随着2026年农历丙午马年的脚步临近，中国白酒行业的"赛马场"已率先热闹起来。12月24日，北京商报 记者统计发现，目前包括五粮液、洋河股份、泸州老窖在内的多家酒企均已在不同渠道发布2026年农历 丙午马年生肖酒产品。尽管诸多酒企针对生肖酒市场推出新品，但相较于往年而言却略显"冷清"。 生肖酒市场在年末上演"固定戏码"，其背后是文化、收藏、社交与投资等多重价值的交织。如今，在行 业处于深度调整期与消费理念更迭的共同交织下，这场没有硝烟的"酒马大战"或将面临新挑战。 开赛即"降温" 一匹骏马，从文化图腾变身为瓶身艺术撬动价值数百亿的收藏市场。北京商报记者统计发现，目前包括 五粮液、洋河股份、古井贡酒等头部企业均抢先发布2026年农历丙午马年生肖酒产品。 10月，天佑德马年生肖纪念酒正式上市，限量1000坛；泸州老窖推出"泸州老窖2026农历丙午马年礼 酒"（规格1.2L，优惠价888元）和定位高端的"国窖1573定制酒马青云"（规格1.573L，券后价5888元） 两款产品。11月，舍得酒业推出马年生肖酒限量10万盒，官方标价598元；剑南春携手中国国家博物馆 推出限量3万瓶的丙午马年生肖纪念酒，定价1099元 ...

Core Insights - Gold prices have risen significantly over the past two years, impacting the gold jewelry industry negatively despite the increase in gold prices for jewelry [1][6] - Lao Pu Gold, a local brand focusing on traditional craftsmanship and high-end positioning, has emerged successfully in 2023, attracting consumers with its high average transaction value and profit margins [1][10] Industry Overview - The gold jewelry industry is facing challenges due to rising gold prices, which have led to a decline in consumer demand for decorative gold items, with a reported drop of over 20% in sales [8][14] - Investment products like gold bars have seen a significant increase in demand, with sales rising by over 20%, contrasting with the decline in gold jewelry sales [8][14] Company Performance - Lao Pu Gold has positioned itself uniquely in the market with a focus on ancient craftsmanship and a high average spending of 25,000 yuan per customer, leading to a gross margin exceeding 40% [12][15] - The brand's average store sales exceeded 300 million yuan in 2024, significantly outperforming luxury brands like Cartier and Van Cleef & Arpels by over 50% [16] Pricing Strategy - Lao Pu Gold employs a "one-price" strategy, which shifts consumer focus from gold prices to the craftsmanship and cultural value of the products, effectively decoupling from fluctuating gold prices [12][15] - This pricing model has allowed Lao Pu Gold to maintain high profit margins, even as traditional competitors struggle with rising costs [15][26] Consumer Behavior - The rise in gold prices has altered consumer psychology, leading to a shift from viewing gold as a decorative item to an investment asset, which has negatively impacted the jewelry sector [8][14] - Lao Pu Gold has successfully tapped into the cultural consumption trend, appealing to consumers' emotional and cultural values rather than just the investment aspect of gold [22][30] Market Positioning - Lao Pu Gold has established itself as a leader in the niche market of cultural gold jewelry, differentiating itself from both domestic competitors and international luxury brands [17][24] - The brand's focus on traditional craftsmanship and cultural narratives has resonated well with Chinese consumers, who prefer high-purity gold over alternatives like K-gold [18][20] Future Outlook - The brand's growth trajectory may face challenges in maintaining its pricing strategy during periods of fluctuating gold prices and balancing expansion with brand value [26][24] - Lao Pu Gold's commitment to traditional craftsmanship and cultural heritage will be crucial for its long-term sustainability and market differentiation [22][30]