| 品种 | | 1月10日 6月30日 | 12月 | | --- | --- | --- | --- | | 贵州茅台:2024/2025 飞天茅台散飞53度 | | 2552.77 2327.94 | 1967.4 | | 五粮液:第八代普五 52度 | 991.5 | 977.66 | 895.92 | | 国台:国台国标 53度 | 329.17 | 313.34 | 302.5 | | 869 奥行阳明:职尔 | 864.89 | 776 | 752.33 | | 郎酒:青花郎 53度 | 982.65 | 915.68 | 841.5 | | 洋河:梦之蓝M6+ 52度 | 736.92 | 733 | 736.25 | | 汾酒：青花20 53度 | 408.66 | 423.5 | 433.5 | | 泸州老窖:国窖1573 52度 | 969.34 | 942.5 | 922.83 | | 舍得:智慧舍得 52度 | 554.61 | 536 | 532.5 | | 珍酒:珍三十 53度 | 929.33 | 921.5 | 854.5 | | 剑南春:水晶酒 52度 | 432.08 | ...

2025年的白酒市场，在"稳价"与"去库存"的双重压力中艰难前行。 产能过剩、库存高企、价格倒挂等问题成为行业难以回避的痛症。白酒价格走势跌宕起伏，市场竞争格 局也在不断变化。在白酒价格波动中，南都湾财社-酒水新消费指数课题组今年共推出13期《西南酒 价》，追踪主流产品价格走势，揭示市场波动背后的深层逻辑。 从飞天茅台，到五粮液、国窖1573等名酒价格的集体下探，白酒行业正经历一场从"量价齐升"到"稳价 求生"的深度调整。面对即将到来的2026年，酒企如何平衡渠道利润与市场扩张？年轻化、即时零售等 新赛道，能否成为穿越周期的关键抓手？本文将通过年度价格图谱与行业策略解读，勾勒出白酒行业在 挑战中寻找突围之路的年度轨迹。 2025年度关键词："稳价""去库存" "稳定渠道价格体系是工作重中之重，相关举措是为了进一步提振市场信心和产品价值，以支持公司核 心产品的全渠道稳健发展。"2025年7月份，水井坊在《相关声明》中写道。 事实上，这也是2025年整个白酒行业的关键举措——"稳价"。 《西南酒价》数据显示，飞天茅台（53度/500ml）从年初超2500元/瓶的价格一路下挫，跌破2000元/ 瓶；第八代五粮液则从 ...

Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Viewpoints - The report indicates that after a significant rise in coking coal futures by 6%, the price support for coking coal remains strong due to tight supply and replenishment effects. In the medium to long term, the focus will be on "anti-involution" and price stability, with potential for a demand recovery driven by economic stimulus, which could lead to a "Davis Double" for coking coal [2][7] - The coal index (Yangtze) increased by 0.34%, outperforming the CSI 300 index by 1.15 percentage points, ranking 9th out of 32 industries [6][15] - The report emphasizes the importance of price stability as indicated by recent policies from Shanxi and Shaanxi provinces, which aim to promote stable coal market operations [6][7] Summary by Sections Coking Coal Market - As of September 5, the price of main coking coal at Jingtang Port was 1540 RMB/ton, a decrease of 70 RMB/ton week-on-week. The report suggests that while short-term fluctuations may increase due to a slowdown in downstream purchasing demand, the medium to long-term outlook remains positive with potential for price support [6][7][17] Thermal Coal Market - The market price for thermal coal at Qinhuangdao Port was 679 RMB/ton as of September 5, down 11 RMB/ton week-on-week. Despite a seasonal transition from peak to off-peak demand, the report anticipates limited downside for coal prices due to ongoing supply constraints and replenishment needs [6][16] Investment Recommendations - The report recommends a focus on companies with improving fundamentals under the "anti-involution" theme, suggesting a mix of elastic stocks and stable profit leaders. Specific companies highlighted include Yanzhou Coal Mining Company, China Shenhua Energy, and others [8][29]