智通财经记者 郭莎莎 "数据显示，53%vol 500ml贵州茅台酒上线第9日，i茅台新增用户已超270万，成交用户已超40万，这样 的触达能力和效率，线下渠道同等条件下难以企及，i茅台触达的用户大部分不是原有渠道中的核心客 户，而是过去渠道难以覆盖未曾触达的真实消费者。"茅台董事长陈华最新透露。 据茅台集团微信公号消息，1月9日，以"坚守消费者为中心，深化市场化转型"为主题的2026年茅台酒全 国经销商会长联谊会在武汉召开。茅台集团党委书记、董事长陈华在会上发表讲话，谈及i茅台的定 位、产品投放、所触达的用户，以及茅台酒营销市场化转型下一步动作等多个外界关心的问题。 就渠道改革问题，陈华表示，"i茅台的根本目的是解决触达和效率，摸清真实消费边界"。在防止炒 作、供需适配、市场稳定三条原则下，i茅台动态投放，让产品直达消费端，有助于建立良好的渠道生 态。 此次大会上，陈华还提到，贵州茅台酒受制于产区范围、传统工艺、生态承载和工匠培养等多重因素， 每年的投放量始终是有限的。i茅台上线以来的数据说明，市场上存在大量真实消费需求，只是没有充 分打开并被有效触达和激发。"i茅台的运行不会增加供给总量，而是打破原有封闭 ...

1月5日，金融界财经早餐，宏观政策、资本市场、行业板块、公司个股重要信息一览： 一、今日财经大事 4、增量资金将至，据Wind统计，目前已有71只新基金定档1月发行，首个交易周将有44只新基金扎堆 发售。 5、针对宇树科技上市相关报道，宇树科技方面回应称，未涉及申请"绿色通道"相关事宜。 6、商业航天利好不断，国内产业加速升级，蓝箭IPO进展超预期，国外美国三家独角兽SpaceX、 OpenAI和Anthropic筹备IPO。 三、重点行业板块 1、假期美国"闪击"委内瑞拉抓捕总统震惊全球。外交部发声，中方对美方悍然对一个主权国家使用武 力并对一国总统动手深表震惊，予以强烈谴责。呼吁美方立即释放马杜罗总统和夫人，停止颠覆委内瑞 拉政权，通过对话谈判解决问题。 2、国务院印发《固体废物综合治理行动计划》，原则上不再批准建设无自建矿山、无配套尾矿利用处 置设施的选矿项目；到2030年大宗固体废弃物年综合利用量达到45亿吨，主要再生资源年循环利用量达 到5.1亿吨；强化环境执法督察，严厉打击固体废物环境违法犯罪行为。 3、文旅部测算，元旦假期3天，全国国内出游1.42亿人次，国内出游总花费847.89亿元，人次平均 ...

2026 年 01 月 05 日 开源晨会 0105 | | | | ——晨会纪要 | | --- | --- | --- | --- | | 沪深300 | 及创业板指数近1年走势 | | 吴梦迪（分析师） | | 沪深300 | 创业板指 | | wumengdi@kysec.cn | | 80% | | | 证书编号：S0790521070001 | | 60% | | | 观点精粹 | | 40% | | | | | 20% | | | 总量视角 | | 0% | | | 【宏观经济】基于 DID 模型理解为何消费品以旧换新略退坡——兼评 12 月 PMI | | -20% | | | 数据和 2026 年"两新"政策-20251231 | | 2025-01 | 2025-05 2025-09 | | 【策略】掘金 | | 数据来源：聚源 | | | 1 月春季躁动的机会——投资策略专题-20260104 | | | | | 【策略】开源金股，1 月推荐——投资策略专题-20251230 | | 昨日涨跌幅前五行业 | | | 超预期回升对 年 月 数据 【固定收益】PMI 2026 年市场的启示— ...

中国基金报记者 郑俊婷 今日（1月4日），茅台酒经销商成都川糖供应链管理有限公司发布通知称，为回馈消费者现推出新年购酒活动，每位客户可订1—5件1499元/瓶的2026年 飞天茅台酒（整件预订），数量有限先到先得；因1月酒厂尚未发货，本次活动将从1月10日起按付款顺序陆续发货。 "由于飞天茅台酒市场实际供需矛盾未解，茅台的稀缺价值通过直销迅速放大，实际上其终端价仍然远高于指导价。此刻的经销商跟进如果缺乏强力监管 措施和厂家实质性配额调控，短期内很难形成大规模、可持续的跟进行为，后续发展将取决于茅台厂家对经销商管控力度、真实投放量以及市场消费情绪 的变化等多重因素，还有待观察。"中国酒业智库专家、分析师蔡学飞于1月4日接受记者采访时表示。 "伴随着i茅台开售1499元/瓶的茅台，将整个市场搅动起来，倒逼酒商从'坐商'变'行商'。"酒水行业研究者、千里智库创始人欧阳千里向记者分析表示。他 认为，经销商这样做有两个好处，一是激活老客户，让老客户感受到酒商的诚意，享受更便捷、更惬意的服务；二是留存新客户，让新客户享受到比i茅 台更便捷的服务，从而跑赢周期。 2025年12月末，2026年度贵州茅台酒经销商联谊会在贵阳 ...

Core Viewpoint - A new promotional activity has been launched by Chengdu Chuantang Supply Chain Management Co., Ltd., allowing customers to purchase the 2026 Flying Moutai at a price of 1499 yuan per bottle, starting from January 10, 2024, with limited availability [2][4]. Group 1: Pricing and Sales Strategy - The 2026 Flying Moutai is priced at 1499 yuan per 500ml bottle, with other products like premium Moutai at 2299 yuan and kilogram Moutai at 3998 yuan [4]. - The launch of the iMoutai platform on January 1, 2024, saw the 2026 Flying Moutai sell out quickly, with over 100,000 users successfully purchasing within the first three days [6]. - The daily purchase limit for users on the iMoutai platform was reduced from 12 bottles to 6 to promote supply-demand balance [6]. Group 2: Market Dynamics and Dealer Impact - Industry experts suggest that the current pricing strategy may be a short-term tactic, as the actual market supply-demand imbalance remains unresolved, leading to concerns about the sustainability of such pricing [5]. - The introduction of direct sales through iMoutai is seen as a move to regain pricing power and channel control from traditional distributors, although it raises concerns about the impact on their interests [6][7]. - Despite the high demand on the iMoutai platform, wholesale prices for Flying Moutai have reportedly fallen below 1499 yuan again, indicating potential market volatility [8].

今日（1月4日），茅台酒经销商成都川糖供应链管理有限公司发布通知称，为回馈消费者现推出新年购酒活动，每位客户可订1—5件1499元/瓶的2026年 飞天茅台酒（整件预订），数量有限先到先得；因1月酒厂尚未发货，本次活动将从1月10日起按付款顺序陆续发货。 【导读】成都一家茅台经销商推出1499元购买2026年飞天茅台酒活动 （图片来源：雪球） 该公司负责人（雪球号：川糖周掌门）日前透露，公司已签订2026年经销合同，与2025年计划量一致，但精品茅台、15年茅台的合同暂未签订；2026年相 关产品售价与i茅台上相应产品价格同步，500ml飞天茅台1499元/瓶、精品茅台2299元/瓶、公斤茅台3998元/瓶。 据了解，"川糖周掌门"是成都川糖供应链管理有限公司董事长，在成都有一家茅台文化体验馆和3家茅台专卖店，已卖了20年酒水。 对于个别经销商跟进1499元指导价销售飞天茅台酒，业内认为，这大概率是一种短期行为。 "由于飞天茅台酒市场实际供需矛盾未解，茅台的稀缺价值通过直销迅速放大，实际上其终端价仍然远高于指导价。此刻的经销商跟进如果缺乏强力监管 措施和厂家实质性配额调控，短期内很难形成大规模、可持续的跟进行 ...

该公司负责人还透露，已签订2026年贵州茅台经销合同，计划量与2025年一致，但精品茅台的合同暂未 签订；2026年相关产品售价与i茅台上相应产品价格同步，500ml飞天茅台1499元/瓶、精品茅台2299元/ 瓶、公斤茅台3998元/瓶。 据媒体从业内人士处了解，目前该公司已取消相关活动。 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 观点网讯：1月4日，茅台酒经销商成都川糖供应链管理有限公司发布通知，推出新年购酒促销活动：每 位客户可订1-5件（整件预订）1499元/瓶的2026年飞天茅台酒，数量有限先到先得；因1月酒厂尚未发 货，本次活动将从1月10日起按付款顺序发货。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The food and beverage index experienced a decline of 2.3% from December 29 to January 2, ranking 27th among primary sub-industries, underperforming the CSI 300 by approximately 1.7 percentage points. The sub-industries of soft drinks (+0.5%), other foods (+0.0%), and other alcoholic beverages (-0.2%) performed relatively better [3][11] - The report expresses a cautious optimism for 2026, despite the poor performance of the food and beverage sector in 2025, which was impacted by factors such as the alcohol ban, declining prices of Moutai, and a weak consumption environment. The recent market adjustments by leading liquor companies indicate that the industry is nearing a bottom [4][11] - The report suggests focusing on three stock selection strategies for consumer goods in 2026: identifying cyclical recovery opportunities, seeking growth stocks driven by channel innovation and product upgrades, and looking for companies in turnaround situations due to internal business cycles [4][12] Summary by Sections Weekly Viewpoints - The food and beverage sector is in a phase of adjustment, with a focus on the liquor market's recovery and the strategic layout of consumer goods [11] Market Performance - The food and beverage index underperformed the market, with a 9.7% decline in 2025, ranking last among all sectors. The report highlights the need for strategic adjustments in response to market conditions [11][13] Upstream Data - Some upstream raw material prices are declining, with the price of whole milk powder down 18.7% year-on-year as of December 16, 2025, and fresh milk prices down 2.6% year-on-year as of December 26, 2025 [17][19] Liquor Industry Data - The report notes that leading liquor companies are implementing market-oriented reforms to adapt to changing demand, with Moutai's recent sales strategy indicating a shift towards a more sustainable business model [4][41] Recommended Portfolio - The recommended stocks include Moutai, Shanxi Fenjiu, Ximai Food, Weilong, and Ganyuan Food, with each company showing potential for growth or stability in the upcoming year [5][12]

Group 1 - The sales of products related to the "trade-in" program in 2025 exceeded 2.6 trillion yuan, benefiting over 360 million people [3] - The trade-in program included over 11.5 million cars, 12.9 million home appliances, 9.1 million mobile devices, and 12 million home renovation items [3] - The first day of the New Year saw a significant increase in cross-regional personnel flow, with over 208 million people traveling, a 21% year-on-year increase [3] Group 2 - The "Hualong One" nuclear power unit in Zhangzhou officially commenced commercial operation, marking the completion of the first phase of the project [5] - The Industrial and Commercial Bank, Agricultural Bank, Construction Bank, and others announced that starting January 1, 2026, they will pay interest on digital RMB wallets at the same rate as regular savings [6] Group 3 - The State Council announced an increase of 5 days in the holiday schedule for 2026, totaling 33 days [7] - The Ministry of Finance, Ministry of Commerce, and State Taxation Administration will support around 50 cities to conduct a trial for prize invoices to stimulate consumer demand [8] Group 4 - The Henan provincial government launched a subsidy program for the trade-in of automobiles, home appliances, and digital products starting January 1, 2026 [16] - Consumers can receive a subsidy of 15% on the final sales price for eligible home appliances and digital products, with specific caps on the maximum subsidy amount [19][20] Group 5 - The sales revenue of the Pang Dong Lai Group reached over 23.5 billion yuan in 2025, with supermarkets being the primary contributor [23] - The total box office for Chinese films in 2025 was 412.93 billion yuan, accounting for 79.67% of the total box office [51]

【导读】大家抢到了吗？ 中国基金报记者 泰勒 大家好，今天抢茅台了吗？ 1月1日， 2026年的第一天，上午9时起，每人每日可在i茅台购买12瓶飞天茅台酒！2025年12月31日晚间，据"贵州 茅台"官方消息，2026年1月1日起，i茅台App焕新改版，将原有的"享约·申购"与"畅享·云购"整合升级为统一的"i 购"入口。在"i购"页面，用户可直接购买所有i茅台App的在售商品。 1月1日上午9时，飞天53%vol 500ml贵州茅台酒（2026）正式发售，每位用户目前每日最多可购买12瓶。每日投放量 会综合考虑防止炒作、供需适配和市场稳定确定，当日售完即止。之后，每日上午9时准点开售。 据泰勒观察， 本次投放从9点开始，每五分钟投放一次，系统也多次出现"库存不足""系统繁忙"。 本次主要上架的是 2026年的新飞天茅台，2019—2024年的次新飞天仍未展开销售。截至上午九点半，本轮投放已经售罄。 点了半天i茅台上第一次中,不管他后面值不值,就当是新的一年好手气! 不过也有不少网友在社交媒体上晒出了自己的订单。 仁怀市河滨街贵州茅台自营店 应付合计: ¥2998 关注了好久了飞天，也是在新年伊始,抢到了茅台 ...