Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Insights - The report highlights that the online demand for Moutai has shown strong explosive growth, supporting the price stability of Moutai. Additionally, some inventory replenishment demand has amplified the price fluctuations of Moutai. On the supply side, changes in the delivery rhythm have also caused certain disturbances to Moutai's wholesale prices [2][7] Summary by Sections Moutai Price Fluctuations - Since the beginning of 2026, Moutai's wholesale prices have experienced volatility. The price of original Moutai bottles dropped to around 1505 CNY per bottle at the start of 2026 but subsequently broke through the 1600 CNY and 1700 CNY thresholds by the end of January. As of February 5, 2026, the price rose to 1660 CNY per bottle [6][17] - For bulk Moutai, the price initially fell to 1490 CNY per bottle, then rose to 1650 CNY by the end of January, before dropping to 1570 CNY in early February, and finally rebounding to 1610 CNY by February 5 [6][17] Demand and Supply Analysis - Demand: The "i Moutai" app had over 15.31 million active users in January 2026, with more than 1.45 million users purchasing desired products, resulting in over 2.12 million transactions. The explosive online demand has supported Moutai's strong price performance. Additionally, some channel replenishment and purchasing demand have further increased price volatility [7][18] - Supply: During the Spring Festival peak season, demand is favorable, but the overall supply of Moutai is tight, with limited channel inventory. Some regions have applied for additional quotas, and certain distributors have begun selling March quotas for Moutai [7][18] Short-term and Long-term Price Outlook - In the short term, Moutai is expected to achieve a narrow bottom fluctuation as supply is gradually controlled, and demand is recovering. The acceleration of pre-holiday supply will help control prices post-holiday. In the long term, Moutai's price fluctuations will be determined by economic growth and supply growth factors [8][21] - The report emphasizes that Moutai's price fluctuations are fundamentally driven by supply and demand relationships. Demand is closely related to residents' income and consumer confidence, while supply is influenced by Moutai's pricing strategy. Since 2009, the number of Moutai bottles that urban residents can purchase monthly has fluctuated around a historical average of 2 bottles [8][22]

1月12日晚间，"小茅i茅台"发布消息称，2026年1月13日起，每日9:09，53%vol 500ml陈年贵州茅台酒（15）将在i茅台APP开启售卖。 值得一提的是，12日早间，《每日经济新闻·将进酒》记者从经销商处获悉，陈年贵州茅台酒（15）出厂价将从5399元/瓶下调至3409元/瓶。该产品在i茅台 的零售价也相应下调，零售价由5999元/瓶调整至4199元/瓶。 资料显示，该款产品以15年及以上酒龄基酒多次勾兑而成，勾兑过程采用"酒勾酒"勾兑方式，撷取1000余支基酒精华。 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 每经记者｜熊嘉楠 每经编辑｜赵云 ...

i茅台官微1月12日晚间发布消息称，1月13日起，i茅台APP每日09:09正式上线53%vol 500ml陈年贵州茅台酒（15）。产品将在i茅台每日限量投放，售完即 止，满足高端收藏与礼赠需求。 其包装亦彰显匠心，酒瓶以紫砂与瓷土烧制，通体施茶黄无光釉，底部印章采用紫砂陶土特殊工艺；礼盒为天地盖设计，内配仿古青铜酒樽，融合器物之 美与文化仪式感。 i茅台官微1月12日晚间发布消息称，1月13日起，i茅台APP每日09:09正式上线53%vol 500ml陈年贵州茅台酒（15）。产品将在i茅台每日限量投放，售完即 止，满足高端收藏与礼赠需求。 通知称，陈年贵州茅台酒（15）产自茅台核心产区，以15年及以上酒龄基酒为基底，精选1000余支老酒精华，采用传统"酒勾酒"工艺精心勾兑而成。酒体 浅黄清亮，酱香突出、幽雅细腻，老熟味明显，空杯留香持久。 其包装亦彰显匠心，酒瓶以紫砂与瓷土烧制，通体施茶黄无光釉，底部印章采用紫砂陶土特殊工艺；礼盒为天地盖设计，内配仿古青铜酒樽，融合器物之 美与文化仪式感。 通知称，陈年贵州茅台酒（15）产自茅台核心产区，以15年及以上酒龄基酒为基底，精选1000余支老酒精华，采用传统"酒 ...

人民财讯12月30日电，据i茅台官方微信公众号消息，2026年，i茅台将陆续上架多款产品，包括贵州茅 台酒经典系列：飞天53%vol 500ml贵州茅台酒（2026）等；贵州茅台酒生肖系列：53%vol 500ml贵州茅 台酒（丙午马年）经典版/礼盒装/尊享版；贵州茅台酒陈年酒系列：53%vol 500ml陈年贵州茅台酒 （15）。 转自：证券时报 ...