关注" 新华网财经 "视频号 更多财经资讯等你来看 往期推荐 i茅台发布公告，为满足更多用户的需求，自1月4日至春节前，小茅将每人每日可购买的飞天53%vol 500ml贵州茅台酒（2026） 最大数 量调整为6瓶。 此前，每人每日最大可购买量为12瓶。 来源：财联社 工、农、建、交、邮储，国有大行集体官宣→ 里程碑！人形机器人与具身智能标委会成立，王兴兴彭志辉发言 ...

Core Viewpoint - The article discusses the recent updates regarding the sales of Guizhou Moutai's "Flying Fairy" 53% vol 500ml liquor, highlighting changes in purchase limits and market dynamics as the Chinese New Year approaches [1][3][13]. Group 1: Sales Updates - From January 4 until the Spring Festival, the maximum purchase limit for "Flying Fairy" 53% vol 500ml Moutai has been adjusted to 6 bottles per person per day [1]. - On January 1, 2026, the liquor was launched on the iMoutai platform at a price of ¥1499 per bottle, with an initial purchase limit of 12 bottles per person per day, which sold out within half an hour [3][6]. - The sales continued to be strong on January 2, with the product again selling out within half an hour [3]. Group 2: Pricing and Market Dynamics - As of January 3, the wholesale reference price for the 25-year Flying Fairy Moutai was reported at ¥1495 per bottle, a decrease of ¥15 from the previous day [11]. - The original box price was reported at ¥1505 per bottle, down by ¥20 from the previous day [11]. - The price dynamics indicate a significant interest and demand for Moutai, with the market price often differing from the suggested retail price, leading to a "national rush" for the product [13]. Group 3: Consumer Trust and Market Strategy - There has been a growing consumer demand for authentic Moutai, driven by concerns over product authenticity and fair purchasing opportunities [13]. - Moutai's chairman emphasized the importance of consumer-centric strategies and market reforms to ensure fair and reliable access to Moutai products [13]. - The iMoutai platform is seen as a key solution to address the challenges of fair sales and consumer trust in the brand [13].

Core Insights - The relocation of China Resources Snow Beer headquarters to Shenzhen is viewed as a strategic move amid a significant industry adjustment, marking a shift from "scale expansion" to "value competition" in the Chinese beer market [1][10] Industry Overview - The Chinese beer industry has entered a prolonged period of declining production, with national beer output in November 2025 at 1.596 million kiloliters, a year-on-year decrease of 5.8%, indicating the end of the "volume growth" era and a shift towards "price growth" as a survival strategy for market participants [2][4] Company Performance - China Resources Snow Beer reported a slight revenue increase of 0.8% to 23.942 billion yuan in the first half of 2025, with a significant profit growth of 23% to 5.789 billion yuan and a record high gross margin of 48.9%, driven primarily by high-end product sales, which grew over 10% year-on-year [4] - Other companies in the industry, such as Qingdao Beer and Yanjing Beer, also reported revenue growth, with Qingdao Beer achieving 29.37 billion yuan in revenue, a 1.4% increase, and Yanjing Beer’s mid-year report showing a 9.32% increase in revenue from mid-range products [4] Market Dynamics - The relocation of the headquarters to Shenzhen is part of a broader strategy to optimize resources and align with national strategies, while also reflecting a changing market landscape, with the eastern region contributing over 40% of revenue and showing the highest profit growth [6] - The South China market is becoming increasingly competitive for high-end beer consumption, with major players like Budweiser and Qingdao Beer making significant investments in the region [6] Channel Transformation - The beer industry is experiencing a profound transformation in distribution channels, with traditional retail and dining channels growing steadily, while online platforms for instant retail are rapidly expanding, becoming a new engine for reaching younger consumers [7][9] - Companies are leveraging consumer data to drive product development, with China Resources Snow Beer launching an exclusive product in collaboration with Meituan, and other brands like Qingdao Beer and Budweiser enhancing their online presence and delivery efficiency [9]

飞天茅台正式登陆i茅台后，这对粤港澳大湾区的飞天茅台酒价格产生哪些影响？ 1月1日，南都湾财社-酒水新消费指数课题组在统计最新一期《湾区酒价》时注意到，大湾区四市的零 售均价趋于稳定，部分终端对产品的报价范围在1800元/瓶至1900元/瓶之间。 在价格统计同期，i茅台上正式"上架"出售飞天茅台，这一措施给大湾区这个消费市场带来了"变化"： 对于消费者来说，他们可以按照自身实际需要选择购酒渠道，而且价格也在回归他们心智中的"标准"。 业界看来，在"以消费者为中心、不断深化营销体系全面市场化转型"的核心目标下，贵州茅台茅台正 以"前所未有"的姿态，快速开启了市场化转型。 湾区零售渠道"遇上"i茅台卖酒 消费者：多一个权威渠道，多一个选择 课题组在本次《湾区酒价》统计中了解到，2026年伊始，飞天茅台的终端零售价保持稳定，例如广州一 线上即时零售终端，产品零售价约1810元；深圳方面，部分主流线上平台报价在1790元至1850元之间， 但有店铺依然企稳1900元以上；同时，课题组对佛山和东莞的样本终端初步统计时了解到，这两座城市 部分终端对飞天茅台报价均约1850元。 在统计线下终端报价的同期，课题组注意到，飞天 ...

Core Viewpoint - Guizhou Moutai has launched the sale of its Feitian 53% vol 500ml liquor on the iMoutai App starting January 1, 2026, allowing consumers to purchase directly, indicating a strong demand for Moutai and a shift towards consumer-centric strategies [3][10]. Group 1: Sales and Consumer Response - The Feitian Moutai sold out quickly after its launch at 9:00 AM, with consumers expressing excitement on platforms like Xiaohongshu, referring to it as their "dream liquor" [4][7]. - The iMoutai App will continue to offer the Feitian Moutai daily at 9:00 AM, allowing consumers who missed out to try again the next day [5][10]. Group 2: Market Strategy and Consumer Engagement - Moutai's pricing strategy has returned to 1499 yuan, which is expected to stabilize the market and enhance user experience, making it more accessible to a broader audience [7][9]. - The launch of the iMoutai App is part of Moutai's digital transformation, aiming to connect directly with consumers and ensure authenticity in purchases [10][11]. Group 3: Industry Impact - The return of Moutai to a lower price point is anticipated to increase its consumer base and drinking scenarios, potentially impacting competitors like Wuliangye and Guojiao 1573 [9][11]. - Experts believe that the fixed pricing on the iMoutai platform will discourage speculative pricing behaviors, reinforcing Moutai's position as a consumer product rather than an investment asset [11].

Core Viewpoint - The launch of the revamped iMoutai APP aims to enhance consumer access to Moutai products and promote a market-oriented transformation in Moutai's marketing strategy for 2026 [1] Group 1: Product Launch and Sales Strategy - Starting January 1, 2026, the iMoutai APP will integrate its purchasing features into a unified "iBuy" interface, allowing users to purchase all available products directly [1] - The first product available for purchase will be the Flying Fairy 53% vol 500ml Moutai (2026), with a limit of 12 bottles per user per day, and sales will be capped based on demand and market stability [1] - The APP will also feature pre-sales for various Moutai products, including different years and special editions, to cater to diverse consumer preferences [1] Group 2: Market Dynamics and Consumer Behavior - Users have reported mixed experiences with the purchasing process, with some successfully buying the product while others found it sold out immediately [2][6] - Industry experts suggest that Moutai should transition towards fair pricing and authenticity in sales, primarily through direct sales to meet consumer demand [8] - Investor Duan Yongping advocates for a unified pricing strategy across all sales channels to eliminate price discrepancies and enhance brand integrity [8]

Group 1 - The core viewpoint of the article highlights the increasing popularity of Qingdao as a travel destination for South Korean tourists, with over 360,000 visitors in the past year, making South Korea the largest source of inbound tourists to Qingdao [1][7] - The winter tourism market in Qingdao is being energized by various cultural and tourism activities, including the first "Sweet Economy Theme Month," which features romantic events and aims to integrate tourism with local culture and consumption [5][7] - The ease of travel, with a one-hour flight from Incheon to Qingdao and daily flights, has made it convenient for South Korean tourists to visit, contributing to the growth of tourism in the region [4][7] Group 2 - The Qingdao Beer Museum serves as a key attraction, showcasing the city's brewing history and providing immersive experiences that have impressed visiting South Korean merchants [3][5] - Various scenic spots and cultural landmarks in Qingdao, such as the May Wind sculpture and the Olympic Sailing Center, are highlighted as essential experiences for tourists, enhancing the city's appeal [4][3] - The Qingdao Municipal Bureau of Culture and Tourism is focused on deepening international cooperation and promoting local culture, aiming to elevate Qingdao's status as a renowned tourist destination [7][5]

Craft Beer Industry Outlook - The craft beer industry is experiencing a shakeout phase that began in 2023, with brewery closures outpacing openings for the third consecutive year, including notable closures like Rogue Ales & Spirits and Iron Hill Brewery in 2025 [5] - Analysts highlight pressures such as higher commodity and labor costs, slowing taproom traffic, increased competition from other alcohol formats, and regulatory challenges, leading to a decline in beer consumption frequency among drinkers [6] - The Brewers Association's economist describes the industry as being in turbulent waters, with changing consumer habits and inflation impacting performance, but notes that brewers are adapting their offerings and business models [7] Future Projections - The outlook for 2026 indicates another small volume decline, continued closures, and consolidation, but a gradual stabilization as weaker players exit and stronger, taproom-centric breweries adjust to new consumer tastes [7] - There are cautious reasons for optimism, including falling interest rates, potential legal clarity on tariffs, and consumer surveys indicating a desire to socialize more, which could positively impact sales [8] Company Developments - Tilray has emerged as a significant player in the craft beer sector after acquiring multiple brands from Anheuser-Busch InBev and Molson Coors, while Boston Beer remains a key name despite diversifying its portfolio [9] - Nike's CEO recently purchased over $1 million in shares, making it the biggest gainer in the S&P [9] Economic Indicators - Weekly initial jobless claims fell by 16,000 to 199,000, below the consensus of 219,000, with continuing claims also declining to 1.866 million [11]

Core Viewpoint - The decision to abandon the distribution model by Kweichow Moutai is primarily driven by declining sales and diminishing channel dominance, rather than merely optimizing manufacturer-distributor relationships [1][2]. Group 1: Changes in Distribution Strategy - Kweichow Moutai will no longer use the distribution model starting next year, indicating a significant shift in its sales strategy [1]. - The previous distribution model relied on the high premium of Feitian Moutai, which allowed distributors to profit from core products while bundling non-core products [1][2]. - The decline in the terminal price of Feitian Moutai has weakened the company's control over distributors, leading to the decision to eliminate the distribution system [1][3]. Group 2: Impact on Distributors - The transfer prices of Moutai specialty stores have significantly decreased, reflecting a reduction in the value of Moutai distributors [2]. - Issues such as price inversion and high inventory levels have exacerbated the operational difficulties faced by distributors, making the continuation of the distribution model unsustainable [2]. - The cancellation of the distribution system allows distributors to independently apply for purchases based on their operational conditions, providing them with a necessary respite [2]. Group 3: Market Dynamics - The sales of non-core products have been weak, and consumer interest in products other than Feitian Moutai is low, leading to declining market prices for these products [3]. - Following the cancellation of the distribution system, various sub-brands of Moutai will compete directly in the market, with product prices adjusting to market conditions [3]. - This change reflects Moutai's acceptance of market realities, as it can no longer maintain channel control through product strength [3].

Group 1 - The white liquor index has experienced a "roller coaster" market trend this year, dropping nearly 20% by December 30, marking four consecutive years of decline [2] - Major white liquor companies, including Gujing Gongjiu, Xijiu, and Luzhou Laojiao, held key meetings to disclose annual results and strategic plans for 2026, signaling a proactive approach amidst industry adjustments and high inventory levels [3] - The upcoming New Year and Spring Festival are expected to boost white liquor consumption, although demand may show differentiation, with strong support for banquet needs but a reduction in corporate gifting [3] Group 2 - The overall supply-demand gap in the white liquor industry still exists, but policy measures are expected to gradually stimulate domestic demand, leading to resilient sales during the Spring Festival [3] - Companies that can navigate through cycles need strong brand moats, resilient high-end products, and channel control, with a positive outlook for leading firms like Moutai, Wuliangye, and Luzhou Laojiao, as well as strong regional players like Gujing Gongjiu and Shede [3]