近日，多家媒体及市场调研机构信息显示，尽管受周期性需求波动及宏观环境影响，飞天茅台终端价出 现短期波动，但这属于行业调整期的阶段性现象。整体来看，其价格保持稳定，市场韧性显著，长期价 值逻辑并未发生根本改变。 这一表现的背后，既得益于近期国家层面释放的扩大消费政策利好，也与茅台自身优化供给、强化渠道 协同的主动作为密不可分。作为行业龙头，茅台的稳价举措不仅巩固了自身市场体系，也为白酒行业健 康稳定发展注入了信心。 市场观察：价格窄幅波动，整体中枢企稳 作为白酒市场的风向标，飞天茅台的价格变动始终牵动行业神经。根据近期多家券商及行业媒体对全国 多地经销商的调研反馈，飞天茅台等核心产品在年末旺季呈现整体平稳、窄幅波动的特征。 目前，飞天茅台价格处于波动行情，部分区域价格表现活跃。12月中旬，西南地区多家终端店报价显 示，散装飞天茅台终端价约为1650元至1700元，原箱价则在1660元至1720元区间，较前一段时间有明显 回暖。 新浪财经"酒价内参"12月18日数据显示，飞天茅台终端零售价当日报价1827元/瓶，较前一日微涨5元。 进一步观察十日价格走势可见，其波动幅度基本控制在20元左右，整体涨幅有限。 此外， ...

Group 1: Overall Economic Trends - In May, the total retail sales of consumer goods increased by 6.4% year-on-year, exceeding market expectations, indicating the continued effect of consumption expansion policies [1][13][20] - The cumulative retail sales from January to May reached 20.3171 trillion yuan, with a year-on-year growth rate of 5.0%, up from 4.7% in the previous period [1][13] - The growth in essential consumption categories improved, driven by holiday demand and promotional activities, with food and beverage retail sales showing significant increases [1][17][20] Group 2: Information Technology Sector - The Philadelphia Semiconductor Index and the Taiwan Semiconductor Industry Index both declined, while the DXI Index increased by 7.77% [1][23] - The price of DDR4 DRAM memory rose by 25.11% week-on-week, with the 8GB DDR4 DRAM priced at $4.28 [1][26] - The production of integrated circuits showed a rolling year-on-year increase, indicating a recovery in the semiconductor sector [1][23][26] Group 3: Manufacturing Sector - The production of industrial robots saw a rolling year-on-year increase, while sales of major engineering machinery companies mostly slowed down [1][3] - The price index for photovoltaic products decreased week-on-week, but the production of solar cells showed a rolling year-on-year increase [1][3][22] - The automotive production and sales growth rates have narrowed, indicating a potential slowdown in the automotive sector [1][3][22] Group 4: Consumer Demand - Retail sales in the home appliance sector continued to recover, driven by the "old-for-new" policy, with significant increases in sales of communication equipment [1][20] - The retail sales of gold and silver jewelry maintained a high growth rate, benefiting from demand for value preservation amid rising gold prices [1][21] - The average price of fresh milk and sugar has decreased, while the average price of live pigs has increased, reflecting mixed trends in agricultural products [1][3][21] Group 5: Resource Sector - The price of Brent crude oil increased, while the prices of various chemical products mostly rose, indicating a positive trend in the resource sector [1][22] - The inventory levels of industrial metals showed mixed trends, with most inventories declining, suggesting a tightening supply [1][22] - The national cement price index increased, reflecting a recovery in construction-related materials [1][22]

Group 1 - The core viewpoint of the report indicates that the year-on-year growth rate of social retail sales in April has slightly narrowed, while the effects of expanded consumption policies continue to be evident [2][4][22] - In April, the total retail sales of consumer goods reached 161,845 billion yuan, with a year-on-year growth rate of 4.7%, and the monthly growth rate for April was 5.1% [14][22] - The report highlights that essential consumption remains stable, with the year-on-year growth rate of grain and oil food retail sales increasing to 14.0% in April [18][22] Group 2 - The industrial robot and metal cutting machine production saw a three-month rolling year-on-year growth rate expand in April, indicating a positive trend in the automation equipment sector [2][4][22] - The report recommends focusing on sectors with high or improving prosperity, including home appliances, traditional Chinese medicine, household goods, entertainment products, jewelry, and green electricity [2][4][23] - The report notes that the retail sales of gold and silver jewelry increased by 25.3% year-on-year, driven by demand for value preservation amid rising gold prices [18][22][23] Group 3 - In the information technology sector, the DDR4 DRAM memory prices have risen, while smartphone production has seen a three-month rolling year-on-year decline [4][7][22] - The semiconductor industry shows mixed signals, with the Philadelphia Semiconductor Index declining while the Taiwanese semiconductor industry index increased [4][7][22] - The report indicates that the average daily power generation of key power plants has increased year-on-year over the past 12 weeks, reflecting growth in the public utility sector [4][7][22]