地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告资讯信息来源于万得资讯和金十数据，冠通研究整理编辑 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 资讯早间报 发布日期：2026/1/30 隔夜夜盘市场走势 1. 国际贵金属期货普遍收涨，COMEX 黄金期货涨 1.32%报 5410.80 美元/盎司， COMEX 白银期货涨 1.98%报 115.78 美元/盎司。美联储政策分歧、美国政府停摆 风险及伊朗军事演习加剧市场避险情绪，叠加特朗普降息呼吁与新任主席宽 ...

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 新浪财经"酒价内参"过去24小时收集的数据显示，中国白酒市场十大单品的终端零售均价在1月30日呈 现结构性分化态势。如果十大单品各取一瓶整体打包售卖，今日总售价为8892元，较昨日上涨41元，创 近五天以来新高。市场价格在前期连续承压后，头部单品回暖支撑均价，贵州茅台飞天酒大幅攀升，而 中腰部酒品仍在调整分化格局未改。 今日市场涨跌分化明显，十大单品中四涨五跌一平，价格中枢在强势单品拉动下温和上移。上涨产品 中，茅台系整体强劲上攻，飞天茅台环比上涨38元/瓶，精品茅台同步上行18元/瓶，节前高端宴请与礼 赠需求加持，对渠道报价形成支撑；五粮液普五八代与青花汾20分别小幅上涨3元/瓶、1元/瓶，价格表 现相对平稳。下跌产品方面，习酒君品与青花郎领跌，均环比下跌7元/瓶；国窖1573小幅回落3元/瓶； 古井贡古20与水晶剑南春分别下跌1元/瓶。此外，洋河梦之蓝M6+报价579元/瓶，与昨日持平。 | | 古井贡古20 | 510/瓶 | -1元 | | --- | --- | --- | --- | | | 52度/500ml | | | | 2 | 习酒 ...

Core Insights - Guizhou Moutai Sauce-flavored Liquor Marketing Co., Ltd. has announced an upgraded partnership with Meituan Flash Purchase, expanding the number of official stores to nearly 3,000 [2] - The collaboration aims to enhance user experience by focusing on "genuine products and exceptional service," with plans to establish capabilities for source tracing, official authentication, and one-on-one urgent delivery by 2026 [2] Summary by Categories Partnership Expansion - The number of official stores on Meituan Flash Purchase has rapidly increased from over 1,000 to nearly 3,000, covering 245 cities nationwide [2] Future Plans - By 2026, the partnership will focus on building capabilities for source tracing, official authentication, and urgent delivery services to enhance the purchasing experience for consumers [2]

贵州茅台(600519.SH)1月29日大涨。有市场传言该公司"证实参与SpaceX上市A轮融资"。据上海证券 报，贵州茅台方面回应称，此为"不实信息"。 SpaceX的IPO时间已经多次提前。2025年12月10日，SpaceX突然被传出正在推进IPO计划，计划在2026 年中后期尽快完成上市，拟募资超300亿美元。今年1月21日，有媒体报道称，SpaceX计划在今年7月之 前完成IPO。 针对1月29日茅台大涨，有网友在雪球问是不是段永平买上去的。段永平回应称："今天真没买。"早些 时候，段永平透露，这两天用中国神华换了些贵州茅台。 此外，由于i茅台APP销售的价格与市场价存在套利空间，"黄牛"们使出了自动抢购、提前入场等脚本和 软件这类"科技与狠活"来抢茅台。 当日午后，贵州茅台一度大涨9%，截至收盘涨幅为8.61%，股价报收1437.72元/股，创下近一年来其股 价最大的单日涨幅，全天成交额超263亿元，总市值1.8万亿元。 1月29日，小茅i茅台发布声明称，注意到有商家通过网络平台公开售卖所谓i茅台APP"抢购外挂"等软 件，有网友晒出非i茅台官方通知的批量成交记录。上述行为涉嫌违反相关法律，已在收 ...

新浪财经"酒价内参"过去24小时收集的数据显示，中国白酒市场十大单品的终端零售均价在1月30日呈现 结构性分化态势。如果十大单品各取一瓶整体打包售卖，今日总售价为8892元，较昨日上涨41元，创近五 天以来新高。市场价格在前期连续承压后，头部单品回暖支撑均价，贵州茅台飞天酒大幅攀升，而中腰部 酒品仍在调整分化格局未改。今日市场涨跌分化明显，十大单品中四涨五跌一平，价格中枢在强势单品拉 动下温和上移。上涨产品中，茅台系整体强劲上攻，飞天茅台环比上涨38元/瓶，精品茅台同步上行18元/ 瓶，节前高端宴请与礼赠需求加持，对渠道报价形成支撑；五粮液普五八代与青花汾20分别小幅上涨3元/ 瓶、1元/瓶，价格表现相对平稳。下跌产品方面，习酒君品与青花郎领跌，均环比下跌7元/瓶；国窖1573 小幅回落3元/瓶；古井贡古20与水晶剑南春分别下跌1元/瓶。此外，洋河梦之蓝M6+报价579元/瓶，与昨日 持平。 | | 中国知名白酒大单品 | 市场真实成交终端价 | | | --- | --- | --- | --- | | | | i茅台飞天茅台(2026)售价1499精品茅台售价2299 | | | 品名/规格 | | 今日 ...

证券研究报告|宏观点评报告 [Table_Date] 2026 年 01 月 30 日 [Table_Title] 资产配置日报：风格迅速切换，怎么看 1 月 29 日，权益市场放量震荡。万得全 A下跌 0.23%，全天成交额 3.26 万亿元，较昨日（1 月 28 日）放量 2671 亿元。港股方面，恒生指数上涨 0.51%，恒生科技下跌 1.00%。南向资金净流入 43.74 亿港元，其中腾讯控 股、小米集团分别净流入 8.00 亿港元和 6.43 亿港元，中国移动和紫金矿业则净流出 6.46 亿港元和 3.77 亿港元。 日内风格和题材迅速轮动。早盘黄金股和油气资源高开，但随后快速回落；与此同时，AI应用迅速上涨， SW 传媒指数一度涨超 6%，科技成为上午行情的焦点。临近中午，有色行情迎来修复，稀土永磁板块领涨。值得 注意的是，上午地产板块同样走强，低位补涨成为交易线索，为下午的风格转换埋下伏笔。午后，市场风格由成 长转换到价值，白酒接力地产迅速走强，中证白酒指数全天大涨 9.79%，成分股除贵州茅台外全部涨停，同时贵 金属、AI应用、稀土行情均显著回落。 如何看待市场风格从科技迅速切换至白酒？其一， ...

Group 1 - The liquor sector showed strong performance with Penghua Liquor ETF hitting the daily limit, and several food and beverage-themed ETFs rising over 7% [1] - As of January 28, the net inflow for Penghua Liquor ETF was 275 million yuan, while food and beverage ETFs saw a net inflow of 600 million yuan, and consumer-themed ETFs had a net inflow of 3.836 billion yuan [1] - Multiple consumer-themed funds have been reported this year, including GF National Index Hong Kong Stock Connect Consumer Themed ETF, Caitong Asset Management Consumer Research Mixed Fund, and Huaxia Hong Kong Stock Connect Consumer Selected Mixed Fund [1] Group 2 - According to fund manager Zhou Han from Huatai PineBridge, the valuation of the consumer sector continues to decline, currently at historical lows, with investors generally holding a cautious or even pessimistic view on the long-term prospects of the consumer industry [1] - A shift in investment logic in the consumer sector is occurring, moving from "betting on total growth" to "selecting structural opportunities," and from "favoring the industry" to "choosing outstanding companies" [1] - Companies with strong brand power, product strength, organizational capability, and a global perspective are establishing long-term competitive advantages even in adverse conditions [1]

| 名称 | 最新点位 | 、涨跌幅 | | --- | --- | --- | | 上证指数 | 4157.98 | +6.74(0.16%) | | 深证指数 | 14300.08 | -42.81(-0.3%) | | 创业板指 | 3304.51 | -19.05 (-0.57%) | | | 日期:1月29日 制图:21投资通 | | 昨日A股 1月29日，三大指数涨跌不一，沪指窄幅震荡，上证50指数涨超1%，创业板指冲高回落，科创50指数跌 超3%。截至收盘，沪指涨0.16%，深成指跌0.3%，创业板指跌0.57%。沪深两市成交额3.23万亿，较上 一个交易日放量2646亿。 盘面上，市场热点快速轮动，全市场超3500只个股下跌。从板块来看，白酒板块午后爆发，泸州老窖、 水井坊、舍得酒业、皇台酒业、酒鬼酒涨停。有色金属板块反复活跃，金属铜、贵金属领涨，西部黄金 7天4板，中国黄金5连板，北方铜业2连板创历史新高。油气股延续强势，洲际油气7天5板，准油股份2 连板，中曼石油4天3板。房地产板块震荡反弹，大悦城、三湘印象、我爱我家涨停。下跌方面，芯片产 业链下挫，美埃科技、京仪装备跌超9%。 隔夜外盘 ...

Market Overview - The three major indices showed mixed performance, with the Shanghai Composite Index experiencing narrow fluctuations, the SSE 50 Index rising over 1%, while the ChiNext Index fell by 0.57% and the STAR 50 Index dropped over 3% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 3.23 trillion yuan, an increase of 264.6 billion yuan compared to the previous trading day [1] - Over 3,500 stocks in the market declined, indicating rapid rotation of market hotspots [1] Sector Performance - The liquor sector saw a significant surge in the afternoon, with stocks like Luzhou Laojiao, Shui Jing Fang, Shede Liquor, Huangtai Liquor, and Jiu Gui Liquor hitting the daily limit [1] - The non-ferrous metals sector was actively traded, with copper and precious metals leading the gains; Western Gold achieved four consecutive daily limits, while China Gold and Northern Copper also saw significant price increases [1] - Oil and gas stocks maintained strong performance, with Intercontinental Oil and Gas achieving five daily limits in seven days, and Zhongyuan Oil and Man Petroleum also showing notable gains [1] - The real estate sector experienced a rebound, with stocks like Dayue City, Sanxiang Impression, and I Love My Home hitting the daily limit [1] - Conversely, the semiconductor industry chain faced declines, with stocks like Meike Technology and Jingyi Equipment dropping over 9% [1] Industry Insights - CITIC Securities noted that the core intermediate product for disperse dyes has seen a price increase from 25,000 yuan/ton to over 38,000 yuan/ton, a rise of over 50%, indicating potential for continued price increases and industry consolidation [2] - The release of Alibaba's flagship reasoning model Qwen3-Max-Thinking, with over 1 trillion parameters and 36 trillion tokens of pre-training data, positions it as one of the strongest domestic AI models, potentially driving demand for AI cloud infrastructure [3] - Zhongtai Securities highlighted the fragmented nature of the upstream raw materials in the restaurant industry, suggesting that midstream catering supply companies focusing on R&D and providing comprehensive solutions could enhance profitability and support brand development [4]

Core Viewpoint - The recent surge in the liquor sector, particularly on January 29, indicates a potential turning point for the industry, driven by multiple factors including short-term market signals, low valuations, and macroeconomic easing expectations [1][2]. Group 1: Market Performance - On January 29, the liquor sector saw a significant rally, with the Shenwan liquor index rising over 5%, reflecting strong performance from multiple stocks [1]. - The high-end liquor prices have established a "price bottom," with Moutai's bottle price stabilizing around 1560 yuan and Wuliangye's price also showing stability [1]. Group 2: Valuation and Dividend Appeal - The liquor sector's valuation is at a historical low of 4.1%, suggesting a high safety margin and potential for rebound [2]. - The sector's dividend yield is approximately 3.64%, with Wuliangye leading at over 5%, making it attractive for risk-averse investors [2]. Group 3: Macroeconomic Factors - Expectations of macroeconomic easing, particularly regarding potential quantitative easing (QE) by the Federal Reserve, could open up monetary policy space in China, potentially driving consumption upgrades and benefiting the liquor sector [2]. Group 4: Future Outlook - The liquor industry may be on the verge of recovery after a deep adjustment, with expectations of improved sales and financial performance in the latter half of 2026 [2]. - High-end liquor companies like Moutai and Wuliangye are actively reforming marketing strategies and expanding consumer bases, positioning themselves for future growth [2]. Group 5: Investment Opportunities - Investors are advised to focus on high-end liquor leaders with strong brand certainty, such as Moutai and Wuliangye, as well as regional companies likely to benefit from local consumption trends [3]. - Monitoring post-Spring Festival inventory reduction and price stability will be crucial for assessing the industry's bottoming out [3].