2026.01.15 本文字数：1046，阅读时长大约2分钟 作者 |第一财经 栾立 据官方公布的信息，1月15日当天起，2026年每月9日、19日、29日上午9点，i茅台平台正式开售飞天 53%vol 500ml贵州茅台酒（2019-2024年）共六款产品。这六个年份的飞天茅台零售价介于1909元/瓶至 2649元/瓶之间。今日上线后，次新茅台也悉数秒空，不过在业内看来，茅台上线次新茅台或并不单纯 为卖酒。 此前，1月1日i茅台已上线定价1499元/瓶的飞天茅台，同时公布了2019年至2024年的次新茅台价格，但 未开放购买。从定价看，次新茅台的价格高于当前市场零售价。以某知名连锁酒商报价为例，2019年原 箱茅台为13200元/6瓶，约合2200元/瓶，而i茅台上同款产品定价为2649元/瓶。 业界认为，酒的价格是由市场需求决定，在采取一系列市场化改革措施，打击传统黄牛囤货炒作模式 后，茅台的价格体系能否稳住，还有待进一步观察。 微信编辑| 七三 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。专 用邮箱：bianjibu@yicai.com （注：我们会对线索进行 ...

吃喝板块今日（1月15日）继续回调，反映吃喝板块整体走势的食品饮料ETF华宝（515710）开盘短暂拉升后跳水翻绿，截至发稿，场内价格跌0.34%。 成份股方面，白酒跌幅居前。截至发稿，水井坊跌超2%，酒鬼酒、古井贡酒、山西汾酒、泸州老窖等多股跌超1%，拖累板块走势。 | | | 分时 多日 1分 5分 15分 30分 60分 日 周 | | 月 = | | | | F9 盘前盘后 叠加 九转 画线 工具 谷 | 2 | 食品饮料 印度 (0) | | 51571 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.59 | | | | 515710[食品饮料ETF华宝] 10:53 价 0.587 涨跌 -0.002(-0.34%) 均价 0.589 | | | | 成交量 24 IOPV | 0.5866 | 0.587 | | -0.002 -0.34 | | | | | | | | | | | | SSE CNY 10:53:57 交易中 | | 通 产品 @ | | 0.591 | ...

2026年1月，交银施罗德的韩威俊即将迎来担任基金经理的十年关口，但近年来围绕这位"老将"的舆论不再是"爆发"或者"进攻"，而是"躺平"：不追热点、 换手率低、重仓股高度稳定并且产品之间持仓趋同。 这带来的结果是，虽然2025年股市呈现"硬科技+创新药"双主线行情，带动权益类基金大面积飘红，超2000只权益类基金净值创历史新高，但韩威俊管理的 六只产品在2025年全部录得负收益，其代表性产品交银内需增长一年持有期混合基金已连续五年亏损。截至2025年底，韩威俊管理的6只基金合计规模仅剩 48.71亿元，相较于巅峰期近200亿元的规模，三年内缩水了75%以上。 | | 韩威俊现任基金业绩与排名详情 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 基金代码 | 基金名称 | 基金类型 | 近三月 | 同类排名 | 近六月 | 同类 | | 013882 | 交银品质升级混合C | 混合型-偏股 | -1.81% | 4470 4878 | 0.80% | 4502 - | | 012583 | 交银品质增长一年混合C | 混合型-偏股 | -4. ...

据官方公布的信息，1月15日当天起，2026年每月9日、19日、29日上午9点，i茅台平台正式开售飞天 53%vol 500ml贵州茅台酒（2019-2024年）共六款产品。这六个年份的飞天茅台零售价介于1909元/瓶至 2649元/瓶之间。今日上线后，次新茅台也悉数秒空，不过在业内看来，茅台上线次新茅台或并不单纯 为卖酒。 记者注意到，过去很长一段时间中，茅台酒出厂价与终端零售价存在巨大的价差，也带来了渠道暴利、 囤货炒作等诸多问题，但决定市场价格的并非茅台本身，而是众多的市场炒家。茅台采取市场化运营方 案，包括利用i茅台平台投放产品进行直销化改革，也意在压缩黄牛的套利空间，重新定义游戏规则。 此前，1月1日i茅台已上线定价1499元/瓶的飞天茅台，同时公布了2019年至2024年的次新茅台价格，但 未开放购买。从定价看，次新茅台的价格高于当前市场零售价。以某知名连锁酒商报价为例，2019年原 箱茅台为13200元/6瓶，约合2200元/瓶，而i茅台上同款产品定价为2649元/瓶。 记者看到，当日上线后6款次新茅台悉数"秒空"，显示已售罄。有酒商告诉记者，次新茅台并不如当年 茅台和老茅台有市场，日常生意中找 ...

Core Viewpoint - The article discusses the launch of new products by Guizhou Moutai on the iMoutai platform, highlighting the strategic move to regain market pricing power and redefine the financial attributes of Moutai liquor [3][4]. Group 1: Product Launch and Pricing - Starting January 15, 2026, iMoutai will sell six new products of Feitian Moutai (53% vol, 500ml) from 2019 to 2024, with prices ranging from 1909 yuan to 2649 yuan per bottle [3]. - The initial launch on January 1, 2026, featured a price of 1499 yuan per bottle for Feitian Moutai, but the products were not available for purchase at that time [3]. - The pricing of new Moutai products is higher than current market prices, with a notable example being the 2019 original box Moutai priced at approximately 2200 yuan per bottle in retail, compared to the iMoutai price of 2649 yuan [3]. Group 2: Market Strategy and Implications - Industry experts believe that Moutai's move aims to establish a pricing benchmark and reclaim the "financial management rights" of Moutai liquor from scalpers, utilizing digital platforms for this purpose [4]. - The launch of new Moutai products is intended to communicate the collectible nature of Moutai liquor, reinforcing the perception that "the older the wine, the more valuable it becomes" [4]. - Moutai's market strategy includes a return to a "pyramid" structure in its product lineup, focusing on social consumption for current year products and collectible attributes for older products [5]. Group 3: Market Dynamics and Future Outlook - The article notes a significant price gap between Moutai's factory price and retail price, leading to issues such as channel profiteering and speculation, with market prices being influenced more by speculators than by Moutai itself [5]. - Moutai's market-oriented operational plan aims to reduce the profit margins of scalpers and redefine market rules through direct sales on the iMoutai platform [5]. - The effectiveness of Moutai's pricing system in stabilizing prices after implementing market reforms remains to be observed [5].

今天分享的是：国盛证券-2026食饮行业年度策略：消费者大时代 报告共计：61页 2026年食饮行业年度策略总结 2025年食饮行业呈现总量企稳、价格承压、结构分化的特征，2026年有望迎来多维度改善，各细分赛道机遇与变革并存。 2025年，食品饮料（中信）板块累计下跌4%，相对沪深300跑输20%。白酒板块承压显著，全年下跌7%，而大众品内部分化明显，保健品、速冻食品、饮料 板块分别上涨18%、15%、12%，乳制品受益原奶周期修复上涨7%。消费总量上，社会零售总额温和增长，1-11月同比增长4.0%，服务消费增速快于商品消 费。消费量逐步企稳，巴比食品同店收入等指标持续改善，食品CPI在11月同比回正，结束此前负区间运行。结构上，高端消费先行复苏，重奢商场销售额 回升，高端旅游等体验消费回暖；产品端健康化趋势明确，大单品生命周期缩短，渠道端线下迭代与线上延伸并行，折扣零售、品质零售、即时零售共同发 展。 白酒行业已现动销、价盘、报表三重底部，2025年供给出清持续推进，龙头企业带头控量稳价，2026年酒企目标理性，聚焦动销与份额。需求端冰点已过， 开瓶量环比改善，春节动销有望延续修复态势，大众价位刚需凸显 ...

业内认为，茅台此次举措依然是进一步掌握市场定价权，通过次新茅台的官方定价树立价值标杆，从而 逐步将茅台酒的"金融属性管理权"从黄牛手中收回，改由品牌通过数字化平台重新定义。 白酒独立评论员肖竹青表示，次新茅台上线旨在向公众传递茅台酒的收藏属性，强化"酒越陈越香、越 老越贵"的认知，进一步普及和放大其收藏价值。预计次新茅台的投放量有限，贵州茅台的主要目的是 推动老酒市场化定价，引导价格预期，树立老酒的心理价位标杆。 记者注意到，过去很长一段时间中，茅台酒出厂价与终端零售价存在巨大的价差，也带来了渠道暴利、 囤货炒作等诸多问题，但决定市场价格的并非茅台本身，而是众多的市场炒家。茅台采取市场化运营方 案，包括利用i茅台平台投放产品进行直销化改革，也意在压缩黄牛的套利空间，重新定义游戏规则。 根据《2026年贵州茅台酒市场化运营方案》，茅台在产品体系上明确回归"金字塔"结构：塔基以飞天茅 台为核心，同时强化当年酒的社交消费属性与往年酒的收藏属性，逐步建立消费端的价值认同。价格机 制上，则将遵循市场导向，构建"随行就市、相对平稳"的自营零售价格动态调整体系。 业界认为，酒的价格是由市场需求决定，在采取一系列市场化改革措 ...

Core Viewpoint - Yanghe Co., Ltd. emphasizes its commitment to consumer-oriented strategies, leveraging scale and technological advantages to continuously upgrade and enhance product quality [1] Group 1 - The company will maintain a consumer-oriented approach in its operations [1] - Yanghe Co., Ltd. aims to utilize its scale advantages to improve product offerings [1] - The company is focused on enhancing product quality through technological advancements [1]

Core Viewpoint - The food and beverage sector continues to experience a pullback, with the Huabao Food and Beverage ETF (515710) showing a decline of 0.34% as of the latest update, primarily driven by significant drops in the liquor segment [1][8]. Group 1: Market Performance - The Huabao Food and Beverage ETF opened with a brief rise before turning negative, reflecting a broader downturn in the food and beverage sector [1][8]. - Key stocks in the liquor category, such as Shui Jing Fang and Jiu Gui Jiu, have seen declines exceeding 2%, contributing to the overall negative performance of the sector [1][8]. Group 2: Product Launches - Starting January 15, multiple products from Guizhou Moutai will be available for purchase on the iMoutai app, including various versions of Moutai liquor [3][10]. - Specific products include the 53% vol 500ml Moutai liquor, which will be released on the 15th and subsequently on the 9th, 19th, and 29th of each month [10]. Group 3: Valuation Insights - The food and beverage sector is currently at a historical low in terms of valuation, with the price-to-earnings ratio of the underlying index for the Huabao ETF at 20.07, placing it in the 5.68% percentile of the last decade [3][10]. - This low valuation suggests a potential opportunity for left-side positioning in the sector [3][10]. Group 4: Future Outlook - Analysts from CITIC Securities indicate that the liquor industry may be approaching a turning point, with expectations of a recovery coinciding with the upcoming Spring Festival [4][11]. - The market is expected to stabilize as inventory levels decrease and pricing policies are implemented by liquor companies [4][11]. Group 5: Investment Strategy - The Huabao Food and Beverage ETF is recommended for investors looking to gain exposure to core assets in the food and beverage sector, with approximately 60% of its portfolio allocated to leading high-end and mid-range liquor stocks [12]. - The ETF also includes significant positions in beverage, dairy, and seasoning sectors, with top holdings featuring major brands like Moutai and Yili [12].

Core Viewpoint - The announcement of the 2026 market-oriented operation plan by Kweichow Moutai marks a significant strategic transformation towards a consumer-centric and market-driven approach, aiming to enhance sustainable growth in a new industry cycle [1][9]. Group 1: Market-Oriented Strategy - Kweichow Moutai is shifting from traditional channel planning to a market-oriented mindset, focusing on consumer needs and market demand [1]. - The new pricing mechanism emphasizes a dynamic adjustment system that aligns retail prices with market conditions, reflecting a respect for market dynamics [2][5]. - The introduction of 15 Moutai products with prices aligned to current market rates signifies a departure from previous fixed pricing strategies [2]. Group 2: Impact on Distributors - The new pricing strategy allows for a clear and reasonable profit margin for compliant distributors, ensuring a stable market operation space [3]. - Moutai's approach includes a focus on core products and a consignment model for certain items, which helps maintain a balance between online and offline sales [3][7]. Group 3: Consumer Benefits - The "market-following" pricing strategy eliminates the long-standing dual pricing system, allowing consumers to purchase products at more transparent and reasonable prices [5]. - This transformation enhances consumer experience by providing access to products without the influence of speculative pricing [5][6]. Group 4: Long-term Vision - The market-oriented transformation is a response to the broader economic shift towards high-quality development, reflecting changing consumer preferences for rational and quality-driven consumption [6][9]. - Kweichow Moutai is adopting a flexible strategy that allows for adjustments across various product lines and channels, fostering a consumer-centric ecosystem [7][9]. - The company aims to transition from a scale expansion model to one focused on quality enhancement and ecosystem building, creating greater value for the industry and consumers [9].