Core Insights - The core viewpoint of the article highlights a significant decline in the retail prices of major Chinese liquor brands, indicating ongoing inventory adjustments within the industry [1][7]. Price Trends - The average retail price of the top ten liquor products in China fell to 8,895 yuan on January 16, a decrease of 46 yuan from the previous day, marking the lowest price level in nearly two months [1][7]. - Among the ten products, seven experienced price drops while three saw increases, with key products collectively contributing to the decline in average prices [1][7]. Specific Product Price Changes - Leading the price declines were Qinghua Lang and Xijiu Junpin, which fell by 12 yuan and 11 yuan per bottle, respectively [1][7]. - Wuliangye Pu Wu Eight Generation decreased by 8 yuan, while Feitian Moutai dropped by 7 yuan, influenced by the iMoutai platform's pricing strategies and inventory adjustments [1][7]. - Other notable declines included Yanghe Dream Blue M6+ and Guojiao 1573, which fell by 6 yuan and 5 yuan, respectively [1][7]. - In contrast, Qinghua Fen 20 saw an increase of 5 yuan, while Gujing Gonggu 20 and Shuijing Jian Nan Chun rose by 1 yuan each [1][7]. Market Dynamics - The decline in prices is attributed to differentiated consumer demand and price adjustments by leading brands, reflecting the ongoing inventory reduction process in the liquor industry [1][7]. - The iMoutai platform's recent sales of Moutai products at competitive prices have had a magnetic effect on the market, contributing to the observed price changes [2][8]. Sales and Marketing Strategies - Moutai has been leveraging digital marketing through the iMoutai platform, which has seen significant engagement, including the rapid sell-out of new product releases [3][9]. - The platform's popularity surged, reaching the top of the Apple App Store's shopping category, with over 2.7 million new users added within nine days of launching a new product [3][9]. - Moutai's board has approved a market-oriented operational strategy, enhancing its sales model to include a dynamic pricing adjustment mechanism based on market conditions [3][9].

Core Viewpoint - The Chinese liquor market, particularly for the top ten baijiu products, has experienced a general price adjustment, with a moderate decline in retail prices as of January 14, indicating cautious market sentiment [1]. Price Trends - The total retail price for a package of the top ten baijiu products is 8925 yuan, down 44 yuan from the previous day [1]. - Eight out of the ten products have seen price declines, reflecting a bearish market trend [1]. - The leading product, Feitian Moutai, has decreased by 9 yuan per bottle, while other notable declines include Gujing Gonggu and Qinghua Lang, both down 8 yuan per bottle [1][2]. Individual Product Pricing - Feitian Moutai (53 degrees, 500ml) is priced at 1692 yuan, down 7 yuan [2]. - The premium Moutai variant is significantly down by 470 yuan, now at 2311 yuan [2]. - Wuliangye (Pu Wu 8th generation, 52 degrees, 500ml) is priced at 792 yuan, down 8 yuan [2]. - Other products like Guojiao 1573 and Yanghe Dream Blue M6+ have also seen minor declines of 5 yuan and 6 yuan respectively [2][3]. Market Dynamics - The market is characterized by a general decline in prices, with only Wuliangye showing a slight increase of 1 yuan, while Qinghua Fen remains stable [1]. - The overall market sentiment appears cautious, with a narrowing of trading volumes and a clear differentiation in product performance [1].

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 新浪财经"酒价内参"过去24小时收集的数据显示，中国白酒市场十大单品的终端零售均价在1月16日迎 来普遍回落。如果十大单品各取一瓶整体打包售卖，今日总售价为8895元，较昨日下降46元。受终端消 费需求分化及头部品牌价格调控影响，市场价格跌至近两个月低位，凸显白酒行业去库存调整进程持续 推进。 今日市场呈现普跌态势，十大单品七跌三涨，核心单品集体走弱成为拉低均价的主要因素。下跌产品方 面，青花郎与习酒君品领跌，跌幅均超两码，分别环比下跌12元/瓶和11元/瓶；五粮液普五八代紧随其 后，价格回调8元/瓶；飞天茅台下跌7元/瓶，这与i茅台平台放量平价2026年飞天、渠道去库存深化直接 相关；洋河梦之蓝M6+、国窖1573依次环比下跌6元/瓶、5元/瓶；精品茅台跌幅相对温和，环比下降4 元/瓶。上涨产品中，青花汾20涨幅居前，环比上涨5元/瓶；古井贡古20与水晶剑南春涨幅较缓，均环 比上涨1元/瓶。 "酒价内参"的每日数据源自全国各大区均有合理分布的约200个采集点，包括但不限于酒企的指定经销 商、社会经销商、电商平台和零售网点等，原始取样数据为过去24个小 ...

每经编辑｜胡玲 王晓波 U中国汽车供应链出海高峰论坛暨羽 于1月16日举办 2 2026核聚变能科技与产业大会1月 举行 3 大连商品交易所: 焦煤期权自1月 号 4 星河动力"谷神星一号"海遥七运载 16日至18日择机发射 3 助力经济结构转型优化，央行出台8项政策举措 1月15日，国务院新闻办公室举行新闻发布会，中国人民银行有关负责人介绍，根据当前经济金融形势需要，人民银行将推出8项政策措施，进一步助力经济 结构转型优化。其中包括：下调各类结构性货币政策工具利率0.25个百分点；增加支农支小再贷款额度5000亿元，单设1万亿元民营企业再贷款；增加科技 创新和技术改造再贷款额度4000亿元并扩大支持范围；合并设立科技创新与民营企业债券风险分担工具；将商业用房购房贷款最低首付比例下调至30%等。 中国人民银行副行长邹澜表示，从今年看，降准降息还有一定空间。中国人民银行决定：自1月19日起，下调再贷款、再贴现利率0.25个百分点。 4 国家外汇局：继续有序发放QDII投资额度 1 隔夜市场 美股三大指数集体收涨，道指涨0.6%，标普500指数涨0.26%，纳指涨0.25%；芯片股在台积电亮眼财报推动下上涨，应用 ...

运营商财经网 周颖/文 陈华在会议上透露，i茅台的根本目的是"解决触达和效率，摸清真实消费边界"，数据显示， 53%vol500ml贵州茅台酒上线第9日，i茅台新增用户已超270万，成交用户已超40万。 陈华也提到，经销商体系是茅台发展不可或缺的重要力量，"改革过程中，被淘汰的不是经销商，而是 跟不上时代的经营方式"。但在酒价下跌，打款价、零售价下调，直销方式也来分一杯羹的情况下，不 知茅台集团会如何保障经销商的利益。 但截至目前，茅台集团仍未公布i茅台上1499元飞天茅台等产品的具体投放量。而自1499元的飞天茅台 自1月1日上午9时开售至今，依然遭到热抢，仍有多数消费者表示"抢不到"，也不知都是什么人买去 了。 而陈华还在会议上表示："i茅台的运行不会增加供给总量，而是打破原有封闭圈层，通过合理的投放节 奏，持续、稳定地让产品直接触达真实消费者，更有利于推动市场稳定。"这也意味着，在不增加供给 总量的前提下，在加大i茅台投放量的同时，分给经销商的就会有所减少。 在今年前三季度，茅台集团以自营和"i茅台"等数字营销平台为代表的直销模式实现收入555.55亿元，但 以社会经销商等渠道为代表的批发模式收入为72 ...

盈利预测与投资建议：我们预计公司2025-2026 年营业收入分别为72.43/76.30 亿元，同 比-20.7%/+5.3%，归母净利润分别为0.09/2.40 亿元，同比-96.3%/+2694.1%，维持"推荐"评级。 事件：12 月20 日，牛栏山战略新品36%vol 金标牛轻口味白酒在抖音官方旗舰店开启预售，售价78 元/ 瓶。1 月13 日，金标牛轻口味白酒新品发布会在北京正式举行，并官宣岳云鹏为品牌代言人。 风险提示：新品推广不及预期；宏观经济环境恢复不及预期；居民消费力水平不及预期等 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。外观方 面，其光瓶设计融合经典元素与现代美学，通过色彩与材质的创新，传递出视觉上的"轻"与新潮感。酒 体方面，产品依据"风味阈值理论"精准定位于36%vol 的黄金酒精度，并借助菌群培优、低温慢酿、纳 米净化与黄金配比四大工艺突破，在显著降低刺激感的同时，优化了入口的甜香与舒适度，体现了现代 食品科学对白酒研发的深度指导。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 ...

Core Viewpoint - The article discusses the current state of the stock market, focusing on the performance of various indices, particularly dividend indices, and the importance of patience in index fund investment strategies. Group 1: Market Performance - The overall market experienced slight declines, with the closing rating at 3.8 stars [1] - Large-cap stocks like the CSI 300 saw minor gains, while small-cap stocks faced more significant declines [2] - Recent days have shown a notable pullback in small-cap stocks after a period of substantial gains [3] - Value style indices showed little volatility, with cash flow indices experiencing slight increases [4][5] - Hong Kong stocks also faced declines, particularly in technology sectors, while dividend stocks remained stable [6][7] Group 2: Investment Strategies - The article highlights that undervalued stocks are becoming scarce as the market rises, although some dividend indices still have undervalued options [9][10] - The performance of indices like the CSI 500 low volatility has been strong since 2018, with an approximate 80% increase [16] - The article emphasizes the importance of patience in holding onto low volatility and dividend strategies, which can lead to passive valuation reductions through strategic rebalancing [25][26] - A structural bull market is noted, where not all indices rise or fall simultaneously, indicating the need for strategic investment choices [28][38] Group 3: Dividend Indices and Valuation - The article provides a valuation table for dividend indices, indicating various metrics such as earnings yield and price-to-earnings ratios [41] - The dividend index has seen rapid growth in scale over recent years, with many investors expressing interest and questions regarding these products [46][47] - A new book titled "Dividend Index Fund Investment Guide" has been released to assist investors in understanding dividend indices better [45][48]

中证报中证网讯(记者张凌之)1月15日，华银基金基金经理庞文杰在中国证券报"中证点金汇"直播间表 示，2025年市场结构性行情特征明显，而2026年伴随着PPI和CPI的温和回升，市场驱动力会从估值修复 转向盈利驱动，成长和价值都会有支撑，风格自然会更平衡。价值方向，首先关注的是大消费板块。目 前政策层面对于拉动内需提振消费的支持力度很大，而且经济复苏，资产价格上涨，会带来消费信心的 回升，对消费行业形成利好。消费的结构里更倾向于高端可选消费和服务消费，比如免税、餐饮、旅 游、白酒等。另外，在PPI回升叠加反内卷的大背景下，上游原材料也会迎来价格复苏。 ...

Core Viewpoint - A consumer purchased counterfeit "Tian Chao Shang Pin" liquor for 1344 yuan and successfully sued the supermarket for a refund and tenfold compensation, highlighting issues of food safety and consumer rights in the retail sector [1][5][7]. Group 1: Consumer Action - The consumer, Xu, discovered the liquor was counterfeit after purchasing it and used a verification app that indicated an error in the product's QR code [4]. - Xu filed a lawsuit against the supermarket, seeking a refund of 1344 yuan and tenfold compensation of 13440 yuan under the Food Safety Law [5][6]. Group 2: Court Rulings - The first-instance court ruled in favor of Xu, stating that the supermarket failed to verify the product's safety and must refund the purchase price and pay punitive damages [6][7]. - The supermarket appealed, arguing that Xu's bulk purchase indicated a "knowing purchase of counterfeit goods" and that they sourced the liquor from legitimate channels [7][9]. Group 3: Appeal Outcomes - The second-instance court upheld the original ruling, stating that Xu's claim was legitimate as he did not intend to resell the liquor and that the supermarket failed to prove the legality of their product sourcing [8][10]. - The court emphasized the supermarket's responsibility to ensure the safety and legality of the products they sell, reinforcing consumer protection laws [10].

Core Viewpoint - The white liquor market is experiencing unexpected price declines instead of the anticipated seasonal increase, driven by price adjustments of benchmark products like Feitian Moutai, leading to a widespread price reduction across various brands and price segments [1][13]. Price Trends - In major cities like Guangzhou, Shenzhen, Foshan, and Dongguan, the average retail prices of high-end white liquors have generally decreased, with many premium products, especially sauce-flavored liquors, seeing significant price drops [1][11]. - In Guangzhou, the average price of sauce-flavored liquors has fallen sharply, with products like Junpin Xijiu dropping from approximately 731 yuan to around 698 yuan [2][3]. - The average retail price of Feitian Moutai in Shenzhen is reported at 1734.21 yuan, with some channels offering it as low as 1699 yuan [5][6]. Market Dynamics - The price adjustments are attributed to high inventory pressures and a shift towards "price for volume" strategies among distributors, indicating a challenging market environment for the white liquor industry [1][13]. - The introduction of the "i Moutai" platform has intensified competition, causing price fluctuations across the market, particularly affecting products in the 1000 yuan price range [2][7]. Regional Insights - In Shenzhen, high-end products like the eighth-generation Wuliangye have seen a price drop of approximately 39 yuan, while Junpin Xijiu's price has decreased by 22 yuan [5][6]. - In Dongguan, 13 out of 16 comparable high-end liquors have experienced price declines, with the eighth-generation Wuliangye averaging 884.43 yuan, down 20.57 yuan [11][12]. Future Outlook - The current price reductions reflect a lack of market momentum and high inventory levels, with many distributors indicating that clearing stock remains a primary focus [1][13]. - As the Spring Festival approaches, the ability of white liquor prices to stabilize will be a key indicator of the industry's recovery trajectory, with companies demonstrating brand resilience and channel control likely to emerge stronger from this market adjustment [13].