2025年最后一天，贵州茅台(600519.SH)抛出重磅消息：飞天茅台(53度、 500ml)将于2026年1月1日9点 起登陆i茅台APP，其中2026年份的飞天茅台，将以1499元/瓶的官方指导价进行申购，每人每日限购12 瓶。而1月1日，1499元/瓶飞天茅台上线i茅台后旺销，多轮补货后仍"秒空"。 在外界看来，这一消息并非简单的渠道扩容，而是贵州茅台针对长期困扰行业的价格痛点，发起的一场 关乎市场生态重构的战略突围，标志着这家白酒龙头企业在"以消费者为中心"建立价格体系的道路上迈 出了决定性一步。 而此次i茅台上架1499元/瓶的飞天茅台，正是茅台破解这一困局的关键举措。作为茅台自营的线上核心 阵地，i茅台已积累超7000万用户，构建起直达消费者的"高速公路"，其战略定位远不止新增一个销售 渠道。通过官方直销模式，为茅台带来直接贡献增量营收和利润。 更重要的是，这一举措打破了非正规套利生态的生存基础，随着官方渠道原价放量，市场炒作空间被大 幅压缩，推动茅台酒从"投资品"向"消费品"理性回归。实际上，在不久前的2026年茅台酒经销商大会 上，茅台管理层明确表态，新一年要"以消费者为中心，推进市场化转型 ...

高端白酒近况跟踪 20251229 摘要 茅台调整产品结构，珍品茅台停产，生肖酒减半，小包装和公斤装产品 减量 30%，飞天茅台保持供应稳定，通过减少非标产品供应增加飞天茅 台供应，稳定市场价格。 高价位产品如生肖酒和 15 年陈酿减量，精品茅台作为补充，长期目标 销量达 500 亿元，预计精品茅台调价至 2,100 元左右，2026 年实施合 同制筛选经销商。 2026 年开门红订单已发布，仅涉及飞天系列，占全年任务的 6%，预计 整个开门红期间订单比例可达 20%左右。非标产品转向合同制，根据经 销商综合表现筛选。 茅台将引入线上、电商、特区及私域客户新经销商，代售和寄售模式主 要体现在线上销售，经销商专卖店转化为线下提货点，解决区域供需不 平衡问题。 公司理想的飞天价格在 1,500~1,700 元之间，取消硬性配比后，经销 商综合成本控制，有助于产品流速加快，经销商对明年维持该价格区间 有信心。 Q&A 茅台近期的经销商大会透露了哪些主要信息？ 大会主要强调 2026 年将更好地适配供需关系，并取消一些硬性分销产品，以 实现各渠道的协同发力。12 月 13 日，公司曾透露了一些关于明年规划的信息， 特 ...

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、董事长陈华强调，2026年要让市场 更"稳"，让产品价格跟随市场，"尽最大努力防止价格炒作，要价格合理稳预期。" 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、董事长陈华强调，2026年要让市场 更"稳"，让产品价格跟随市场，"尽最大努力防止价格炒作，要价格合理稳预期。" 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%。 责任编辑：郭栩彤 责任编辑：郭栩彤 ...

Group 1 - The core viewpoint of the articles emphasizes the proactive measures taken by the Urumqi Market Supervision Bureau in Xinjiang to ensure market order and safety during the upcoming New Year and Spring Festival holidays [1][2] Group 2 - The bureau is focusing on food safety by inspecting food production, circulation, and catering services, particularly in supermarkets, farmers' markets, and restaurants, to safeguard consumer health during the festive season [1] - Key food items under inspection include seasonal foods, meat, eggs, dairy, grains, oils, and seafood, with a focus on verifying business licenses, health certificates, and proper food storage practices [1] Group 3 - The bureau is also enhancing drug safety by checking the legality of drug procurement channels, supplier qualifications, and ensuring that expired drugs are not in circulation, thereby reinforcing the responsibility of pharmaceutical businesses [2] Group 4 - Special attention is given to the safety management of special equipment such as elevators, boilers, and gas cylinders, ensuring compliance with safety regulations and prompt rectification of any identified issues [2] Group 5 - The bureau is monitoring market prices, particularly for essential goods like meat and grains, to prevent price gouging and ensure fair pricing practices during the holiday period [2]

隔夜，全球贵金属市场迎来了一波史无前例的强势上涨行情，黄金、白银价格持续刷新纪录，现货黄金升破4500关口，最终收报于4484.5美元，现货白银 一举突破70美元的关键关口，收报于71.06美元，现货铂金也屡创历史新高，现货钯金刷新三年高点。 特别是国际黄金市场，2025年迎来了一场史诗级上涨。从3月突破3000美元大关，到10月站上4000美元关口，再到12月冲破4500美元高位，短短半年内涨 幅高达50%，创下历史性纪录。 国内金饰价格应声上涨，24日，周生生金饰克价为1411元，较前一日上涨8元，较22日上涨44元；老凤祥为1406元，较前一日上涨7元，较22日上涨41元； 周大福为1410元，较前一日上涨7元，较22日上涨42元。 今日欧市盘中，黄金窄幅震荡，一度刷新历史高点至4525.19美元，目前在4489美元附近徘徊。 圣诞行情要来了！ 隔夜，美股盘中持续走强，三大指数均连涨四日，其中标普500指数收于新高。截至收盘，标普500指数涨0.46%，报6909.79点，刷新了12月11日的纪录高 位；道琼斯指数涨0.16%，报48442.41点；纳斯达克综合指数涨0.57%，报23561.84点。 ...

这份报告原定于10月30日发布，但由于创纪录的美国政府停摆而延期。数据"意外强劲"可能让市场担 心：美联储在2026年初降息的可能性变小。 【导读】美股震荡，黄金、白银、铜都创下了历史新高 中国基金报记者 泰勒 大家好，今晚继续关注海外市场表现。 美股震荡上涨 12月23日晚间，美股三大指数震荡微涨。 美股走势反复，美国商务部公布数据显示，美国第三季度经济增速按年化计算为4.3%，显著好于道琼 斯调查经济学家预期的3.2%。报告显示，美国经济以两年来最快速度扩张，令交易员更加相信美联储 在1月将暂停本轮宽松周期。 今年以来金价已上涨超过三分之二，有望创下自1979年以来最佳年度表现。 分析师表示："如果经济持续以这样的水平增长，就没那么需要担心经济放缓，市场的焦点反而可能重 新回到'价格稳定'这个约束上来。" 货币市场下调了对2026年降息的押注：市场预计美联储在1月降息的概率只有17%。但 CME"FedWatch"工具显示，市场整体仍大体计入了到明年年底累计两次降息的预期。 黄金、白银、铜，盘中创历史新高 23日晚间，市场另一个关注点，就是大宗商品的表现。 其中，黄金和白银双双大涨并刷新历史新高。现货白银 ...

【导读】美股震荡，黄金、白银、铜都创下了历史新高 大家好，今晚继续关注海外市场表现。 美股震荡上涨 12月23日晚间，美股三大指数震荡微涨。 黄金、白银、铜，盘中创历史新高 23日晚间，市场另一个关注点，就是大宗商品的表现。 其中，黄金和白银双双大涨并刷新历史新高。现货白银一度上涨2.4%，首次突破每盎司70美元；黄金则逼近每盎司4,500美元，在创 下逾一个月来最大单日涨幅后继续走高。 。 伦敦银 (现货白银) CFD 、 く 期 XAG 69.61 +0.59 +0.85% t a same 12-23 23:52:00 今开 持仓量 69.08 最高 70.65 振幅 昨结算 2.65% 最低 68.82 69.02 美元指数 98.1195 -0.1846% > 周K 月K 分时 五日 日K 更多, (0) - 均价:69.54 最新:69.61 +0.59 +0.85% 70.65 2.36% 0.00% 67.39 -2.36% 18:30 06:00 07:00 ------------------ 今年以来金价已上涨超过三分之二，有望创下自1979年以来最佳年度表现。 美股走势反复，美国商务部 ...

Core Viewpoint - The article discusses the recent speech by Federal Reserve Chairman Jerome Powell at the Jackson Hole symposium, clarifying misconceptions about the Fed's inflation target and its monetary policy framework, particularly the abandonment of the average inflation targeting approach established in 2020 [1][5][15]. Summary by Sections Economic Conditions - Powell highlighted the recovery of the labor market post-pandemic, noting a decline in job growth to an average of 35,000 per month, significantly lower than the 168,000 per month in 2024 [1][3]. - The unemployment rate remains stable at 4.2%, but labor supply is shrinking, influenced by changes in immigration policy [1][3]. - Economic growth slowed to 1.2% in the first half of the year, down from 2.5% the previous year, with consumer spending also decreasing [1][3]. Inflation Insights - The total PCE index increased by 2.6% over the past 12 months, while core PCE rose by 2.9%, with a 1.1% rebound in commodity prices [3][5]. - Powell emphasized the Fed's dual mandate of price stability and maximum employment, stating that current policy rates are 100 basis points lower than a year ago but still restrictive [3][5]. Policy Framework Update - Powell announced a shift in the monetary policy framework, moving away from the flexible average inflation target established in 2020, which allowed for periods of inflation below 2% to be compensated by higher inflation later [5][15]. - The new framework directly targets a 2% inflation rate annually, removing the compensatory mechanism due to the challenges posed by high inflation during the pandemic [5][15]. - Powell reiterated that the 2% target remains a cornerstone for price stability and supports flexible economic decision-making [5][15]. Miscommunication and Market Reaction - A misleading screenshot circulated on social media, suggesting that the Fed had completely abandoned the 2% inflation target, leading to widespread panic and speculation about a potential dollar collapse [5][7]. - The misinformation gained traction, particularly in the cryptocurrency community, with many interpreting it as a bullish signal for Bitcoin [7][9]. - Following Powell's speech, the stock market initially dropped by 0.5% but rebounded the next day, indicating a mixed market reaction to the news [7][9]. Conclusion and Future Outlook - The event highlighted the importance of accurate information dissemination in the digital age, as the rapid spread of misinformation can significantly impact market confidence [9][20]. - Powell's commitment to a transparent review of the Fed's framework every five years aims to maintain clarity and stability in monetary policy [9][20]. - Overall, the adjustments made by the Fed are seen as a response to lessons learned from the pandemic, with a focus on maintaining price stability and avoiding prolonged high inflation [20].

Core Viewpoint - The financial report for the third quarter of 2025 from Zhongju Gaoxin indicates a decline in both revenue and net profit compared to the previous year, attributed to intensified competition in the condiment industry since 2024 [1] Financial Performance - For the first three quarters of 2025, the company achieved total operating revenue of 3.156 billion yuan and a net profit attributable to the parent company of 380 million yuan, both showing a decrease from the same period last year [1] - The gross profit margin for the main product "Meiwei Xian" reached 39.70% in the first three quarters of 2025, an increase of 2.26 percentage points year-on-year, with the third quarter gross margin further rising to 40.31% [1] Strategic Adjustments - The company is implementing a strategy of "retreating to advance," focusing on optimizing channel inventory and stabilizing prices while ensuring steady terminal sales [1] - The strategic adjustments have led to positive outcomes, with channel inventory returning to a healthy level and the price inversion situation in major sales areas being largely corrected [1] Market and Product Development - The company is pursuing a national layout through "graded management of distributors" and "county-level channel penetration," aiming for balanced development across regional markets and reducing reliance on any single area [1] - In response to new consumer trends, the company continues to upgrade product quality, launching new products such as a 30% reduced-salt soy sauce and zero-additive first-press oyster sauce, aligning with consumer demand for health and high-quality condiments [1]

Summary of Key Points from the Conference Call Industry Overview - The discussion revolves around the macroeconomic environment, particularly focusing on the Federal Reserve's policy changes and their implications for various asset classes, including stocks, gold, and cryptocurrencies. Core Insights and Arguments 1. **Regime Change at the Fed**: The Federal Reserve is experiencing a regime change where the focus has shifted from price stability to ultra-low real interest rates, which will structurally support real assets like gold, cryptocurrencies, and stocks [3][39]. 2. **Performance of Assets**: Over the past year, stocks have generated impressive returns, with the MSCI AC World index up 15%. However, gold has outperformed this by an additional 37%, indicating a rare market configuration where both assets perform well simultaneously [6][8]. 3. **Market Correction Anticipation**: Recent rallies in both gold and stocks have been described as "too perfect," with a high probability (over 50%) of a correction or consolidation in the coming weeks due to the fractal dimensions collapsing to sub-1.2 [3][31]. 4. **Tactical Trading Strategy**: A new tactical trade has been suggested to short silver, with a profit target of $43 and a stop-loss at $64, indicating a bearish outlook on silver compared to gold and stocks [5][36]. 5. **Historical Context**: The current performance of gold versus stocks is unprecedented, as gold typically outperforms during stock market declines, not during periods of growth [9][10]. Additional Important Points 1. **Inflation and Real Rates**: Despite the US economy growing at nearly 4% and inflation running persistently above 2%, the Fed is actively trying to depress real interest rates, which has led to short-term real rates plunging below 1% [15][19]. 2. **Long-term Real Rates**: Long-term real rates are harder to depress due to the Fed's limited control over bond yields, and long-term inflation expectations remain around 2%, which some investors find comforting, though this could be misleading [23][25]. 3. **Gold's Role as an Insurance Asset**: The unusual performance of gold is seen as a response to the perceived regime change, with its status as an insurance asset against price instability driving up demand and prices [29][30]. 4. **Mechanics of Asset Valuation**: Lower real rates make gold's zero yield less unattractive and also lower the real yields on comparative assets like stocks, leading to richer stock valuations [30]. This summary encapsulates the key points discussed in the conference call, highlighting the significant macroeconomic shifts and their implications for various asset classes.