Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry, expecting the industry index to outperform the market index by over 10% in the next six months [57]. Core Insights - The report highlights that Kweichow Moutai has released a market-oriented operation plan, with a focus on inventory preparation for the Spring Festival. The white liquor sector is experiencing a weak recovery in demand, prompting Moutai to implement various measures to adapt to market and consumer trends [4][52]. - The SW food and beverage industry index rose by 0.64% from January 2 to January 15, 2026, but underperformed the CSI 300 index by approximately 1.98 percentage points [11][12]. - Approximately 76% of stocks in the industry recorded positive returns during the same period, with notable gainers including Ziyuan Food (+33.73%) and Haoxiangni (+21.90%) [14]. - The overall price-to-earnings (PE) ratio for the industry is approximately 20.47 times, which is below the five-year average of 31 times, indicating a potentially undervalued sector [15][18]. Summary by Sections Market Review - The SW food and beverage industry index underperformed the CSI 300 index, with a rise of 0.64% from January 2 to January 15, 2026, ranking 28th among Shenwan's primary industries [11]. - Most sub-sectors also lagged behind the CSI 300 index, with the pre-processed food sector showing the highest increase of 4.91%, while the dairy sector experienced the largest decline of 3.70% [13]. Industry Data Tracking - **Liquor Sector**: The price of Feitian Moutai decreased to 1520 RMB per bottle, down 20 RMB from January 1, while the prices of other brands remained stable [21]. - **Condiment Sector**: Prices for soybean meal and white sugar increased slightly, while glass prices saw a decrease [24]. - **Beer Sector**: The price of aluminum increased significantly, while the price of corrugated paper decreased [31]. - **Dairy Sector**: The average price of fresh milk was 3.02 RMB per kilogram, showing a slight decrease [39]. - **Meat Sector**: The average wholesale price of pork rose to 18.00 RMB per kilogram, reflecting a month-on-month increase [41]. Important News - The report notes a 3.4% year-on-year decline in retail sales of tobacco and alcohol in November 2025, indicating potential challenges in consumer demand [43]. - A slight decrease in the national white liquor price index was reported for December, suggesting price stabilization in the market [44]. Company Announcements - Kweichow Moutai announced a share repurchase plan and a market-oriented operation strategy aimed at adapting to market changes [50]. - Eastroc Beverage projected a significant increase in annual net profit for 2025, indicating strong performance in the soft drink sector [51].

格隆汇1月16日｜中邮证券研报指出，贵州茅台披露2026年市场化运营方案，对产品体系、运营模式、 渠道布局和价格机制进行全方位的改革。运营模式从传统"自售+经销"升级为"自售+经销+代售+寄 售"多维协同体系。自售通过自营店、i茅台覆盖C端与B端，取消自营分销；经销明确销量与区域且转 移物权，代售、寄售不转移物权，分别依托多元零售渠道与寄售商资源拓展覆盖。不同产品将匹配适配 的运营模式触达消费需求。公司落地"金字塔"型产品体系，形成定位清晰的产品矩阵，贴近市场实际供 需关系下形成的价格，渠道利润空间修复，顺价逻辑更为清晰。预计通过产品体系优化、渠道布局改革 和运营模式升级，公司有望进一步挖掘需求增量。维持"买入"评级。 ...

Core Viewpoint - The article discusses the significant transformation in Kweichow Moutai's pricing strategy with the introduction of the "2026 Kweichow Moutai Market-Oriented Operation Plan," which shifts from a static factory price model to a dynamic pricing mechanism based on real market demand and self-operated retail prices [2][3]. Pricing: From "Manufacturer Pricing" to "Market Consensus" - The traditional profit chain in the liquor industry has been rigid, with manufacturers setting factory prices and distributors marking them up for retail. This model has become increasingly inflexible, exemplified by the 53-degree 500ml Flying Moutai, which maintained a price of 1499 yuan for eight years despite market prices exceeding 3000 yuan during high demand periods [5][6]. - The new plan aims to overturn this long-standing logic by establishing a pricing standard that reflects real-time market supply and demand, utilizing data from the "i Moutai" platform. The pricing will be based on self-operated retail prices, which will help to compress arbitrage opportunities [6]. Channels: From "Transporters" to "Service Providers" - The change in pricing mechanisms will lead to a transformation in the channel ecosystem, with distributors evolving from mere transporters of goods to providers of brand and service. The introduction of consignment and agency models will be key to this transition [7][8]. - For instance, the recent launch of the Year of the Horse zodiac wine illustrates this new operational model, where consumers order through "i Moutai," and stores provide fulfillment services. This reduces the financial burden on distributors and allows them to earn fixed commissions through quality service [8]. Products: Formation of a "Pyramid" System - Alongside the "market-following" mechanism, Moutai has developed a strategic product matrix, creating a clear and tiered "pyramid" product system. This includes: - Base (below 1500 yuan): Products like the 100ml Flying Moutai (299 yuan) and 1L Flying Moutai (2989 yuan) cater to mass consumption and entry-level business needs [10][12]. - Mid-tier (1500-2500 yuan): This previously underserved segment is now a growth area for Moutai, with products like the 1899 yuan zodiac series and 2299 yuan premium Moutai targeting cultural gifting and high-end business upgrades [11][12]. - Top-tier (above 2500 yuan): Cultural and aged series products define the brand's value ceiling, targeting high-net-worth individuals [12]. - The alignment of core product prices with self-operated terminal prices ensures Moutai's robust expansion across different economic cycles, reflecting a commitment to long-term strategy [12].

格隆汇1月16日丨天佑德酒(002646.SZ)在投资者互动平台表示，公司目前暂无涉及数字经济的业务。 ...

新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 方正证券研报指出，顺鑫农业战略新品发布，聚焦新生代消费者情感共鸣。金标牛轻口味白酒围绕"轻 松、低负担、高舒适度"的微醺体验，完成了产品设计的系统性升级。场景方面，产品既保留了传统"6 步品鉴法"的纯饮仪式感，更大力推广冰饮、调制等多元喝法，主动打破传统引用方式传递"轻"态度， 降低尝试门槛，积极融入泛酒精饮品文化。行业转型期，公司敏锐捕捉新生代消费诉求从功能满足向情 绪价值迁移的趋势，为圈层突破提供新思路。公司尝试以情绪共鸣作为链接消费者的新纽带，在白酒行 业整体向品质与价值提升转型的关键期，通过主动贴近大众情绪，将"民酒"内涵从基础的性价比考量， 拓展至场景体验与情感认同的新维度。维持"推荐"评级。 ...

Group 1 - The food and beverage sector continues to experience a pullback, with the Huabao Food and Beverage ETF (515710) showing a decline of 0.85% as of the latest report [1] - Major stocks in the sector, particularly liquor and condiments, are underperforming, with companies like Lianhua Holdings and Qianhe Flavoring & Food both dropping over 2% [1] - The overall market sentiment is improving as the pressure from previous sell-offs is easing, with expectations for better performance during the upcoming Spring Festival [3] Group 2 - Moutai's main products have been launched on the "i Moutai" platform, attracting over 2.7 million new users and 400,000 transaction users within the first 15 days [3] - The valuation of the food and beverage sector is currently at a historical low, with the price-to-earnings ratio of the Huabao Food and Beverage ETF at 19.94, indicating a good entry point for long-term investments [3][4] - The liquor industry is expected to reach a turning point as the market adjusts to recent strategies from leading brands like Moutai and Wuliangye, suggesting a potential bottoming out of the current market cycle [4] Group 3 - The food and beverage ETF is heavily invested in leading high-end and mid-range liquor stocks, with approximately 60% of its portfolio allocated to these segments [5] - The ETF also includes significant positions in beverage, dairy, condiment, and beer sectors, with top holdings featuring major brands like Moutai, Wuliangye, and Yili [5] - Investors can access core assets in the food and beverage sector through the Huabao Food and Beverage ETF and its linked funds [5]

Core Viewpoint - The stock price of Yili Te has experienced a decline, with a notable drop of 2.23% on January 16, 2025, reflecting ongoing challenges in the company's financial performance and market sentiment [1]. Financial Performance - For the period from January to September 2025, Yili Te reported a revenue of 1.299 billion yuan, representing a year-on-year decrease of 21.46% [2]. - The net profit attributable to shareholders for the same period was 137 million yuan, down 43.06% compared to the previous year [2]. Stock Market Activity - As of January 16, 2025, Yili Te's stock price was 13.60 yuan per share, with a total market capitalization of 6.435 billion yuan [1]. - The stock has seen a decline of 1.73% year-to-date, with a 2.58% drop over the last five trading days and a 10.70% decrease over the past 60 days [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for Yili Te was 57,300, a decrease of 3.62% from the previous period [2]. - The average number of circulating shares per shareholder increased by 3.76% to 8,262 shares [2]. Dividend Distribution - Yili Te has distributed a total of 2.842 billion yuan in dividends since its A-share listing, with 591 million yuan distributed over the last three years [3]. Institutional Holdings - As of September 30, 2025, the second-largest circulating shareholder was the China Securities White Wine Index A, holding 23.415 million shares, an increase of 50,800 shares from the previous period [3]. - The third-largest shareholder was the Wine ETF, with 9.039 million shares, which increased by 306,680 shares [3].

Core Insights - The "2026 Eastern Wealth Securities First Listed Company Partner Conference" aims to create a high-quality interactive platform for listed companies and experts to discuss macro trends, ecological services, and governance deepening [1] - The conference emphasizes the importance of listed companies as the backbone of the national economy, facing both opportunities and challenges in the current global economic landscape [1] Group 1: Macro Insights and Economic Outlook - The global economy is facing "fourfold changes," impacting China's foreign trade and capital markets, with a more proactive macro policy expected in 2026 [3] - Fiscal policy is anticipated to remain expansive, while monetary policy will be moderately loose to support steady economic growth, with domestic demand being a key driver [3] - Emerging industries such as semiconductors and artificial intelligence are projected to become core drivers of new productive forces in China [3] Group 2: Investment Opportunities and Strategic Configuration - The A-share bull market is expected to deepen due to overseas liquidity support, domestic anti-involution efforts, and the internationalization of industries [4] - The conference provided practical guidance on capital market investment opportunities, focusing on industry tracks, asset allocation, and strategic layout [4] Group 3: Ecosystem Development and Service Empowerment - Building a comprehensive and customized service ecosystem is crucial for empowering the growth of listed companies [5] - The company aims to create a "big consulting, big technology, big platform" service model, covering the entire lifecycle of listed companies [5] - Services include governance, strategic planning, market value management, ESG, and digital tools to enhance operational efficiency [5] Group 4: Governance and Growth Strategies - High-quality development of listed companies relies on improved governance, iterative growth logic, and optimized value pathways [7] - Roundtable discussions focused on how companies can navigate market fluctuations and foster core competitiveness through technological innovation and strategic focus [7][9][11] - Participants emphasized the importance of robust corporate governance as a foundation for long-term value growth and the need for financial institutions to assess companies' long-term value beyond traditional financial metrics [9] Group 5: Future Directions and Industry Collaboration - The successful hosting of the conference marks a significant step for the company in linking industry and capital, aiming to create a healthy capital market ecosystem [13] - The company plans to continue developing the partner conference as a benchmark interactive platform, integrating resources and empowering partners for high-quality development in the real economy [13]

每经AI快讯，有投资者在投资者互动平台提问：请问贵司是否涉及数字经济？ 天佑德酒（002646.SZ）1月16日在投资者互动平台表示，公司目前暂无涉及数字经济的业务。 （文章来源：每日经济新闻） ...

分红方面，今世缘A股上市后累计派现68.35亿元。近三年，累计派现36.53亿元。 机构持仓方面，截止2025年9月30日，今世缘十大流通股东中，招商中证白酒指数A（161725）位居第 二大流通股东，持股6171.43万股，持股数量较上期不变。酒ETF（512690）位居第七大流通股东，持 股2378.99万股，为新进股东。香港中央结算有限公司退出十大流通股东之列。 责任编辑：小浪快报 融券方面，今世缘1月15日融券偿还2200.00股，融券卖出1100.00股，按当日收盘价计算，卖出金额3.85 万元；融券余量11.62万股，融券余额406.24万元，低于近一年30%分位水平，处于低位。 资料显示，江苏今世缘酒业股份有限公司位于江苏省淮安市涟水县高沟镇今世缘大道1号，成立日期 1997年12月23日，上市日期2014年7月3日，公司主营业务涉及白酒生产和销售。主营业务收入构成为： 特A+类62.05%，特A类32.78%，A类3.44%，B类1.22%，C类、D类0.48%，其他0.04%。 截至9月30日，今世缘股东户数6.63万，较上期增加5.09%；人均流通股18798股，较上期减少4.84%。 2 ...