1月28日、29日、30日，飞天茅台批发价格连续三日上扬。 1月30日，根据某第三方平台信息，2026年飞天（原装）最新价格为1770元/瓶，较上一日上涨160元。2026年飞天散瓶最新价 格1700元/瓶，上涨130元/瓶，2025年飞天原箱也上涨了150元。Wind平台也显示，1月30日当天原装的飞天茅台价格来到了 1710元/瓶，较昨日上涨100元。 值得注意的是，1月29日，A股市场白酒板块出现罕见一幕，连跌五年的白酒股几乎全部涨停，龙头贵州茅台大涨近9%。不 过，次日（1月30日），白酒板块出现集体回调，贵州茅台跌超2%。 中信证券指出，2026年以来，行业发生了很多大事件和变化，推动白酒行业渠道升级和突破。短期，白酒龙头企业开始积极 拥抱消费者，消费者触达和消费者教育工作热度空前；中部企业适当降价，维持市场量价平衡；尾部企业停产、出清库存。 长期，"以消费者为核心"的渠道协同体系料将成为行业下一轮周期中核心竞争力，需要企业逐步提升拓客能力、服务能力和 场景运营能力。新一轮市场培育下，行业整体有望受益于本轮新消费者获取和消费者教育提升效果。 茅台批价连续上涨 茅台等白酒龙头近期在渠道改革、价格改革等 ...

1月29日，白酒股午后持续拉升。数据显示，截至13时49分，表征板块的白酒基金LOF(161725)放量涨 5.46%，一度涨5.90%。 消息面上，飞天茅台价格节前连续上涨，整箱批价突破1600元。第三方报价平台显示，1月29日，2026 年原箱茅台价格单瓶价格上涨20元为1610元/瓶，回升到1600元以上，散瓶的价格保持在1570元/瓶，前 几日茅台的批价还稳定在1550元/瓶左右。记者在"i茅台"平台看到，1499元的普茅连续第29天在多次秒 空后显示售罄。 中信证券认为，2026年来白酒行业发生了较多大事件和变化，推动渠道升级和突破。短期，白酒龙头企 业开始积极拥抱消费者，消费者触达和消费者教育工作热度空前；中部企业适当降价，维持市场量价平 衡；尾部企业停产、出清库存。长期，"以消费者为核心"的渠道协同体系料将成为行业下轮周期中核心 竞争力，需要企业逐步提升拓客能力、服务能力和场景运营能力。新一轮市场培育下，行业整体有望受 益于本轮新消费者获取和消费者教育提升效果。 ...

Group 1: Core Insights - The recent meetings held by leading liquor companies indicate a commitment to adjustments, reforms, and channel rebalancing, which is beneficial for the long-term health of the industry [1] - Major liquor companies have been controlling shipments, reducing burdens on distributors, and promoting sales to lower channel inventory, leading to a stable sales outlook for the 2026 Spring Festival [1] - The beer industry is expected to experience a mild recovery from a bottom position in 2026, with overall trends showing stable volume and price increases [1] Group 2: White Liquor Industry - Leading white liquor companies are focusing on consumer engagement and actively reforming existing channels, with a significant emphasis on consumer education [2] - The industry is undergoing substantial changes that are driving channel upgrades and breakthroughs, with a long-term focus on a consumer-centric channel collaboration system [2] - Middle-tier companies are adjusting prices to maintain market balance, while lower-tier companies are clearing inventory through production halts [2] Group 3: Beer Industry - The beer industry saw a slight decline in production in 2025, with a total output of 33.18 million kiloliters, reflecting a year-on-year decrease of 0.3% [3] - The industry's focus is shifting towards value chain and product quality, driven by increasingly diverse consumer preferences for high-quality living [3] - The restaurant channel is experiencing a mild recovery, although pricing and efficiency levels have not yet returned to pre-pandemic standards, while non-consumption channels are rapidly expanding [3]