高端、次高端"微复苏" 2026年伊始，酒类市场逐渐复苏。1月6日，北京商报记者走访北京部分终端市场发现，开年以来，高端 白酒依然是商超以及烟酒店主推产品。其中，在沃尔玛、盒马鲜生等商超渠道，五粮液、茅台1935等高 端产品礼盒均以堆头形式作为推荐首选。与高端酒价格修复形成呼应的是，300—500元价格带的次高端 产品成为元旦假期的销售主力。高端产品与次高端价格带产品成为假期"宠儿"，其背后是送礼需求与宴 席市场的双重驱动。即将进入春节销售旺季，2026年白酒消费加速复苏的突破口在哪？ 2026年元旦假期，中国酒类消费市场出现复苏迹象。北京商报记者走访终端市场发现，元旦期间，高端 白酒成为商超与烟酒店主推产品。在位于北京西单及和平里附近的盒马鲜生店内，记者发现包括五粮 液、青花汾酒、水井坊、红花郎等品牌的礼盒。不仅商超渠道，在位于方庄附近的烟酒店内，高端白酒 产品也被摆放在较为显眼的位置。但与商超渠道不同的是，烟酒店中主推的高端产品主要以单瓶装为 主。该店店员表示，元旦假期的送礼场景较多，因此主推茅台、五粮液等高端产品。 当终端市场热捧高端产品时，2026年白酒消费旺季也迎来新变化。上述方庄附近烟酒店的店员表 ...

2026年元旦假期期间，中国酒类消费市场呈现出与往年显著不同的复苏轨迹。北京商报记者走访终端市场发现，2026年元旦期间，高端白酒成为商超与烟酒 店主推产品。在位于西单以及和平里附近的盒马鲜生店内，记者发现包括五粮液"好事成双"52度*2产品售价为2099元/盒，青花汾酒20礼盒装 53度500ml*2 售价828元/盒，水井坊臻酿八号礼盒 52度500ml*2售价679元/盒，红花郎十 53度520ml*2 礼盒售价609元/盒。据北京商报记者统计，上述四款产品优惠幅度 在20—200元不等。 不仅是商超渠道，在烟酒店中也出现同样情景。在位于方庄附近的烟酒店内，高端白酒产品被摆放在较为显眼的位置。但与商超渠道不同的是，烟酒店中主 推的高端产品主要以单瓶装为主。该店店员表示，元旦期间送礼场景较多，因此仍主推茅台、五粮液等高端产品。 与往年不同，2026年酒类市场逐渐复苏。1月6日，北京商报记者走访北京部分终端市场发现，今年元旦春节期间，高端白酒依然是商超以及烟酒店主推产 品。其中，在沃尔玛、盒马鲜生等商超渠道，五粮液、茅台1935等高端产品礼盒均以堆头形式作为推荐首选。与高端酒价格修复形成呼应的是，300—5 ...

图 贵州茅台1月4日晚间公告称，公司于2025年11月28日股东大会通过回购方案，将以自有资金回购股份用 于减少注册资本，回购金额15亿元-30亿元，实施期限6个月，回购价不超1863.67元/股。2025年12月31 日首次回购，已回购87059股，占总股本0.0070%，支付总金额1.20亿元，回购价在1377.22-1385.76元/ 股。 在白酒行业深度调整的背景下，茅台正在通过数字营销平台及其相关政策，提振销量与业绩。 1月3日晚间，小茅i茅台公众号发布消息称，自1月4日至春节前，小茅将每人每日可购买的飞天53%vol 500ml贵州茅台酒(2026)最大数量调整为6瓶。元旦期间，其限购数量最大为12瓶。 当日开放购买后，i茅台APP持续显示"补货中"，延续了元旦期间的火爆。据其介绍，元旦三天，超10万 名用户购买到了茅台产品。 得益于此，1月4日，i茅台APP冲上苹果应用商店购物免费榜第一名，并在免费总榜单中位列第四。 片来源：界面图库 1月4日，1499元/瓶飞天茅台(2026)在i茅台APP开放购买后持续秒空。同日，飞天茅台的批发价却再次 跌破指导价。 第三方平台"今日酒价"披露的批发参考价显 ...

2026年1月1日上午9点，贵州茅台的自营电商平台"i茅台"正式上线53度500ml飞天茅台，售价1499元/瓶。开放申购仅30秒，首轮库存被抢购一空，随后多轮 补货均在瞬间售罄。原定持续2小时的销售活动，在半小时内提前结束。第二天，同样的抢购热潮再度上演。 平台数据显示，i茅台注册用户已突破8000万，而每日100吨的投放量（约21.4万瓶）在庞大用户基数面前显得供不应求。社交平台上，成功抢到茅台的消费 者晒出订单，抱怨"抢购难度堪比春运抢票"的用户也不在少数。 此次飞天茅台的常态化销售被视作茅台渠道改革的标志性事件。茅台董事长陈华在2025年12月的经销商大会上宣布，2026年起将取消对经销商的强制压货任 务，改为按需拿货。这一政策旨在减轻经销商资金压力，同时推动渠道扁平化。 1499元的官方指导价与线下渠道1600-1800元的市场价存在明显价差，这是i茅台火爆的直接原因。 长期以来，飞天茅台因供需失衡导致终端价格畸高，黄牛囤货炒作进一步加剧市场混乱。i茅台的直营放量直接冲击了灰色利润链。1月1日当天，飞天茅台 批发价应声下跌15元至1540元/瓶。 茅台此次投放还涵盖了2019至2024年份的飞天茅台 ...

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 在近日召开的贵州茅台全国经销商联谊会上，除了备受关注的茅台价格管控政策外，最引人瞩目的是，企业方面宣布"明年取消分销模式"这一信息。 曾是名酒销售重要构成部分的分销商，为何突然会成为裁撤对象？这背后代表着怎样的一种发展趋势？ 为什么取消？ 对诸多名酒企业而言，因为库存而导致的经销商、分销商"压力山大"，因为销售层级过多而导致的价盘秩序不稳，因为直销和电商平台的冲击······都对传统 分销体系构成了挑战，引发渠道扁平化。 传统的"厂家→一级经销商→二三级分销商→终端"的分销模式，在行业上升期起到了覆盖市场、快速扩张的作用。但是，在如今需求遇冷、库存积压的背景 下，这种分销模式却暴露出明显的弊端：利润空间被不断挤压，由于动销不畅、价格倒挂等问题，渠道利润不足以支撑多级分销体系。 "价格体系的不稳定，也导致了企业倾向于减少经销层级，以稳定价盘。"酒业专家、九度咨询董事长马斐认为，酒业长期推行的多层级逐次加价的模式，在 行业上升期没有问题，但是在酒业价盘不稳的情况下，就更容易导致失序。 以飞天茅台为例，其市场价从高峰期的3000元，到2025年度逼近1499 ...

跌跌不休的茅台，在2026年第一天，迎来了大结局。 1日，i茅台正式上架飞天53%vol 500ml贵州茅台酒，售价1499元。 本次主要上架的是2026年的新飞天茅台，2019-2024年的次新飞天仍未展开销售。 据《酒业内参》报道，本次投放从9点开始，每五分钟投放一次，每次仅不到30s便被清空。 媒体报道称，每日投放量会综合考虑防止炒作、供需适配和市场稳定确定，当日售完即止。此后，每日上午9时都将准点开售。业内分析认为，此举意味 着茅台营销体系正向市场化转型。 12月31日晚间，i茅台官微发布消息称，2026年1月1日起，53%vol 500ml飞天贵州茅台酒将正式在"i茅台"APP上架销售。 用户每日09:00可进入APP首页或"i购"频道购买，每人每日限购12瓶（两箱）。 "普通人根本抢不到！"社交平台上，许多网友发出遗憾的感慨。 长期以来，贵州茅台一直沿袭着计划经济和短缺经济下的"价格双轨制"模式来定价和销售，官方指导价与实际成交价经常存在价差。 在茅台专卖店，普通消费者很难买到正常价格的茅台酒产品。 而在二手交易平台，往往要花高溢价购买，最多时价差甚至一度高达2000元。这也导致茅台经销商囤货惜售 ...

在全球能源转型与"双碳"战略的驱动下，储能产业正从规模化扩张迈向高质量发展阶段。然而，传统渠道模式因层级冗余、信息割裂、协同低 效等问题，导致集成商与安装服务商面临成本攀升、响应滞后、服务碎片化等挑战。数商云通过S2B2B2B数字化渠道管理系统，以区块链溯 源、智能合约、AI预测等技术为支撑，重构产业链协作网络，为集成商与安装服务商提供"去中间化、数据驱动、服务标准化"的解决方案，助 力行业效率提升与价值重构。 一、传统渠道模式的痛点与转型需求 储能产业链涉及设备制造、系统集成、安装运维等多个环节，传统渠道模式存在三大核心矛盾： 在此背景下，渠道扁平化与数字化成为行业共识。数商云通过技术整合与模式创新，为集成商与安装服务商提供全链路数字化工具，推动产业 链从"线性协作"向"网络化协同"升级。 数商云系统通过"供应商门户+物流中台+安装商工作台"三端联动，构建实时数据同步网络： 2. 区块链溯源：构建信任基础设施，保障全生命周期合规 为安装服务商配备专属移动端应用，实现： 案例1：头部储能集成商的渠道变革 某企业通过数商云系统重构渠道体系后，实现三大突破： 针对储能设备长周期、高价值的特点，数商云引入区块链技术 ...

Core Insights - The Chinese energy storage market is expanding at an annual growth rate of 30%, expected to exceed 1 trillion yuan by 2025, driven by "dual carbon" goals [2] - Traditional multi-tier channel models are causing inefficiencies, high inventory costs, and slow service responses, prompting the need for digital transformation [2] Industry Pain Points: The "Triple Dilemma" of Traditional Channels - Information silos hinder collaborative efficiency, with order information taking an average of 72 hours to pass through 4-6 levels, extending project delivery times by 30% [3] - Inventory costs are exacerbated by the bullwhip effect, with a medium-sized integrator's inventory turnover rate at only 2.8 times per year, significantly below the industry benchmark of 6 times [4] - Service quality varies widely due to differences in installation service providers, with 35% of energy storage projects exhibiting issues linked to inadequate training or tools [5] Solutions by Shushangyun: Four-Dimensional Reconstruction of Channel Value Chain - Intelligent supply chain collaboration breaks down information barriers, enabling real-time data synchronization across suppliers, logistics, and service providers [6] - AI decision support tools provide integrators with data-driven insights for precise operations [7] - Mobile tools empower frontline service providers, enhancing operational efficiency [7] Practical Outcomes: From Pilot to Scalable Value Verification - A leading energy storage integrator restructured its channel system through Shushangyun, achieving significant operational improvements [7] - A regional energy storage service provider experienced efficiency gains after integrating with the platform [7] Future Outlook: Technology-Driven Evolution of Channel Ecosystem - As technologies like AI and digital twins mature, Shushangyun is advancing three major upgrades to enhance channel efficiency and value creation [8] - The shift from scale development to high-quality growth in the energy storage sector emphasizes the importance of channel flattening as a tool for efficiency and a driver for value creation [8]

Core Viewpoint - The article discusses the significant decline in Wuliangye's performance, leading to its drop to the third position in the A-share liquor market, primarily due to strategic missteps and market conditions [4][5][6]. Industry Overview - The liquor industry is undergoing a deep adjustment, with Wuliangye's revenue in Q3 2025 dropping by 52.66% year-on-year, marking its worst quarterly performance in nearly 20 years [4][6]. - The overall liquor production in China decreased by 9.9% year-on-year in the first nine months of 2025, reflecting a broader industry downturn [6]. Company Performance - Wuliangye's Q3 2025 revenue was 81.7 billion yuan, with a net profit of 20.2 billion yuan, both showing significant declines compared to previous years [4][6]. - In contrast, competitors like Moutai and Shanxi Fenjiu reported revenue growth during the same period, highlighting Wuliangye's underperformance [6][11]. Strategic Adjustments - The company is undergoing a strategic shift aimed at optimizing channels and stabilizing prices, which has led to short-term pain reflected in its financial results [7][12]. - Wuliangye's management has implemented measures such as reducing dealer quotas and controlling supply to stabilize prices, but these efforts have not yet yielded substantial results [12][14]. Management Changes - Frequent changes in Wuliangye's management have led to strategic inconsistencies, impacting the company's ability to respond effectively to market challenges [16][17]. - The restructuring of the sales team aims to improve coordination between brand, channel, and terminal sales, but has also created transitional challenges [17][18]. Product Strategy - Wuliangye's reliance on its flagship product, the "Eighth Generation Pu Wu," which accounts for over 60% of its revenue, poses risks as competition intensifies [19][20]. - The company has struggled to diversify its product offerings, leading to vulnerabilities in both high-end and mid-range markets [20]. Market Sentiment - Despite the poor performance, Wuliangye's stock price showed resilience, indicating that investors may have already adjusted their expectations following previous declines [21][24]. - The company announced a substantial dividend plan, which may help support its market valuation amid ongoing challenges [24]. Institutional Perspectives - There is a divide among analysts regarding Wuliangye's future, with some optimistic about its long-term brand strength and reform efforts, while others express concerns about ongoing operational challenges [25][26]. - The differing views reflect broader uncertainties in the liquor market, particularly regarding demand recovery and the effectiveness of Wuliangye's strategic adjustments [26].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][4]. Core Views - The company reported a revenue of 4.16 billion yuan for the first three quarters of 2025, a year-on-year decrease of 9.1%, and a net profit attributable to the parent company of 360 million yuan, down 11.9% year-on-year [1]. - The decline in revenue is attributed to weakening sales in the home appliance market and the impact of reduced national subsidies, particularly affecting the kitchen appliance sector [2]. - Despite the revenue pressure, the company has improved its gross margin to 42.8%, an increase of 2.7 percentage points year-on-year, indicating better profitability through product upgrades and brand strategies [3]. Financial Performance Summary - For 2025, the company expects net profits of 440 million yuan, 530 million yuan, and 600 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding dynamic P/E ratios of 12.2x, 10.2x, and 9.0x [4][5]. - The company’s revenue for 2025 is projected to be 6.02 billion yuan, reflecting a decline of 5.52% compared to 2024 [5]. - The gross margin is expected to improve gradually, reaching 41.69% by 2027 [12]. Market Context - The kitchen appliance industry is currently in a low cycle, influenced by a decline in residential construction area, which fell by 17.1% year-on-year [2]. - The company is focusing on channel management and product innovation to enhance competitiveness and profitability in a challenging market environment [4].