- The report focuses on the analysis of the industries where Northbound funds have increased their holdings, particularly highlighting sectors such as power and new energy equipment, electronics, and metal materials and mining[1][5][13] - Northbound funds' total holdings in A-shares amounted to approximately 2.59 trillion yuan as of December 31, 2025, representing an increase of about 46 billion yuan compared to September 30, 2025[1][5][13] - Relative to the CSI 300 Index, Northbound funds were significantly overweight in the power and new energy equipment sector, with an allocation ratio of approximately 18.0%, compared to 8.6% in the CSI 300 Index, resulting in an overweight of about 9.5%[5][15] - The top five primary industries with the highest net inflows of Northbound funds in Q4 2025 were metal materials and mining, electronics, power and new energy equipment, telecommunications, and insurance[6][20] - The top five secondary industries with the highest net inflows of Northbound funds in Q4 2025 were new energy vehicle equipment, basic non-ferrous metals, communication equipment, precious metals, and components and devices[6][25]

来源：酒业内参 【点击进入酒价内参，查看真实酒价】 | 五粮液普五八代 | 800/瓶 | -570 | | --- | --- | --- | | 52度/500ml | | | | 青花汾20 | 374/瓶 | 持平 | | 53度/500ml | | | | 国窖1573 | 885/瓶 | 7元 | | 52度/500ml | | | | 洋河梦之蓝M6+ | 585/瓶 | 6元 | | 52度/550ml | | | | 古井贡古20 | 504/瓶 | 挂本 | | 52度/500ml | | | | 习酒君品 | 660/瓶 | 11元▲ | | 53度/500ml | | | | 青花郎 | 730/瓶 | 14元- | | 53度/500ml | | | | 水晶剑南春 | 389/瓶 | 1元- | | 52度/500ml | | | 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15日迎 来小幅回升。如果十大单品各取一瓶整体打包售卖，今日总售价为8941元，较昨日上涨16元。市场在短 期整理后向上修复，涨跌分化结构性波动，契合当前的行业调整态 ...

Group 1 - The market experienced a pullback on January 14, with the Shanghai Composite Index turning negative in the afternoon. The total trading volume in the Shanghai and Shenzhen markets reached 3.94 trillion yuan, an increase of 290.4 billion yuan compared to the previous trading day [1] - The China Securities Food and Beverage Index fell by 0.53%. Among its constituent stocks, Ziyan Food rose over 5%, Xin Nuo Wei increased by over 3%, and Lianhua Holdings and Yuegui Shares both rose nearly 3% [1] - The Tianhong Food and Beverage ETF (159736) had a trading volume of 46.8628 million yuan, showing an increase compared to the previous trading day, with a real-time premium rate of 0.13% [1] Group 2 - Guizhou Moutai announced a market-oriented operation plan for 2026, shifting its sales model from "self-sale + distribution" to a multi-dimensional marketing system including "self-sale + distribution + agency + consignment" to better meet consumer demand [1] - Jianghai Securities noted that Moutai's market reform will facilitate direct access to end consumers and compel distributors to transform. They indicated that the liquor industry is at a bottoming phase, with inventory pressure significantly alleviated [2] - Pacific Securities highlighted the importance of capitalizing on the pre-Spring Festival stocking trend, focusing on snacks and beverages, as some companies may see improvements in Q1 due to a relatively low base from the previous year [2]

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15日迎 来小幅回升。如果十大单品各取一瓶整体打包售卖，今日总售价为8941元，较昨日上涨16元。市场在短 期整理后向上修复，涨跌分化结构性波动，契合当前的行业调整态势。 今日市场分化结构明显，五涨三跌两平，但是核心单品价格回调。上涨产品方面，青花郎领涨，环比上 涨14元/瓶，其价格近期呈反复振荡状态；习酒君品紧随其后，环比上涨11元/瓶；国窖1573、洋河梦之 蓝M6+价格分别上涨7元/瓶、6元/瓶；水晶剑南春价格小幅走高，环比上涨1元/瓶。下跌产品中，飞天 茅台与精品茅台同步领跌，较昨日分别下降10元/瓶、8元/瓶，两款核心单品回调，主要与i茅台推出平 价2026年飞天以及精品茅台的定价锚作用开始渗透零售终端有关；五粮液普五八代价格环比降低5元/ 瓶。青花汾20与古井贡古20的价格与昨日持平。 "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个小时各点位经 ...

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15日迎来 小幅回升。如果十大单品各取一瓶整体打包售卖，今日总售价为8941元，较昨日上涨16元。市场在短期整 理后向上修复，涨跌分化结构性波动，契合当前的行业调整态势。今日市场分化结构明显，五涨三跌两 平，但是核心单品价格回调。上涨产品方面，青花郎领涨，环比上涨14元/瓶，其价格近期呈反复振荡状 态；习酒君品紧随其后，环比上涨11元/瓶；国窖1573、洋河梦之蓝M6+价格分别上涨7元/瓶、6元/瓶；水 晶剑南春价格小幅走高，环比上涨1元/瓶。下跌产品中，飞天茅台与精品茅台同步领跌，较昨日分别下降 10元/瓶、8元/瓶，两款核心单品回调，主要与i茅台推出平价2026年飞天以及精品茅台的定价锚作用开始渗 透零售终端有关；五粮液普五八代价格环比降低5元/瓶。青花汾20与古井贡古20的价格与昨日持平。 | S | 洋河梦之蓝M6+ 52度/550ml | 585/瓶 | 6元 | | --- | --- | --- | --- | | | 古井贡古20 52度/500ml | 504/瓶 | 学习 | | 2) | 习酒君品 5 ...

第 37 届郑州糖酒会定于 2026 年 4 月 23 - 25 日在郑州国际会展中心开启。它是中西部极具规模与实效的行业盛会，以 "精准招商?高效赋能" 为核心。届时 10000 + 经销商精准集结，还有一对一洽谈、行业趋势发布会等服务，助您 3 天锁定全年渠道 。 参展电讠舌【175-1313*01-18】（同.微） 1月13日，贵州茅台就董事会日前审议通过的《2026年贵州茅台市场化运营方案》正式对外发布公告，该方案从产品体系、运营模式、渠道布局以及价格机 制均做了相应调整。 而公告中最具突破性的部分，在于其打破了传统意义上的"出厂价"，对价格逻辑的根本性重塑。贵州茅台明确提出，将以市场为导向，构建"随行就市、态 势平稳"的自营体系零售价格动态调整机制。 《2026年市场化运营方案》的核心框架围绕四个维度展开：产品、运营、渠道与价格，共同构成茅台深化市场化转型的"四梁八柱"。 产品体系上，茅台明确回归"金字塔"结构。 此外，低度飞天茅台将瞄准年轻群体与特定消费场景，成为金字塔结构的重要支撑。 账/汇606I 杏耀 : 101 智家3 %/平6817 南2 账/工6SVZ : 402 线/元6102 南8 ...

Core Insights - Guizhou Moutai has released the "2026 Guizhou Moutai Liquor Market Operation Plan," which aims to restructure its product lineup into a "pyramid" model to better meet diverse consumer needs [1] Product Structure - The base of the pyramid will focus on the Feitian 53% vol 500ml Moutai, supported by other sizes like 1000ml and 100ml, enhancing both social and collectible consumption attributes [1] - The middle tier will include premium Moutai and zodiac Moutai, with an emphasis on developing premium Moutai into a flagship product and stimulating demand for zodiac Moutai as collectibles [1] - The top tier will consist of aged and cultural series Moutai, with a focus on market-driven demand while moderately reducing supply to maintain the value of ultra-high-end products [1] Operational Model - The operational model is transitioning from "self-sale + distribution" to a multi-faceted system including "self-sale + distribution + consignment + consignment" [2] - The self-sale model will utilize self-operated stores and the i Moutai platform, targeting both C-end and B-end consumers while eliminating the previous distribution model [2] - The distribution model will clearly define sales volume and designated sales areas, while the consignment model will rely on online and offline retail channels to enhance regional coverage [2] Pricing Mechanism - A dynamic pricing adjustment mechanism will be established based on market orientation, allowing for relative stability in retail prices within the self-operated system [3] - The pricing will be determined by calculating reasonable channel profit margins, with adjustments made based on operational costs and service capabilities [3] Financial Projections - The new plan breaks away from traditional pricing models, allowing for flexible pricing based on product, channel, and operational mode [4] - Revenue growth is projected at 5.38%, 5.16%, and 5.22% for 2025-2027, with net profit growth at 5.15%, 5.22%, and 5.29% respectively [4] - Earnings per share (EPS) are expected to be 72.41, 76.19, and 80.22 yuan, with price-to-earnings (PE) ratios of 19.3X, 18.4X, and 17.4X [4]

Core Viewpoint - Guizhou Moutai has adopted a new market-oriented operational plan for 2026, focusing on product differentiation and a multi-channel marketing system to better meet consumer demands [1]. Group 1: Product Strategy - The company will return to a "pyramid" product structure, clearly defining the positioning of each series to cater to diverse consumer needs [1]. Group 2: Operational Model - The operational model will shift from a traditional "self-sale + distribution" approach to a multi-faceted marketing system that includes "self-sale + distribution + agency + consignment" [1]. Group 3: Channel Strategy - A five-channel layout will be established, including wholesale, offline retail, online retail, catering, and private domain, integrating online and offline strategies to create a consumer-centric ecosystem [1]. Group 4: Pricing System - The pricing system will be market-oriented, implementing a dynamic adjustment mechanism for self-operated retail prices to maintain stability and responsiveness to market conditions [1]. Group 5: Financial Forecast - The company is expected to achieve revenues of 189.93 billion, 198.89 billion, and 208.66 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits of 91.82 billion, 96.02 billion, and 100.50 billion yuan [2]. - The projected price-to-earnings ratios (PE) for these years are 19.24, 18.40, and 17.58 times [2].

Core Viewpoint - *ST Rock (600696.SH) is facing imminent delisting due to a significant decline in financial performance, with projected revenue for 2025 expected to fall below 300 million yuan and at least one profit metric anticipated to be negative [4][6]. Financial Performance - The company reported a revenue of only 34.76 million yuan for the first three quarters of 2025, with a net loss of 112 million yuan attributed to shareholders [6]. - Revenue plummeted by 82.54% in 2024, down to 285 million yuan, with a net loss of 217 million yuan, marking a stark contrast to previous years when revenue surged from 600 million yuan to over 1.6 billion yuan between 2021 and 2023 [6]. - The core sauce-flavored liquor business saw a revenue decline of over 84% in 2024, with sales volume dropping by 78%, while the strong-flavored liquor segment experienced a nearly 65% revenue decrease and a 44% drop in sales volume [6]. Business Operations - The company’s distribution network collapsed, with the number of distributors decreasing from 3,693 in 2024 to only 772, severely impacting sales and brand reputation [6]. - The company has been embroiled in multiple lawsuits due to unpaid project funds, further complicating its operational stability [7]. Management and Governance - Since 2024, there has been significant turnover in the management team, including the departure of the general manager and other key executives, leading to instability [7]. - The actual controller, Han Xiao, was implicated in an illegal fundraising case, which has further destabilized the company’s leadership [7]. Market Reaction - Following the announcement of the financial outlook, the stock price hit the daily limit down for two consecutive trading days, closing at 2.89 yuan per share on January 14 [4]. - Despite the financial turmoil, the number of shareholders increased from approximately 23,800 at the beginning of the year to 46,000 by year-end, indicating speculative interest in potential recovery or shell value [10]. Legal Issues - The company lost a trademark dispute regarding the "Gui Jiu" brand, resulting in a court ruling that requires it to cease using the trademark and pay over 4.18 million yuan in damages [11]. - Ongoing legal disputes and regulatory penalties have further drained the company’s resources, complicating its financial recovery efforts [11]. Company History - *ST Rock has undergone multiple name changes and business focus shifts since its inception in 1993, reflecting a history of strategic pivots in response to market trends [12].

（来源：经济参考报） 近日，牛栏山酒厂"金标牛轻口味白酒"新品正式发布，作为一款酒精度36%vol低度纯粮浓香白酒，该产 品通过风味物质体系的科学调控，实现了低而不淡、入口绵柔、饮后轻松的品饮体验。业内人士指出， 牛栏山此次推出"金标牛轻口味白酒"，精准把握了消费新趋势，不仅展现了企业的市场敏锐度与创新能 力，也是酒企在新时代加快创新探索的生动实践。 在理性饮酒成为共识的今天，一场以"舒适体感"为核心的科学酿造与消费场景变革，正由大众消费市场 率先掀起波澜。"中国白酒产业正处在从规模扩张向品质与价值提升的关键转型期。消费市场的代际变 迁与需求细分，要求行业必须深化对'好酒'定义的探索。"中国酒业协会理事长宋书玉说。 牛栏山酒厂厂长宋克伟表示，白酒行业正面临一场广泛而深刻的结构性转型，消费主体在代际更迭中焕 新，年轻一代的消费者不仅追求更健康、更轻松的饮后体验，更渴望获得情感上的共鸣、文化上的认同 与精神上的愉悦。在此背景下，牛栏山推出"金标牛轻口味白酒"，不仅仅是一款新品，更是牛栏山基 于"民酒"定位，在新时代迈出的重要一步。 "金标牛"的"轻"，背后是一场基于风味科学、感官体验与酿造工艺的系统性革新。 新浪 ...