证券研究报告 | 行业点评报告 2026 年 02 月 24 日 信心逐步企稳 白酒春节渠道跟踪报告 消费品/食品饮料 本篇报告重点反馈河南、江苏、四川、山东、安徽等地白酒渠道春节动销情况， 综合来看，26 年春节期间行业动销符合节前预期（双位数下滑），各价格带分 化延续，高端与大众价格带韧性较强、次高端有一定压力。政商务延续承压， 大众消费场景需求提振显著、占比持续提升。除茅台、五粮液等强势品牌外， 多数品牌不再要求开门红，节后库存低于去年同期，渠道压力继续释放，叠加 费用兑付周期加快，经销商与终端信心逐步企稳。价格侧考虑到茅台供需具备 支撑，其他多品牌价格调整接近触底、26 年不再强压任务，后续淡季下探空间 有限，春节后行业配置建议精选强势头部品牌与动销超预期品种。 ❑ 26 年春节动销符合预期、品牌分化延续、渠道信心逐步企稳。 1）行业整体动销方面：26 年春节期间行业动销符合节前预期（双位数下滑）， 分价格带来看，高端与大众价格带韧性较强、次高端具有一定压力。分消费 场景来看，政商务需求仍然承压，家庭消费与个人聚饮等大众消费需求明显 提振，占比持续提升，悦己属性不断强化。 2）任务执行进度方面：当前除 ...

这里有大别山的星空，这里有雪场与温泉的极致浪漫。白天在南方稀缺高山雪道飞驰，感受难得的冰雪 激情；傍晚钻进陡沙河温泉，看雪花落入热汤。饭桌上，山野锅子咕嘟冒香，非遗灯会流光溢彩。别忘 了品一口迎驾贡酒，尝一尝石斛炖菜，再来一杯黄芽，把霍山三味带回家。 来霍山，体验另一种"年"的打开方式！山水养眼，烟火暖心，这个春节，霍山在青山绿水间，等待上海 朋友的到来。 春节期间，安徽霍山向上海市民发出诚挚邀请：来霍山感受"慢半拍"的山野年味！ ...

Group 1 - The core viewpoint emphasizes the importance of quality enhancement actions to empower quality-driven development in ecological counties like Huoshan [1][2] - The company aims to transform ecological advantages into quality and development advantages, aligning with the goal of high-quality development in mountainous ecological counties [1] - The implementation of a comprehensive quality safety risk prevention strategy and innovative regulatory models is highlighted, including the adoption of "double random" cross-departmental collaborative supervision [1] Group 2 - The focus is on establishing quality innovation collectives for local specialties such as Huoshan Dendrobium and Huoshan Huangya, promoting strong enterprises and supply chains [1] - The creation of a public brand "Huo Goods Famous" for seven geographical landmark products is part of the strategy to enhance quality support and brand value [1] - The company is committed to developing a quality policy system and fostering inter-departmental collaboration to strengthen the quality-driven development model in Huoshan [2]

Group 1 - The article highlights the launch of a new feature by Sina Finance called "Wine Price Insider," which provides real-time market prices for well-known liquor brands [1] - On January 19, 2026, Yingjia Gongjiu executed a large transaction of 1 million shares, amounting to 39.24 million yuan, which represented 17.7% of the total transaction volume for that day [1] - The transaction price of 39.24 yuan per share was consistent with the market closing price on that day [1] Group 2 - The transaction details indicate that the buying brokerage was CITIC Securities Co., Ltd., located in Shenzhen, while the selling brokerage was UBS Securities Co., Ltd., based in Shanghai [2] - The total transaction volume for Yingjia Gongjiu on January 19 was 100,000 shares, with a total transaction amount of 39.24 million yuan [2]

近日，公益先锋知名主持人许戈辉与知名主持人蔡紫一起来到大别山门户霍山，来到佛子岭生态酿造小镇、佛子岭中心学校、霍山县医院西院 区……一同寻访乡村繁荣的佳话，考察迎驾基金会的善举，感受迎驾公益基金的公益之心。 为什么觉得这儿的人充满了善意？为什么说善行不仅仅是慈善的一个核心，它更是美好生活的基石？做公益节目最怕的是什么？为什么说公益不仅 是解决最基本的生活保障？乡村繁荣应该什么样？《大驾光临》第二季栏目中嘉宾不仅金句频出，还为大家揭秘了迎驾集团将自然馈赠的礼物转化 为乡村振兴动力的方法。 01 这儿的人充满了善意 为什么觉得这儿的人充满了善意？ "年轻人是不是愿意留下来，他们是不是能够在家乡找到自己的发展空间。" "你知道做这么多年的节目，我们最怕的是什么？就是当我们接触到企业家的时候，特别怕观众质疑说：哇，又给人家做广告，又带着商业色 彩。"在参观完佛子岭生态酿造小镇后，许戈辉感慨地说，"这次我突然间觉得，要好好地宣传那些有担当的、有责任的、扎扎实实埋头苦干、造福 一方的企业家。" 据悉，迎驾集团先后投资近60亿元，为佛子岭生态酿造小镇建造了两所学校、两所医院、三座桥梁，并正在建设一个儿童乐园。迎驾集团不仅为 ...

刘孝田为家乡的美景创作了很多画作，大别山石窟、毛坦厂中学、毛坦厂老街、大别山风情谷等景点纷纷将他的画作印在门票上，如今这些画作成 了家乡的名片。 02 中西合璧：将精神元素注入画作 " 当时我就在思考，用什么样的绘画风格能够感动国外友人。 " 刘孝田回忆，在收到俄罗斯圣彼得堡美术展邀请后，他想把中国人民的精神融入到 画作中去打动外国友人。于是他想到了具有中国特色的江南渔乡，画了一副渔民在冰天雪地的寒冬中，不畏严寒，破冰出航的场景，这就是刘孝田 扬名海外的名作《破冰》。 文 | 凤凰网酒业 " 原来这里是穷山恶水……现在山都变成'城'了，把一座山变成城市，把出去的农民工变成了工人 " 近日，知名专家、国家一级美术师刘孝田返回家 乡，与著名主持人蔡紫一同走进 大别山门户霍山 。 得知画作拍出 1.49 亿元是何心情？家乡的山水如何塑造他的画风？如何将精神融入画作去感动外国观众？《大驾光临》第二季第五期栏目中，嘉宾 金句频出，带领大家以艺术视角探寻自然馈赠如何与人文创意碰撞出乡村繁荣的火花。 01 水墨乡愁：将画作变为家乡名片 " 大别山的生活经历，已经成为我记忆中独特的文化符号……是我创作的灵感源泉……"刘孝田站 ...

Core Insights - The training event titled "Exploring Business Strategies Together for Development" was organized by Yingjia Liquor Sales Co., Ltd. to enhance collaboration with distributors and promote long-term growth [1] - The current Chinese liquor industry is undergoing significant transformation, presenting both opportunities and challenges, necessitating deeper cooperation between manufacturers and distributors [3] Group 1: Brand Development - The invited lecturer, Xiao Yue, provided a comprehensive overview of the Yingjia brand's development history and elaborated on the "Six Ecological" brewing system, emphasizing the unique quality of Yingjia Tribute Liquor [5] - The brand philosophy highlighted the importance of natural ingredients and consumer perceptions of health and taste, reinforcing Yingjia's positioning as a leading ecological liquor brand in China [5] Group 2: Financial Management - Jin Beibei, Deputy Director of Financial Management Center, discussed enhancing financial management and risk prevention capabilities through tax management and real case studies, aiding distributors in navigating financial management challenges [6] Group 3: Market Analysis - Zhou Peng delivered a forward-looking and practical course on the current state and future trends of the liquor industry, analyzing changes in consumption scenarios, channel operations, industry regulations, and manufacturer-distributor relationships [8] Group 4: Training Outcomes - The training was recognized by participating distributors for significantly improving their business management, financial control, and operational capabilities, thereby strengthening mutual trust and collaboration with the manufacturer [10] - Yingjia Liquor Sales Co., Ltd. aims to continue implementing the "Manufacturer-Distributor Unity for Mutual Benefit" philosophy and establish a long-term training mechanism for distributors [10]

Core Viewpoint - The "Chishui River Forum" held in Maotai Town, Guizhou, focuses on the development of the Chinese liquor industry, emphasizing the importance of engaging with the "Z Generation" for the sustainable growth of Chinese liquor culture [1][5]. Group 1: Industry Insights - The "Z Generation," born between 1995 and 2009, is characterized by their broad perspectives, individualism, and experience-oriented consumption, which presents both opportunities and challenges for the liquor industry [3]. - Qin Hai highlighted that the "Z Generation" is not merely an observer but a key player in the evolution of the liquor industry, making it essential for the industry to embrace this demographic [5]. Group 2: Development Strategies - Qin Hai outlined three main directions for the development of Yingjia Tribute Liquor in resonance with the "Z Generation," focusing on ecological foundations, green values, and quality preservation [7]. - The company has leveraged ecological resources from Huoshan, Liu'an, Anhui, to build a sustainable and green brand image, which aligns with the values of the "Z Generation" [7].

Core Insights - The forum themed "Heaven and Earth Cultivation" was held in Maotai Town, Guizhou, focusing on the development paths of the liquor industry, attracting industry leaders and scholars [1] - Qin Hai, General Manager of Anhui Yingjia Gongjiu Co., emphasized the importance of engaging with Generation Z, who are seen as key drivers of consumption upgrades [1][3] Group 1: Engagement with Generation Z - Generation Z, born between 1995 and 2009, is characterized by their broad perspectives, individualism, and emphasis on experiences, making them a significant consumer group in China [1] - This demographic, approximately 250 million strong, values spiritual resonance, cultural identity, and social value, and is willing to pay for interests, quality, and emotional experiences [1] Group 2: Development Strategies - Qin Hai outlined three main directions for Yingjia Gongjiu's resonance with Generation Z: ecological, cultural, and experiential [5] - Ecologically, the company focuses on building a sustainable brewing system leveraging the ecological resources of Huoshan, Luan, Anhui, aligning with Generation Z's values of sustainability and green practices [5] - Culturally, the company aims to deepen its cultural roots and refresh brand expression by exploring the ancient welcoming culture and developing new products that resonate with Generation Z's aesthetic and consumption preferences [5] - Experientially, Yingjia Gongjiu is innovating in experiential scenarios and emotional connections, exemplified by the creation of the "Yingjia Grand Manor," an immersive aesthetic space for young consumers to experience liquor culture [5] Group 3: Industry Call to Action - Qin Hai called for industry peers to uphold quality as a "lifeline," tell compelling cultural stories, and co-create new experiential models to collaboratively build a greener, more open, and confident future for Chinese liquor with Generation Z [3][5]

Group 1 - The core viewpoint of the news is that Yingjia Gongjiu reported a decline in both revenue and net profit for the first three quarters of 2025 compared to the previous year [1] - The company's revenue for the first three quarters of 2025 was approximately 4.516 billion yuan, representing a year-on-year decrease of 18.09% [1] - The net profit attributable to shareholders of the listed company was about 1.511 billion yuan, reflecting a year-on-year decrease of 24.67% [1] Group 2 - As of the report, Yingjia Gongjiu's market capitalization stands at 31.3 billion yuan [2] - The A-share market has recently surpassed 4000 points, indicating a significant market resurgence after a decade of stagnation, with technology leading the market transformation [2]