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 据悉，马年生肖酒53%vol 500ml贵州茅台酒(丙午马年)经典版以 "星象守护・龙马精神" 为核心创意，将中国传统星象学中的四方四象(东方青龙、南方朱 雀、西方白虎、北方玄武)与二十八星宿体系和马年生肖文化进行融合，意在延续茅台生肖酒的文化收藏属性。 i茅台APP显示，53%vol 500ml贵州茅台酒(丙午马年)分为经典版、珍享版和礼盒装三款产品，定价分别为1899元/瓶、2499元/瓶和3789元/盒，以年度东方传 统色"齐紫"作为主色调。1月6日，53%vol 500ml贵州茅台酒(丙午马年)正式开售。i茅台APP显示，开售后不到一分钟即售罄。 和往年生肖茅台上市初期都曾被黄牛爆炒一样，今年马年生肖茅台也不例外。据大象新闻此前报道，记者从部分酒商处了解到，1月5日晚黄牛便已开始活 跃，1899元的经典版有黄牛报出2050元回收价，每瓶加价150-200元；2499元的珍享版报价则达3600元，单瓶加价1100元；礼盒装3789元报价4050元。1月6 日上午价格进一步上涨，甚至有黄牛对1899元的基础款喊出3000元的高价。 而在热销产品售卖 ...

Core Insights - The iPhone 17 series launch on September 19, 2025, saw a significant decrease in queue numbers, with at least a 50% reduction compared to previous years, indicating a potential decline in consumer interest [4][28]. - The iPhone 17 model lacks premium pricing, making it less attractive for scalpers, who reported an oversupply of the standard model and thus refused to buy it [7][24]. - The demand for the iPhone 17 Pro and Pro Max models remains, but the pricing dynamics have shifted, with scalpers adjusting their strategies to maintain price levels amidst declining demand [13][24]. Sales Dynamics - The Apple Store implemented crowd control measures, allowing only five customers at a time, which improved efficiency in the purchasing process [4]. - Most customers left the store immediately after purchase, showing little interest in engaging with scalpers, which contrasts with previous years [7]. - Scalpers reported that the iPhone 17 had no resale value, leading to a focus on the Pro models, particularly the Pro Max, which still had some premium pricing potential [8][24]. Market Trends - The introduction of fast delivery services by e-commerce platforms has reduced the incentive for customers to queue for new iPhones, as they can receive their devices within hours of release [28]. - Consumers are increasingly aware of better deals available online, especially with upcoming sales events like Double Eleven, leading to a wait-and-see approach [34]. - The overall decline in enthusiasm for the iPhone 17 series highlights a shift in consumer behavior, with brand loyalty waning and practical considerations taking precedence [36]. Scalper Behavior - Scalpers have adapted their strategies, collaborating to maintain price levels and employing discriminatory pricing based on customer demographics [17][21]. - The presence of foreign scalpers has introduced new dynamics, with cash transactions being preferred, although this raises concerns about security and convenience [24]. - The only models with significant resale value are the iPhone 17 Pro Max, particularly the higher storage variants, while the standard iPhone 17 and Pro models are largely ignored [24]. Marketing Challenges - The lukewarm reception of the iPhone 17 series indicates challenges in Apple's marketing strategy, as reliance on brand power alone is no longer sufficient [36]. - To revitalize sales, Apple must focus on product innovation and enhancing user experience, moving beyond traditional marketing tactics [36].

Core Viewpoint - The launch of a limited edition commemorative liquor by Kweichow Moutai has sparked significant market interest, particularly among resellers, despite a generally sluggish white liquor market this year [2][10]. Group 1: Product Launch and Sales - Kweichow Moutai's iMoutai APP released a commemorative liquor priced at 7,000 yuan, with a limited quantity of 25,568 bottles, each uniquely coded [2][4]. - The product is designed to commemorate the 70th anniversary of the "Five-Star" trademark, with each bottle's code potentially corresponding to personal significant dates, enhancing its collectible value [2][4]. - The product sold out rapidly, with smaller coded bottles selling out within one minute, indicating high demand [4][10]. Group 2: Market Dynamics and Resale - Initial resale prices on secondary platforms reached a premium of 800 yuan above the original price shortly after launch, but many sellers began to lower their price expectations within hours [10][12]. - By noon on the launch day, some sellers were willing to sell at prices only 500 yuan above the original price, and some resellers started buying at prices below the original 7,000 yuan [10][12]. Group 3: Financial Impact - If all 25,568 bottles are sold, the total revenue generated could reach 1.8 billion yuan, although this represents a small contribution to Kweichow Moutai's overall revenue, which was 174.144 billion yuan last year [12][13]. - The current market conditions for Moutai products, including fluctuating prices for the flagship Flying Moutai, suggest that the commemorative liquor may be one of the few products with investment potential and price appreciation in the current market [15][16].

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]