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]

Core Insights - The article discusses the investment strategies for the year 2026, focusing on opportunities identified by top fund companies and managers in the market [1][124]. Group 1: Market Sentiment Indicator - The "Congestion Degree" is a unique indicator developed by the company to reflect trading sentiment in popular sectors, combining four dimensions: volume, price, funds, and analyst forecasts [3][126]. - This indicator quantitatively tracks changes in market sentiment and has strong implications for short-term stock price movements [3][126]. Group 2: TMT Sector Insights - The congestion levels for various TMT (Technology, Media, Telecommunications) segments are as follows: - Optical modules: congestion level is moderately low [10][131]. - Servers: congestion level is moderately high [8][133]. - Base stations: congestion level is moderate [10][135]. - Optical fiber and cables: congestion level is moderately high [10][136]. - IDC (Internet Data Center): congestion level is moderately high [10][136]. - Computer equipment: congestion level is high [10][139]. - Optical components: congestion level is high [10][140]. - RF components: congestion level is high [10][145]. - PCB (Printed Circuit Board): congestion level is moderate [10][146]. - IT services: congestion level is moderately high [10][147]. - Semiconductor materials: congestion level is high [10][157]. - Consumer electronics: congestion level is moderately low [10][172]. Group 3: Manufacturing Sector Insights - The congestion levels for various manufacturing segments are as follows: - Automotive parts: congestion level is high [10][181]. - Lithium batteries: congestion level is moderate [10][184]. - Wind power: congestion level is moderately low [10][187]. - Photovoltaic components: congestion level is high [10][197]. - Industrial robots: congestion level is high [10][199]. - Unmanned aerial vehicles: congestion level is high [10][200]. Group 4: Consumer and Pharmaceutical Sector Insights - The congestion levels for various consumer and pharmaceutical segments are as follows: - White goods: congestion level is low [10][207]. - Alcoholic beverages: congestion level is moderately low [10][209]. - Medical services: congestion level is moderately high [10][222]. Group 5: Financial and Real Estate Sector Insights - The congestion levels for various financial and real estate segments are as follows: - Real estate: congestion level is moderate [10][225]. - Insurance: congestion level is high [10][225]. - Banking: congestion level is low [10][226].

Core Viewpoint - Guizhou Moutai has officially released its 2026 market-oriented operation plan, focusing on product system, operation model, channel layout, and pricing mechanism to enhance market adaptability and pricing flexibility [1][6]. Pricing Mechanism - The company will establish a dynamic pricing adjustment mechanism for its self-operated retail prices, which will be market-oriented and executed in its iMoutai app and self-operated stores [1][6]. - The retail prices announced are consistent with the current market transaction prices, indicating a commitment to transparency and market alignment [1][6]. Channel Profitability - Guizhou Moutai will base its pricing on self-operated retail prices to scientifically calculate channel profit margins, determining dealer contract prices, agency fees, and consignment commissions [3][8]. - The new pricing system breaks away from the traditional "factory price" model, creating a "multi-price coexistence" dynamic pricing system that considers product characteristics, channels, and operation models [3][8]. Sales Model - Current sales practices involve a "pick-up" method where consumers order products through iMoutai and collect them from nearby specialty stores, which earn a commission from the manufacturer [4][9]. - This model aims to stabilize product pricing and create a win-win situation for manufacturers, dealers, and consumers by reducing price volatility [4][9].

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 人民财讯1月13日电，贵州茅台(600519)1月13日公告，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。 ...

格隆汇1月13日｜贵州茅台公告，2026年1月13日，第四届董事会2026年度第一次会议以通讯表决方式召 开。会议同意《2026年贵州茅台酒市场化运营方案》。方案提到，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。根据"五大渠道"布局，建立以市场需求为驱动 的动态评估考核机制，持续优胜劣汰，调整优化区域渠道布局，推动市场投放精准化、科学化，保持市 场稳定。 ...

人民财讯1月13日电，贵州茅台(600519)1月13日公告，董事会审议同意《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。 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 转自：证券时报 ...

1月13日，"今日酒价"显示，该款产品的批发指导价为3880元/瓶。 值得注意的是，陈年贵州茅台酒(15)的市场价格曾出现过阶段性倒挂现象。"今日酒价"显示，当日该款 产品的批发指导价为3880元/瓶。而此前受市场供需变化、行业调整等多重因素影响，该产品曾出现官 方指导价高于市场实际成交价的情况，此次价格回调后形成的套利空间，也吸引了部分投机者的参与。 有业内人士分析，茅台通过i茅台平台直销高端产品，一方面是为了优化渠道结构，让利于消费者；另 一方面也意在通过官方定价引导市场价格回归理性，但短期内稀缺性带来的价差仍难以避免投机行为的 出现。 业内专家指出，陈年茅台产品的热销与价差现象，本质上反映了高端白酒市场供需失衡的现状。随着消 费升级趋势的持续，高端白酒的稀缺性价值进一步凸显，而茅台作为行业龙头，其产品的市场价格波动 始终牵动着行业神经。对于消费者而言，通过官方渠道抢购虽然存在一定机会，但需理性看待价差收 益，避免盲目参与投机炒作；对于收藏者来说，应更关注产品的长期收藏价值与品质稳定性，而非短期 价格波动。 1月13日，海报新闻记者走访线下白酒经销商及多个线上交易平台发现，目前，该款陈年茅台的市场零 售价 ...

Core Viewpoint - The article emphasizes the cultural significance of the "Gu Jing Gong Jiu · Nian San Shi [He]" as a traditional Chinese New Year wine that embodies the spirit of reunion and celebration, highlighting its unique craftsmanship and symbolic design [1][3][4]. Group 1: Product Description - The bottle design of "Gu Jing Gong Jiu · Nian San Shi [He]" features a lantern shape symbolizing family reunion, with elements of traditional Chinese aesthetics and auspicious motifs like lanterns and firecrackers [3][4]. - The wine is characterized by its unique "Ancient Fragrance" style, developed through decades of experimentation, offering a rich aroma and a smooth, harmonious taste that reflects the essence of the New Year [4][5]. Group 2: Production Process - The production process involves traditional techniques such as "mud and stone cellars" for fermentation, allowing the wine to develop a rich flavor over a period of more than 120 days [5]. - The use of "three types of mash" in the brewing process contributes to the distinctive roasted wheat aroma, showcasing the brand's commitment to quality and craftsmanship [5]. Group 3: Market Positioning - The wine is positioned as an affordable yet high-quality option for consumers, with a price point just above 200, making it accessible for family gatherings and gifting [5]. - The product has seen significant market interest, with over 10,000 bottles sold on the Douyin platform within four days of its pre-sale launch [5]. Group 4: Cultural Significance - The wine serves as a medium for expressing familial bonds and cultural traditions during the New Year celebrations, enhancing the festive atmosphere and symbolizing good wishes for the coming year [6][8]. - It is portrayed as an essential part of the reunion dinner, embodying the warmth and joy of family gatherings during the holiday season [6][8].

贵州茅台公告称，公司第四届董事会2026年度第一次会议通过《2026年贵州茅台酒市场化运营方案》。 方案包括：产品体系回归"金字塔"型结构，满足不同消费需求；运营模式从"自售+经销"转为"自售+经 销+代售+寄售"；渠道布局构建"五大渠道"并行；价格机制构建自营体系零售价格动态调整机制，明确 各产品自营零售价，并据此测算渠道利润率、销售合同价和佣金。 ...

Core Viewpoint - Guizhou Moutai announced the approval of the 2026 market-oriented operation plan for Moutai liquor, focusing on a dynamic pricing adjustment mechanism based on market conditions [1] Group 1: Company Strategy - The board meeting held on January 13, 2026, approved the market-oriented operation plan for the year [1] - The plan aims to establish a self-operated retail price adjustment mechanism that is "market-oriented and relatively stable" [1] - The pricing strategy will be based on self-operated retail prices, with a scientific calculation of channel profit margins to determine sales contract prices and commissions [1]