"今天黄牛圈的大战开始了"。8月8日9时，贵州茅台（600519）旗下i茅台APP上线一款售价7000元的纪念酒新品，限量25568瓶、售完即止，每人实名限 购一瓶。 这是为纪念"五星牌"商标启用70周年特别推出的典藏产品，25568瓶的数字，对应着商标自诞生之日至2024年4月30日的每个日夜。 特别之处在于，每瓶纪念酒都有独特的身份编码，可以对应上人的生日或者纪念日，且每个编码仅此一瓶，这被市场认为具有较高的流通属性、收藏价 值。 《国际金融报》记者注意到，该品正式发售的前一天，已有网友表示愿意溢价收购与父亲生日相同编号的纪念酒，用于礼赠收藏。 今年的白酒市场不太景气，这种难得的"大概率溢价"产品令许多"黄牛"摩拳擦掌。 小编码1分钟售罄 7000元的高定价、一瓶一编码的稀缺性让这款纪念酒自带热度，消费者还可以选择自己想要的年份编号购买。 《国际金融报》记者今天上午九点准时进入i茅台APP发现，身份编码较小（2000年之前）的产品仅1分钟就显示"已售罄"；到3分钟左右，几乎所有产品显 示"已售罄"。 不过，由于15分钟不付款就自动取消订单的机制，9：15分开始有小编码的纪念酒陆续放出，但很多参与抢购的用户 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Insights - The market heat has objectively increased, primarily driven by improved supply quality. In the first two months of 2025, the total land transaction price reached 257 billion, a year-on-year increase of 29.6%, while the average land transaction price was 9,751 million, up 32.2% year-on-year [10][11] - The trend of "high premium" is expected to continue in the short term, with a consensus forming around "high-speed products." The average premium rates for first-tier and second-tier cities have increased, reflecting a recovery in land market heat [11][12] - Companies with operational leverage and turnover advantages are highlighted as key players. Leading companies in equity investment include China Resources Land, China Jinmao, and Greentown China, with investment intensity exceeding 100% for several firms [12][14] Summary by Sections 1. Market Overview - In the first two months of 2025, land transaction volume in 300 cities decreased by 1.9% year-on-year, while the total land transaction price increased significantly, indicating a shift towards higher quality land supply [10][11] 2. New and Second-hand Housing Market - The new housing market saw a transaction area of 236 million square meters, with a month-on-month decline of 11.98% [4][29] - The second-hand housing market experienced a transaction area of 235 million square meters, with a year-on-year increase of 47.40%, although it also saw a month-on-month decline [4][29] 3. Investment Recommendations - The report suggests focusing on non-state-owned enterprises benefiting from debt relief and policy support, as well as leading companies with product advantages and regional firms with improving market shares [14]