1月29日，白酒股午后持续拉升，五粮液、酒鬼酒等十余股涨停。贵州茅台放量大涨8.61%，报1437.72元/股，创下近一年来其股价最大的单日涨幅。 消息面上，据酒业数据平台"今日酒价"显示，1月29日，茅台酒继续上涨，已经突破1600元关口。其中，25年飞天茅台（原）批发价为1610元/瓶，较前一 日涨20元；25年飞天茅台（散）价格报1620元/瓶，较前一日涨20元。同时，部分茅台省区直营店已出现飞天茅台"库存不足"的情况，仅在i茅台申购成功 者能保证有现货。 此前，贵州茅台股价震荡下行，近日更是创下2024年10月以来的新低。就在上周，知名投资人段永平直言，拉长时间看当前股价"真的不贵"。而从公募基 金对白酒板块的最新配置情况看，仓位已低于4%，处于相对底部。 段永平频发声 开年以来，贵州茅台开始在i茅台App直销飞天茅台酒，备受市场瞩目。段永平非常看好该举措。 有网友向段永平提问："投资时会关注宏观经济形势吗？"段永平表示，主要看公司本身。好公司虽然也会受到大环境影响，但因为好公司大多比较健康， 往往受到的影响相对要小，回来的时候也经常是更快的。就茅台而言，一段时间内，茅台的销售肯定是会受到房地产行业等 ...

1月29日，白酒股午后持续拉升，五粮液、酒鬼酒等十余股涨停。贵州茅台放量大涨8.61%，报1437.72元/股，创下近一年来其股价最大的单日涨幅。 消息面上，据酒业数据平台"今日酒价"显示，1月29日，茅台酒继续上涨，已经突破1600元关口。其中，25年飞天茅台（原）批发价为1610元/瓶，较前一 日涨20元；25年飞天茅台（散）价格报1620元/瓶，较前一日涨20元。同时，部分茅台省区直营店已出现飞天茅台"库存不足"的情况，仅在i茅台申购成功 者能保证有现货。 此前，贵州茅台股价震荡下行，近日更是创下2024年10月以来的新低。就在上周，知名投资人段永平直言，拉长时间看当前股价"真的不贵"。而从公募基 金对白酒板块的最新配置情况看，仓位已低于4%，处于相对底部。 不过，面对网友"梭哈茅台"的评论，段永平回复得非常直接："茅台一时半会儿也许不会'反弹'，你这种梭哈心态很可能会难受很久的。" 段永平频发声 开年以来，贵州茅台开始在i茅台App直销飞天茅台酒，备受市场瞩目。段永平非常看好该举措。 1月22日，段永平表示，i茅台至少基本解决了两个问题：一是解决了假酒问题，这个释放的购买力是难以想象的；二是价格高企问 ...

Core Viewpoint - The white liquor sector is experiencing a resurgence, with the Zhongzheng White Liquor Index showing significant gains, indicating renewed investor interest and confidence in the market [1][3]. Group 1: Market Performance - On November 10, the Zhongzheng White Liquor Index saw all constituent stocks rise, with notable gains from Shede Liquor and Jiugui Liquor, both hitting the daily limit, while leading brands like Luzhou Laojiao and Gujing Gongjiu rose over 5% [1]. - The current price-to-earnings ratio (PE-TTM) for the white liquor sector is approximately 18.7 times, which is at a low level compared to the past five years, indicating a clear valuation advantage [6]. Group 2: Economic Indicators - In October, the Consumer Price Index (CPI) rose by 0.2% month-on-month and year-on-year, while the Producer Price Index (PPI) also saw its first month-on-month increase of the year, suggesting a reduction in deflationary pressures and a mild recovery in consumer demand [3]. Group 3: Investment Opportunities - Analysts believe that the most challenging period for the white liquor industry has passed, with external constraints on consumption expected to ease, making it a favorable time for investment [6][15]. - The white liquor sector is seen as a more stable investment compared to other high-risk stocks, with expectations of steady performance and recovery in stock prices as inventory levels normalize and prices rebound [6][15].

Group 1 - The food ETF (515710) showed weak performance with a decline of 0.7% and a trading volume of 6.5633 million yuan, while the fund's latest scale is 1.477 billion yuan [1] - Key stocks in the ETF include Qianhe Flavor Industry, Tongchen Baijian, and Meihua Biological, which saw increases of 0.42%, 0.39%, and 0.26% respectively [1] - Conversely, XinNuoWei, Chengde Lulu, and Dongpeng Beverage experienced declines of 3.01%, 2.54%, and 2.05% respectively [1] Group 2 - The white liquor export value from Zunyi increased by 776.17% year-on-year from January to August 2025, indicating an acceleration in the internationalization of regional liquor [1] - Guizhou Moutai reported a significant recovery in the terminal sales of its sauce-flavored liquor in September, reflecting resilient market demand for core products [1] - The Hubei liquor market has a scale of 35 billion yuan, showing continuous release of regional consumption potential [1] Group 3 - The food and beverage sector's revenue decreased by 4.8% year-on-year in Q3 2025, with the white liquor industry's revenue growth at -18.4%, primarily due to weak market demand [2] - High-end liquor remains resilient but is entering a phase of financial clearing, while mid-range and real estate liquor are under pressure [2] - The snack sector performed well with a growth of 22.4%, and soft drinks increased by 14.4%, while traditional consumer goods maintained low growth [2] Group 4 - The food ETF (515710) and its linked funds passively track a segmented food index, with the top ten weighted stocks including Guizhou Moutai, Wuliangye, and Yili Group [2]

Core Viewpoint - The stock market showed positive momentum with all three major indices rising over 1%, indicating a favorable trading environment for investors, particularly in the liquor sector [1] Industry Summary - The liquor sector index closed at 2267.89 points, up 1.21%, with 19 liquor stocks experiencing gains [1] - Major liquor companies such as Kweichow Moutai, Wuliangye, Shanxi Fenjiu, Luzhou Laojiao, and Yanghe Brewery all reported stock price increases, reflecting strong market performance [1] Company Summary - Kweichow Moutai's stock closed at 1430.19 yuan per share, up 0.57% [1] - Wuliangye's stock closed at 124.15 yuan per share, up 0.85% [1] - Shanxi Fenjiu's stock closed at 190.52 yuan per share, up 1.03% [1] - Luzhou Laojiao's stock closed at 125.36 yuan per share, up 0.53% [1] - Yanghe Brewery's stock closed at 70.08 yuan per share, up 0.27% [1] Analyst Insights - Tianfeng Securities highlighted that leading liquor companies are focusing on channel health and long-term development, suggesting a rational approach to performance growth targets [1] - The report indicates that the price-to-earnings (PE) ratio for the liquor sector may recover before earnings per share (EPS), with a potential EPS turning point expected in the second quarter of 2026 due to a low base effect [1] - Current investment opportunities in the liquor sector are emphasized, suggesting a positive outlook for future performance [1]

Market Overview - On July 22, A-shares saw collective gains across major indices, with the Shanghai Composite Index rising by 0.62%, the Shenzhen Component Index by 0.84%, and the ChiNext Index by 0.61%, all reaching new highs for the year [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets was 1.9286 trillion yuan, an increase of 201.5 billion yuan from the previous day [1] - Over 2,500 stocks rose, with more than 100 stocks hitting the daily limit for the second consecutive day [1] Sector Performance Hydropower Sector - The Yarlung Tsangpo River hydropower concept stocks experienced a surge, with multiple brokerages publishing reports on investment opportunities related to the Yarlung Tsangpo River downstream hydropower project [4] - The project is expected to become the world's largest hydropower station, generating approximately 300 billion kilowatt-hours annually, which will significantly boost demand for engineering machinery [4] - Key suppliers in China's hydropower equipment market include Dongfang Electric, Shanghai Electric, and Harbin Electric, with Dongfang Electric achieving a 100% localization rate for 1 million kilowatt generator sets [4] Cement Sector - The cement sector is gaining momentum due to the "anti-involution" news, with the Yarlung Tsangpo hydropower project expected to provide a new boost [5] - Major players in the Tibet cement market include Tibet Tianlu, Huaxin Cement, and Conch Cement, with Tibet Tianlu accounting for about 30% of the region's total cement production [5] Liquor Sector - The liquor sector showed active performance, despite a decline of over 10% year-to-date as of July 21 [6][7] - Fund managers have mixed strategies regarding liquor stocks, with some reducing positions while others increase their allocations [8] - Many institutions believe that the current valuation of liquor stocks presents investment opportunities, especially for leading companies with strong management and risk resilience [9] Precious Metals Sector - The precious metals sector saw gains amid fluctuating market conditions influenced by U.S. economic data and Federal Reserve speculation [10] - Despite short-term pressures, the long-term bullish trend for gold remains intact due to ongoing global uncertainties and central bank purchasing [10]