01 多家白酒品牌赞助央视春晚 作为全球华人关注度最高的文化盛事，央视春晚历来是白酒品牌的"必争之地"。对于白酒行业而言，央 视春晚不仅是顶级流量入口，更是品牌实力、文化底蕴的展示舞台，尤其是在新春消费旺季，一句春晚 口播、一次互动合作，都能直接带动品牌曝光与终端动销。 2026年春节假期长达九天，号称"史上最长春节"。2026年的春节在2月17日，又被称为"近二十年第二晚 春节"（仅晚于2015年的2月19日）。超长假期，叠加消费复苏的预期升温，让2026年春节档的白酒营 销"慢热而又浓郁"。 春节，作为白酒消费的黄金旺季，历来是行业竞争的主战场，也是检验酒企实力、行业景气度的核心窗 口。头部品牌联手亮相央视春晚，抢占国民级流量入口；上市公司密集出台促销、控价、渠道赋能举 措，"三管齐下"冲刺春节业绩；A股白酒板块在旺季预期与基本面压力下上下震荡，资金博弈加剧。 但在热闹的背后，白酒行业"寒意"未完全散去。2026年春节白酒销售旺季较往年明显推迟，旺季周期大 幅缩短，仅集中于春节前半个月，较往年一个月左右的窗口期收窄；市场也呈现"名酒遇冷、平价走 俏、低度酒升温"的分化格局。 与此同时，白酒行业整体还在进行 ...

新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 据五粮液集团公众号2月24日消息，五粮液集团（股份）公司召开2026年春节节后收心会。会议要求， 五粮液人要迅速收心拢神、凝心聚力，以"收心要快、目标要准、心态要稳、干劲要足"的工作态度，推 动企业实现"十五五"良好开局。 五粮液集团（股份）公司党委书记、董事长曾从钦表示，2026年是"十五五"规划的开局之年，是五粮液 推动高质量发展的关键一年，更是抢抓机遇、攻坚克难、实现突破的攻坚之年。当前，企业发展的外部 形势具备"强"的支撑：宏观调控加力提效，企业发展信心更强；产业政策精准赋能，酒业发展支撑更 足；产业布局持续调整，非酒发展方向更明。要全力抢抓企业发展"新机遇"，坚定信心，用好用足政策 红利，努力把各方面的优势因素转化为企业稳健发展的实际成效。 曾从钦指出，2026年开局延续"稳"的态势，酒业主业"基本盘"持续稳固，非酒产业"增长极"持续塑造。 他要求，全体五粮液人务必坚持"干"字当头，全力以赴抓好一季度开局工作，为全年实现总目标打牢基 础：一是突出政治导向，不折不扣执行"第一议题"制度，抓实党建品牌提质强基行动，从严抓紧思想建 设；二是突出战略 ...

近日，网络上流传一则关于贵州茅台上调出厂价的消息，称"茅台宣布调整53度飞天茅台出厂价，从1169元/瓶上调至1299元/瓶，单瓶上涨130元，涨幅约 11%。2026年2月24日起开始执行。与此同时，官方建议零售价1499元/瓶保持不变"。对此，上证报记者向贵州茅台求证后获悉，该消息纯属谣言。 一位业内人士表示，对于上市酒企而言，调整核心产品出厂价格属于"重大事项"，必须通过正式公告对外披露。截至目前，贵州茅台并无相关公告发布。 贵州茅台最近一次出厂价调整发生在2023年11月1日。彼时，公司发布公告称，经研究决定，自2023年11月1日起上调本公司53%vol贵州茅台酒（飞天、 （文章来源：上海证券报） 五星）出厂价格，平均上调幅度约为20％。此次调整不涉及本公司产品的市场指导价格。 ...

【导读】贵州茅台辟谣调价 中国基金报记者郑俊婷 日前，有市场传言称，茅台宣布调整53度飞天茅台出厂价从1169元/瓶上调至1299元/瓶，单瓶上涨130元，涨幅约11.1%。2026年2月24日起开始执行。与 此同时，官方建议零售价为1499元，保持不变。 对此，贵州茅台方面2月25日回复中国基金报记者表示："请不信谣、不传谣！一切信息以官方发布为准。" 在此之前，记者向一位茅台酒经销商求证调价消息，其表示"没听说"。 "贵州国资背景的茅台酒代理商是茅台酒涨价的最大阻力，每一个贵州国资的代理商都是背景强大的，目前这些单位都依靠茅台酒差价发工资保运转。"中 国酒业独立评论人肖竹青接受记者采访时表示。他进一步认为，在当前大环境下，短期内茅台酒都不会涨价。 茅台酒最近一次出厂价调整是在2023年11月1日。当时贵州茅台公告称，确认将53%vol飞天茅台出厂价从969元/瓶上调至1169元/瓶，涨幅约为20%，但市 场指导价（零售价）保持在1499元/瓶不变。 截至记者发稿，贵州茅台上涨2.02%，报1496.37元/股，较辟谣前略有回落。 （文章来源：中国基金报） ...

记者｜叶映橙 见习记者林健民 编辑｜谭婷 2月25日，《21辟谣》注意到，有消息称"飞天茅台出厂价由1169元/瓶上调至1299元/瓶"，引发市场关 注。 对此，《21辟谣》记者以投资者身份致电贵州茅台，公司接线工作人员回应："如果是飞天有价格有调 整的话，是要披露的重大事项，公司会及时地披露信息。网上经常有这种小作文，建议关注公司披露的 公告，没必要去相信网上的这种谣传。" 根据公开信息，茅台最近一次出厂价调整是在2023年11月1日，将53%vol飞天茅台出厂价从969元/瓶上 调至1169元/瓶，涨幅约20%，但市场指导价保持1499元/瓶不变。 2月25日，贵州茅台震荡走高，截至13:35左右上涨1.73%，报1492元/股，总市值18686亿元。 | SSE CNY 13:34:16 交易中 | | | | | | 通 ~ ● 十 | | --- | --- | --- | --- | --- | --- | --- | | 委比 | 49.62% 委差 | 16 | Wind ESG评级 | A | | 详情 | | 卖王 | 1492.29 | 1 | रुई | 8.35% 120日 | | ...

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].

Core Insights - The Chinese liquor market, particularly high-end baijiu, has seen robust sales during the Spring Festival, with brands like Moutai and Wuliangye exceeding sales expectations and showing year-on-year growth [1][2][3] Group 1: Sales Performance - High-end baijiu sales have surged, with Moutai's sales increasing by over 15% during the Spring Festival, while Wuliangye has also seen a rise in sales, indicating a balanced supply-demand situation [2][3] - The average market price for Moutai has decreased significantly, with boutique Moutai dropping from over 3000 yuan to below 2300 yuan, making it more accessible for consumers [3] - The demand for high-end liquor is rising, while mid-range products are also showing resilience, with many consumers opting for baijiu priced around 100 yuan for gifting during the festive season [3][4] Group 2: Consumer Trends - The trend of "immediate consumption" is becoming prevalent, with younger consumers preferring to buy liquor for immediate use rather than stockpiling [1][6] - The shift towards online purchasing and instant retail is notable, with a reported 107% increase in sales of sauce-flavored baijiu during festive gatherings [6] - Smaller packaging options, such as 100ml bottles, are gaining popularity among younger consumers, reflecting a change in drinking habits [6] Group 3: Marketing Strategies - Liquor companies are innovating their marketing strategies, focusing on engaging younger consumers through more relatable and immersive advertising methods, such as product placements in popular events [5] - The emphasis on fun and diverse marketing approaches is aimed at meeting the evolving preferences of younger consumers [5][7] - Companies are urged to shift from traditional inventory management to consumer-centric marketing strategies that leverage digital tools and enhance customer experiences [7]

春节是酒水消费传统旺季，马年春节期间，白酒动销稳健复苏。多家机构调研发现，白酒消费呈现"哑 铃形分化、头部向下挤压"等特点，多地渠道反馈茅台、五粮液动销超预期且同比增长。新京报记者春 节前夕走访北京市场也了解到，多家茅台门店1月、2月飞天茅台配额基本售罄，有的门店已提前使用3 月的产品配额。 同时，白酒消费逐步向"即饮""即时"场景倾斜。新京报记者在走访中了解到，部分80后、90后消费者春 节不会囤酒，"即买即饮"成为趋势。有酒商告诉新京报记者，"即买即饮"有助于提升白酒的开瓶率，这 也倒逼未来厂商必须全面发力消费端营销。 高端白酒动销超预期 马年春节，多地白酒市场出现消费热潮，高端产品走俏。春节前夕，新京报记者走访北京部分商超看 到，飞天茅台、五粮液、国窖1573等高端名酒热销，不少消费者为春节用酒备货，"春节用酒，我们会 倾向于喝好一点、喝少一点"，消费者王先生告诉新京报记者。 招商证券2月24日发布的研报调研数据提到，多地渠道反馈茅台春节期间动销增长15%以上；五粮液春 节期间销量有所增长，目前阶段性供需达到平衡，经销商与社会库存得到消化，经销商库存在1个月左 右，与上年同期接近，"普五"批价在790- ...

另外，茅台酒四川经销商亦表示："目前没有收到任何通知"。 责任编辑：郭栩彤 2月25日，有消息称，飞天茅台出厂价由1169元/瓶上调至1299元/瓶。 对此，新浪财经《酒业内参》问询了茅台方面，其表示："未收到相关消息，若涨价将公开，一切以公 告为准。" ...

Summary of Conference Call Notes Company/Industry Involved - The discussion revolves around the macroeconomic environment, particularly focusing on the Chinese market and its interactions with global markets, including the U.S. and Japan. Key Points and Arguments Macroeconomic Changes - The U.S. Supreme Court's decision to overturn Trump's tariffs based on the EPA has created a notable impact, although the overall market reaction has been muted due to prior expectations of such a ruling [1][7][11]. - The performance of major asset classes during the Spring Festival period showed that commodities, particularly oil and gold, performed relatively well, while the Hong Kong stock market, especially the Hang Seng Tech Index, lagged significantly [1][2][3]. Market Performance - The U.S. stock market, particularly small-cap stocks, has shown resilience, while tech stocks have struggled to regain their footing after recent adjustments [2][3]. - The Hong Kong market has been characterized by a significant underperformance of tech stocks, attributed to concerns over the differentiation between new and old technology companies [2][3]. Capital Flows - There has been a notable inflow of foreign capital into the Chinese market, particularly from the Asia-Pacific region, although this has not been reflected in the performance of the Hong Kong market [4][5]. - The inflow of foreign capital has been sustained for six consecutive weeks, indicating a growing preference for Chinese assets, despite a slowdown in the pace of inflows recently [4][5]. U.S. Tariff Policies - The recent changes in U.S. tariff policies, particularly the Supreme Court's ruling, have led to a slight decrease in the overall tariff rate, which is now approximately 13.4% [11][12]. - The implications of these tariff changes are complex, as they may lead to further negotiations and adjustments in trade policies, creating uncertainty in the market [9][12]. Economic Indicators - U.S. GDP growth for the fourth quarter was reported at an annualized rate of 1.4%, significantly lower than the previous quarter's 4.4%, influenced by government shutdowns and trade dynamics [17][18]. - The PCE data released showed slight inflationary pressures, but overall, inflation is not expected to pose a significant threat to the Federal Reserve's monetary policy [19][20]. Chinese Economic Outlook - The Chinese financial data indicates a mixed picture, with M1 growth reflecting a recovery in the capital market, but overall credit demand remains weak [24][25]. - Consumer spending during the Spring Festival showed moderate growth, with expectations for continued recovery, but structural issues in consumer spending power remain [26][27]. Future Considerations - The upcoming Two Sessions and the visit from Trump are anticipated to be critical events that could influence market dynamics and policy directions [28]. - The overall outlook for the Hong Kong market remains cautious, with expectations of a potential slowdown in the credit cycle in the second quarter of the year [25][29]. Other Important but Possibly Overlooked Content - The differentiation in performance between various sectors, particularly in technology, highlights the need for investors to focus on specific companies and their competitive positioning within the market [30][31]. - The discussion emphasizes the importance of understanding the underlying economic fundamentals rather than solely relying on capital flow data, which can be lagging indicators [6][19]. This summary encapsulates the key insights and data points from the conference call, providing a comprehensive overview of the current market landscape and future expectations.