智通财经APP讯，贵州茅台(600519.SH)发布公告，公司董事会审议通过《2026年贵州茅台酒市场化运 营方案》，其中提出，公司运营模式将由"自售+经销"的传统销售模式向"自售+经销+代售+寄售"多维 协同的营销体系转变，以更好适配、触达、转化消费需求。将构建批发、线下零售、线上零售、餐饮、 私域"五大渠道"并行的渠道布局，通过"线上+线下"融合转型，线上管效率、管触达，线下管转化、管 服务，形成以消费者为中心的良性渠道生态体系。将以市场为导向，构建"随行就市、相对平稳"的自营 体系零售价格动态调整机制。 ...

Core Viewpoint - The article discusses the strategic shift in the Chinese liquor market, particularly focusing on the launch of Gujinggongjiu's "Nian San Shi" as a national-level "New Year liquor" aimed at the mass market, moving from high-end collectibles to more accessible products [2][11]. Group 1: Product Launch and Market Positioning - Gujinggongjiu has introduced the "Nian San Shi" priced at 220 yuan, marking a significant step in its strategy to popularize "Chinese New Year culture" [2][11]. - The product is designed for the core consumption scenarios of family reunions and gift-giving during the Spring Festival, targeting the general public [4][9]. Group 2: Cultural and Emotional Resonance - The design of the bottle incorporates traditional elements such as lanterns and auspicious symbols, emphasizing the cultural significance of family unity during the New Year [4][12]. - The product embodies the "He" culture, aligning with traditional values of harmony and family prosperity, thus enhancing its emotional appeal [4][12]. Group 3: Quality and Production Techniques - The "Nian San Shi" is supported by Gujinggongjiu's unique "Ancient Fragrance" brewing technique, which ensures a high quality-to-price ratio [7][8]. - The brewing process involves a meticulous fermentation method that enhances the flavor profile, making it accessible to a broader audience [7][8]. Group 4: Consumer Insights and Market Trends - The product targets consumers aged 25-55, addressing both practical and emotional needs during the Spring Festival, thus balancing utility and sentiment [9][11]. - The launch has seen significant initial success, with over 10,000 bottles sold on Douyin within four days of its pre-sale [9][11].

Core Insights - The Chinese sauce liquor industry has transitioned from a phase driven by category dividends to a mature stage driven by quality and brand, with a competitive landscape characterized by "stability at the top, breakthroughs in the middle, and elimination at the bottom" as it approaches 2026 [2][32] - The long-term development logic of the sauce liquor industry remains unchanged, but the regional competition landscape and industrial ecology will undergo significant restructuring [2][32] Industry Characteristics - The core competitiveness of the sauce liquor industry stems from its unique brewing process and category attributes, which create high costs, long cycles, and strong barriers to entry, ensuring robust long-term development [3][6] - The industry has shown strong resilience against short-term market fluctuations and price adjustments, maintaining a solid fundamental performance [3] Capital Investment and Resource Constraints - Major players like China Resources, Fosun, and COFCO have invested approximately 20 billion yuan in the sauce liquor sector from 2018 to 2023, primarily in high-quality enterprises in the core production area of Moutai Town [5] - The core production area of the sauce liquor industry, the Chishui River Valley, is limited in land resources, with top enterprises occupying over 80% of the core area resources [5][6] Long-term Strategy and Innovation - Sauce liquor enterprises must adhere to long-termism, focusing on core advantages and building differentiated competitiveness to seize opportunities during industry transformations [4][32] - The industry is moving towards a model of integrated cooperation between manufacturers and distributors, emphasizing sustainable practices over short-term price subsidies [4][32] Pricing and Market Dynamics - The pricing structure of the sauce liquor industry is becoming more rational, with the main consumption focus shifting to the 100-300 yuan mid-range price segment, which is expected to dominate the market further in 2026 [12][14] - The high-end market above 600 yuan is limited, with Moutai dominating this segment, accounting for 90% of the market share [15][32] Regional Focus and Differentiation - The industry is shifting from a national expansion model to a focus on core regional markets, with three major core markets (Guizhou, Henan, Shandong) accounting for 45% of total sales [18][19] - There is a growing trend towards diversified production areas, with northern sauce liquor brands emerging as significant players, creating new growth opportunities [21][22] Organizational and Consumer Engagement - Companies need to build professional teams that align with the long-term development of the sauce liquor industry, emphasizing specialized skills in brewing, marketing, and operations [30][31] - Enhancing consumer engagement through localized marketing strategies and educational initiatives is crucial for building brand loyalty and market demand [31][32]

Core Viewpoint - Guizhou Moutai has announced a market-oriented operation plan for 2026 to adapt to market and consumer trends, focusing on a consumer-centric and demand-driven marketing system [1] Group 1: Product System - The product structure will return to a "pyramid" model to better meet diverse consumer needs, with the base consisting of the Feitian 53% vol 500ml Moutai as the main product, supported by other specifications [2] - The "waist" products will include premium Moutai and zodiac Moutai, aiming to enhance the premium Moutai as a major product and stimulate the collection demand for zodiac Moutai [2] - The "tip" products will focus on aged and cultural series Moutai, with a strategy to moderately reduce offerings to maintain and enhance the value of ultra-high-end products [2] Group 2: Operation Model - The sales model will shift from a traditional "self-sale + distribution" approach to a multi-dimensional collaborative marketing system that includes "self-sale + distribution + consignment + consignment" to better adapt to consumer demand [2] Group 3: Channel Layout - A five-channel layout will be established, including wholesale, offline retail, online retail, dining, and private domain, integrating online and offline strategies to create a consumer-centric channel ecosystem [2] Group 4: Pricing Mechanism - A market-oriented pricing mechanism will be established, allowing for dynamic adjustments to retail prices based on market conditions, with current retail prices for various Moutai products listed [3][4] - The retail price for Feitian 53% vol 500ml Moutai for 2026 is set at 1499 yuan per bottle, with previous years' prices decreasing progressively from 2649 yuan in 2019 to 2019 yuan in 2023 [3]

Core Viewpoint - Guizhou Moutai has announced a market-oriented transformation plan for its marketing system to better align with market and consumer trends, focusing on a consumer-centric approach and market demand-driven strategies [1] Group 1: Product System - The plan includes a comprehensive product system that aims to enhance the overall marketing strategy [1] Group 2: Operational Model - The operational model is shifting from a traditional "self-sale + distribution" model to a multi-dimensional collaborative marketing system that includes "self-sale + distribution + consignment + consignment" to better meet consumer needs [1] - The self-sale model will focus on direct sales through self-operated stores and the iMoutai platform, targeting both C-end and B-end consumer groups, while eliminating the previous distribution model [1] - The distribution model will clarify sales volume, designated sales areas or channels, and transfer ownership to distributors, while the consignment model will not transfer ownership and will leverage online retail, offline retail, dining, and private domain channels to enhance regional coverage and channel reach [1] Group 3: Pricing Mechanism - The pricing mechanism will be market-oriented, establishing a dynamic adjustment mechanism for retail prices in the self-operated system that is "in line with the market and relatively stable" [1] - The current retail prices in the self-operated system are already being implemented on the iMoutai platform and in self-operated stores [1]

Core Viewpoint - Guizhou Moutai has announced a market-oriented operation plan for 2026 to adapt to market and consumer trends, focusing on a consumer-centric and demand-driven marketing system [1] Group 1: Product System - The product structure will return to a "pyramid" model to better meet diverse consumer needs, with the base products centered around the Flying Moutai 53% vol 500ml as the main offering [2] - "Tower waist" products will include premium Moutai and zodiac Moutai, aiming to enhance the appeal of premium Moutai as a major product and stimulate demand for zodiac Moutai as collectibles [2] - "Tower top" products will focus on aged and cultural series Moutai, with a strategy to moderately reduce offerings to maintain and enhance the value of ultra-high-end products [2] Group 2: Operation Model - The sales model will shift from a traditional "self-sale + distribution" approach to a multi-dimensional collaborative marketing system that includes "self-sale + distribution + consignment + consignment" to better meet consumer demand [2] Group 3: Channel Layout - A five-channel layout will be established, including wholesale, offline retail, online retail, dining, and private domain, integrating online and offline strategies to create a consumer-centric ecosystem [2] Group 4: Pricing Mechanism - A market-oriented pricing mechanism will be implemented, allowing for dynamic adjustments to retail prices based on market conditions, with the current retail price for Flying Moutai 53% vol 500ml set at 1499 yuan per bottle for 2026 [3][4] - Historical prices for the same product from previous years show a downward trend, with prices ranging from 2649 yuan in 2019 to 2019 yuan in 2023 [4][5] - The pricing strategy will also consider channel profit margins and operational costs to determine sales contract prices and commissions for different sales models [5]

以下是第一财经对一些重要公告的汇总，供投资者参考。 【品大事】 贵州茅台：构建"随行就市、相对平稳"的自营体系零售价格动态调整机制 贵州茅台发布第四届董事会2026年度第一次会议决议公告称，为更好顺应市场和消费变化趋势，切实推进以消费者为中心、以市场需求为驱动的营销体系市 场化转型，会议同意《2026年贵州茅台酒市场化运营方案》。方案主要内容如下：一是产品体系。二是运营模式。三是渠道布局。四是价格机制。以市场为 导向，构建"随行就市、相对平稳"的自营体系零售价格动态调整机制。当前自营体系零售价已在i茅台和自营店执行。 通宇通讯：公司股票交易存在市场情绪过热及非理性炒作情形 通宇通讯公告称，公司股票自2025年11月27日以来累计上涨256.08%，显著高于同期行业及深证成指涨幅。公司基本面未发生重大变化，存在股价短期快速 回落风险。公司最新市净率、静态市盈率显著高于行业平均水平。2025年前三季度，公司实现营业收入8.15亿元，同比下降3.34%；实现归属于上市公司股 东的净利润2,527.46万元，同比下降50.91%。公司确认不存在应披露而未披露的重大事项。 通达海：AI驱动的相关收入占公司整体营收比重较 ...

截至2025年三季度，顺义区旅游接待1190万人次，旅游收入132.1亿元，同比增长4.4%和10.3%。 顺义区是制造业大区，有很多大家耳熟能详的工业品牌，2025年，顺义区已经成功将牛栏山二锅头酒文 化苑、"爱慕"时尚工厂以及北汽越野智能工厂，这三个点作为北京市工业旅游示范项目。今年，顺义区 将在工业旅游项目上发力，深化"文旅+工业"，开发兼具观光与互动的工业时尚旅游项目。 此外，依托新国展展会资源，聚焦"会、展、食、宿、娱、游、购"全链条服务，顺义区将紧抓车展等热 门大展，升级推出"会展票根"多元化叠加举措，联动周边景点、酒店、旅游新业态等，推出"观展+游 玩"套餐，进一步提升游客消费体验，实现会展人流向文旅消费高效转化，利用会展经济与文旅的双向 赋能。 顺义区委宣传部分管日常工作的副部长、区文化和旅游局党组书记、局长卢海珀透露，2026年，顺义区 还将拓展公共文化空间，持续打造一批"类博物馆"、演艺新空间、"城市会客厅"等新型公共文化场所， 同时营造多元开放创作环境，计划全年引进精品演出不少于45场，开展群众文化活动3000场以上，带动 优质资源集聚荟萃。 新京报讯(记者耿子叶)1月13日，记者从顺义 ...

Core Viewpoint - Guizhou Moutai is implementing a market-oriented transformation of its marketing system, focusing on consumer needs and market demand through a dynamic pricing adjustment mechanism for its self-operated retail system [1] Group 1: Product and Operational Strategy - The company has approved the "2026 Guizhou Moutai Market-Oriented Operation Plan" during its board meeting, which includes aspects such as product system, operational model, channel layout, and pricing mechanism [1] - The operational model will be guided by market conditions, aiming to create a self-operated retail pricing mechanism that is "responsive to market changes and relatively stable" [1] Group 2: Pricing Mechanism - The current retail prices in the self-operated system are already being implemented in the iMoutai platform and self-operated stores [1]

Core Viewpoint - Guizhou Moutai is undergoing a marketing transformation to better align with market and consumer trends, focusing on a consumer-centric and demand-driven marketing system for its 2026 operational plan [1] Group 1: Product System - The operational model is shifting from a traditional "self-sale + distribution" approach to a multi-dimensional collaborative marketing system that includes "self-sale + distribution + consignment + consignment" to better meet consumer needs [1] Group 2: Operational Model - The self-sale model will focus on direct sales through self-operated stores and the iMoutai platform, targeting both C-end and B-end consumer groups while eliminating the previous distribution model [1] - The distribution model will involve clear sales volume agreements, designated sales areas or channels, and transfer of ownership to distributors [1] - The consignment model will not transfer ownership and will leverage online retail, offline retail, dining, and private domain channels to enhance regional coverage and channel reach [1] Group 3: Pricing Mechanism - The pricing mechanism will be market-oriented, establishing a dynamic adjustment mechanism for retail prices in the self-operated system that is "in line with the market and relatively stable" [1] - Current retail prices in the self-operated system are already being implemented on the iMoutai platform and self-operated stores [1]