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]

Group 1 - The liquor sector experienced a decline of 0.9% on January 13, with *ST Rock leading the drop [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] - Major liquor stocks showed mixed performance, with Wuliangye down 0.51% to 108.00 and Moutai down 0.86% to 1411.00 [1] Group 2 - The liquor sector saw a net outflow of 8.17 billion yuan from institutional investors, while retail investors contributed a net inflow of 3.19 billion yuan [2] - The top stocks by net inflow included Wuliangye with a net inflow of 46.20 million yuan from institutional investors, while *ST Rock had a net outflow of 38.73 million yuan [3] - Retail investors showed a preference for stocks like Moutai and Gujing Gongjiu, with net inflows of 15.08 million yuan and 15.08 million yuan respectively [3]

Core Viewpoint - Moutai is planning to significantly reduce the ex-factory prices of several core products in 2026, aiming to alleviate pressure on distributors and stimulate sales of high-value products [1][5]. Price Adjustments - The contract price for aged Guizhou Moutai (15) is expected to drop from 5399 yuan per bottle in 2025 to 3409 yuan in 2026 [1]. - The ex-factory price for premium Moutai will be adjusted from 2969 yuan per bottle to 1859 yuan [1]. - The price for 43-degree Guizhou Moutai is set at 739 yuan per bottle, down from a planned price of 798 yuan in 2025 [1]. - The ex-factory price of the core product "Moutai 1935" will decrease from 798 yuan per bottle to 668 yuan [2]. Market Dynamics - The current retail prices on the "i Moutai" platform show premium Moutai at 2299 yuan per bottle, 43-degree Guizhou Moutai at 829 yuan, and Moutai 1935 at 738 yuan [3]. - The price adjustments are a response to previous issues of price inversion in distribution channels and the profitability pressures faced by distributors [4]. Distribution Strategy - Moutai has announced the cancellation of the distribution model, encouraging capable distributors to order products directly [4]. - The product lineup for 2026 will focus on core items, including premium and aged Moutai, which are positioned as key products in the company's product hierarchy [4]. Revenue and User Engagement - The ex-factory price is a critical variable affecting Moutai's revenue and distributor profits [6]. - Following the price adjustments, there is market interest in whether Moutai can balance performance through self-operated channels [7]. - The "i Moutai" platform has seen significant user engagement, with over 2.7 million new users and more than 400,000 transaction users within nine days of launching a new product [9]. - Even with conservative estimates, the revenue from this engagement has already exceeded 600 million yuan [10].

据知情人士透露，帝亚吉欧正与高盛集团和瑞银集团一起评估旗下业务，其中包括其在水井坊的逾63% 持股。他们还表示，这些顾问一直在试探本土战略买家和私募股权公司的初步意向。知情人士表示，目 前该公司处于考虑初步阶段，尚无最终决定，而且不保证帝亚吉欧会决定推进任何交易。帝亚吉欧、高 盛和瑞银的代表均拒绝置评。水井坊的一位代表表示，该公司尚未收到任何有关股权转让的消息。 ...

2025年，"遵义十大名酒""仁怀十大名酒"——酣客君丰扎根产区，聚焦产品创新，持续新物种打造，拓 展消费场景，推动品牌出圈，以"慢、静、沉、守"的姿态，夯实了品质根基，释放出澎湃的品牌发展势 能。 行业分析人士指出，酣客君丰在酒业周期波动中，展现出穿越周期的稳健性和持续高质量发展的稳定 性。 爆款新品上市，迎合消费潮流 在酒业三期叠加(政策调整、消费结构转型、存量竞争)深度调整之际，知名酒企的动向格外引人关注。 面对市场剧变和行业深度调整，酣客君丰紧随消费变化趋势，推出"迎时之作"，彰显出民营白酒企业的 灵活性与敏捷度。 2025年上半年，"禁酒令"将白酒行业逼至冰点，酒类消费需求剧变，婚庆寿宴和家庭独酌取代商务、政 务消费成为主要消费场景。酣客君丰敏锐捕捉这一消费趋势，顺时推出酣客禧酱新品。 酣客禧酱定位为"禧宴优选"，采用大曲酱香传统工艺，酒体微黄透明，酱香明显、入口醇和、回味悠 长，包装以禧运红为主色，流苏祥纹与夔龙雕花相映，瓶身浮雕蒙眼双人脸符号，融中式喜庆美学与品 牌"盲品"文化于一体，零售价亲民。 同时，酣客君丰精准把握商务消费追求质价比的特征，推出酣客·鎏金版新品，并将之定位为"超级主 品"。 ...

Core Viewpoint - The article discusses a significant shift in the marketing strategy of Kweichow Moutai, moving from a traditional dealer-centric model to a more direct company-led approach in market engagement and pricing control [5]. Group 1: Market Actions and Strategy Changes - Before December, Kweichow Moutai's actions were mainly conventional adjustments to adapt to a challenging consumption environment and high market supply, focusing on maintaining stability within the existing distribution and marketing framework [5]. - After December, the company initiated a major transformation in its marketing system due to ineffective previous adjustments, with a new strategy emphasizing direct involvement in market operations and shifting the role of distributors to service-oriented support [5]. Group 2: iMoutai App Developments - The iMoutai app will feature various series of Kweichow Moutai products, including classic, premium, and cultural series, set to launch in 2026 [6]. - Starting January 1, 2026, the purchase limit for the 500ml Kweichow Moutai will be 12 bottles per person per day, later adjusted to 6 bottles [7]. - The app will also introduce a new Zodiac Moutai edition with innovative packaging and pricing, alongside the regular offerings [7]. Group 3: Pricing and Supply Dynamics - The pricing strategy for Moutai products will follow market trends, with a focus on maintaining price stability and addressing supply issues through the iMoutai platform [8][9]. - The company plans to maintain a flexible supply strategy, with an estimated annual supply of 20,000 to 30,000 tons through the iMoutai app, indicating a responsive approach to market demand [12]. Group 4: Future Product Planning - Over the next five years, Kweichow Moutai aims to focus on developing premium products as a key growth driver, while the traditional Moutai will be positioned to attract a broader consumer base through price adjustments [14]. - The company will not completely eliminate distributors but will redefine their roles to enhance customer service and support [13].