随着农历新年的脚步临近，一年中最为隆重的传统佳节即将到来。春节不仅凝聚着深厚的文化底蕴与情 感寄托，也在经济层面扮演着承前启后的重要角色。正因如此，春节市场历来是商家竞相布局的关键赛 道。 在酒水行业，这一现象尤为突出。饮酒习俗早已深深融入春节文化之中，无论是家庭团聚、亲朋走动， 还是宴请赠礼、个人小酌，酒都是不可或缺的情感载体。因此，每年春节前后，酒水市场总会迎来全年 最旺盛的销售高峰。深谙此道的百年糊涂，今年早早启动春节营销布局，推出多项迎新春活动。尤其是 百福6#"开盖扫码赢好礼"活动，以丰厚的奖项设置、直击人心的情绪价值以及过硬的产品品质，成功吸 引了大量消费者的关注与参与。 据悉，百福6#开盖扫码惊喜活动是在以往扫码赢奖基础上的升级版。活动期间，消费者购买百年糊涂百 福6#酒品，有可能参与开瓶扫码赢再来一瓶活动；同时，开盖扫码还有双重惊喜，有机会赢得999元红 包，扫码即刻到账，不卡顿、不套路、不设门槛，开瓶那一刻，好运和酒香一起扑面而来。 百年糊涂敏锐洞察当下年轻消费的底层逻辑，不讲大道理，只做小确幸：百福6#瓶身扫码赢好酒，瓶盖 扫码赢千元红包，综合中奖率100%。双重叠加的幸福感，更深层地挖掘 ...

近年来，人们对于春节的情感寄托愈发细腻而深沉。在生活与工作压力双重夹击下，"年味"不再只是红 纸灯笼的视觉符号，更成了可触摸、可兑现、可分享的情绪货币。同时，年轻消费者在市场中占比愈加 增大，他们对于春节的消费意愿更为突出。他们更追究"仪式感"和"情价比"，更希望消费带来的不只是 单纯的物质满足，而是情绪的即时回响，是情感共振与文化认同。 随着农历新年的脚步临近，一年中最为隆重的传统佳节即将到来。春节不仅凝聚着深厚的文化底蕴与情 感寄托，也在经济层面扮演着承前启后的重要角色。正因如此，春节市场历来是商家竞相布局的关键赛 道。 在酒水行业，这一现象尤为突出。饮酒习俗早已深深融入春节文化之中，无论是家庭团聚、亲朋走动， 还是宴请赠礼、个人小酌，酒都是不可或缺的情感载体。因此，每年春节前后，酒水市场总会迎来全年 最旺盛的销售高峰。深谙此道的百年糊涂，今年早早启动春节营销布局，推出多项迎新春活动。尤其是 百福6#"开盖扫码赢好礼"活动，以丰厚的奖项设置、直击人心的情绪价值以及过硬的产品品质，成功吸 引了大量消费者的关注与参与。 据悉，百福6#开盖扫码惊喜活动是在以往扫码赢奖基础上的升级版。活动期间，消费者购买百年糊涂 ...

而对于具体投资方向，姜禄彦认为，2026年消费品投资品领域具备较多结构性投资机会。 （来源：经济参考报） 诺德基金研究员姜禄彦近期发表市场观点表示，从2023年以来，传统消费板块整体经历调整，供需结构 逐步匹配，库存去化也较为充分。从2025年三季度开始，传统消费在多个维度都呈现了触底回升迹象。 展望2026年，传统消费在政策支持、周期规律以及较低基数的作用下有望呈现一定的复苏态势。 "互联网巨头的线下支付数据于2025年二三季度转正，其中三季度线下支付增长加速。餐饮消费方面， 头部火锅品牌翻台率降幅持续收窄，2025年8月份后逐步恢复至持平区间。出行相关数据方面，三大酒 店集团自2025年9月以来ADR转正，RevPar降幅持续收窄。三大航空公司票价降幅持续收窄，并于9月 转正，四季度维持正增长。"谈及行业中观维度，姜禄彦表示。 展望2026年，姜禄彦认为，政策将对消费更加支持，中央经济工作会议将"实施消费升级行动，扩大重 点领域消费"放在首要位置。同时，国内强大的制造业和科技产业也为经济发展注入了新的动能。叠加 2025年外在因素对顺周期消费的冲击导致的低基数，2026年传统消费的景气度有望进一步改善，复 ...

互联网巨头的线下支付数据于2025年二三季度转正，其中三季度线下支付增长加速。 高端消费呈现回暖，Hermès、Prada 同店销售持续增长。Louis Vuitton、Burberry上半年同店降幅收窄， 三季度同店转正。其他高端品牌，同店降幅持续收窄。LVMH集团旗下四大品牌——路易威登（Louis Vuitton）、迪奥（Dior）、蒂芙尼（Tiffany） 和诺悠翩雅（Loro Piana）于2025年12月在北京开设全新 旗舰店，这是中国奢侈品市场复苏的重要风向标。 餐饮消费方面，头部火锅品牌翻台率降幅持续收窄，2025年8月份后逐步恢复至持平区间。知名鱼火锅 品牌翻台率降幅持续收窄，2025年11月回到持平，12月进一步实现正增长。 专题：2026年度投资策略|顶级基金公司、基金经理展望马年投资机会 从2023年以来，传统消费板块整体经历调整，供需结构逐步匹配，库存去化也较为充分。从2025年三季 度开始传统消费在多个维度都呈现了触底回升迹象。展望2026年，传统消费在政策支持、周期规律以及 较低基数的作用下有望呈现一定的复苏态势。 行业中观：传统消费景气度触底有望复苏 从2023年开始，消费的主 ...

智通财经APP获悉，开年以来，贵州茅台(600519.SH)股价震荡下行。关键时刻，知名投资人段永平再度发声表示，拉长时间看当前股价"真的不贵"。但公募 基金的仓位显示对白酒的配置处于低位，仓位已低于4%。 从公募在白酒板块的配置比例来看，据西部证券测算，当前白酒基金持仓从2020年高点的16%下降到当前的3.93%，处于历史23.4%分位水平，已经低于第二 轮(2009年)和第四轮(2019年)白酒周期启动时的公募仓位水平，新一轮周期启动的筹码条件已基本满足。 广发证券发布研报称，主动权益基金白酒持仓占比已连续第六个季度落入低配区间。对比两轮白酒基金持仓低点，当前板块超配比例已降至极悲观预期下的 历史低点水平，看好后续预期修复所带来的加仓弹性。 事实上，酒水行业相对之前的快速扩张，现在整体呈现"增速放缓、结构优化"。其中的原因包括：消费愈趋理性：政策监管以及产能过剩等。 数据显示，酒企利润承受较大压力。20家A股白酒上市公司前三季度营收3177.79亿元，同比降5.9%，净利润1225.71亿元，同比降6.93%。 2025年四季度以来，白酒头部企业均采取持续控制发货、为经销商减负、促进开瓶动销等措施，以降 ...

此次行动以商场超市、年货市集为重点区域，聚焦食品、特产等礼盒等礼盒，以及茶叶、酒水等节日热 销品类。执法人员重点检查礼盒包装层数是否合规、对照商品必要空间系数现场测量计算包装空隙率， 杜绝"大盒配小物"；严控包装成本占比，避免包装成本过高加重消费负担，严禁使用贵金属、红木等贵 重材料包装。同时，督促经营主体严格落实进货查验责任，对不符合标准的过度包装礼盒，依法责令立 即下架、限期整改，从源头杜绝不合格礼盒流入市场。 塔城市市场监督管理局通讯员古丽扎提：春节临近，节日礼盒进入消费旺季，为遏制商品过度包装行 为，规范节日市场经营秩序，塔城市市场监督管理局聚焦节日热销礼盒，全面开展春节前商品过度包装 专项检查行动。 截至目前，共检查经营主体11家，责令整改1家。下一步，合作区市场监管所将持续加大监管力度，营 造绿色低碳、节俭环保的节日消费环境。 ...

Core Insights - The article highlights a significant surge in alcohol consumption during the pre-Spring Festival period, driven by both gifting and personal enjoyment demands, with notable growth in various alcohol categories compared to the previous year [1][2] Group 1: Sales Performance - Tmall's New Year Festival data indicates that alcohol sales experienced double-digit growth year-on-year, with categories like baijiu, wine, and spirits showing higher sales, while beer, fruit wine, and health-focused alcoholic beverages saw even faster growth, with beer sales doubling [1] - On January 19, the Tmall alcohol festival recorded over 100 million in transactions, with more than 50 alcohol live-streaming sessions, and brands like Wuliangye, Moutai, and Jian Nan Chun achieving sales exceeding one million [1] - Certain products from brands such as Wuliangye, Penfolds, and Remy Martin saw year-on-year sales growth exceeding 200% [1] Group 2: Consumer Trends - The demand for gifting during the Spring Festival is particularly evident, with most top-selling products being gift boxes and bulk packaging, especially among younger consumers who favor new and limited edition packaging [2] - The growth of low-alcohol beverages indicates a shift towards self-indulgence in alcohol consumption, with women under 30 being the primary drivers of this trend, reflecting a stronger emotional value in alcohol consumption [2] - The health and wellness trend is influencing alcohol consumption, with sales of health-focused alcoholic beverages increasing by nearly 50% year-on-year during the festival, and a specific two-bottle New Year gift box becoming one of the fastest-growing products, with a 400-fold increase in sales compared to the previous year, predominantly among female consumers [2]

Group 1 - The core point of the article is that *ST Chuntian (sh600381) reached its daily limit with a price of 4.33 yuan, reflecting a 5.1% increase and a total market capitalization of 2.542 billion yuan [1] Group 2 - The potential reasons for *ST Chuntian's limit-up include its dual business segments: the liquor fast-moving consumer goods sector and the health sector focused on the research, production, and sales of Cordyceps products. The gradual recovery of the consumer market is expected to support demand in both sectors, contributing to performance growth [2] - The company is set to release its annual report on April 21, 2026, and there are optimistic market expectations regarding its performance. A strong annual report could positively impact the stock price, leading investors to position themselves in advance, thus driving the stock price up [2] - Recent market trends show that both the liquor and health sectors have gained momentum, with related stocks performing well, creating a sectoral synergy effect. Data from Dongfang Caifu indicates that there has been a notable inflow of funds into these sectors, contributing to *ST Chuntian's limit-up [2] - Technical analysis from Tonghuashun indicates signs of capital inflow on the day of the limit-up, reflecting market interest and optimism towards the stock, although specific technical indicators are not provided [2]

Core Viewpoint - The case highlights the issue of contract fraud in the liquor distribution industry, emphasizing the need for better regulatory practices and risk management in transactions involving large sums of money [2][3]. Group 1: Case Summary - A liquor dealer, Mao, lost over 1.49 million yuan due to fraudulent transactions with Wang, who promised to supply liquor but failed to deliver [2]. - Wang was sentenced to eight years in prison and fined 50,000 yuan for contract fraud after it was revealed he used the funds for gambling [2][3]. - The investigation revealed Wang's financial instability and his intent to illegally possess the funds, supported by evidence of his gambling activities in Macau [3]. Group 2: Industry Implications - The case exposed vulnerabilities in the liquor purchasing industry, particularly the reliance on verbal agreements and lack of financial safeguards [3][4]. - Following the case, the local prosecutor's office initiated a series of legal awareness campaigns to educate merchants about the risks of oral contracts and the importance of third-party fund management [4]. - Positive changes have been observed in the local liquor market, with merchants now verifying counterparties' qualifications and adopting third-party fund management practices before large transactions [4].

Group 1 - Tmall's New Year Festival offers straightforward discounts, with products starting at 8.8% off and additional coupons available for up to 77% off [1] - The first wave of 88VIP coupons includes three tiers: 25 off for 200, 60 off for 480, and 200 off for 2000, catering to different consumer needs for purchasing New Year goods [1] Group 2 - A new round of national subsidies has begun, with major appliances like air conditioners, TVs, washing machines, and refrigerators available at discounts as low as 50% [3] - AI glasses have been added to the subsidy categories, with sales on Tmall increasing over 15 times year-on-year as of 2025 [3] - The XREAL 1S smart glasses, originally priced at 3299 yuan, are now available for 2799.05 yuan with a three-month interest-free payment option [3] Group 3 - Tmall's New Year Festival features limited edition products celebrating the Year of the Horse, including luxury watches and leather accessories from brands like Breiting and Chopard [4] - The festival has sparked a trend for "fat horse" designs, appealing to younger consumers with cute and rounded aesthetics [4] - Various brands are launching horse-themed products, including home decor items and plush toys, emphasizing a joyful and healing concept [4] Group 4 - The dining preferences for the New Year dinner have shifted to a mix of local and international high-end ingredients, featuring items like Chilean cherries and Russian king crabs [5] - There is a growing trend for local specialties, with dishes from various regions of China being highlighted, emphasizing the importance of home flavors [5]