消费升级+悦己消费：港股通消费ETF华夏（513230） 消息方面，商务部等9部门印发《2026"乐购新春"春节特别活动方案》。方案提出，鼓励各地增加春节 期间消费品以旧换新补贴数量，加大线下实体零售支持力度，动员企业春节期间持续开展汽车、家电、 数码和智能产品相关展销活动，引导企业打造智能终端等产品体验专区，对到店体验消费者给予更多优 惠，加大政策解读和线下体验式消费宣传力度，营造浓厚换新氛围。 2月3日，港股消费板块持续攀升，港股通消费ETF华夏（513230）现涨近1.5%。持仓股涨跌互现，上涨 方面，TCL电子、万洲国际、珍酒李渡、泡泡玛特、美的集团（000333）、康耐特光学、古茗等涨幅靠 前；卫龙美味、思摩尔国际、小菜园、统一企业中国、巨子生物等跌幅靠前。 提振内需+低估赛道：食品饮料ETF（515170） 中信建投（601066）研报表示，受茅台动销批价超预期、改革获认可，及地产政策松绑、PPI转正预期 驱动，30日茅台批价续涨，飞天、年份酒、生肖酒价格均走高，渠道动销旺盛，看好春节前后白酒板块 或迎十年大底投资机会。目前白酒板块估值处于历史低位，具备较强底部配置价值，同时关注消费政策 催化。 ...

消息面上，中信建投（601066）指出，1月29日白酒板块迎史诗级大涨，20股涨停、指数涨9.79%，茅 台涨8.61%，核心受茅台动销批价超预期、改革获认可，及地产政策松绑、PPI转正预期驱动。30日茅 台批价续涨，飞天、年份酒、生肖酒价格均走高，渠道动销旺盛。预计2026年行业见底，头部市占率将 提升，看好春节前后白酒板块或迎十年大底投资机会。 天风证券（601162）研报表示，本轮白酒板块已经调整约5年，行业目前的估值和机构仓位已经处于历 史低位。目前市场对白酒板块整体较为悲观，后续行业整体基本面回暖还需要外部宏观需求的复苏的配 合。但是在目前股市背景下，股价有可能领先于基本面见底。 珍酒李渡(06979)涨超5%，截至发稿，涨4.89%，报9.44港元，成交额6262.41万港元。 ...

消息面上，中信建投指出，1月29日白酒板块迎史诗级大涨，20股涨停、指数涨9.79%，茅台涨8.61%， 核心受茅台动销批价超预期、改革获认可，及地产政策松绑、PPI转正预期驱动。30日茅台批价续涨， 飞天、年份酒、生肖酒价格均走高，渠道动销旺盛。预计2026年行业见底，头部市占率将提升，看好春 节前后白酒板块或迎十年大底投资机会。 天风证券研报表示，本轮白酒板块已经调整约5年，行业目前的估值和机构仓位已经处于历史低位。目 前市场对白酒板块整体较为悲观，后续行业整体基本面回暖还需要外部宏观需求的复苏的配合。但是在 目前股市背景下，股价有可能领先于基本面见底。 智通财经APP获悉，珍酒李渡(06979)涨超5%，截至发稿，涨4.89%，报9.44港元，成交额6262.41万港 元。 ...

近期，农夫山泉马年典藏版玻璃瓶水上市，该系列"生肖水"在二手交易平台被炒至超1680元一套，包含品牌方从2016年至今十一年内陆续推出的限量款生 肖水。 1月22日，智通财经在二手平台闲鱼发现，有多款农夫山泉生肖水出售信息。一位来闲鱼7年的河南卖家，标价1999元出售农夫山泉猴年生肖水，产品信息 显示全新原箱。一位浙江卖家出售农夫山泉生肖纪念水，标价10000元，产品信息写着："目前共有10套，部分带水和全套包装，部分只有空瓶。"平台信 息显示有9.6万人浏览过，149人想要。 据九派新闻，对此，农夫山泉方面回应称，生肖典藏玻璃瓶水取自长白山莫涯泉，瓶身设计耗费三年时间，推出十一年以来，一直坚持"只送不卖"。该产 品主要定位在于感恩回馈消费者，作为品牌与消费者沟通交流的载体，传递文化和祝福。 对于生肖水的获取渠道，农夫山泉表示，全国消费者均可以从农夫山泉官方线上渠道获取；如农夫山泉品牌馆小程序中的满赠活动，以及农夫山泉送水到 府+小程序、农夫山泉生肖水小程序中的线上抽奖方式等。 相关话题下，有网友评论称："我是来看能不能卖出去的。"但也有不少网友评论称："大卖。" 2025年8月，农夫山泉公布了2025 年上 ...

Core Viewpoint - Moutai Group is shifting towards a market-oriented pricing strategy, allowing product prices to align with market conditions and consumer choices, marking a significant change in its pricing approach [1][3]. Price Adjustment - Moutai has made substantial price adjustments across several products, with the price of aged Moutai (15 years) dropping from 5399 yuan to 3409 yuan per bottle, a decrease of nearly 37%. Other products, such as premium Moutai and 43-degree Moutai, also saw significant price reductions [3][5]. Strategic Shift - The price cuts are part of Moutai's broader marketing strategy aimed at transitioning to a market-oriented approach. The company is focusing on market and value orientation to establish a pricing system that reflects market dynamics [3][5]. System Reconstruction - Moutai is restructuring its product lineup to return to a "pyramid" model, categorizing products based on sales volume and consumer demand. This includes positioning flagship products at the base and premium offerings at the top [5]. Price Anchoring - Moutai's pricing strategy utilizes three anchors: market transaction prices, the price of 1499 yuan for flagship Moutai as a baseline, and time value as a premium basis. Recent adjustments on the iMoutai platform reflect these changes [5][7]. Zodiac Wine Market Cooling - The market for Moutai's zodiac wines is moving away from speculative trading, with the latest release for the 2026 zodiac year priced lower than previous years, thus reducing the entry barrier for consumers [7]. Channel Transformation - Moutai is shifting its distribution strategy from focusing solely on channels to enhancing consumer service, integrating online and offline sales to improve efficiency and reach. This has resulted in a significant increase in new users on the iMoutai platform [7][9]. Dealer Support - The recent price adjustments are expected to provide dealers with a more reasonable profit margin, reflecting Moutai's commitment to supporting its distribution network. This move is seen as a way to foster long-term value creation and stabilize dealer profits [9].

Core Viewpoint - Moutai is facing significant challenges in its transformation, with a shift in market dynamics leading to increased pressure on distributors and a decline in the traditional high-end consumer base [1][5][18] Group 1: Market Dynamics - Distributors are increasingly anxious as the traditional model of hoarding Moutai for profit is no longer viable, with the once-coveted Feitian Moutai now seen as a risky inventory [1][3] - The wholesale price of Feitian Moutai has been consistently decreasing, leading to shrinking profit margins for distributors [3] - The consumer base has shifted, with fewer buyers engaging in bulk purchases for investment purposes, influenced by government policies limiting public spending on luxury goods [5][7] Group 2: Production and Inventory Issues - Moutai's production capacity has significantly increased, nearly doubling in recent years, but market demand has not kept pace, resulting in excess inventory [9] - Many months have seen Moutai sales merely transferring existing stock rather than reflecting new sales, indicating a stagnant market [9] Group 3: Channel and Sales Strategy - Moutai has revamped its sales strategy by focusing on direct-to-consumer online sales, eliminating traditional distribution layers and enforcing stricter inventory controls [12] - The company is attempting to innovate with new product lines and cultural initiatives, but these efforts have not yet translated into substantial revenue growth [14] Group 4: Future Outlook - Moutai is in the midst of a transformation that seeks to redefine its value proposition, moving away from speculative investment towards enhancing the consumer experience [16][18] - The company's future success may hinge on its ability to reconnect with consumers who appreciate the product for its quality and social value rather than as a financial asset [18]

Core Viewpoint - The recent purchasing frenzy for Moutai's 53-degree 500ml Flying Moutai liquor on the "i Moutai" platform reflects a complex interplay of market forces and consumer demand, despite criticisms of "hunger marketing" [1] Group 1: Consumer Demand - The successful purchasers include ordinary users for personal consumption, consumers buying for holiday gifts, and collectors viewing Moutai as an investment [3][4] - A consumer from Beijing highlighted the advantages of purchasing through the official channel, noting a price difference of over 100 yuan compared to offline stores [4] - The perception of Moutai as a collectible is supported by historical price increases, with the 2019 Flying Moutai priced at 2649 yuan, indicating a premium of 1150 yuan over the 2026 release [4] Group 2: Speculation and Gray Market - Despite measures like purchase limits and timed restocks, scalpers continue to exploit technology and gray market tactics to participate in the buying frenzy [6] - Reports of website malfunctions during the purchase process suggest the involvement of scalpers using automated software [6] - The financial attributes of Moutai have not completely dissipated, as some consumers still view it as an investment, creating a fertile ground for speculation [6] Group 3: Channel Reform - The surge in purchases is attributed to Moutai's comprehensive channel reform, moving from a dual pricing system to a direct-to-consumer model via the "i Moutai" platform [8] - The wholesale price of Flying Moutai dropped by 15 yuan to 1540 yuan per bottle on New Year's Day, indicating a shift towards rational market pricing [8] - Moutai's leadership emphasizes a consumer-centric approach to market transformation, aiming for fair and quick access to their products [8] Group 4: Market Response and Optimization - The difficulty in purchasing has led to consumer complaints and skepticism regarding "hunger marketing," with some expressing frustration over the inability to secure bottles despite preparation [10] - Moutai has not disclosed specific daily supply volumes, leading to speculation about availability, but plans to adjust strategies based on market feedback to enhance consumer experience [10] - The channel reform is expected to have broader implications for the liquor industry, potentially increasing competition and market share among leading brands [12]

Core Viewpoint - Kweichow Moutai is undergoing significant changes, including the establishment of a new digital technology company to enhance its online sales and marketing strategies [1][2]. Group 1: Company Developments - Guizhou Moutai Digital Technology Co., Ltd. was established on January 1, 2026, with a registered capital of 600 million yuan, focusing on internet information services and food sales [1][2]. - Wang Hualin, the deputy general manager of Kweichow Moutai Sales Co., will serve as the general manager of the new digital company, which will incorporate the iMoutai app into its operations [2]. - The iMoutai app has been revamped to streamline purchasing processes, allowing consumers to buy products directly [8][11]. Group 2: Product Sales and Market Strategy - The new 2026 Flying Moutai was launched on January 1, 2026, and sold out quickly, indicating strong consumer demand [3][5]. - Kweichow Moutai aims to combat illegal price speculation by offering the Flying Moutai at a price of 1499 yuan, which is a significant reduction from previous market prices [8][9]. - The company is focusing on a consumer-centric approach to enhance market stability and improve service quality, as emphasized by Chairman Chen Hua [9][10]. Group 3: Market Trends and Future Outlook - The high inventory levels and slowing growth in the premium liquor market are prompting leading companies to adopt direct sales strategies to maintain market control [12]. - Kweichow Moutai's strategy includes balancing supply and demand, optimizing channel structures, and enhancing consumer experience to ensure a stable market environment [10][12]. - The upcoming launch of the zodiac series products reflects the company's commitment to innovation and market engagement [11].

Group 1 - The core viewpoint emphasizes the importance of consumer-centric strategies and the need for a market-oriented transformation in Moutai's marketing approach [3] - Moutai aims to maintain stable annual product supply while adapting production to meet market demand, shifting from "production-driven sales" to "sales-driven production" [3] - The company plans to enhance its market operation capabilities by focusing on stabilizing the market, expanding customer base, and improving service quality [3] Group 2 - In 2026, Moutai will return to a "pyramid" product structure, focusing on aligning products with consumer demand [3] - The strategy includes strengthening the core product, the 500ml Flying Moutai, while promoting premium and zodiac products to stimulate consumer interest [3] - The optimization of product structure aims to ensure a balance between supply and demand, maintaining market stability [3]

Core Insights - The core viewpoint of the article is that Kweichow Moutai will return to a "pyramid" product structure in 2026, focusing on optimizing product offerings to better meet consumer demand [1] Group 1: Product Strategy - Kweichow Moutai will emphasize the 500ml Flying Moutai as the main "base" product in its pyramid structure [1] - The company aims to strengthen its premium and zodiac products as "waist" offerings, with a focus on making premium products a significant single item and stimulating consumer interest in zodiac wine for collection [1] - The strategy includes developing "tip" products such as aged and cultural wines driven by market demand, ensuring the maintenance of high-value products [1] Group 2: Consumer Focus - The optimization of product structure is intended to better satisfy diverse consumer needs, ensuring a relative balance between supply and demand, as well as price stability in the market [1] - This marks the first confirmation from Moutai that it will continue to launch zodiac wine products, following the completion of a full zodiac cycle previously [1]