Core Viewpoint - The Chinese liquor market is experiencing a price decline, with the average retail price of the top ten products dropping to its lowest level in nearly two months, indicating a deepening market adjustment process [1][6]. Price Trends - The total retail price for a package of the top ten liquor products is 8,875 yuan, down 20 yuan from the previous day [1][6]. - Five products saw price declines, while four increased, with one remaining stable [4][9]. - The leading price drops were observed in Qinghua Lang and Xijiu Junpin, which fell by 16 yuan and 14 yuan per bottle, respectively [4][9]. - Feitian Moutai decreased by 10 yuan per bottle due to a loosening of the "price anchor" effect and increased supply from the iMoutai platform [4][9]. - In contrast, Wuliangye Pu Wuba generation rose by 10 yuan, while boutique Moutai and Guojiao 1573 increased by 9 yuan and 7 yuan, respectively [4][9]. Data Collection Methodology - The price data is sourced from approximately 200 collection points across various regions, including designated distributors, social distributors, e-commerce platforms, and retail outlets [5][10]. - The data aims to provide an objective and traceable representation of the market prices for well-known liquors [5][10]. Market Policy Changes - Recent policy changes allow certain tax-compliant enterprises to purchase Feitian Moutai at 1,499 yuan per bottle without needing to buy other non-standard products [10]. - This policy is seen as an optimization compared to last year, focusing on existing corporate group customers [10].

声明：本文内容均是根据权威材料，结合个人观点撰写的原创内容，辛苦各位看官支持，请 知悉。 文丨球球 编辑丨竹林阁楼 2026年元旦刚过，数千万人定着闹钟抢茅台，连懒觉都舍弃了。 如今茅台绕开渠道直面消费者，等于亲手改写了几十年的老规则。 截至1月9日，i茅台新增用户超270万，成交用户也突破40万。 每人每天能限购6瓶，这个设置很有讲究，本来想这是制造稀缺感，后来发现不是。 这事说出来挺有意思，前阵子还满网都是茅台卖不动、价格下跌的声音，转头就出现了上架即售罄的盛 况。 核心原因很简单，1月1日起，茅台在自营APP"i茅台"上，直接卖起了1499元的53度500ml飞天茅台。 这步棋的分量远超表面，过去这么多年，i茅台只卖生肖酒、系列酒这类非核心产品，飞天茅台一直被 牢牢握在经销商手里。 这不是技术跟不上，而是行业内长期形成的默契，飞天就是经销商体系里最核心的定价筹码。 茅台压根不怕大家囤货，更像是在明确表态，你可以囤，但价格必须按我定的来。 渠道洗牌：经销商的暴利时代落幕 热闹的抢购背后，经销商的日子可没那么好过，茅台这波操作，直接动了他们的核心利益。 茅台给经销商的出厂价多年没怎么变，之前飞天价格炒到天价 ...

Core Viewpoint - Moutai Group is focusing on three main directions for its supply chain: digital upgrade, green transformation, and modernization to build a more competitive and resilient supply chain system [2][3] Group 1: Supply Chain Digitalization and Risk Management - The company aims to strengthen supply chain operations by enhancing predictive execution levels and establishing a digital linkage between procurement plans and production demands [2] - A risk management mechanism will be implemented, featuring a multi-track strategy of "physical buffering + relationship backup + capability co-construction" to cultivate a diverse supplier base [2] - Compliance management will be emphasized to ensure a solid foundation for development, integrating clear vendor relationships into supplier management [2] Group 2: Quality Management and Supplier Stability - Moutai will develop a comprehensive supplier lifecycle management system to optimize its supplier database and implement a digital evaluation system for suppliers [2] - The company plans to enhance the construction of raw material bases to ensure stable and traceable sources of high-quality materials [2] - Quality control measures will be advanced through training and guidance to help suppliers establish risk prevention mechanisms [2] Group 3: Modern Supply Chain Management for High-Quality Development - The company will deepen green supply chain construction by integrating green evaluation standards into supplier lifecycle management and promoting green certification among core suppliers by 2026 [3] - A smart procurement system will be developed, focusing on a digital control system and the application of technologies like AI in logistics [3] - Moutai aims to foster collaborative ecosystems by breaking down information barriers and enhancing real-time data sharing among suppliers [3]

证券日报网讯1月16日，泸州老窖（000568）在互动平台回答投资者提问时表示，公司股东人数在定期 报告中进行披露，可向公司提供证明持有公司股份的种类以及持股数量的书面文件，待公司核实股东身 份后，可查询相关股东人数，详细情况可咨询公司投资者热线0830-2398826。 ...

Core Insights - The article discusses the 2026 Annual Procurement and Supply Chain Conference held by Kweichow Moutai, focusing on the themes of "Digital Intelligence," "Green," and "Chain Creation" as part of their strategy to modernize the supply chain and enhance sustainability [1][5] Digital Transformation - Kweichow Moutai is leveraging digital intelligence to drive transformation within its supply chain, enhancing collaboration with suppliers and achieving long-term mutual benefits [2] - The company has developed a digital system for brand protection, significantly improving data integration and analysis capabilities, which has increased response efficiency [2] - Moutai is implementing an online procurement platform to achieve 83.2% electronic procurement by 2025, enhancing cost control and procurement efficiency [3] Green Initiatives - The company emphasizes the importance of building a green supply chain, integrating sustainable practices into its operations, and conducting carbon assessments for events to achieve "zero carbon" goals [5][6] - Moutai is actively participating in the development of national standards for digital supply chain maturity, positioning itself as an industry leader in digital transformation [4] Quality Control - Moutai is committed to maintaining high-quality standards across its supply chain, implementing a comprehensive quality management system that includes 128 quality assurance measures and 133 technical standards [8] - The company aims to enhance supplier collaboration through quality audits and support mechanisms, fostering a culture of quality improvement throughout the supply chain [8] Long-term Vision - Moutai's leadership emphasizes the importance of long-term sustainability and value creation, urging suppliers to adopt green practices and digital transformation to meet evolving market demands [7][9] - The company seeks to establish a resilient supply chain that supports its modernization efforts and aligns with its strategic goals for future growth [9]

Group 1 - The "2025 Lu Liquor High-Quality Development Forum and Lu Liquor Classic Inheritance Brand Release" was held on January 15, 2026, in Jinan, marking the official launch of the Lu Liquor Cultural Model, which aims to be the first digital and intelligent cultural model in the liquor industry [1] - The Lu Liquor Cultural Model will systematically promote the protection, excavation, dissemination, and innovative transformation of Lu liquor culture through digital and intelligent means, injecting new momentum into the high-quality development of the core industry [1][2] - The construction of the Lu Liquor Cultural Model includes the establishment of a cultural gene bank, which will consist of five core databases: historical literature, brewing techniques, brand assets, production area ecology, and consumption scenarios, forming a complete "Lu Liquor Cultural Knowledge Brain" [1][2] Group 2 - The model will enable the transformation of static cultural information into a dynamic knowledge system through deep processing and knowledge extraction of vast cultural data, creating a Lu Liquor cultural knowledge graph [2] - The model will enhance cultural content creation by utilizing AIGC capabilities to automatically generate diverse cultural dissemination materials, significantly improving content creation efficiency and richness [2] - The construction of immersive cultural experience scenarios using digital twin and VR/AR technologies will allow users to remotely experience the brewing environment and interactively learn about brand history, greatly expanding the perception and dissemination of Lu liquor culture [2] Group 3 - The model aims to drive value creation and transformation upgrades in the industry by digitizing and modeling core cultural elements such as brewing techniques and flavor systems, providing data-driven decision support for process optimization and new product development [2] - The use of digital humans and intelligent marketing tools will deepen emotional connections with consumers, particularly younger demographics, enhancing brand loyalty and market competitiveness [3] - The establishment of digital archives for non-heritage brewing techniques and VR training systems will ensure the sustainable transmission of traditional skills, while a knowledge-sharing platform will promote collaboration among enterprises, enhancing the overall competitiveness of the Lu liquor industry [3]

最近刷财经资讯，总能看到存储芯片相关的消息，全球存储行业已经进入"超级牛市"阶段，价格涨幅远超预期，机构还提到AI需求带动的供需错配，让这个 板块成了市场焦点。其实之前我也跟一位做科技行业的朋友聊过，他说现在服务器扩容对存储的需求确实是肉眼可见的增长，但对我们普通投资者来说，光 看新闻热闹没用，得搞懂背后资金的真实态度，毕竟很多时候，消息和市场的表现不一定完全同步，就像之前白酒板块那次突发情况，我至今印象深刻。 一、别被突发消息打乱节奏 很多人在市场里摸爬滚打，总会遇到突发消息导致的市场波动，之前白酒板块那次调整就是典型。当时关税摩擦的背景下，市场普遍认为提振消费是重点， 已经调整一段时间的白酒板块被不少人看好，结果一纸突发政策让板块出现大幅调整，20个交易日平均跌幅超过6%，同期大盘反而小幅上涨，不少人把这 次调整归为"黑天鹅"，觉得完全防不胜防。 看图1： 那段时间我也关注着这个板块，一开始几天板块表现还挺顽强，市场上也有声音说利空已经消化，跌无可跌，但实际情况却并非如此。后来我才明白，不是 消息决定市场表现，而是资金的真实意愿在起作用，当时如果能提前看清资金的态度，也不会被表面的顽强误导。 二、用量化大 ...

Group 1 - The core viewpoint of the article highlights that Kweichow Moutai has relaxed its purchasing policies for private enterprises, allowing them to purchase the 53-degree 500ml Flying Moutai at a price of 1499 yuan, provided they meet a tax threshold of 1 million yuan from the previous year [1] - Kweichow Moutai currently operates 42 self-operated outlets nationwide, and the only financial requirement for private enterprise customers to purchase the discounted Flying Moutai is the aforementioned tax condition, with an additional restriction that applicants cannot be liquor specialty enterprises [1] - The company has announced a new market-oriented operational plan for 2026, which includes adjustments in product systems, operational models, channel layouts, and pricing mechanisms [1] Group 2 - The product structure will revert to a "pyramid" shape, with classic series at the base, boutique and zodiac series in the middle, and aged and cultural series at the top, focusing on key consumer scenarios and younger demographics [2] - The channel layout will consist of five major channels: wholesale, offline retail, online retail, dining, and private domain, aiming for a consumer-centric ecosystem through the integration of online and offline sales [2] - The pricing mechanism will be market-oriented, allowing for dynamic adjustments to retail prices based on market conditions, with the current retail prices already implemented in the iMoutai app and self-operated stores [2]

Group 1 - The 2026 Global and China Capital Market Outlook Forum was held on January 15, focusing on wealth logic in the AI era and the future of capital markets [1] - Zhang Yu, Chief Economist at Huachuang Securities, presented a keynote speech indicating that the stock market will continue to perform well, but a simultaneous bull market in both stocks and bonds is unlikely [2] - The stock market's trading volume is expected to remain high, but further significant increases may be challenging; the relative performance of the ChiNext board compared to the CSI 300 is becoming more difficult [2] Group 2 - The core issue in China's economic cycle is stabilizing expectations to encourage residents to stop excessive saving, which is essential for improving economic circulation [7] - The 2026 year is seen as a critical year for awakening the allocation value of the Chinese capital market, with external demand and policy support playing significant roles [5] - The forecast for GDP growth in 2026 is between 4.8% and 5.0%, with consumption growth expected to be around 4.5% to 5.0% due to the recovery of essential consumption [21][22] Group 3 - The investment growth rate is projected to rebound to 1.1% in 2026 from -3.1% in 2025, driven by central government-led investments [22] - The export sector is expected to maintain a growth rate of around 5%, benefiting from external demand and trade dynamics [25] - The consumer price index (CPI) is anticipated to turn positive in 2026, with a forecast of approximately 0.8% year-on-year growth [31]

Core Insights - The retail industry in China is experiencing intense competition, with cross-industry integration becoming a key strategy for brands to achieve growth in a saturated market [1] - Brands are increasingly moving beyond traditional boundaries, utilizing cross-industry innovation to explore new consumer demands and retail formats [1] Group 1: Cross-Industry Innovations - Kudi Coffee has entered the fast-food sector by launching hot meal options in select Beijing stores, aiming to enhance store efficiency and customer traffic through a "coffee + hot food" model [2][3] - Armani has opened its first restaurant in Beijing, offering a unique dining experience that combines luxury branding with a relatively affordable average spend of 354 yuan per person [4][5] - Haidilao has launched a new brand, "Haini," focusing on beef hot pot, as part of its multi-brand strategy to find new growth avenues beyond traditional hot pot offerings [6] Group 2: Market Adaptations - Ningji has introduced grilled sausage products priced at 4 yuan each to complement its lemon tea offerings, aiming to increase customer spending and overall sales [7] - Haidilao has also ventured into the bakery sector with its brand "Schwasua," offering products primarily priced under 10 yuan, leveraging its supply chain advantages [8] - Prada has opened its first independent restaurant in Asia, integrating Italian and Chinese culinary traditions, marking a significant step in luxury brand engagement in the dining sector [9][10] Group 3: Strategic Expansions - Hailan Home has established a beverage company to enter the bottled water market, responding to declining profits in its core clothing business [11] - Zuli Jian has opened an organic food store, selling frozen dumplings at competitive prices, as part of its strategy to diversify and address financial challenges [12] - Wuliangye has launched a new craft beer brand, "Fenghuolun," incorporating its traditional liquor-making techniques, reflecting a trend of traditional alcohol companies seeking new growth opportunities [14] Group 4: Industry Trends - The cross-industry trend in retail is characterized by deeper integration of core capabilities rather than simple category additions, as seen with Haidilao and Wuliangye [17] - Brands are targeting specific consumer groups more effectively, such as Kudi Coffee's focus on all-day dining and Zuli Jian's appeal to older consumers [17] - Luxury brands are using dining experiences to convey lifestyle aesthetics, while mass-market brands are leveraging cross-industry strategies to overcome growth challenges [18]