based on actual market supply and demand to ensure a more reasonable and stable product structure [1][7]. Group 2: Price Rationalization - Moutai aims to implement price marketization reforms that respect market economic laws and consumer choices, allowing product prices to follow market trends [2][8]. - The goal of price alignment is to promote a balance between quantity and price based on actual market conditions, preventing excessive price fluctuations that could disrupt the market [2][8]. - The company is committed to preventing price speculation, which is essential for both consumer trust and Moutai's own responsibility [2][8]. Group 3: Channel Activation - Moutai intends to focus on enhancing its sales channels by integrating online and offline platforms, utilizing existing e-commerce channels, and encouraging authorized stores to establish online presences [3][9]. - The company aims to attract new consumer groups while maintaining existing ones, focusing on new economic trends and personal consumption scenarios to better meet emerging demands [3][9]. - Moutai plans to enhance consumer awareness of official and genuine sales channels, ensuring that sales terminals are more active and engaging [3][9]. Group 4: Service Improvement - The company is committed to enhancing consumer experience, strengthening channel resilience, and invigorating its workforce to create a mutually beneficial environment for consumers, channel partners, and employees [4][10]. - Moutai will simplify online channel operations and establish a comprehensive anti-counterfeiting technology system centered on consumer experience [4][10]. - The company aims to deepen collaboration with distributors to resist speculation and promote healthy channel development through reasonable profit distribution and long-term value creation [4][10]. - Moutai will continuously improve its performance evaluation mechanisms and establish a scientific service assessment system to motivate and energize its workforce [5][10]. Group 5: Pricing Data - Recent data indicates that the terminal transaction price for Feitian Moutai has stabilized between 1816 and 1827 yuan, while the price for premium Moutai has increased by 114 yuan over five days, rising from 2281 yuan to 2395 yuan, reflecting a 5% increase [5][10].

Core Viewpoint - Guangdong's new energy storage industry is experiencing rapid manufacturing expansion but faces challenges in local installation and consumption, leading to a "high capacity, low utilization" phenomenon. The province has established a leading "1+N+N" policy system for new energy storage, shifting focus from industry cultivation to electricity market mechanism construction to promote deep integration of storage and power systems [2][3]. Group 1: Policy Evolution and Key Analysis - Guangdong has positioned the new energy storage industry as a new economic growth driver, with the "Guiding Opinions" issued in 2023 marking a transition from catalytic support to market-oriented institutional arrangements [3][4]. - The development of energy storage policies in Guangdong has gone through three stages: early cultivation (2022 to early 2023), scale expansion (2023), and quality enhancement (post-2024) [4][5]. - The second stage aims to establish energy storage as a strategic pillar industry, leading to a complete "1+N+N" policy system, while the third stage focuses on integrating storage with the power system through performance-based subsidies and market participation rules [4][5]. Group 2: Industry Logic Upgrade - Guangdong has developed battery industry clusters in cities like Guangzhou and Shenzhen, but the market application scenarios for energy storage products remain underdeveloped, leading to a disconnect between supply and demand [5][6]. - To address this, the provincial government has launched initiatives to promote diverse application scenarios for energy storage, including low-carbon industrial parks and data centers, aiming to expand demand-side opportunities [6][7]. - The transition from a single manufacturing focus to a closed-loop model of manufacturing, application, and operation is crucial for sustainable development [6][7]. Group 3: Policy and Market Coordination - The rapid expansion of energy storage capacity has led to a misalignment between industry policies that push for growth and electricity policies that focus on operational efficiency and market returns [11][12]. - The current policy framework emphasizes hardware metrics like capacity and investment, while electricity policies prioritize operational contributions, creating a disconnect in objectives and evaluation [17][18]. - This misalignment has resulted in a structural dilemma where production capacity exceeds market demand, leading to underutilized projects and reduced investment confidence [15][18]. Group 4: Recommendations - To resolve the "high investment, low consumption" dilemma, a more systematic and coordinated policy framework is needed, combining push and pull mechanisms to foster high-quality development in the energy storage sector [19][20]. - Establishing a planning and evaluation system based on the actual value of energy storage in the power system is essential, guiding the layout of storage projects according to regional demand [20][21]. - Enhancing the synergy between storage policies and market dynamics, while promoting innovative business models, will broaden revenue sources and improve overall operational efficiency [21][22].

Core Viewpoint - China State Construction's Q3 net profit attributable to shareholders decreased by 24.1% due to the ongoing deep adjustment in the real estate market and a slowdown in infrastructure investment growth [1] Group 1: Financial Performance - The company's Q3 net profit attributable to shareholders fell by 24.1% [1] - Current dividend yield stands at 5%, indicating a valuation bottom [1] - The dividend payout ratio is 24.3% [1] Group 2: Market Position and Valuation - China State Construction is one of the largest investment and construction groups globally and is included in major indices such as CSI 50, SSE 50, FTSE China A50, and MSCI China A50 Connect Index [1] - The controlling shareholder increased holdings by 620 million yuan, accounting for 0.27% of total share capital [1] - The company maintains a long-term stable dividend policy [1] Group 3: Future Outlook - The company is given a target price of 7.42 yuan based on a 2025 PE of 6.5 times [1] - The current PE of 4.7 times is at the 45th percentile over the past decade, while the PB is 0.47 times, at the 1st percentile over the same period [1] - The company adheres to a market-oriented operational mechanism, gradually enhancing its ability to navigate market rules [1]