紧急预警！12件中国白酒商标疑在印尼被抢注，会稽山等酒企已着手处理 【中国白酒网】2026年春节前夕，中华商标协会发布的一则预警引发关注——丰谷、白云边、会稽 山等12个涵盖浓香、清香、米香及黄酒品类的代表性品牌，其商标在印度尼西亚疑似遭批量抢注。 而就在上述预警发布前一个月，"2026中国美酒嘉年华"刚在曼谷落幕，五粮液、古井贡酒等品牌通 过贸易配对会对接东南亚经销商，没想到风险已在海外悄然滋生。 记者了解到，会稽山、枝江酒业等酒企已经着手处理相关事宜。 中华商标协会发出商标抢注预警 2月4日，中华商标协会品牌国际化发展促进工作委员会发布预警提示，该委员会在进行商标国际预 警监测时发现，中国酒业领域品牌有12件商标近期在印度尼西亚疑似被批量抢注，国内企业在海外使用 相应商标或将面临侵权纠纷，望予以重视并妥善应对。 直到2004年3月20日，韩国知识产权厅根据五粮液集团提供的观点和证据材料最终裁定，引证商标 不仅在中国是驰名商标，而且在韩国也被认为是驰名商标。因此，申请商标"WULIANGYE"应视作从非 公平竞争方面申请注册该商标，从而误导消费者和与商标相关的商品的原产地，故驳回韩国注册方的注 册申请。 丁 ...

那么，白酒板块为何在此时"支棱"起来？ 近期，黄金、白银价格在经历历史性暴涨与剧烈回调后，再度成为投资市场的焦点。 与此同时，沉寂已久的A股白酒板块也在1月29日集体爆发，多股涨停，令不少股民重燃希望。 一时间，"抄底""反弹""回温"等词汇充斥市场，仿佛白酒也成了可以"一夜暴富"的另类贵金属。 然而，我们必须清醒地认识到：白酒不是黄金白银。它既不具备避险属性，也不具备金融衍生品的高杠 杆特性。白酒的本质，是消费品，是文化载体，更是实体经济的重要组成部分。将其简单类比为投机标 的，不仅模糊了行业的本真价值，也可能误导投资者陷入非理性的追涨杀跌。 作为酒业从业者，我们始终主张为酒业鼓与呼，但不捧杀，亦不踩低。我们乐见资本市场对优质白酒企 业的价值重估，但坚决反对将白酒异化为纯粹的金融工具。真正的价值，不在K线图的起伏之间，而在 一瓶酒背后的工艺传承、品牌积淀与消费者认同。 历史反复证明，任何脱离基本面的炒作，终将回归理性。短剧里"重生归来、点石成金"的爽文逻辑，在 现实市场中并不存在。投资白酒，应着眼于其长期消费属性与抗周期能力，而非幻想一夜暴富。 表面看，有两大催化因素：其一，以茅台为代表的头部品牌价格企稳回 ...

Investment Rating - The report maintains a "Buy" rating for Shanxi Fenjiu [1] Core Insights - Shanxi Fenjiu is positioned as a leading brand in the clear aroma liquor segment, benefiting from differentiated flavor profiles, national expansion, and a multi-price product strategy, with a significant growth potential projected to reach 600-700 billion RMB in revenue in the medium to long term [13][14] - The company is actively exploring brand rejuvenation and targeting younger consumers through innovative marketing strategies and product offerings [22][28] - The nationalization strategy 2.0 is being implemented, focusing on deepening market penetration and optimizing product management across various regions [30][33] Summary by Sections 1. Clear Aroma Liquor Expansion - The clear aroma liquor segment is expected to grow significantly, with Shanxi Fenjiu's market share projected to increase from 0.7% to 4.5% from 2016 to 2024 [20] - The company is targeting a "three-way split" market structure in the next high-end price segment, with substantial growth opportunities identified [20][21] 2. Multi-Price Product Strategy - Shanxi Fenjiu has a diverse product portfolio across various price segments, which enhances its growth potential and resilience against market fluctuations [51] - The company has introduced a "four-wheel drive" strategy for product management, focusing on key product lines to optimize resource allocation [53][54] 3. Channel Management and Organizational Efficiency - The company has refined its channel management through the "Fen Enjoy Benefits" system, which enhances pricing stability and incentivizes sales performance [19][30] - Shanxi Fenjiu's sales team remains stable, with a clear career progression path that fosters motivation and productivity among frontline sales personnel [19][30] 4. Financial Projections - Revenue forecasts indicate a steady growth trajectory, with total revenue expected to reach 37,875 million RMB in 2026, and net profit projected at 12,416 million RMB [1] - The company's earnings per share (EPS) is anticipated to grow from 10.04 RMB in 2024 to 10.18 RMB in 2026, reflecting a positive outlook for profitability [1]

Core Viewpoint - The Yibin Municipal People's Congress has approved the 15th Five-Year Plan, focusing on strengthening the high-quality liquor industry, particularly aiming for Wuliangye to become a Fortune Global 500 company and increasing annual revenue to over 300 billion yuan [1] Group 1: Economic Development - Yibin will continue to promote the growth of the high-quality liquor industry during the 15th Five-Year Plan period [1] - The plan includes support for Wuliangye to achieve the status of a Fortune Global 500 enterprise [1] - The goal is to enhance the revenue of the liquor industry to exceed 300 billion yuan annually [1] Group 2: Industry Support and Services - The initiative aims to strengthen a number of mid-tier liquor companies [1] - There will be improvements in various supporting services such as R&D design, bottling and storage, inspection and testing, financial services, brand marketing, and digital empowerment [1]

天风证券在其研报中指出，本轮白酒板块已经调整约5年，行业目前的估值和机构仓位已经处于历史低 位。在目前股市背景下，股价有可能领先于基本面见底。天风证券认为，目前板块或处于基本面出清的 最后阶段，茅台批价企稳是边际改善的积极信号，板块估值修复或领先于业绩修复。 北京商报讯（记者 刘一博 冯若男）2月9日尾盘，沪指4123.09点上涨1.41%。白酒板块2306.55点收盘上 涨0.95% ，其中14只白酒股上涨，贵州茅台1524.96元/股收盘。 从个股来看，贵州茅台收盘价达1524.96元/股，上涨0.66%；五粮液收盘价达107.36元/股，上涨0.34%； 山西汾酒收盘价174.70元/股，下跌0.23%；泸州老窖收盘价达121.29元/股，下跌1.25%；洋河股份收盘 价达55.66元/股，上涨0.76%。 ...

Core Viewpoint - The white liquor industry is transitioning into a phase of "volume competition," where brands must connect with discerning consumers to secure their place in the new market cycle [1] Group 1: Industry Transformation - The traditional narrative of liquor consumption is being challenged as consumers seek more transparency and authenticity [5][6] - The launch of the video series "Xiao Sa Tan Chang: Smart Manufacturing" by CCTV host Sa Beining has garnered over 400 million views, highlighting the importance of transparency in production processes [3][17] - Guotai has transformed its production narrative from mystical craftsmanship to a data-driven, transparent process, appealing to modern consumer sensibilities [4][7] Group 2: Technological Innovation - Guotai employs advanced technologies such as intelligent steaming robots and gas chromatography fingerprinting to ensure consistent quality and flavor optimization [9][10][11] - The company has established a robust quality assurance system based on sensory evaluation, gas fingerprinting, and key performance indicators [11][15] - Guotai's "Smart Brewing Standard System" has evolved to include over 20 key quantitative indicators, moving away from reliance on traditional craftsmanship [13][14] Group 3: Marketing Strategy - Guotai's marketing strategy has shifted from a B2B focus to a more consumer-centric approach, emphasizing direct engagement with end consumers [19][21] - The company has implemented a "Thousand Counties, Thousand Stores" initiative to enhance brand presence and reduce distribution layers [21] - Guotai's extensive offline engagement, including events and experiences, aims to create a seamless connection between digital marketing and physical consumption [22][23] Group 4: Brand Value and Consumer Trust - Guotai's brand value has reached 236.126 billion yuan, reflecting its successful integration of transparency and consumer engagement [25] - The company emphasizes a philosophy of "transparency" in its marketing, allowing consumers to evaluate the quality of its products directly [26][28] - Guotai's commitment to quality and consumer trust is demonstrated through its rigorous standards and public transparency initiatives [29][31] Group 5: Future Outlook - Guotai aims to lead the industry transformation while addressing consumer sentiments, with ambitious performance targets set for 2025 [29][32] - The company is focused on rational consumption and quality storytelling, moving away from outdated marketing tactics [30][32] - Guotai's approach represents a forward-thinking strategy for the Chinese liquor industry, emphasizing innovation and consumer connection [32]

Summary of Key Points Core Viewpoint - The total trading volume of the Shanghai and Shenzhen Stock Connect reached 273 billion, with Kweichow Moutai and Zhongji Xuchuang leading in individual stock trading volumes. The electronic sector saw the highest net inflow of funds, while ETFs related to non-ferrous metals experienced significant reductions in shares [1][2][4]. Group 1: Trading Volume and Key Stocks - The total trading amount for the Shanghai Stock Connect was 125.77 billion, while the Shenzhen Stock Connect was 147.24 billion [2]. - Kweichow Moutai topped the Shanghai Stock Connect with a trading volume of 21.12 billion, followed by Zhaoyi Innovation at 18.64 billion and Sanfangxiang at 17.62 billion [3]. - Zhongji Xuchuang led the Shenzhen Stock Connect with a trading volume of 44.96 billion, followed by Tianfu Communication at 43.21 billion and CATL at 40.34 billion [3]. Group 2: Sector Performance - The electronic sector had the highest net inflow of funds at 75.51 billion, followed by the computer sector at 70.48 billion and the communication sector at 61.95 billion [4]. - The oil and gas sector experienced the largest net outflow of funds at -19.31 billion, followed by the food and beverage sector at -16.29 billion [5]. Group 3: ETF Trading Activity - The A500 ETF Fund (512050) had the highest trading volume at 14.18 billion, while the Gold ETF (518880) was second at 12.42 billion [6][7]. - The non-ferrous metals ETF (512400) saw a significant reduction of 25.11 billion shares last week, indicating a major decline in interest [10]. Group 4: Institutional and Retail Activity - Institutional activity was moderate, with notable purchases in Hunan Silver, which saw a 9.97% increase and received 1.82 billion from one institution [12][13]. - Retail investors showed increased activity in AI application stocks, particularly Jiecheng Co., which hit the daily limit and attracted 3.41 billion from three major retail investors [14].

Core Insights - The article highlights the recent developments of Xifeng Liquor, including its international expansion and strategic plans for 2026 [1][3]. Group 1: International Expansion - Xifeng Liquor has entered four countries by 2025: Spain, Peru, UAE, and Mexico, with significant sales growth of 85% in Belgium and Italy [1][3]. Group 2: Strategic Plans for 2026 - Product Strategy: Xifeng Liquor plans to launch lightweight and low-alcohol new products while enhancing its product system with a focus on "core + segmentation + IP" to strengthen major products like Hong Xifeng [2][4]. - Channel Strategy: The company will implement a customized support strategy called "one merchant, one policy" and establish a consulting team to improve sales efficiency [2][4]. - Market Strategy: Xifeng Liquor will initiate the "Spark Plan" in its home province of Shaanxi and target untapped markets in Northeast China, Inner Mongolia, and Xinjiang [2][4].

外围走势非常OK，道指正式踏上5万点整数关口，创下了新历史纪录。 今天大A走势也相当不错，高开高走，看来这个春节红包是给定了。 我认真翻看了各大板块和A股多个指数近期的走势，没发现能够下场的机会。 该下场的，全部都下场的了，不该下场的一直等着机会。 大概就如此吧，没有大机会绝不出手。出手，必定寻求决胜！其他时间，就是养兵千日用兵一时！ 板块上： 被老段几句话带飞的白酒，现在来看，还是不够给力。基本面包括未来的展望，实在是太难看了。 估计这也是涨不起来的核心原因，我已经有了，但不是很想增加仓位。 第三：证券小幅震荡 第一：光伏再度大涨 太空光伏持续催化，带动了光伏设备、上游硅料大涨，不过也是来来回回。 总体来看，也就是如此，没有太想下场。 第二：白酒还是比较弱 今天的证券还在震荡中，要么就在震荡中爆发，要么就在震荡中向下。这是必然的方向。 证券维持这个估值挺久了，对比3万亿的成交天量，不是很正常。估计是估值冲过头了。 蛇年最后一周了，享受期待过年的感觉，挺好的。过年意思不大，期待的过程，非常开心！ 我是李聪，10年读书会主理人，活到老、学到老，关注我，一起向上成长！ 以上仅为个人看法，不作为任何建议！ ...

Equity Market Review and Outlook - The Shanghai Composite Index fell by 1.27%, the CSI 300 dropped by 1.33%, and the ChiNext Index decreased by 3.28% during the week of February 2-6, 2026, amid significant volatility in global resource futures and earnings disclosures from major US tech companies [1][4] - A-shares experienced increased volatility, with a notable drop of 100 points on Monday, followed by a recovery on Tuesday, and a shift to a fluctuating market for the rest of the week, influenced by upstream resource stocks and internet giants [4][5] - The market's risk appetite was constrained, with an average daily trading volume of 24,032 billion, reflecting a decrease from the previous week [4] - The technology sector is becoming increasingly sensitive to negative news, with potential pressure on tech styles as positive factors may be realized following the Two Sessions after the Spring Festival [5] Fixed Income Market Review and Outlook - The bond market saw a flattening yield curve during the week, with the 1-year government bond yield rising by 1.80 basis points to 1.32%, while the 10-year and 30-year yields fell to 1.81% and 2.25%, respectively [2][6] - The bond market is currently experiencing a strong oscillation, with some risk-averse funds flowing into bonds due to increased stock market volatility before the holiday [6][7] - The People's Bank of China has been actively injecting liquidity, with a net injection of 700 billion yuan through MLF in January, and the bond market is expected to remain stable without significant fluctuations in the short term [7] REITs Market Overview - The CSI REITs total return index fell by 0.91% to 1,042.84 points during the week, with most sectors declining, particularly consumption, data centers, and industrial parks [8] - Four new public REITs made progress in the primary market, indicating ongoing developments in the sector [8] Fund Index Performance Tracking - The monetary enhancement strategy index increased by 0.03% for the week, while the short-term bond fund index rose by 0.04% [11] - The mid-to-long-term bond fund index saw a gain of 0.09%, while the low-volatility fixed income plus fund index decreased by 0.04% [11] - The REITs fund index experienced a significant drop of 1.86%, reflecting the overall market trend [11] Investment Strategy Indices - The active stock fund selection index focuses on 15 funds with equal weight, emphasizing performance competitiveness and style stability [12] - The value stock fund selection index includes deep value and quality value styles, assessing companies based on absolute valuation levels and cash flow efficiency [14] - The growth stock fund selection index aims to capture high-growth opportunities, focusing on companies with significant future potential [17] Industry Theme Indices - The pharmaceutical stock fund selection index is constructed based on the intersection of fund holdings and representative indices, ensuring a minimum purity of 60% [19] - The consumer stock fund selection index targets funds with significant holdings in consumer-related sectors, maintaining a minimum purity of 50% [21] - The technology stock fund selection index is based on funds with substantial investments in technology sectors, also ensuring a minimum purity of 60% [24] Other Fixed Income Indices - The convertible bond fund selection index focuses on funds with a high proportion of convertible bonds, assessing performance and risk management [43] - The QDII bond fund selection index includes overseas bonds, prioritizing funds with stable returns and good risk control [44] - The REITs fund selection index emphasizes funds with stable cash flows from quality infrastructure projects [46]