行业点评报告 | 食品饮料 证券研究报告 行业评级 推荐（维持） 报告日期 2026 年 02 月 24 日 相关研究 【兴证食饮】餐饮链克危寻机，同时关 注食品春节备货-2026.01.21 【兴证食饮】保健品行业：赛道长青， 新消费重构增长逻辑-2026.01.12 分析师：沈昊 S0190525010006 shenhao@xyzq.com.cn 投资要点： 请阅读最后评级说明和重要声明 1/3 ⚫ 春节动销符合预期，高端突出，大众价格带表现稳健。根据渠道反馈，春节白酒动销普 遍下滑 10-20%，边际改善，整体表现符合此前预期。分区域看，经济基础、饮酒氛围 好的河南、四川、华东等市场反馈动销下滑约 10%左右，山东、安徽等市场下滑幅度约 20%。分场景看，受禁酒令影响商务宴请依旧承压，礼赠需求有所恢复，自饮及中低端 宴席需求相对稳健。春节期间，不同价格带动销表现有所分化，高端表现突出，i 茅台 上线普飞刺激需求，100-200 元大众价格带动销平稳，而次高端价格带承压较大、春节 期间动销下滑约 20%左右。 ⚫ 茅台市场化改革初步显效，基本面表现好于预期。茅台以消费者为中心，积极推进市场 化转型，强化 ...

2月3日，第三方平台"今日酒价"数据显示，此外，26、25年飞天茅台全线上涨，2月3日，2026年飞天茅台原箱报1625元/瓶，较前一日涨35元；2025年飞 天茅台原箱报1640元/瓶，较前一日涨20元。 | | 茅台飞天 | | 2026年2月3日 | | --- | --- | --- | --- | | MOUTAI | | | (公众号:今日酒价) | | 品名 | 规格 | 昨日行情 | 今日行情 | | 226年飞天(原) | 53度/500ml | 1590 | 1625 ↑ | | 226年飞天(散) | 53度/500ml | 1570 | 1570 | | 25年飞天(原) | 53度/500ml | 1620 | 1640 ↑ | | 25年飞天(散) | 53度/500ml | 1590 | 1590 | | 24年飞天(原) | 53度/500ml | 1780 | 1780 | | 24年飞天(散) | 53度/500ml | 1700 | 1700 | | 23年飞天(原) | 53度/500ml | 1820 | 1820 | 茅台开展市场化改革满月，"先头兵"i茅台率先交卷 ...

Core Insights - The Chinese liquor market is experiencing significant price declines, with the average retail price of the top ten liquor products dropping to a historical low of 8,918 yuan, down 61 yuan from the previous day [1][7] - The market is characterized by a broad decline, with nine out of ten products seeing price drops, indicating increasing downward pressure and a lack of effective support [1][7] Price Changes - The price of Guizhou Moutai (Flying) decreased by 9 yuan to 1,723 yuan per bottle [3] - The price of Guizhou Moutai (Boutique) fell by 10 yuan to 2,325 yuan per bottle [3] - Xijiu Junpin and Qinghualang saw the largest declines, each dropping 14 yuan per bottle [4][8] - Other notable price changes include a 4 yuan drop for Qinghua Fen 20 and Guqingong 20, and a 3 yuan drop for Guojiao 1573 [1][3][4] Market Dynamics - The introduction of iMoutai's pricing strategy is beginning to influence market prices, with its products priced at 1,499 yuan for Flying Moutai and 2,299 yuan for Boutique Moutai [5][9] - The market analysis from Shenwan Hongyuan Securities highlights that the market reform of Moutai in 2026 will have significant implications for the industry and Moutai's long-term development [5][9] - The shift towards consumer-centric strategies and the establishment of a stable product structure are expected to benefit both consumers and the company [5][9]