智通财经记者 郭莎莎 持续构建"亲清"厂商关系 在白酒行业深度调整的当下，茅台作为行业的风向标，其市场策略备受关注。 谈及白酒行业，陈华在大会上表示，当前白酒行业整体上仍处于深度调整期，酒企普遍面临渠道库存高 企、产品价格倒挂、指标增速放缓等现实问题。但对茅台而言，这些问题和挑战并非"洪水猛兽"，只要 茅台清醒认识当前之"时"的挑战，主动拥抱长远之"势"的机遇，就一定能够成功穿越周期、赢得未来。 之所以有这样的信心和判断，陈华认为，主要基于三个方面。他谈到，"虽然白酒行业整体承压，但茅 台酒市场基本面是稳健的。虽然传统消费主力需求减弱，但茅台酒市场空间是广阔的。虽然消费者需求 和理念有所转变，但茅台酒的品质与消费者对美好生活的追求是契合的。" 茅台董事长陈华 在备受关注的茅台经销商联谊会上，茅台董事长陈华最新表态，2026年要让市场更"稳"，尽最大努力防 止价格炒作，愿同渠道商持续构建"亲清"厂商关系。 12月28日，2026年贵州茅台酒全国经销商联谊会在贵州省贵阳市召开，本次大会主题为"坚持以消费者 为中心，全面推进茅台酒营销市场化转型"。在大会上，茅台集团党委书记、董事长陈华公布了茅台酒 2026年市场营 ...

Core Viewpoint - Moutai Group is shifting its marketing strategy towards a consumer-centric approach, aiming for market transformation by encouraging distributors to diversify their product offerings beyond the reliance on the flagship product, Flying Moutai [2] Group 1: Market Dynamics - Since 2025, the price of Flying Moutai has been on a downward trend, starting at a wholesale price of around 2200 yuan per bottle, dropping below 2000 yuan in June, falling to 1800 yuan in August, and reaching 1700 yuan in October [2] - During the "Double 11" shopping festival, the price of scattered Flying Moutai fell to as low as 1399 yuan per bottle, breaking the official guidance price of 1499 yuan for the first time [2] - Distributors are experiencing reduced profits due to the price decline, with many reporting a shift to a state of minimal profit or even losses [2] Group 2: Supply Control Measures - Moutai Group has decided to suspend the supply of all products to distributors until January 1, 2026, as part of a "quantity control" measure aimed at stabilizing prices [3] - This measure has led to a stabilization of Flying Moutai prices, which are currently around 1600 yuan per bottle [3] - The goal of the quantity control is to alleviate the inventory and financial pressures faced by distributors due to price discrepancies, ensuring a rational distribution of profits [3] Group 3: Marketing Strategy - Moutai Group is restructuring its product lineup to create a "pyramid" system, with the 500ml Flying Moutai as the base, and premium and cultural products at higher tiers [3] - The company is shifting from a quota-based purchasing model to a customer demand-oriented approach, allowing distributors to plan their product offerings based on their customer base [3] - The marketing strategy is evolving to integrate online and offline channels, encouraging distributors to actively seek new customer segments and consumption scenarios [4] Group 4: Consumer Trends - The traditional consumer base for Moutai has shifted, with new group-buying customers emerging from the internet and AI sectors, with over 60% of new group-buying clients qualifying as provincial high-tech enterprises [5] - Despite challenges such as high inventory and price discrepancies, the market for Moutai remains expansive, driven by the growth of the middle class and the development of new industries [5]

Core Viewpoint - The Moutai Group aims to balance product supply and demand dynamically in 2026, focusing on consumer-centered marketing strategies to enhance market presence and ensure product availability and pricing stability [1][2] Group 1: Marketing Strategy - The primary task for Moutai's marketing in 2026 is to be consumer-centric and promote market-oriented transformation through various reforms [1] - The goal is to allow consumers to purchase Moutai products fairly, quickly, and authentically, emphasizing a market-driven, legal, and scientific approach [1] Group 2: Product Strategy - Moutai will consolidate its pyramid product structure in 2026, maintaining its role as a key competitor in the mainstream market for regular Moutai (普茅) [2] - The company plans to reduce the supply of high-value-added products (non-standard products above regular Moutai) to better target different customer segments and consumption scenarios [2] - The focus will be on ensuring a stable and reasonable product structure through dynamic adjustments based on market supply and demand [2]

【#茅台推进市场化转型#】#茅台推动产品价格平稳有序#12月28日，在"坚持以消费者为中心，全面推 进茅台酒营销市场化转型"贵州茅台酒全国经销商联谊会上。茅台集团党委书记、董事长陈华表示， 将"以消费者为中心、推进市场化转型"作为茅台酒2026年市场营销工作的首要任务来抓，目的是通过一 系列市场化改革措施，让消费者能够公平、快捷、保真地买到茅台酒。总的原则和目标是以消费者为中 心，坚持市场化、法治化、科学化，通过线上线下协同发力，推动茅台酒实现市场投放精准科学，产品 价格平稳有序，渠道生态持续向好，消费端触达能力显著增强，服务水平大幅提升，努力构建供需适 配、量价平衡的良好格局。（新华网） ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 他也强调，2026年市场营销总的原则和目标是：以消费者为中心，坚持市场化、法治化、科学化，通过 线上线下协同发力，推动茅台酒实现市场投放精准科学，产品价格平稳有序，渠道生态持续向好，消费 端触达能力显著增强，服务水平大幅提升，努力构建供需适配、量价平衡的良好格局。 据《酒价内参》显示，飞天茅台近五日终端成交价稳定在1816-1827元；精品茅台价格则在五日内上涨 114元，由2281元一路涨至2395元，涨幅达5%。 12月28日，2026年茅台经销商大会于下午召开。茅台集团党委书记、董事长陈华公开了茅台酒2026年市 场营销的首要任务，即"以消费者为中心、推进市场化转型"。 ...

Core Viewpoint - Despite short-term price fluctuations due to cyclical demand and macroeconomic factors, the overall price of Feitian Moutai remains stable, indicating significant market resilience and no fundamental change in long-term value logic [1][2]. Group 1: Price Stability and Market Dynamics - Feitian Moutai's price is currently experiencing narrow fluctuations, with recent reports indicating a retail price range of approximately 1650 to 1720 yuan for bulk products and 1827 yuan per bottle for retail, reflecting a slight increase [2][4]. - The company has effectively managed market volatility through precise delivery schedules and strict channel management, maintaining a healthy market inventory and instilling confidence in price stability among distributors [2][6]. - The retail average price for bulk Feitian Moutai in major cities like Guangzhou and Shenzhen is reported at 1884.1 yuan per bottle, with prices generally concentrated between 1800 and 2000 yuan [2]. Group 2: Policy Support and Market Confidence - Recent macroeconomic policies emphasize restoring and expanding consumption, with specific measures aimed at improving social expectations and boosting development confidence [5]. - The Central Economic Work Conference highlighted the importance of domestic demand and proposed actions to enhance consumer spending, which positively impacts the white liquor industry, including Moutai [5]. - Analysts suggest that the white liquor industry is entering a phase of rapid performance recovery, supported by easing policy pressures and consumption expansion initiatives [5]. Group 3: Company Initiatives and Strategic Adjustments - Moutai's price stability is attributed to strategic innovations focused on market-oriented transformation, emphasizing long-term value and consumer-centric approaches [6]. - The company is addressing supply-demand mismatches by implementing three transformations and three changes, focusing on channel ecology and market stability [6]. - Moutai is enhancing its product offerings and brand image by introducing high-value products tailored to new consumer scenarios, thereby improving overall quality and expanding its value dimensions [6].

Group 1 - The core viewpoint is that Dongying City is enhancing the market vitality and competitiveness of state-owned enterprises through various initiatives and reforms [3] - Over the past five years, the awareness of market-oriented transformation among Dongying's state-owned enterprises has gradually increased, leading to significant improvements in market vitality and competitiveness [3] - The Dongying State-owned Assets Supervision and Administration Commission (SASAC) is actively supporting local enterprises by facilitating market exploration and project negotiations, resulting in successful collaborations in sectors like new energy and natural gas [3] Group 2 - Dongying SASAC has implemented market-oriented operational mechanism reforms, including contract-based management for managerial positions, which has stimulated internal vitality within enterprises [3] - In 2025, Dongying's state-owned enterprises are projected to invest in 27 projects with a total investment of 3.419 billion yuan, with 56% of this investment directed towards emerging industries [3] - The city is expanding into new business areas such as low-altitude economy, artificial intelligence, and green environmental protection, thereby continuously improving development quality and vitality [3] Group 3 - Dongying SASAC encourages collaboration among state-owned enterprises, leading to the establishment of joint ventures and funds, such as the green lithium battery new materials industry fund [4] - Collaborative projects include investments in educational initiatives like the Garden Expo study project and the formation of a low-altitude company, fostering a cooperative and synergistic development environment among local enterprises [4]

Core Viewpoint - The transformation of urban investment companies (城投公司) from government financing platforms to modern state-owned enterprises is accelerating, driven by policy changes and market pressures [1][2][5]. Group 1: Factors Driving Transformation - A total of 210 urban investment companies have shed their roles as local government financing platforms from January to August 2025 [1]. - Policy initiatives aimed at reducing local government hidden debt risks have mandated urban investment companies to divest their financing functions [1]. - Increasing financing pressures and regulatory constraints have compelled many urban investment companies to exit the platform model to access broader financing channels [1][5]. Group 2: Characteristics of Companies Exiting the Platform - Companies opting to exit the platform primarily hold credit ratings of AA and AA+ and are mainly at the county-level administrative tier [1]. - The majority of these companies are located in economically developed regions with stringent debt management, such as Jiangsu, Zhejiang, Chongqing, and Shandong [1]. Group 3: Market-Oriented Transformation - Urban investment companies must focus on sectors that directly create new growth points, moving beyond traditional infrastructure projects to modern service industries that enhance consumption and improve livelihoods [2]. - Successful examples of transformation include companies diversifying into advanced manufacturing and modern services, thereby shifting from passive development to proactive engagement in emerging industries [3]. Group 4: Enhancing Operational Capabilities - The key to successful transformation lies in improving the "self-sustaining" capabilities of urban investment companies, allowing them to operate independently of government support [4][6]. - Future strategies include strengthening data governance, enhancing collaboration with technology firms, and optimizing service ecosystems to stimulate market vitality [6]. Group 5: Policy Support for Transformation - Experts emphasize the need for clear and detailed transformation policies to guide urban investment companies [7]. - Recommendations include easing market financing restrictions, providing diversified financing channels, and favoring market-oriented urban investment companies in resource allocation for infrastructure projects [7].

Core Viewpoint - The establishment of the Shanghai Lingang Economic Development Promotion Co., Ltd. marks a significant step for Lingang Group in enhancing its specialized and market-oriented investment attraction capabilities, aimed at promoting high-quality economic development in Shanghai and the Lingang New Area [1][5]. Group 1: Purpose of Establishing the Promotion Company - The new specialized investment promotion platform is essential as the traditional era of competing on rent and policies has ended, necessitating a focus on professional investment capabilities to deepen industry engagement and resource integration [2]. - Lingang Group has faced challenges such as low industry aggregation, limited project sources, and insufficient enterprise stickiness, which necessitated the creation of a professional and market-oriented investment team to overcome development bottlenecks [2][3]. Group 2: Strategic Direction and Mission - The Lingang Economic Development Promotion Co. is positioned as an "integrated service provider" and "general operator," with a mission to serve as a model for the group's transformation and to accelerate the shift from construction to industry cultivation [3]. - The company aims to establish competitive and flexible incentive mechanisms and asset management strategies, focusing on attracting significant projects and enhancing operational efficiency [3]. Group 3: Strategic Partnerships - The company signed two major strategic cooperation agreements during its unveiling, one with the Shanghai Investment Promotion Service Center, focusing on collaborative efforts in industry mapping, ecosystem building, and project implementation [4]. - Another agreement was made with the Shanghai Lingang New Area International Investment Development Co., emphasizing cooperation in key sectors such as new energy vehicles and aerospace, along with establishing information-sharing mechanisms [4]. Group 4: Organizational Changes and Future Outlook - The establishment of the Lingang Economic Development Promotion Co. is part of a broader reform initiative within Lingang Group, which has already redirected over 40% of its human resources towards investment services [5]. - This move signifies a new phase for Lingang Group in enhancing industrial capabilities and supporting regional development strategies [5].

Group 1 - The meeting between the general managers of China Energy Group and China Datang Group focused on deepening cooperation and communication between the two companies [1][3] - China Energy Group is transitioning from a "large and complete" model to a "strong and superior" model, emphasizing sustainable growth and high-quality development [3] - Both companies aim to collaborate in areas such as coal supply, clean and efficient coal utilization, technological innovation, and industrial control systems [3] Group 2 - China Datang Group expressed gratitude for the support received from China Energy Group and shared its development plans and project construction status [3] - The two companies have a solid foundation for cooperation, with significant achievements and broad opportunities for further collaboration [3] - The focus of the partnership includes coal trade, resource exchange, and information technology development to enhance mutual benefits and contribute to high-quality development [3]