兄弟们！春节9天长假即将过去，马年A股即将迎来首个交易日。马年A股首个交易日会怎么走？是涨是跌？ 首先来看，海外市场表现。港股在春节期间震荡震荡上行，涨幅近1%；富时A50震荡上行，涨幅1.6%。美股三大指数也整体呈现震荡上行的走势。 其次，春节期间，人形机器人、AI大模型、贵金属等大热点均有重磅利好，有望对市场形成强有力的支撑。 因此，总体情况来看，A股马年首个交易日在海外和六大重磅题材合力加持下迎来高开。若维持小幅低开折呈现震荡上行的走势，若是高开太多则存在高开 低走的风险。 值得注意的是，除夕当晚10点，京东也上架了包括"春晚同款"机器人在内的多款机器人。在活动上线几分钟内，包括魔法原子、宇树科技、松延动力等品牌 的机器人即被抢购一空。其中，两台价值近63万元的GALBOT通用机器人G1，同样瞬间被抢购一空。 现在把春节9天长假6六大资金重点青睐的题材梳理出来，供大家参考。 事件1：人形机器人—四大机器人集体亮相春晚，完成全球首次全自主集群表演，利好四大人形机器人产业链。 魔法原子：2026春晚首家亮相的机器人企业，在开场歌舞《智造未来》中登场，MagicBot 系列完成精准团体舞步，Magic Dog ...

证券日报网讯2月23日，五粮液（000858）在互动平台回答投资者提问时表示，截至2月10日，公司股东 户数为60余万户。 ...

出行票房等数据亮眼 机场的数据折射出新春"开门红"，客流量持续增长。今年2月20日，上海国际机场股份有限公司（以下 简称"上海机场"）单日客流量达到42.49万人次，其中浦东机场27.57万人次、虹桥机场14.92万人次，同 比增长6.4%，创下历史新高，迎来新年"开门红"。上海机场预计，今年春运期间，上海浦东、虹桥两场 的航班量将达到9.6万架次（浦东机场6.5万架次、虹桥机场3.1万架次），同比增长1.9%；旅客吞吐量达 到1553万人次，日均38.8万人次，同比增长3.6%。 今年春运，随着我国免签"朋友圈"再增加加拿大、英国两国，以及出入境游、北方冰雪游、南方避寒游 热度持续走高，上海机场客流量持续增长。快报数据显示，自2月2日春运启动至2月20日，上海机场共 保障进出港航班超4.6万架次，其中浦东机场3.1万架次、虹桥机场1.5万架次，同比春运同期增长2.7%； 保障进出港旅客743.4万人次，其中浦东机场480.6万人次、虹桥机场262.8万人次，同比春运同期增长 3.8%。 广州白云国际机场股份有限公司（以下简称"白云机场"）春节期间多项数据创历史新高。2026年春运第 20天（2月21日），白 ...

春节长假临近尾声，今年春节档拥有9天"史上最长假期"的加持，给消费注入十足动力。来自部分沪市 公司的数据显示，今年春节期间出行、票房数据都释放了积极信号，同时，文旅、白酒、食品等公司也 借助"年味"加速文旅融合或强化互动，助力消费"开足马力"。 出行、票房数据积极，消费劲头足 豫园灯会年年处出"新意"。今年新春，上海豫园灯会实现数字化全面跃迁，以"新质生产力"赋能传统节 庆打造，将前沿科技化作温暖的媒介，创造有温度、有情绪、有参与感的文化沉浸式体验，打造出全国 首个全链路数字化新春文旅场景。 冰雪热助力"开门红"。来自长白山的数据显示，2026年春节假期截至正月初六，长白山景区累计接待游 客8.10万人次，同比增长1.28%，在冰天雪地中成功实现了新春旅游的"开门红"，展现了长白山冰雪经 济的强劲活力。 知名景区数据喜人。黄山旅游紧扣"马不停蹄・玩转黄山"主题，统筹旗下景区与酒店资源，打造多维度 新春场景，策划推出非遗体验、互动演绎、新春祈福、趣味科普等系列特色活动。数据显示，2026年春 节初一至初六（2月17日-22日）期间，黄山风景区接待进山游客17.44万人，在去年高位基础上实现增 长2.38%，景区 ...

Core Viewpoint - The article highlights the significant increase in demand for Moutai liquor during the upcoming Spring Festival, driven by both B-end (distributors and self-operated stores) and C-end (individual consumers) orders, leading to challenges in supply chain management and logistics [1][3]. Group 1: Market Demand and Supply - The demand for Moutai liquor has surged, with many distributors reporting that they have sold out their January and February quotas before the Spring Festival, even prepaying for part of the March quota [1]. - The average wholesale price for the 2026 version of Moutai is reported to be stable, with prices around 1,700 RMB per bottle for boxed versions and between 1,660 to 1,690 RMB for loose bottles, indicating a price increase compared to previous years [1]. Group 2: Warehouse and Logistics Operations - The "Moutai Shuanglong Warehouse" in Guizhou covers approximately 155 acres and has a total construction area of 108,000 square meters, with a storage capacity of 32,000 tons of finished liquor and over 10.6 million boxes [2]. - The warehouse has seen a doubling of workload compared to previous years, shifting from bulk shipments to handling a large volume of small, immediate orders [3]. - The warehouse employs an automated system for inventory management, utilizing barcode scanning and real-time tracking to ensure efficient sorting and dispatching of products [3][7]. Group 3: Staffing and Operational Adjustments - To cope with the increased workload, the warehouse has expanded its workforce, adding 30 to 40 personnel for B-end orders and over 70 for C-end orders daily [4]. - New shipping warehouses in Nanjing and Beijing have been established to facilitate faster delivery for C-end consumers, significantly reducing delivery times [4]. Group 4: Collaboration with Logistics Partners - Moutai logistics collaborates with JD and SF Express for distribution, with each partner focusing on specific delivery tasks to enhance efficiency [6]. - SF Express has developed customized packaging solutions to prevent damage during transport and has implemented a "consolidation" delivery method for small orders to improve safety and efficiency [6]. Group 5: Retail Experience and Consumer Interaction - The increase in online orders has transformed Moutai's retail stores into crucial points connecting online purchases with offline experiences, leading to a three to fourfold increase in customer traffic [9]. - Retail staff have been adjusted to manage the increased customer volume, with extended operational hours to accommodate the demand [9].

除夕，当央视春晚的镜头扫过亿万家庭的团圆桌，总有一抹"中国红"能精准击中中国人的情感共鸣——这便是红花郎与春晚十七年来沉淀的默契。 2026马年春晚，当这抹红再度点亮春晚舞台、照亮全球地标，大家愈发清晰地意识到：红花郎能成为很多人的春晚记忆，不是偶然，而是以十七载长期主义 为底色，用2026红花郎春晚季多个维度的精细化布局，把自身的品质、团圆的温情、文化的厚度，融入春节的每一个高光瞬间。 如今，红花郎早已不仅仅是春晚的合作伙伴，而是春晚记忆中的白酒坐标，是国人新春团圆里，最具烟火气、最有专业度的品牌印记。 01 十七载不缺席 白酒品牌传播的"长期主义" 在白酒行业与春晚IP的合作中，红花郎走出了一条自己的路。 从2009年首次独家冠名"我最喜爱的春晚节目评选"，到2022年特约《春晚有心意》，再到2024年、2025年的深度绑定，直至2026年以"骐骥驰骋，神采飞 扬"合作品牌身份再度亮相，十七载风雨无阻，即使在行业调整期，也在持续深耕春晚IP。 先看内容端的突破，最能体现这份"用心"。 这份坚持的背后，是对春晚IP价值的理解：春晚不仅是流量入口，更是全球华人情感交汇的场域，是品牌与消费者建立深层连接的契机。 ...

Investment Rating - The report maintains a positive outlook on the liquor industry, particularly on high-end brands, indicating a strategic buy recommendation for major players like Guizhou Moutai, Luzhou Laojiao, Shanxi Fenjiu, and Wuliangye [3][7]. Core Insights - The overall sales volume for the liquor industry during the 2026 Spring Festival is expected to decline by 10%-20% year-on-year, which is slightly better than market expectations prior to the festival [3][6]. - A significant characteristic of the 2026 Spring Festival sales is the increasing differentiation and concentration among top brands, with high-end liquor performing exceptionally well. Moutai is projected to see a sales increase of over 30% year-on-year, while Wuliangye is expected to grow by 5%-10% [3][6]. - The industry is entering a notable destocking phase, with inventory levels for first-tier brands significantly lower than the same period last year [3][6]. - Prices for first-tier brands are stabilizing, with Moutai's price currently above 1700 yuan, expected to stabilize above 1600 yuan post-festival [3][6]. Summary by Sections Brand Performance - High-end liquor brands are outperforming expectations, with Moutai showing the best performance. Wuliangye is leveraging price adjustments to increase volume, while Guojiao 1573 is maintaining price stability [8][6]. - Moutai's sales are expected to grow by over 30%, with inventory levels at distributors being nearly zero [8][6]. - Wuliangye's sales are projected to increase by 5%-10%, with inventory levels at distributors around 10%-15% lower than last year [8][6]. - Guojiao 1573 is expected to see a sales decline of 15%-20%, while its low-end variant remains stable [8][6]. Regional Feedback - Feedback from various regions indicates a mixed performance, with high-end brands like Moutai and Wuliangye showing resilience, while mid-tier and local brands face challenges [19][21]. - In North China, overall sales are down by about 15%, with high-end brands benefiting from increased consumer interest [12][21]. - In Jiangsu, the overall sales volume is expected to decline by 10%-15%, with Moutai maintaining stable performance [19][21]. Future Outlook - The report anticipates that the second half of 2026 will see a turning point for top brands in terms of sales and financial performance, with a potential dual boost in valuation and earnings by the end of the year [7][3]. - The industry trend is shifting towards consolidation, with larger companies absorbing smaller ones, leading to inevitable differentiation among listed companies [7][3].

Core Viewpoint - The traditional perception of the liquor industry and the new energy sector as distant is changing, with major liquor companies increasingly venturing into new energy initiatives to seek growth opportunities amid declining liquor sales [4][10]. Group 1: Industry Trends - Major liquor companies like Moutai and Wuliangye are investing heavily in new energy, with Moutai establishing a 10 billion yuan new energy fund and Wuliangye focusing on solar, energy storage, and hydrogen energy [4][6]. - The liquor industry is facing significant challenges, with national liquor production expected to decline for the eighth consecutive year, showing an 11.5% drop in the first ten months of the year [6][10]. - Internal pressures from new regulations and external pressures from carbon reduction strategies are pushing liquor companies to explore new growth avenues [7][10]. Group 2: Strategic Initiatives - Wuliangye is actively participating in the regional industrial transformation of Yibin, which is transitioning from a liquor hub to a new energy hub, with over 110 new energy projects attracting investments exceeding 270 billion yuan [7][8]. - Companies are taking steps to address their energy consumption issues by building green factories and utilizing renewable energy sources, such as Wuliangye's commitment to using 100% green electricity by 2025 [8][9]. - Leading liquor companies are beginning to define industry standards by creating comprehensive "zero-carbon solutions" and influencing their supply chains to adopt sustainable practices [9]. Group 3: Challenges and Market Dynamics - The transition from liquor to new energy is fraught with challenges due to the fundamental differences between the two industries, with liquor relying on brand culture and consumer demand, while new energy is driven by technology and capital [10][11]. - There are concerns regarding the motivations behind liquor companies' investments in new energy, with skepticism about whether these moves are genuine or merely opportunistic [10][11]. - The new energy sector is becoming increasingly competitive, with profit margins tightening, making it difficult for liquor companies to replicate their traditional high-profit models in this new landscape [11][12].

智通财经APP获悉，国金证券发布研报称，奢侈品、高端香化、高端零售业绩修复加速，高净值人群消 费恢复或是高端消费改善的主要原因。该行认为，当前中国高端消费筑底效应已经展现，短期内高端消 费修复需依靠高净值人群的财富效应与针对中产的政策刺激。中长期看，需关注收入和就业的系统性改 善、房地产的企稳回升，以及财富效应从高净值人群向中产的扩散节奏。高端消费实际需求改善+供给 相对稀缺+政策效果强，重点推荐免税、黄金珠宝行业。 国金证券主要观点如下： 免税：低基数，强政策红利，高端消费修复，有望带动免税行业重回增长 免税是进口化妆品、奢侈品等高档消费品流通的重要渠道，将极大受益于高端消费恢复。海南自由贸易 港正式启动封关，有望对海南本地以及全国的免税业务产生明显的影响，叠加高端消费复苏趋势持续演 绎，影响逻辑有望超预期。此外，日本旅游热度下滑后，海南成为新热门目的地。去哪儿旅行、携程等 平台数据显示，截至2月初，春节假期目的地为海南的日均机票订单量同比增长超45%。 中国中免：公司基本面回暖，从内需看，高端消费的恢复是免税行业复苏的基础，免税行业存在整体性 机会；从外需看，入境游客的消费潜力，并未被市场充分认识，预期中 ...

Core Viewpoint - The A-share market is expected to experience a new round of upward momentum after the Spring Festival, driven by improving macroeconomic fundamentals and positive market sentiment [2][3][4]. Group 1: Market Trends and Historical Data - Historical data from 2006 to 2025 shows a significant "Spring Festival effect," with the Shanghai Composite Index having an 80% probability of rising in the first five days and a 75% probability in the following five days after the festival [2]. - Research from multiple brokerages indicates that the market typically sees a surge in risk appetite and a transition from emotional-driven rallies to trend continuation in the weeks following the Spring Festival [3][4]. Group 2: Sector Focus and Investment Opportunities - Brokerages recommend focusing on high-quality blue-chip stocks and low-volatility sectors before the festival, while suggesting a shift towards technology growth, small-cap stocks, and policy beneficiaries (such as TMT and consumer sectors) after the festival [6][7]. - The semiconductor and AI-related sectors are highlighted as key areas of interest, with expectations of continued performance due to favorable industry trends [4][8]. Group 3: Economic Indicators and Policy Impact - The upcoming Two Sessions are expected to catalyze policy changes that will positively impact market performance post-festival [4]. - The first two months of the year are typically a data vacuum period, but current trends indicate a positive outlook for performance improvements in various industries [4][5]. Group 4: Risks and Market Dynamics - While there are short-term risks such as overseas market fluctuations and sector rotation, these are viewed as temporary disturbances that are unlikely to alter the overall positive trend for February [5][6]. - The white liquor sector is anticipated to see a valuation recovery as consumer demand rebounds, supported by favorable policies and improving fundamentals [7][8].