记者在部分社交平台上看到，由于近日茅台价格持续回升，贵阳有茅台售酒点重新排起了长龙。社交平台视频显示，该售酒点位于贵阳顺丰丰泰产业园。多 个视频显示，排队者通宵排队购买，一人可以1499元/瓶购买20箱飞天茅台，但还需要搭售一箱3299元的精品茅台，折算下来飞天茅台的成本约为1549元/ 瓶。 记者近两日联系到部分视频发布者，他们告诉记者，从2025年12月底开始该售酒点就在打包销售飞天茅台，但之前市场价格低，利润空间不大，所以排队的 人不多。随着近期茅台价格回升后，来排队购酒人的数量大幅增长。但也有视频发布者称，由于近日场面过于火爆，这一购酒活动已经暂停。 飞天茅台价格暴涨或来因礼赠需求增加和黄牛炒作。 节前茅台迎来了一波价格暴涨。第三方价格平台显示，1月30日飞天茅台批发价单日涨幅超过百元/瓶，记者了解到，部分地区价格单瓶两日跳涨超过150元/ 瓶，这让受访酒商也感到吃惊。业内猜测，茅台价格暴涨或与节前礼赠需求增加和黄牛炒作有关。 多位酒商告诉第一财经记者，29日开始，飞天茅台的价格涨幅就不太正常，早上还是1600元/瓶，中午就涨了40元/瓶，而到晚上报价已经到了1660元/瓶，今 天早上已经突破了170 ...

Core Viewpoint - The recent price increases of Moutai products are driven by a combination of seasonal demand and the company's market-oriented reforms, which include a shift from a fixed pricing system to a dynamic pricing mechanism [5][11]. Group 1: Price Trends - The price of 2026 Moutai original boxes has reached 1590 yuan per bottle, an increase of 35 yuan from the previous day, while the 2025 Moutai original boxes are priced at 1600 yuan, also up by 35 yuan [3]. - The price of non-standard products, such as the Year of the Horse Moutai classic version, has seen significant increases, with a daily rise of 120 yuan, totaling a 400 yuan increase over three days [3]. - The retail price of Moutai at the terminal has stabilized around 1700 yuan per bottle, with the demand for gifts during the Spring Festival being a key factor in this price increase [13]. Group 2: Market Reforms - Moutai is implementing a market-oriented reform that alters its pricing strategy, moving away from the fixed guidance price of 1499 yuan established in 2017 to a flexible pricing model based on market supply and demand [5]. - The company is transitioning its operational model from traditional self-sale and distribution to a multi-dimensional collaboration involving self-sale, distribution, consignment, and agency sales [7]. - Moutai's new model changes the role of distributors, who will now earn fixed commissions rather than holding product ownership, thus altering their profit structure [7]. Group 3: Product Structure and Distribution - Moutai is adjusting its product structure to return to a "pyramid" product system, focusing on the flagship Moutai, with additional offerings like kilogram Moutai and 100ml small Moutai [9]. - The iMoutai platform has increased its product offerings ahead of the Spring Festival, allowing for a daily purchase limit of six bottles of Moutai per person [9]. - The company has expanded its distribution capabilities by adding new shipping warehouses in Nanjing and Beijing to address logistics challenges and improve delivery times [14].

"今日酒价"披露的批发参考价显示，1月30日，26年飞天茅台原箱较前一日上涨100元，报1710元/瓶；26年飞天茅台散瓶较前一日上涨 80元，报1650元/瓶。25年飞天茅台原箱较前一日上涨110元，报1730元/瓶；25年飞天茅台散瓶较前一日上涨70元，报1650元/瓶。24 年飞天茅台原箱较前一日持平，报1750元/瓶；24年飞天茅台散瓶较前一日上涨45元，报1660元/瓶。 | 茅台飞天 | | | 2026年1月30日 (公众号: 今日酒价) | | --- | --- | --- | --- | | 品名 | 规格 | 昨日行情 | 今日行情 | | 2 26年飞天(原) | 53度/500ml | 1610 | 1710 ↑ | | ② 26年で天(散) | 53度/500ml | 1570 | 1650 ↑ | | 25年飞天(原) | 53度/500ml | 1620 | 1730 ↑ | | 25年飞天(散) | 53度/500ml | 1580 | 1650 ↑ | | 24年飞天(原) | 53度/500ml | 1750 | 1750 | | 24年飞天(散) | 53度/500ml ...

此外，26年飞天茅台散瓶较前一日上涨80元，报1650元/瓶。25年飞天茅台散瓶较前一日上涨70元，报1650元/瓶。24年飞天茅台原箱较前一日持平，报 1750元/瓶。24年飞天茅台散瓶较前一日上涨45元，报1660元/瓶。 1月30日，"今日酒价"披露的批发参考价显示，26年飞天茅台原箱较前一日上涨100元，报1710元/瓶。 25年飞天茅台原箱较前一日上涨110元，报1730元/瓶。 | 茅台飞天 | | | 2026年1月30日 (公众号: 今日酒价) | | --- | --- | --- | --- | | 品名 | 规格 | 昨日行情 | 今日行情 | | 2 26年飞天(原) | 53度/500ml | 1610 | 1710 t | | 2 26年飞天(散) | 53度/500ml | 1570 | 1650 1 | | 25年飞天(原) | 53度/500ml | 1620 | 1730 t | | 25年飞天(散) | 53度/500ml | 1580 | 1650 t | | 24年飞天(原) | 53度/500ml | 1750 | 1750 | | 24年飞天(散) | 53度/5 ...

公务接待场景的坍塌首当其冲。2012年，中央八项规定实施后，白酒在政务消费中的占比断崖式下跌。 欧睿信息咨询公司的数据显示，2013年白酒政务消费额骤降35%，至2023年该场景已近乎消失。 近年来，中国白酒行业正在经历前所未有的转折。据中国酒业协会发布的《2023年中国白酒产业发展年 度报告》，2023年是白酒产业新周期的转折与分化之年，在这一年行业销售收入同比下滑3.5%，终结 了连续10年的增长态势。至2022年年底，全国规模以上白酒企业数量从1593家减少至963家，降幅近 40%。 最新的《2025中国白酒市场中期研究报告》进一步显示，白酒行业近60%的企业利润率下降，超过40% 的经销商面临现金流压力，全行业呈现量价齐跌的态势，平均存货周转天数增至900天。可见，这一颓 势并非短期波动，而是消费场景与人群双重收缩的必然结果。 白酒营销新方向：从传统到审美。 市场变局：白酒消费场景的萎缩与结构性转型挑战 其涟漪效应更波及商务领域。企业调研表明，75%的商务宴请中白酒使用率较2015年下降超50%。与此 同时，年轻消费群体正加速转向新式饮品。这一趋势早在5年前就已初现端倪。 第一财经商业数据中心(CB ...

2026年1月21日，以"创新引领消费新时代"为主题的CCIC 2025中国消费创新大会暨2025第四届国际品质 节于北京隆重召开。本次大会由数央网、数央公益联合国内众多主流大众及财经媒体共同主办，是中国 消费领域极具影响力的行业盛会，自筹备启动以来便备受各界瞩目。天津长芦汉沽盐场有限责任公司受 邀参会，凭借深厚的品牌积淀、卓越的行业贡献与突出的产品创新能力，一举斩获四项重磅荣誉，分别 为2025年度行业领军品牌、两名2025年度行业领军人物(魏立营先生、王勇先生)，旗下芦花牌食用海盐 系列产品获评2025年度文化传承创新产品奖。 CCIC CCIC CGIC CCIC 天津 e 2025年度行业绩增品牌 CCIC 中国消费创新大会 1 邮亭影像 . CIC2025 导业编! PTION UFERS FERENC l立 业党委书记董事长 CCIC 5 CIC 2025 cccc. 7107 CCIBIT TE 20 CCJC CHANNE LENNEL WARD 中国新费创新大会 本届大会评选规模再创新高，参与评选企业超530家，覆盖食品、家电、科技、时尚、健康等20余个细 分领域，云集光明乳业、贵州习酒、波 ...

白酒大涨，后市如何演绎 20260129 摘要 较大影响。 如何看待白酒行业估值？ 白酒行业估值需考虑其周期性及市场反应。目前头部企业在 2026 年的指引显 示希望实现增长或尽量减少下滑。这可能导致白酒价格低于预期，并延长出清 周期。然而茅台表现出强大的价格弹性，其批价跌破 1,600 元后动销加速，这 说明其价格已触及居民可支配收入能支撑的位置。此外，"爱茅台"现象显示 线上低价茅台销售带动线下销售提升，对公司量的增长有巨大帮助，实现了渗 透率快速提升。因此，在春节前后批价压力可能会小于预期。 如何把握未来白酒投资节奏？ 居民财富受限显著影响中高端白酒消费，房地产市场企稳或上涨对白酒 行业构成利好，因行业增长主要依赖价格而非销量。 白酒周期自 2021 年初下跌，为历史最长，跌幅近 60%。2025 年三季 度报表负增长 18%，动销大幅下降，但降幅趋缓，报表端出清是关键。 头部白酒企业 2026 年指引显示增长或减少下滑，或致价格低于预期， 延长出清周期。茅台批价跌破 1,600 元后动销加速，线上低价带动线下 销售，春节前后批价压力或小于预期。 白酒投资需关注报表端出清和批价见底。批价阴跌对股价影响减 ...

如何看待当前白酒板块？20260129 摘要 近期白酒行业出现了大幅上涨的现象，背后的原因是什么？ 白酒行业近期的大幅上涨主要有以下几个原因。首先，前期白酒板块跌幅较大， 筹码相对干净。其次，从基本面来看，茅台的批发价格逐步企稳，目前已超过 1,600 元，并且渠道反馈显示春节期间茅台有望实现正增长，这比之前预期的 双位数下滑要好得多。这一变化反映了茅台通过一系列改革，包括以价换量策 略，提高了产品性价比，从而激发了消费者需求。此外，茅台在 i 茅台平台上 的投放量增加，也进一步促进了需求增长。其他白酒公司如五粮液等则没有明 显的基本面改善迹象。 对于未来白酒市场的发展趋势和投资建议是什么？ 从长期来看，我们认为茅台具有配置价值。其品牌力强，通过高性价比产品激 发需求，即使白酒行业整体量下滑，其市场份额仍能提升，实现稳健增长。目 前股息率超过 4%，企业也在持续回购股票。因此，对于追求绝对收益的资金 高端白酒如飞天茅台激发消费升级需求，高净值人群需求较好，100 元 以下及 100-300 元区间白酒未见明显上行，其他品牌处于下行趋缓阶段。 茅台品牌力强，市场化改革积极，春节价格低点已探明，后续价格不受 系统 ...

Summary of Key Points from Conference Call Records Industry Overview 1. Baijiu Industry - The baijiu industry is experiencing cautious expectations for sales during the Spring Festival, with a decrease in the willingness of distributors to collect payments. However, Moutai shows strong demand resilience, with its price rebounding. The misalignment of the Spring Festival holiday is expected to benefit Q1 2026, and policies to stimulate domestic demand may be implemented, leading to increased dividend yields for leading companies and maintaining strong profitability [1][3][5]. 2. Paper Industry - The profitability in the paper industry is shifting towards upstream sectors due to high pulp prices and weak downstream consumption, resulting in narrowed profits for midstream operations. It is anticipated that wood chip and pulp prices will continue to rise in Q1, driving up paper prices. Companies with their own pulp production capacity are expected to see sustained profitability [1][7][8]. 3. Forestry Carbon Sink - China is actively promoting forestry carbon sinks as part of its national climate strategy. Companies capable of developing forestry carbon sinks and possessing forestry resources are worth attention, as the cost-effectiveness of forestry carbon sinks is the highest [1][9]. 4. New Consumption Sector - Leading companies in the new consumption sector, such as Laopu Gold, are currently undervalued with strong performance expectations. The rise in gold prices and discount promotions are driving sales growth. Laopu Gold significantly raised prices in the second half of last year, and substantial growth is expected this year [1][10][11]. 5. Home Appliance Industry - The home appliance industry is showing signs of bottoming out, with expectations for a reversal post-Spring Festival. The implementation of trade-in subsidies is expected to improve retail performance. TCL Electronics is integrating Sony's TV business, opening up profitability potential, and is currently undervalued [1][17][19]. Company-Specific Insights 1. Moutai and Other Baijiu Brands - Moutai is recommended as a key investment due to its undeniable competitiveness. Other notable brands include Luzhou Laojiao, Gujing Gongjiu, and Shanxi Fenjiu, which have significant advantages in competitiveness and operational capabilities, with opportunities to increase market share [1][6]. 2. Paper Companies - Recommended paper companies include Nine Dragons Paper, Sun Paper, and Yueyang Forest Paper, which are expected to see continuous profit improvements due to their upstream integration [1][7][8]. 3. New Consumption Leaders - Key investment opportunities in the new consumption sector include Laopu Gold, which is expected to achieve a performance of 7 to 8 billion yuan in 2026, corresponding to a P/E ratio of about 16 times, reflecting a 50% growth compared to 2025 [1][11][12]. 4. Gold and Jewelry Sector - The gold and jewelry sector is entering a bull market, with companies like Taibai Gang showing significant profit growth and low P/E ratios, indicating substantial potential. The sector is expected to benefit from promotional activities during Valentine's Day and the Spring Festival [1][13]. 5. Livestock and Meat Industry - The livestock sector, particularly beef and pork, is facing supply pressures, with pig prices in a downward cycle. However, the beef market is expected to see price support due to tight supply conditions [1][20][21][23][22]. 6. Pharmaceutical Manufacturing - The CRO, raw materials, and intermediates sectors in pharmaceutical manufacturing are poised for growth in 2026, driven by changes in supply and demand dynamics. Companies like WuXi AppTec and Junshi Biosciences are highlighted as key players in this space [1][24][25]. Additional Insights - The overall sentiment in the market indicates a cautious but optimistic outlook for various sectors, with specific companies showing strong potential for growth and profitability amidst changing market conditions [1][2][4][10][18].

白酒大涨之后怎么看 20260129 摘要 当前酒企利润虽可能下滑，但茅台、五粮液、泸州老窖等头部企业估值 在 20 倍以内，股息率具吸引力，批发价 1,500-1,600 元或已接近本轮 价格底部。 预计 2026 年茅台供给保持克制，需求端大众消费占比提升至 25%- 30%，商务需求或有反弹，供需基本匹配，小幅缺口将在价格上体现。 茅台经销商渠道回款进度良好，库存极低，"爱茅台"自营渠道贡献增 量，预计 2026 年实际消费者动销同比增长 15%-20%，价格已从 1,500 元上涨至近 1,700 元。 短期内茅台批价预计站稳 1,700 元并有上行动力。中期行业去库存，集 中度提升，茅台以价换量，下行周期见底。五粮液降价激发次高端市场 份额。 五粮液批发价约 780-790 元，通过 1,618 产品扫码红包快速替代同等 价格带区域酒。白酒行业将继续向头部品牌集中，各价格带第一名份额 提升。 茅台价格企稳销量增加，大众消费占比提升，供需平衡坚实。经济压制 因素解除后，茅台需求有望释放，价格具备更大上行弹性。 当前是布局白酒板块时机，建议配置茅台作为底仓，关注五粮液和汾酒。 二季度末或三季度市场动销和 ...