1月29日，A股市场呈现沪强深弱分化格局，资金向低估值蓝筹集中特征显著。截至收盘，上证指数报 4157.98点，微涨0.16%；深证成指报14300.08点，小幅回调0.30%；创业板指报3304.51点，下跌0.57%； 上证50指数逆势走强，上涨1.65%领跑宽基指数。沪深北三市成交额达3.26万亿元，较上一交易日放量 2671亿元，市场量能维持高位。白酒、地产板块联袂大涨成为当日盘面核心亮点，有效支撑市场情绪。 白酒板块掀涨停潮 白酒板块昨日全线爆发，板块内20只个股强势涨停，头部酒企集体冲高引领行情。贵州茅台单日大涨 8.61%，收盘价报1437.72元，成交额达263亿元，总市值重回1.8万亿元关口；五粮液、山西汾酒、泸州 老窖、洋河股份、古井贡酒等核心酒企悉数涨停，板块整体涨幅居全市场首位。 此次白酒板块走强，源于旺季动销预期与行业拐点预期形成共振。一方面，近期飞天茅台市场批发价格 逐步回暖。1月29日，第三方平台数据显示，53度、500ml飞天茅台酒批发价格继续上涨。其中，2025 年飞天茅台原箱较上一日上涨20元/瓶，至1620元/瓶。另一方面，因白酒行业处于深度调整期，已有多 家白酒企业预计 ...

与此同时，记者调研了解到，部分茅台省区直营店已出现飞天茅台"库存不足"的情况，仅在i茅台申购成功者能保证有现货。 财联社记者从市场获悉，受春节旺季需求向好等因素影响， 近日53度、500ml飞天茅台酒批价持续上涨，今日已涨至约1600元/瓶。 ...

Core Viewpoint - The white liquor industry is experiencing its most severe adjustment since 2015, driven by increased regulatory pressures, generational shifts in consumption, and high channel inventory, leading to a transition from "scale expansion" to "value cultivation" [4][5][22] Industry Overview - In 2025, the white liquor industry faced a dual contraction in external environment and internal ecology, with the liquor industry being recognized as a "historical classic industry" [5][6] - The implementation of new standards for sauce-flavored liquor and stricter food labeling regulations aims to enhance transparency and curb false advertising [5][6] - The revised regulations on government spending have led to a significant decline in high-end liquor consumption, with a reported drop of about two-thirds in high-end liquor opening rates from May to August [5][6] Market Performance - In the first half of 2025, the number of large-scale liquor enterprises decreased by over 100, with production down by 5.8% and profits down by 10.93% [6] - By November 2025, production had decreased by 11.3% year-on-year, with a record low monthly decline of 13.8% [6] - The total revenue of 20 A-share liquor companies fell by 5.90% to 317.79 billion yuan, with net profits down by 6.93% [6] Stock Market Trends - The white liquor sector saw a significant decline in market value, with the index dropping to 2694.38 points by the end of 2025, reflecting a total market capitalization of 2.88 trillion yuan [6] - Only one company, Jinhui Liquor, saw a slight increase in stock price, while 11 companies experienced declines exceeding 20% [7] Price Dynamics - The price of major liquor products has been declining, with average retail prices dropping by over 30% by the end of 2025 [12] - The price of certain well-known liquor brands fell back to levels not seen since 2017, indicating a collapse of the previous price rigidity [8][12] Inventory Challenges - The average inventory turnover days for the industry reached 900 days in the first half of 2025, increasing to 1424 days by the end of the third quarter [13] - The total inventory of 20 listed liquor companies exceeded 170 billion yuan by the end of the third quarter, marking an 11% year-on-year increase [13] Strategic Responses - Liquor companies have begun to implement measures such as price stabilization and inventory control, with major brands like Moutai and Wuliangye taking steps to manage supply and innovate product offerings [9][19] - The industry is witnessing a shift towards mid-range and low-end products, as well as a focus on cash flow management among distributors [16][19] Future Outlook - Analysts predict that the white liquor sector may have entered a bottoming phase, with potential for performance recovery in 2026 as inventory issues are addressed and macroeconomic conditions improve [19][20] - The strategic focus for leading companies in 2026 will be on core business consolidation and adapting to changing consumer demands [20][21]

i茅台12月30日通过官方微信宣布，2026年将上线53度、500ml飞天茅台酒。 记 者从知情人士处了解，普茅的投放量将基于防止炒作、供需适配及市场稳定原则设定，网传每日100吨为不实信息。 另据九派财经消息，茅台方面针对"每日申购量达100吨"消息表示"将视市场需求动态调节"，于每日上午9:00定 时投放，具体的售卖规则 以商品详情页为准。 来源：界面新闻、九派财经 关注" 新华网财经 "视频号 更多财经资讯等你来看 往期推荐 2026年1月1日起，你的房贷可能下调！ 里程碑！人形机器人与具身智能标委会成立，王兴兴彭志辉发言 ...

Group 1 - The National Development and Reform Commission and the Ministry of Finance announced a subsidy policy for consumer electronics and appliances, providing a 15% subsidy for purchases of certain products, including smartphones and smart home devices, starting in 2026 [1] - Consumers can receive a subsidy of up to 500 yuan for each eligible smart product purchased, with a maximum subsidy of 1500 yuan for major appliances [1] - The policy aims to stimulate consumption and support the transition to smart and energy-efficient products, indicating a clear direction towards intelligent technology [1] Group 2 - A total of 625 billion yuan in special long-term bonds has been allocated to support the old-for-new consumption policy, with funds being distributed ahead of the New Year and Spring Festival to meet seasonal demand [2] - The National Development and Reform Commission will oversee the implementation of this policy, ensuring effective use of the subsidy funds and monitoring throughout the process [2] Group 3 - The Ministry of Finance and the State Taxation Administration announced a new tax policy, exempting individuals from value-added tax when selling homes purchased for over two years, effective January 1, 2026 [3] - The tax rate for homes sold within two years has been reduced from 5% to 3%, although the overall impact on the market is expected to be limited [3] Group 4 - The Ministry of Industry and Information Technology and three other departments released a digital transformation plan for the automotive industry, aiming to enhance smart manufacturing capabilities by 2027 [4] - Key targets include increasing the digitalization level of component manufacturers, improving labor productivity by 10%, and reducing product development and delivery cycles by 20% [4] Group 5 - iMoutai announced plans to launch a new product line in 2026, with production volumes aimed at preventing market speculation and ensuring supply-demand balance [5] Group 6 - The U.S. stock market faced pressure with declines in major indices, influenced by internal divisions within the Federal Reserve, while some tech stocks showed mixed performance [6] - The Nasdaq China Golden Dragon Index experienced fluctuations, reflecting the volatility in the market [6] Group 7 - The agricultural sector is focusing on increasing soybean oil production and self-sufficiency, alongside the development of modern livestock and aquaculture industries [10] - The initiative aims to enhance agricultural productivity and establish a diversified food supply system while maintaining strict land use regulations [10] Group 8 - The Ministry of Education plans to introduce policies to integrate artificial intelligence into education, aiming to cultivate high-quality talent for the future [11] - The initiative will focus on different educational stages and promote AI literacy among students [11]

Group 1 - New stock listings include Xinguangyi (Chuang) and Hangdongguang (Bei) [2] - JD.com and Yushu Technology officially launched their first offline store, opening on December 31 [2] - The 12th National Public Ice and Snow Season and the 12th Skiing Conference in Shaanxi Province will kick off on December 31 [2] - Nanobox and Micro Light Technology jointly developed the world's first smart learning glasses, which will start global limited pre-sale on December 31 [2] - The global launch ceremony for the MARS series embodied intelligent robots will be held on December 31 [2] - Xiaomi plans to launch at least four new car models in 2026, including a modified SU7 and two range-extended SUVs [28] Group 2 - The Ministry of Civil Affairs will establish a minimum living guarantee standard filing system to prevent issues like "raising standards while reducing beneficiaries" [7] - The Ministry of Education plans to introduce policies related to artificial intelligence in education next year [13] - The National Development and Reform Commission and the Ministry of Finance announced a subsidy policy for personal purchases of smartphones, tablets, smartwatches, and smart glasses, providing a 15% subsidy [12] - The Ministry of Industry and Information Technology is promoting the application of artificial intelligence and advanced technologies in internet exchange centers [19] - Four departments are pushing for the large-scale application of intelligent robots in automotive manufacturing processes [20] Group 3 - China National Airlines plans to purchase 60 Airbus A320NEO series aircraft for approximately $9.53 billion, with deliveries scheduled between 2028 and 2032 [33] - Salt Lake Co. intends to acquire a 51% stake in Wenkang Salt Lake for 4.605 billion yuan [36] - Shengxin Lithium Energy plans to acquire a 30% stake in Qicheng Mining for 2.08 billion yuan, which holds high-grade lithium mining rights [38] - Mingde Bio plans to acquire 100% of Wuhan Bikaier Rescue Supplies Co., which is expected to constitute a major asset restructuring [39] - Zijin Mining expects a net profit increase of 59%-62% for 2025, with significant increases in the production of gold, copper, and silver [40]

Core Insights - The Chinese liquor industry is entering a deep adjustment period in 2025, characterized by declining volume and price, with a significant contraction in consumption scenarios, leading to a challenging market environment [1][2][4] - Looking ahead to 2026, the industry is expected to face intensified competition due to weak demand, but leading companies are shifting their strategies to focus on consumer-centric approaches, targeting younger consumers and low-alcohol products [1][5] Industry Overview 2025 - The year 2025 is described as exceptionally challenging for the Chinese liquor industry, with companies, distributors, and investors facing severe tests [2] - The mid-to-high-end liquor market is projected to have lost 30-40% of its value, with significant sales declines reported during the summer months [4] Industry Outlook 2026 - The liquor industry is anticipated to remain in a weak demand environment, with ongoing adjustments and increased competitive pressure [5][6] - Companies are focusing on consumer-centric strategies to solidify their market positions, with a clear trend towards product differentiation [5] Competitive Landscape - Companies like Wuliangye aim to dominate the 800-1000 yuan price segment and are working to establish their flagship product, Wuliangye 1618, as a billion-yuan product [6][7] - Luzhou Laojiao is pursuing a differentiated competition strategy by promoting low-alcohol products, which have gained popularity among younger consumers [7] - Shanxi Fenjiu is also focusing on younger consumers and expanding its national presence [7] Long-term Opportunities - Despite short-term challenges, the liquor industry holds structural growth opportunities driven by the expansion of the middle class and new consumer scenarios [8] - The Chinese economy is expected to maintain a GDP growth rate of around 5% during the 14th Five-Year Plan, providing a solid foundation for the liquor industry to navigate through the adjustment period [8] - Upcoming supportive policies from the government are anticipated to benefit the liquor industry, with specific measures expected from regions like Sichuan [8][9]

Group 1 - The 2026 national subsidy plan has been officially released, with the first batch of funding amounting to 62.5 billion yuan allocated to support the replacement of old consumer goods. New categories include smart glasses and smart home products, while categories like home decoration and electric bicycles have been removed. The subsidy for new car purchases remains at 12% or 10% of the car price, with a cap of 20,000 yuan or 15,000 yuan [1] - The scope of subsidies for household appliances has been narrowed to six categories, with the subsidy rate for first-level energy-efficient appliances reduced from 20% to 15%, and the maximum subsidy per appliance decreased from 2,000 yuan to 1,500 yuan [1] Group 2 - A significant policy for the real estate market has been announced, reducing the VAT rate on the sale of homes held for less than two years from 5% to 3%, while homes held for over two years will be exempt from VAT. This is expected to lower transaction costs and increase the activity in the second-hand housing market [2] - In 2025, the A-share market saw a strong performance, with the Shanghai Composite Index reaching over 4,000 points and total market capitalization hitting 119.04 trillion yuan. The A-share trading volume reached 41.782 trillion yuan, with major indices showing significant increases [2] Group 3 - The FOMC meeting minutes revealed a consensus on the need for potential interest rate cuts, although there were significant disagreements among officials regarding the timing and extent of these cuts. Most officials believe that further rate cuts would be appropriate if inflation decreases as expected [3] - The Central Rural Work Conference emphasized the importance of agricultural modernization and rural revitalization, with a focus on ensuring stable grain production and improving policies to benefit farmers [3] Group 4 - The Ministry of Industry and Information Technology has issued an implementation plan for the digital transformation of the automotive industry, which includes six major actions and 15 key tasks [7] - The logistics sector in China reported a total social logistics volume of 331.2 trillion yuan in the first 11 months of the year, reflecting a year-on-year growth of 5% [7] Group 5 - The Hong Kong IPO market saw a resurgence in 2025, with 117 companies listed and total financing reaching 285.7 billion HKD, making it the largest in the world for that year. Predictions for 2026 suggest around 160 new listings with a financing amount of no less than 300 billion HKD [5] - The China Securities Association has revised the evaluation methods for the quality of investment banking services, adding new indicators for assessing the support of mergers and acquisitions and new stock valuation [6]

Group 1 - Changxin Technology has applied for an IPO on the Sci-Tech Innovation Board, planning to issue no more than 10.622 billion shares, with a financing amount of 29.5 billion yuan [2] - Meta has officially announced the acquisition of AI company Manus for up to several billion dollars, marking its third-largest acquisition since inception, enhancing its AI technology and ecosystem [2] - Kweichow Moutai announced the launch of a new 53-degree, 500ml Feitian Moutai liquor in 2026, with a production volume set to prevent speculation and stabilize the market [2] Group 2 - TSMC announced that its 2nm semiconductor will start mass production in Q4 2025, with a 30% improvement in energy efficiency and a 15% performance increase compared to the 3nm N3E process [3] - Mingde Bio plans to acquire Bikaier from Bluefan Medical, which is expected to constitute a major asset restructuring, enhancing its competitiveness in the healthcare industry [5] - Xiaomi is accelerating its automotive product matrix expansion, planning to launch at least four new models by 2026, indicating a dual-line strategy of "pure electric + range extender" [5] Group 3 - Amazon plans to invest up to $50 billion to build AI and high-performance computing systems for U.S. government agencies, starting construction of data centers in 2026 [7] - Nvidia is in talks to acquire Israeli AI startup AI21 Labs for up to $3 billion, while also purchasing $5 billion in Intel shares to integrate RTX GPUs with Intel processors [7] - Tesla's global production of electric vehicles reached 9 million, with nearly half of the capacity contributed by China, although Q4 delivery is expected to decline by 15% year-on-year [7] Group 4 - SoftBank has completed a total investment commitment of $40 billion in OpenAI, with the last tranche of $22 billion to $22.5 billion recently disbursed [9] - NEC has announced the cessation of development for 4G and 5G wireless base stations, marking its exit from the global base station market [9] - Samsung Electronics, along with SK Hynix, has received U.S. export licenses for chip manufacturing equipment to China, ensuring stable operations in the Chinese market [9] Group 5 - Vodafone has completed the acquisition of German cloud service company Skaylink for €175 million, aimed at enhancing its capabilities in the European cloud computing market [12] - BMW has begun sourcing Exynos Auto chips from Samsung for its new iX3 electric vehicle, expanding their collaboration into software-defined vehicles [12] - Mercedes-Benz has invested 1.34 billion yuan in Chongqing Qianli Technology to integrate its autonomous driving business onto a unified platform [13]

1. 2026年国补方案正式发布，国家发改委、财政部印发《关于2026年实施大规模设备更新和消费品以旧换新政策的通知》，同时下达首批625亿元资金支 持消费品以旧换新。2026年国补对象新增智能眼镜、智能家居等智能产品，剔除家装、电动自行车两大类。购买新车按车价补贴12%或10%，补贴上限仍 延续2025年标准（即2万元或1.5万元）。 家电国补范围缩小，限定为冰箱、洗衣机、电视、空调、电脑、热水器等6类产品，一级能效家电补贴比例从此 前20%降至15%，每件家电补贴最高额度从2000元降至1500元。 2.临近年末，楼市迎来重大利好政策。 财政部、税务总局发布公告，自2026年起，个人将购买不足2年的住房对外销售的，增值税征收率从此前的5%下调 至3%，满两年及以上的免征增值税。 2026年1月1日前，个人销售住房涉及的增值税尚未申报缴纳的，符合公告规定的将按公告执行。中指研究院认为， 本次政策大幅降低二手房交易成本，有利于提升二手房交易活跃度，但也将导致市场供应量加大。 3. 2025年中国资产崛起，A股市场持续走强，上证指数一度站上4000点，总市值、成交额、融资余额等连创纪录。 Wind数据显示，截至 ...