Core Drivers Analysis - Recent policies from the China Securities Regulatory Commission (CSRC) aim to standardize the capital market, including the implementation of the "Derivatives Trading Supervision Management Measures (Trial)" and "Regulations on the Supervision of Secretaries of Listed Companies" [2] - The Central Huijin Investment Ltd. is playing a stabilizing role in the market, with six departments promoting long-term capital inflow to enhance market confidence [2] - Fiscal and monetary policies are working in tandem, with 1.5 trillion yuan in new special bonds allocated to support manufacturing equipment upgrades and new infrastructure, alongside a 10 basis point expected reduction in LPR rates to support liquidity for the real economy and capital markets [2] - January 2026 macro data shows a 0.8% year-on-year increase in CPI and a narrowing year-on-year decline in PPI to -1.9%, indicating improved industrial demand and marginal profit recovery in upstream sectors like black metals and chemicals [2] - Foreign exchange reserves reached $3.358 trillion, the highest since May 2024, with a resilient trade surplus supporting the stability of the RMB and enhancing foreign investor confidence in Chinese assets [2] Market Sentiment and Capital Flow - The trading volume in both markets has exceeded 1 trillion yuan for five consecutive days, indicating a significant increase in market activity and optimistic investor sentiment [2] - Foreign capital is accelerating its inflow, with international investors, including South Korean capital, increasingly allocating to high-quality A-share assets, while domestic savings are shifting towards capital markets [2] - Sectors such as technology, pharmaceuticals, and cyclical stocks are performing well, with AI computing chains, innovative drugs, and rare earth chemicals driving index growth; low-valuation, high-dividend sectors like banks and liquor are favored by institutions, creating a dual support of "technology growth + stable dividends" [2] Future Outlook and Strategic Recommendations - The Shanghai Composite Index's breakthrough of 3600 points and the trading volume exceeding 1 trillion yuan reflect a collective result of policies, economic conditions, capital flows, and international environments, indicating market confidence in economic recovery and long-term positive expectations [9] - In the short term, the market is expected to maintain a fluctuating upward trend, with potential for the Shanghai Composite Index to surpass 4000 points, necessitating attention to mid-year report expectations in sectors like AI, new manufacturing, and new consumption, as well as the pace of policy implementation [10] - In the medium to long term, the upward trend of A-shares remains intact, with structural opportunities arising from industry trends such as humanoid robots, semiconductors, and innovative drugs; investors are advised to shift from trading strategies to holding strategies, focusing on domestic consumption, technological independence, and dividend stocks while diversifying investments to mitigate concentration risks [10]

贵州茅台微信公众号今日发文称，近期，线上平台再次出现冒用茅台名义，发布"开放企业直供通道""企业1499飞天中购，点击链接获取详情""飞天茅台 官方申请入口""无需搭售、点击链接立即申请""1499元企业申购通道"等虚假招商信息，有关内容均属不实宣传，存在误导消费者、甚至诈骗风险。 Q 搜你想看的 名酒店 | 026-1-16 20:55 关注 重磅信号!茅台正式开放1499飞天企业申购,黄 牛炒作时代彻底终结 2026开年最震撼的商界福利,来自茅台的铁腕 新政! 1月16日茅台官方正式宣布:全国范围内全面开 放企业1499元飞天茅台申购通道,彻底取消强制 搭售、无需返还空 给,直接终结黄 成本直降45%, 意:企业1499飞 情 体系的确定性供 时代,让企业用酒 图利来了! 十注 = 「链接」 获取详 后离职率下降8%; 成都高端酒店靠平价申购配额,降低VIP客户品 鉴门槛,高端客户入住率直接提升25%。从商务 接待到员工福利,茅台成了企业降本增效、提升 竞争力的"秘密武器"。 十注意:企业1499飞天申购,可点击「链接」 获取详情 已成定局! 凌晨3点17分,茅台再次 开放企业无限购申购1499飞天 名酒 ...

Group 1 - The company issued a warning about fraudulent activities using its name, including false claims about direct supply channels and discounted purchasing options for its products [1][8] - The company clarified that it has not authorized any third parties to publish such misleading information and is actively working with authorities to investigate these fraudulent activities [8] - Consumers are advised to recognize official channels and remain vigilant against false promotions to protect their rights and maintain market order [8]

据"贵州茅台"公众号消息，1月18日，贵州茅台发文提示：近期，线上平台再次出现冒用茅台名义，发 布"开放企业直供通道""企业1499飞天申购，点击链接获取详情""飞天茅台官方申请入口""无需搭售、 点击链接立即申请""1499元企业申购通道"等虚假招商信息，有关内容均属不实宣传，存在误导消费 者、甚至诈骗风险。 贵州茅台表示，公司从未授权或委托任何主体，发布以上信息。目前，公司各省区自营店正在与原有企 业团购客户签订2026年销售合同，通过线下对接，进行资质审核、合同签约，未通过公开链接或社交媒 体直接受理申请。 同时，贵州茅台称，公司正积极配合有关部门对相关虚假招商行为调查处理，依法追究有关责任主体法 律责任，切实维护市场秩序和消费者权益。 ...

Group 1 - The company has issued a warning regarding fraudulent promotions using its name, emphasizing that it has not authorized any such activities and urging consumers to recognize official channels [1] - The company is currently signing sales contracts with existing corporate group customers for 2026, and is not accepting new corporate clients through public links or social media [2][3] Group 2 - The company is opening a purchase channel for eligible tax-compliant enterprises to buy the "Flying Moutai" at 1499 yuan per bottle, with improved policies compared to last year, eliminating the need for additional purchases or bottle returns [3] - The company is undergoing a marketing transformation aimed at consumer-centric strategies, with plans to eliminate the traditional distribution model by 2026 and enhance online and offline channel integration [5][6] Group 3 - Starting January 1, 2026, the company will launch various Moutai products on its iMoutai app, including different vintage years and special series [6] - The company has initiated a share buyback program, repurchasing 87,059 shares at a total cost of 120 million yuan, marking its second round of buybacks since its listing [7][8]

AI 0斤 Q搜你想看的 名酒商业说 026-1-16 20:55 广东 关注 重磅信号!茅台正式开放1499飞天企业申购,黄 牛炒作时代彻底终结 2026开年最震撼的商界福利,来自茅台的铁腕 新政! 1月16日茅台官方正式宣布:全国范围内全面开 放企业1499元飞天茅台申购通道,彻底取消强制 搭售、无需返还空 给,直接终结黄省 成本直降45%, 受 意:企业1499飞元 情 体系的确定性供 时代,让企业用酒 红利来了! + 注 气击「链接」获取详 Q 搜你想看的 Al 0斤 后离职率下降8%; 成都高端酒店靠平价申购配额,降低VIP客户品 鉴门槛,高端客户入住率直接提升25%。从商务 接待到员工福利,茅台成了企业降本增效、提升 竞争力的"秘密武器"。 十注意:企业1499飞天申购,可点击「链接」 获取详情 已成定局!凌晨3点17分,茅台再次 开放企业无限购申购1499飞天 名酒经销小林总 2026-01-17 15:56 广东 1499企业申购 *姓名 待填写 *手机 得填写 用酒预审 Q ··· 关注 c1) 听全文约4分钟 1 月 16 日,茅台扔出白酒行业年度第一颗 "炸弹" -- 飞天茅台以 149 ...

"在i茅台抢了三天，中了两瓶1499的飞天！"最近，不少人在小红书上晒出订单。原价买到正品茅台的兴奋背后，是消费者苦"高价炒作"久矣的无奈。 过去十几年里，茅台产品在销售体系之内和体系之外，产生了两个不同的价格，业内把这种现象称为"价格双轨制"。 文 / 蛙小吉 以53度500毫升的飞天茅台（下称"普茅"）为例：一端是被厂家严控，长期稳定在千元左右的出厂价；另一端则是被层层加码，历史峰值接近3000元的市 场流通价。 巨额利差，导致消费者们想用1499元的官方指导价买到"普茅"，比春运抢票还难。 投机的狂欢，养肥了套利者，却透支了品牌的价值与口碑，压抑了"品鉴、宴饮、收藏"的真实需求。 为了终结这场迷失的盛宴，贵州茅台打出了一系列推进市场化改革的"组合拳"。 在小红书上晒单的消费者们，正是赶上了1月1日"普茅"登陆i茅台的"首班车"。这个动作，曾被外界解读为一次针对黄牛和传统渠道的"战术奇袭"。 不过，单点爆破并不足以扭转顽固运行了多年的利益格局，更系统的顶层设计随后出炉。1月13日，贵州茅台董事会审议通过《2026年贵州茅台酒市场化 运营方案》（下称"方案"），这标志着茅台的自我革命正式从"战术试 探"阶段 ...

关注 重磅信号!茅台正式开放1499飞天企业申购,黄 牛炒作时代彻底终结 2026开年最震撼的商界福利,来自茅台的铁腕 新政! 1月16日茅台官方正式宣布:全国范围内全面开 放企业1499元飞天茅台申购通道,彻底取消强制 | | | 26-1-16 20:55 广东 搭售、无需返还空 体系的确定性供 给,直接终结黄 时代,让企业用酒 成本直降45%, 红利来了! 十注 意:企业1499飞 氢击「链接」获取详 Al 听 ·· Q搜你想看的 后离职率下降8%; 成都高端酒店靠平价申购配额,降低VIP客户品 鉴门槛,高端客户入住率直接提升25%。从商务 接待到员工福利,茅台成了企业降本增效、提升 竞争力的"秘密武器"。 十注意:企业1499飞天申购,可点击「链接」 获取详情 已成定局! 凌晨3点17分,茅台再次 开放企业无限购申购1499飞天 名酒经销小林总 26-01-17 15:56 广东 c1) 听全文约4分钟 1月 16日,茅台扔出白酒行业年度第一颗 "炸弹" -- 飞天茅台以 1499 元官方指导 价全面开放企业直供通道,直接给盘踞市场 多年的炒酒链条来了个"腰斩"。640 万靠 國酒套利的黄牛集 竟,单 ...

Investment Rating - The report suggests a positive investment outlook for the liquor and frozen food sectors, particularly highlighting the upcoming Spring Festival as a catalyst for sales growth in the liquor industry [1][2]. Core Insights - The liquor market is expected to see improved sales performance as the Spring Festival approaches, with Moutai leading the way. The report indicates that Moutai's pricing strategy and sales performance are likely to drive industry-wide improvements [1][2]. - The frozen food sector is experiencing a recovery, with demand rebounding and price competition easing. Leading companies in this sector are expected to benefit significantly from this trend [2]. - The snack food segment is also showing signs of recovery, with companies that faced challenges in 2025 beginning to emerge from their operational lows. The upcoming Spring Festival is anticipated to boost inventory levels and sales [2]. Summary by Sections Liquor Sector - The report indicates that as the Spring Festival approaches, channel collections are progressing normally, and sales are expected to improve slightly despite year-on-year pressure. Moutai is expected to perform strongly, with its pricing strategy showing a stabilizing effect [2]. - The report emphasizes that liquor companies are prioritizing volume over price and focusing on quality to gain market share [2]. Frozen Food Sector - The frozen food market is currently in its peak sales season, with demand showing a month-on-month recovery. The report notes that leading companies are likely to see revenue growth due to a low base effect and improved profit margins [2]. Snack Food Sector - Companies in the snack food sector that faced challenges in 2025 are now gradually recovering. The report highlights that the upcoming Spring Festival will significantly enhance inventory levels and sales opportunities for these companies [2]. Specific Companies - Moutai, Guizhou Moutai, and other leading liquor brands are recommended for short-term investment due to their strong performance during the Spring Festival [1]. - Companies like Sanquan Foods and others are noted for their innovative product launches and channel strategies, which are expected to drive revenue growth [4].

1月16日茅台官方正式宣布:全国范围内全面开 放企业1499元飞天茅台申购通道,彻底取消强制 搭售、无需返还空 体系的确定性供 给,直接终结黄 时代,让个山用酒 成本直降45%, 红利来了! + 注 意:企业1499飞 气击「链接」获取详 贵州茅台[600519] 2026-01-16 15:00 5PMA = 10PMA = 20PMA = 30PMA = 1473.35 1457.68 1442.01 1426.34 1410.67 1394.90 1379.32 1363.65 1347.98 7.64万 成交量:55121 1月18日，贵州茅台微信公众号发布提示称：近期，线上平台再次出现冒用茅台名义，发布"开放企业直供通道""企业1499飞天申购，点击链接获取详 情"" 飞天茅台官方申请入口""无需搭售、点击链接立即申请" 1499元企业申购通道"等虚假招商信息，有关内容均属不实宣传，存在误导消费者、甚至诈 骗风险。 Q 搜你想看的 酒商业说 关注 026-1-16 20:55 广 重磅信号!茅台正式开放1499飞天企业申购,黄 牛炒作时代彻底终结 2026开年最震撼的商界福利,来自茅台的铁腕 新政! ...