25年飞天茅台原箱较前一日上涨35元，报1600元/瓶；25年飞天茅台散瓶较前一日上涨20元，报1580元/瓶。 24年飞天茅台原箱较前一日上涨50元，报1750元/瓶；24年飞天茅台散瓶较前一日上涨5元，报1615元/瓶。同时，还有马茅经典款，价格暴涨300，抢购的 人，越来越多。 从"热贵网酒业"披露的批发参考价显示，26年飞天茅台原箱较前一日上涨35元，报1590元/瓶；26年飞天茅台散瓶较前一日上涨20元，报1570元/瓶。 此前，i茅台平台数据披露显示，飞天茅台上线仅9天就吸引270万新注册用户。业内人士分析指出，年轻群体已成为其中不可忽视的关键力量。 央视总台在节目中谈到，过去茅台常被视为长辈酒柜里的珍藏、商务宴请的"硬通货"，似乎与年轻一代存在距离感。但实际上，年轻人并非不喜欢茅台， 而是以往市场价动辄超过2000元，让他们望而却步。 年轻消费者宋嘉琦在节目中表示，此前因价格而对茅台感到疏远，但如今通过i茅台这个官方渠道，年轻人有了更多了解和接触产品的机会。 国信证券最新研报指出，虽然日均投放规模较大，但供不应求的局面仍然说明了茅台酒的真实开瓶需求具有韧性。 爱建证券研报分析称，从公司快速收紧限 ...

文 | 《酒业内参》张奥 近日，茅台掀起抢购潮，部分酒商出现"断货"。 多位酒商向《酒业内参》表示，目前处于无库存或低库存，飞天茅台基本没有货。据悉，茅台经销商的1-2月份配额早 在1月底前售罄，并且清空了去年的库存。部分经销商向酒厂提前申请了3月份的首批配额，该批次货源以1×4规格 （一箱四瓶装）为主。 即便如此，供给仍跟不上市场需求。茅台酒商吴斌（化名）表示，目前3月的首批配额已经全部卖完，"动销实在太好 了，根本不够卖"。 有接近茅台人士透露，1-2月的配额，叠加上经销商自愿申请的首批3月配额，使得目前茅台酒的投放量已经超过全年 规划的30%。 另据新浪财经《酒价内参》显示，飞天茅台近期价格稳步攀升且"站稳"1750元，最新终端成交均价为1757元。 "卖光了！现在已经无货可卖" 春节日渐临近，酒水消费市场迎来年度黄金旺季。尤其是茅台，市场需求极为旺盛。今年1月1日i茅台常态化开售1499 元/瓶53度 500ml飞天茅台，每日上线不足半小时便全面售罄。 据i茅台发布的最新数据显示，1月新增用户628万，月活超1531万，订单212万笔，其中仅飞天53度500ml茅台就成交 143万笔。不久前，因访问量 ...

Group 1: Market Overview - The three major indices experienced significant adjustments, with the Shanghai Composite Index down 2.48% to 4015.75 points, and the ChiNext Index down 2.46% to 3264.11 points, indicating a general market downturn [5][7] - The overall A-share market saw a decline of 2.71%, with a total trading volume of 26,066.38 billion, a decrease of 2,557.87 billion from the previous trading day [7][10] - In terms of industry performance, food and beverage, banking, and home appliances showed strong performance, while basic chemicals, steel, and non-ferrous metals lagged behind [8] Group 2: Industry Dynamics - A new capacity pricing policy has been introduced to support the development of new energy storage on the grid side, which may enhance the operational stability of power systems [26] - The global smartphone market revenue reached a record high of 143 billion USD in Q4 2025, with the average selling price surpassing 400 USD for the first time, driven by a trend towards higher-end devices [28][29] - Tesla announced plans to start mass production of its humanoid robots by the end of 2026, with an expected annual production capacity of 1 million units [30] Group 3: Company Updates - Microelectrophysiology (688351.SH) received a medical device registration certificate for a disposable intracardiac ultrasound imaging catheter, which is expected to enhance surgical imaging capabilities [36] - Heng Rui Medicine (600276.SH) has resubmitted its application for the biological product license of injection Karilizumab, which has been accepted by the FDA, with a target review date set for July 23, 2026 [37] - Caterpillar reported a record sales revenue of 67.6 billion USD for 2025, with a year-on-year increase of 4%, although profit margins have come under pressure due to rising costs [32][33]

消息面上，受春节旺季需求向好等因素影响，近日53度、500ml飞天茅台酒批价持续上涨，今日已涨至 约1600元/瓶。与此同时，记者调研了解到，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。 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 000568 | 泸州老窖 | 1 | 6.94 | 1778亿 | 3.92 | | 000799 | 酒鬼酒 | 1 | 6.25 | 178亿 | 0.60 | | 000596 | 古井贡酒 | 1 | 5.92 | 705亿 | 0.63 | | 600702 | 実得酒业 | | 4.84 | 189亿 | 1.11 | | 600519 | 贵州茅台 | + | 4.47 | 17317 乙 | 0.41 | | 600779 | 水井坊 | | 4.14 | 194亿 | 3.35 | | 603919 | 金徽酒 | | 4.03 | 103亿 | -0.24 | | 600809 | 山西汾酒 | | 3. ...

Core Viewpoint - The market for high-end liquor, particularly Moutai, is experiencing a significant recovery in prices and demand as the year-end consumption peak approaches, indicating a positive shift in market sentiment and trading activity [1][6][9]. Price Trends - The price of Feitian Moutai has shown a notable upward trend, with the wholesale price rising to the range of 1570-1600 RMB per bottle, and some regions reporting prices as high as 1630 RMB per bottle, reflecting a significant recovery from previous levels [1][6]. - On December 15, the retail price of Feitian Moutai was reported at 1828 RMB per bottle, marking a daily increase of 20 RMB, which positions it as a leading force in the liquor market [3][5]. Market Dynamics - The increase in prices is attributed to a combination of real demand release and proactive supply adjustments by Moutai, with significant sales activity noted in regions like Tianjin, where prices reached 1630 RMB per bottle [6][7]. - The demand surge is driven by year-end business banquets and gifting needs, alongside a growing consensus in the market that "drinking is not for speculation," which has led to increased purchasing intentions from small and medium enterprises [6][9]. Strategic Adjustments - Moutai is actively adjusting its supply in response to market demand, which has helped stabilize channel sentiment and mitigate year-end selling pressure, reinforcing the company's commitment to maintaining healthy channels and price stability [7][9]. - The company is undergoing a strategic transformation from a "channel-centric" approach to a "consumer-centric" model, focusing on enhancing channel efficiency and user engagement through various marketing reforms and initiatives [8]. Industry Outlook - The white liquor industry is currently in a phase of deep adjustment and structural optimization, with Moutai leading the way towards a healthier evolution characterized by a return to value-based pricing and genuine sales [9]. - As policies continue to emphasize domestic demand and consumption, the consumption environment for liquor is expected to improve further, with Moutai leveraging its strong brand presence and cultural innovation to expand its consumer base and engagement [9].

Group 1 - The wholesale reference price for 2025 Feitian Moutai (53 degrees/500ml) has dropped to 1770 RMB per bottle, marking a new low since its launch, down 20.27% from the initial price of 2220 RMB per bottle [1] - The price for a case of Feitian Moutai remains stable at 1790 RMB per bottle, also a new low, down over 20% from the original price of 2255 RMB per bottle [1] - The price of Feitian Moutai has reached as low as 1700 RMB, with some stores on Pinduoduo selling it at 3400 RMB for two bottles, equivalent to 1700 RMB per bottle [1] Group 2 - The white liquor industry is preparing for the peak season ahead of the National Day and Mid-Autumn Festival holidays, despite the third quarter typically being a slow consumption period [1] - Moutai has launched several new products this quarter, including a limited edition commemorative liquor for the 70th anniversary of the five-star trademark, priced at 7000 RMB, with a current wholesale price stabilizing at 10,000 RMB [1] - Moutai's cultural and creative products continue to expand, with the "Huang Xiaoxi Dinner" series selling out quickly after its launch [1] Group 3 - The ultra-high-end products above Feitian are also being iterated, with the announcement of upgraded packaging and new anti-counterfeiting measures for Guizhou Moutai (premium) at the Guizhou Wine Expo [2] - The recent launch of Moutai 1935 exclusive version has introduced a new channel model [3] Group 4 - The core product supporting Moutai's performance remains the Moutai liquor, with the kilogram Moutai emerging as a new core product, currently priced above 3300 RMB in wholesale [4]

Core Viewpoint - The price of Moutai has reached a new low, with significant declines observed in both wholesale and retail prices, indicating a challenging market environment for the brand [1][3][6]. Price Trends - As of September 14, 2023, the wholesale reference price for 25-year Moutai (53 degrees/500ml) in loose bottles is reported at 1770 RMB, down 10 RMB from the previous day, marking a new low since its launch [1]. - The original box price for the same product remains at 1790 RMB, also a new low, reflecting a decline of over 20% from its initial price of 2255 RMB [1]. - The kilogram Moutai (53 degrees/1L) is priced at 3300 RMB, down 18.92% from its launch price of 3700 RMB earlier this year [3]. Market Dynamics - Despite the general trend of declining prices, the white liquor industry is preparing for the peak consumption season around the National Day and Mid-Autumn Festival, with Moutai launching several new products to stimulate demand [8]. - Moutai has been actively engaging with over 200 distributors across various regions, indicating a strategic effort to strengthen market presence [8]. - Limited edition products, such as the 70th Anniversary Commemorative Moutai, have been well-received, with a stable wholesale price around 10,000 RMB, reflecting strong demand in the collectible and gifting markets [8]. Product Development - Moutai is expanding its product line with creative cultural products, which have seen rapid sales, indicating a successful diversification strategy [8]. - The company is also iterating on its high-end products, with recent upgrades announced for premium offerings, including new packaging and anti-counterfeiting measures [8]. - The kilogram Moutai is emerging as a new core product, with increasing inquiries and purchases noted in the market [9].

Core Insights - The wholesale price of 25-year Flying Moutai has reached a new low of 1770 RMB per bottle, down 20.27% from its initial price of 2220 RMB when the platform launched [1] - The original box price for 25-year Flying Moutai remains at 1790 RMB, also a new low, down over 20% from its launch price of 2255 RMB [1] - The kilogram Moutai has also hit a new low of 3300 RMB, down 18.92% from its price of 3700 RMB at the beginning of the year [1] Pricing Trends - The price of 25-year Flying Moutai (53 degrees/500ml) has decreased to 1770 RMB for loose bottles and remained stable at 1790 RMB for original boxes [2] - The kilogram Moutai (53 degrees/1L) has seen a slight decrease to 3300 RMB [2] - The price of 25-year Flying Moutai has been observed as low as 1700 RMB on platforms like Pinduoduo, indicating a competitive pricing environment [6] Market Dynamics - The white liquor industry is preparing for the peak season ahead of the National Day and Mid-Autumn Festival, with Moutai Group conducting market research among over 200 distributors [6] - Moutai has launched several new products this quarter, enhancing its market appeal and addressing new consumer demands [6] - Limited edition products, such as the 70th Anniversary Commemorative Moutai, are targeting the collectible and gifting market, with a stable wholesale price around 10,000 RMB [6] Product Development - Moutai is iterating on its high-end products, with upgrades announced for its premium offerings and new anti-counterfeiting measures [7] - The kilogram Moutai is emerging as a new core product alongside traditional offerings like Flying Moutai and Zodiac Moutai [7] - Increased inquiries and purchases for Flying Moutai have been noted in local channels, indicating a potential uptick in demand [8]

Market Overview - A-shares experienced a collective decline, with the Shanghai Composite Index down 0.05%, the Shenzhen Component down 0.66%, and the ChiNext Index down 1.71% [1] - The North China 50 Index also fell by 0.39% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets was 15,350 billion yuan, a decrease of 1,430 billion yuan from the previous trading day, indicating reduced market activity [1] - Over 3,400 stocks in the market declined, reflecting poor market profitability [1] Sector Performance - The liquor sector emerged as a significant highlight, with the liquor ETF (512690) leading gains at 2.53% [1] - Notable stocks in the liquor sector included: - JiuGuiJiu (酒鬼酒) surged by 10.00% to 63.47 yuan [2] - SheDeJiuYe (舍得酒业) increased by 8.16% to 62.56 yuan [2] - YiLiTe (伊力特) rose by 6.24% to 16.68 yuan [2] - GuJingGongJiu (古井贡酒) climbed by 5.81% to 162.93 yuan [2] - JinZhongZiJiu (金种子酒) gained 4.88% to 11.40 yuan [2] - The surge in the liquor sector may be attributed to multiple factors, including the upcoming Mid-Autumn Festival, which is expected to boost liquor consumption, and favorable policies aimed at stimulating consumer spending [2]