作为白酒消费的关键风向标，飞天茅台在春节期间的批发价格稳步回升，部分地区甚至出现售罄的情 况。一位茅台经销商表示，部分地区经销商1、2月的茅台配额早在春节前便售罄，已开始申请3月的配 额。不仅飞天茅台，五粮液在春节期间的动销情况也明显提升。相关数据显示，五粮液39度产品的动销 同比增长超双位数，其中宴席场次增长1倍以上，宴席动销大幅增长。华创证券近期在南京、长沙、成 都等地的草根调研显示，五粮液批发价格整体平稳，库存仅约1个月，远低于行业平均水平，渠道状态 相对健康。 随着春节假期结束，白酒市场逐渐步入消费淡季。今年春节假期，白酒市场呈现清晰的"哑铃型"消费结 构。北京商报记者近日走访北京部分终端市场并结合春节期间调研发现，高端酒与大众酒两端需求升 温，次高端酒则销售低迷，白酒市场的消费场景正深度重构。白酒行业如何在即将到来的传统消费淡 季"弯道超车"，成为所有从业者必须直面的课题。 次高端酒陷消费断层 今年春节期间，白酒消费分化明显。这种分化不再是简单的品牌此消彼长，而是沿着价格带形成清晰的 断层。 北京商报记者走访发现，春节期间，茅台、五粮液等高端及超高端白酒产品不仅扛住价格压力，更实现 量价齐升。据国盛 ...

与高端市场的火热形成呼应的是大众价格带的繁荣。走访时，北京商报记者发现，泸州老窖六年窖龄 酒、海之蓝等300元以下白酒产品也成为消费者追捧的热销产品。方庄附近的烟酒店店员表示："春节期 间高端白酒产品销量亮眼的同时，大众酒销量也在稳步提升。家庭自饮场景下消费者多选择大众酒，进 一步推动了该价格带动销提升，这与我们年前的预判一致。" 随着9天"加长版"假期落下帷幕，白酒旺季消费也逐渐告一段落。今年春节期间，白酒消费市场呈现出 清晰的"哑铃型"分化结构。2月24日，北京商报记者走访北京部分终端市场并结合春节期间调研发现， 高端酒与大众酒两端需求升温，次高端价位却陷入"冰河期"，这一格局的形成，是消费场景深度重构的 集中体现。如今，当春节旺季的喧嚣散去，白酒行业如何在接下来的消费淡季中"弯道超车"，成为所有 从业者必须直面的课题。 高端与大众的"崛起" 在白酒传统消费周期中，春节假期既将行业消费旺季推向小高潮，也预示着淡季的到来。在2026年春节 期间，白酒消费在旺季小高潮中，呈现出明显的分化发展。这种分化不再是简单的品牌此消彼长，而是 沿着价格带形成了清晰的断层。 北京商报记者走访终端发现，春节期间，茅台、五粮液 ...

Core Viewpoint - Leading liquor companies are setting their strategic direction for 2026, focusing on both counter-cyclical adjustments and long-term transformations [1] Group 1: Counter-Cyclical Adjustments - Major liquor companies acknowledge that the industry will continue to face objective pressures from a cyclical downturn in the short term [1] - Maintaining price systems and stabilizing channel profit margins are prioritized, with specific measures including the development of high-margin flagship products and increased investment to enhance distributor motivation [1] Group 2: Long-Term Transformations - On the demand side, companies aim to cultivate new customer segments, particularly younger demographics [1] - On the product side, there is a focus on developing products that align with new consumption trends, such as Moutai's provincial formula liquor, Wuliangye's low-alcohol products, and Fenjiu's fruit-flavored liquor [1] - Embracing new channel transformations is essential, including maintaining good relationships with e-commerce platforms and actively collaborating with instant retail channels [1] Group 3: Industry Outlook - The report suggests that by 2026, the industry will be in a bottoming process, characterized by a narrowing decline in terminal demand and continued supply-side adjustments among listed liquor companies [1] - As industry adjustments progress, long-term value is expected to become more apparent, with companies that proactively position themselves for long-term transformations likely to achieve excess returns in the next upward cycle [1]

Core Viewpoint - The Chinese liquor industry, particularly the baijiu sector, is undergoing a transformative change in demand and market structure, prompting producers like Wuliangye to strategize for future challenges and opportunities [1][3]. Group 1: Industry Changes - The baijiu industry is experiencing a comprehensive and disruptive transformation in product, market, and consumption structures, necessitating producers to confront these challenges [3]. - The current adjustment in the baijiu sector reflects a restructuring of competitive dynamics, value orientation, and market logic, presenting an opportunity for companies to gain strategic advantages [3]. Group 2: Wuliangye's Strategy and Strengths - Wuliangye's Chairman, Zeng Congqin, emphasized that new demand leads to new supply, which in turn creates new demand, highlighting the ongoing transformation in the baijiu industry [3]. - Wuliangye is well-prepared to navigate the industry reshuffle, backed by its strong development foundation and five key advantages: quality, brand, market presence, team, and financial resources [3]. - The company has established a dedicated grain base of 1.7 million acres for brewing and has developed advanced production facilities to ensure precise quality control [3]. Group 3: Achievements and Market Expansion - Wuliangye has received multiple quality awards, including the prestigious 2025 EFQM Global Award, which signifies its commitment to quality excellence [3]. - In 2025, Wuliangye expanded its retail presence by opening 474 specialty stores, experience centers, and themed restaurants, leading to significant increases in banquet sessions and bottle openings [3]. - A new low-alcohol product aimed at younger consumers achieved sales exceeding 100 million yuan within two months of launch, and the opening of themed restaurants in Singapore and Japan further expanded its overseas market presence [4].