今年春节聚餐，不少人学会了在酒桌上扫码。 春节是一年一度的酒饮消费大节，尤其白酒最为重视，今年更是史上最长的春节长假，为创造更多酒饮 消费场景提供了可能性。 21世纪经济报道记者在春节期间注意到，各类酒企的春节经营重点进一步转向"推动C端开瓶饮用"，无 论是多达八家酒企登上马年春晚，还是各家酒企集体推出开瓶扫码促销，营销活动的核心都是围绕开瓶 率展开。 外界原本对今年春节白酒消费不抱期待，但从近期国内外机构调研来看，普遍认为春节白酒销售略好于 预期。 证券分析师张伟敬对21世纪经济报道记者透露，从机构调研的情况来看，今年春节白酒整体动销预计同 比仍然有两位数下滑，但下滑幅度比去年下半年明显收窄，"行业已经有底部信号。" 头部品牌更是交出了超预期表现。 21世纪经济报道记者注意到，马年春晚上共有8家酒类品牌亮相，仅次于2024年9家白酒登场的龙年春 晚，各家品牌营销投入力度依旧，植入深度甚至有进一步提升。 五粮液是第四年成为春晚"和美好礼"独家互动合作伙伴。 综合21世纪经济报道记者走访和券商调研的情况来看，今年茅台、五粮液等头部白酒继续占据家庭团 圆、节庆宴请等核心场景的C位。券商多预计茅台今年春节销量有两位 ...

Core Viewpoint - The Chinese liquor industry, particularly the baijiu segment, has shown resilience during the Spring Festival, with sales slightly better than expected despite previous concerns about consumer demand [1][4][18]. Group 1: Sales Performance - Baijiu sales during the Spring Festival are expected to decline by double digits year-on-year, but the decline is less severe than in the second half of the previous year, indicating potential bottom signals in the industry [1][18]. - Leading brands like Moutai and Wuliangye are projected to perform well, with Moutai expected to see double-digit growth and Wuliangye experiencing single to double-digit growth [1][2][13]. - The performance of high-end baijiu products remains strong, while mid-tier products are experiencing a downturn [2][16]. Group 2: Marketing Strategies - Baijiu companies have shifted their marketing focus to encourage consumer engagement through "open bottle" promotions and QR code scanning activities, which have become increasingly popular [3][10]. - Major brands have invested heavily in marketing during the Spring Festival, with significant promotional activities including cash prizes and high-value rewards to stimulate sales [3][11]. - Eight liquor brands participated in the Spring Festival Gala, maintaining high visibility and marketing efforts comparable to previous years [6][7][9]. Group 3: Consumer Trends - The consumption pattern shows a "two extremes" scenario, where high-end products perform well while mid-tier offerings lag behind [2][16]. - The demand for products priced below 300 yuan, especially around the 100 yuan mark, has seen positive growth due to favorable conditions such as extended holiday periods and good weather [16]. - The trend of "open bottle" promotions has been effective in driving consumer engagement and sales, with many brands reporting high participation rates in these activities [10][11]. Group 4: Market Outlook - Analysts suggest that the baijiu industry may stabilize this year, with expectations of a recovery in the second half of 2026, driven by improved pricing stability from leading brands [18]. - International institutions have shifted their outlook on the baijiu sector to a more neutral and positive stance, indicating potential for valuation recovery [18].

Core Viewpoint - The overall sales of the liquor industry during the Spring Festival are expected to decline by double digits year-on-year, but the decline is narrowing compared to the second half of last year, indicating that the industry is showing bottom signals [1][21]. Group 1: Sales Performance - The top brands, such as Moutai and Wuliangye, continue to dominate key consumption scenarios during family reunions and festive banquets [1][21]. - Moutai's sales during the Spring Festival are reported to have significantly improved, with some brokerages estimating a growth of over 10%, and even up to 20% year-on-year [1][15][36]. - The performance of high-end liquor products remains strong, while mid-range products are experiencing a decline [3][39]. Group 2: Marketing Strategies - Major liquor brands have maintained high levels of marketing investment during the Spring Festival, with eight liquor brands appearing on the CCTV Spring Festival Gala [4][25]. - Brands like Wuliangye and Gujing Gongjiu have been actively involved in various promotional activities, including sponsoring special programs and integrating their products into popular shows [25][29]. - The use of QR code red envelope promotions has become a common strategy among brands to boost sales and gather consumer data [11][31]. Group 3: Market Trends - The market for liquor is showing signs of resilience, with expectations for stabilization in the industry due to the strong performance of leading brands [39][40]. - The price recovery of Moutai has addressed key consumer concerns regarding authenticity and pricing, leading to increased demand [36]. - The performance of lower-priced liquor products, especially those under 300 yuan, has been relatively stable, benefiting from favorable market conditions during the Spring Festival [16][37].