（图片系AI生成） "卖茅台低于市场价将被罚""关停全部茅台未授权店铺""所有售卖1935的商家，立即下架商品"等系列传闻发酵后，抖音近日发布了酒水专项治理数据：今年 已封禁高仿茅台、低价导流黑产账号60万个；近三个月下架违规商品超2000件、清退商家690家。 目前，抖音电商平台一度泛滥的1499元/瓶国内版53度500ml飞天茅台已难觅踪影，取而代之的是茅台官方旗舰及授权店铺1700元以上的稳价陈列。 这场突如其来的"抖音风暴"，只是今年酒企与电商平台 共同"拆弹"低价、假货、逃税三大顽疾的缩影。"双11"前酒厂密集发布黑白名单、10月1日《互联网 平台企业涉税信息报税规定》落地、京东上线"名酒鉴真"……酒业电商生态正被重塑。 从时间线来看，11月10日，抖音平台率先发布《关于酒水版本专项治理公告》，内容直指部分售卖"海外版"酒水的创作者存在恶意营销行为，引发大量消费 者投诉，为后续治理奠定基调。 同日，"卖茅台低于市场价将被罚，达人补贴也不行"的传闻甚嚣尘上，且引发市场对茅台市场价判断标准以及平台如何界定惩罚标准的探讨。不过，对此消 息，抖音电商负责人对外回应称"相关传言不实，属于误读"，但也指出平台发 ...

在资本市场此时茅台股价与四年前的高光形成鲜明反差，舆论中看衰声音不绝于耳。 考虑到此前茅台也多次历经低谷（如2012年的白酒塑化剂风波），每次都是以售价和股价的下挫为代价，但经历低谷 之后，数据又都会回到正轨。 在零售价格的一路下行中，茅台这个昔日A股头号企业也已是风光不再，尤其最近传出"抖音封停低价茅台"，更是引 起市场强烈反应：原来茅台已经到了要严格"控价"的地步。 那么这次茅台的下行有什么特殊的地方呢？本文核心观点： 其一，茅台庞大的经销商体系为系列酒走量贡献颇大，但也是当前飞天甩货的主力； 其二，茅台的渠道控价能力已显疲态； 其三，茅台景气度盯紧应收票据和M1同比数据，拐点大概在2026年中。 经销商甩货：茅台失去控价能力 与所有白酒企业一样，茅台采取了"经销商+自营"的销售体系，尤其各地庞大的经销商群体更是链接各地优质客户资 源的桥梁，是茅台创造既往辉煌的一大功臣。 不过在现实运营中，经销商体系也暴露出种种弊端。 如腐败（历任茅台高管腐败均与此密不可分），又比如茅台集团失去对终端价格的控制力（53度飞天茅台1499的指导 价在零售市场形同虚设），又比如在茅台旺季之时，各地经销商会囤积居奇，不仅可以赚 ...

以下文章来源于时代财经APP ，作者林心林 时代财经APP . 聚焦于企业财经新闻，互联网新闻信息服务许可证编号：44120230006 导语：白酒巨头与电商平台的交锋，在抖音与茅台之间打响。 白酒巨头与电商平台的交锋，在抖音与茅台之间打响。 11月15日，有市场消息称"抖音电商平台关停茅台未授权店铺"。有经销商反映收到"抖音小二"通知，平台正对带"茅台"字眼的店铺进行集中研 判处理；且要求商家马上下架所有1935商品。 当日，时代财经在抖音平台上搜索"53度飞天茅台"发现，大批第三方商品链接已被下架，前列展示的几乎都是"茅台酱香酒官方旗舰店"等官方旗 舰店商品。 不过很快，多家受影响的酒类专营店链接便开始逐步恢复。11月16日，某茅台授权店铺已重回搜索前列，但店内53度飞天茅台仍处于"售罄"状 态。据商家解释，此次调整为系统优化所致，预计商品晚些会恢复上架。 11月17日，抖音电商在售的53度飞天茅台价格基本在1700元及以上，止住了此前持续低价的势头。 仍有主播销售低价茅台 此次店铺关停风波并非没有预兆。 在此之前，市场就有传言"卖茅台低于市场价将被罚"。11月10日，有消息称，抖音平台在商家社群发布关于 ...

白酒巨头与电商平台的交锋，在抖音与茅台之间打响。 11月15日，有市场消息称"抖音电商平台关停茅台未授权店铺"。有经销商反映收到"抖音小二"通知，平 台正对带"茅台"字眼的店铺进行集中研判处理；且要求商家马上下架所有1935商品。 当日，时代财经在抖音平台上搜索"53度飞天茅台"发现，大批第三方商品链接已被下架，前列展示的几 乎都是"茅台酱香酒官方旗舰店"等官方旗舰店商品。 不过很快，多家受影响的酒类专营店链接便开始逐步恢复。11月16日，某茅台授权店铺已重回搜索前 列，但店内53度飞天茅台仍处于"售罄"状态。据商家解释，此次调整为系统优化所致，预计商品晚些会 恢复上架。 此次店铺关停风波并非没有预兆。 在此之前，市场就有传言"卖茅台低于市场价将被罚"。11月10日，有消息称，抖音平台在商家社群发布 关于茅台价格治理的通知，称"茅台价格低于市场行情价将会被处罚，即日起，无论茅台海外版还是国 内版，低于市场行情价的，一律按假货存疑处罚，商家低价1瓶也不行，达人自己补贴也不行。" 随后，抖音电商连续两日发声辟谣，相关负责人回应称"相关传言不实，属于误读"。 11月11日，抖音方面表示，近期有多名消费者投诉个别商家 ...

Core Insights - The news highlights the sudden shutdown of unauthorized Moutai stores on Douyin's e-commerce platform, followed by a rapid restoration of many links, indicating a deep collaboration between Moutai and Douyin [2][3] Group 1: Incident Overview - Douyin's e-commerce team announced a special governance notice on November 10, addressing complaints about malicious marketing of "overseas version" liquor, particularly during the "Double 11" shopping festival [2] - The price of overseas Moutai dropped significantly from 1419 yuan to as low as 1288 yuan per bottle, prompting Douyin to take action against over 100 abnormal price listings and restrict 52 merchants [2][4] Group 2: Mutual Benefits - The crackdown on low-priced Moutai benefits both Moutai and Douyin, as it helps Moutai regain control over pricing and prevents Douyin from facing potential counterfeit risks [3][4] - Moutai's recent actions, including delaying its release plan and reducing offline quotas, aim to stabilize prices and regain market control [4] Group 3: Channel Innovation - Moutai's collaboration with Douyin is part of its ongoing channel transformation, emphasizing the need for a resilient channel ecosystem and modern market management [5] - Moutai has been preparing for online channel expansion since April, recruiting operators for its products on Douyin [5] Group 4: Industry Impact - Douyin's actions reflect a broader restructuring of the liquor e-commerce ecosystem, indicating that channel compliance will become a long-term governance direction for major e-commerce platforms [7][8] - The crackdown on unauthorized sales is expected to stabilize prices and alleviate inventory depreciation pressures for offline liquor merchants [8] Group 5: Future Outlook - Following the implementation of the governance measures, Moutai's retail price is expected to rise slightly as the Spring Festival approaches, with the average retail price of 53-degree Moutai reaching 1841 yuan [9][10] - The market signals indicate a gradual return to stability in Moutai's pricing system, with consumers likely facing fewer opportunities for "super low prices" but benefiting from safer transactions [10]

Core Insights - Douyin e-commerce platform has initiated actions to shut down unauthorized stores selling Moutai products, particularly focusing on those using the "Moutai" name, in response to complaints about low-priced Moutai being marketed as genuine [2][3][5] - The price of 53-degree Flying Moutai has stabilized at around 1700 yuan and above after a period of low pricing, indicating a potential end to price erosion [2][5][8] - The recent actions by Douyin are seen as a response to market pressures and may be influenced by Moutai's new leadership, which aims to stabilize the pricing and distribution channels [7][9][10] Douyin's Actions - Douyin has been actively removing links to low-priced Moutai products, with over 100 abnormal low-priced listings taken down and 52 merchants restricted [3][4] - The platform's crackdown coincided with the end of the "Double 11" shopping festival, during which some merchants sold Flying Moutai at prices as low as 1288 yuan, significantly below market rates [5][6] - Despite the crackdown, some accounts continued to promote low-priced Moutai, indicating ongoing challenges in controlling pricing and authenticity [5][6] Moutai's Pricing Strategy - Moutai's pricing has been volatile, with wholesale prices dropping below 2000 yuan earlier this year, but recent data shows a recovery with prices around 1655 yuan for scattered bottles [8][10] - The company has been tightening its control over online sales channels, with a significant increase in authorized online stores, while also removing several unauthorized ones [9] - Moutai's new leadership has emphasized the importance of maintaining a stable channel ecosystem and pricing structure to protect brand integrity and dealer interests [7][9] Market Implications - The actions taken by Douyin and Moutai are aimed at preventing price erosion and protecting the brand's market position, which could lead to a more stable pricing environment in the future [6][10] - Analysts suggest that the tightening of supply and control over pricing may lead to an increase in Moutai prices ahead of the Spring Festival [10]

Core Viewpoint - The concept of price increases based on supply and demand has become a key logic for fund managers to outperform the market and identify potential high-growth stocks [1][2]. Group 1: Price Increase as a Signal for Investment - Price increases are viewed by fund managers as a sign of corporate expansion and competitive strength, often leading to excess returns [2]. - The price of Moutai liquor has risen from 499 RMB to approximately 1169 RMB from January 2011 to November 2023, significantly benefiting funds heavily invested in it [2]. - Companies like Bilibili, Meitu, and Tencent Music have also seen positive investment cycles due to membership price increases, with Meitu's net profit reaching 467 million RMB in the first half of the year, a 71.3% year-on-year increase [2]. Group 2: Risks of Price Decrease - The decline in prices can indicate either an industry recession or a competitive "elimination round," posing risks for non-leading companies [3]. - A notable example is the significant losses incurred by funds that invested heavily in Nayuki Tea during a price decline cycle, leading to its market value dropping to less than 2 billion HKD [3]. Group 3: Fund Flows and Market Trends - In a climate of rising risk aversion, companies with price increase expectations have become attractive investment targets [4]. - Recent data shows that the top-performing funds are concentrated in resource and new energy themes, with some funds achieving returns of up to 31% in a month due to price increases in related commodities [4]. Group 4: Sensitivity to Price Increase Logic - There has been a significant influx of funds into chemical ETFs, reflecting investor sensitivity to price increase logic, despite some ETFs experiencing net value losses earlier in the year [5]. - The asset size of the Jianxin Chemical ETF grew from 604 million RMB to 1.099 billion RMB from June to September 2023, indicating strong investor interest [5]. Group 5: Long-term Investment Strategies - Fund managers are focusing on sectors with price increase potential, such as non-ferrous metals, which are expected to see upward price trends due to supply constraints [6]. - The technology sector is also benefiting from price increases, with major memory suppliers planning to raise prices by up to 30% to meet the growing demand driven by AI [6]. Group 6: Caution in Competitive Industries - Some fund managers advocate for caution in industries experiencing price competition, such as the AI large model sector, where price reductions have been announced [7].

Group 1 - The price increase logic has become a key strategy for fund managers to outperform the market and identify potential stocks, especially during year-end risk aversion periods [1][2] - Fund managers view price hikes as a strong indicator of corporate expansion and competitive strength, leading to significant returns, as seen with Kweichow Moutai and other stocks like Bilibili and Tencent Music [2][3] - The price increase of Kweichow Moutai from 499 RMB to approximately 1169 RMB from January 2011 to November 2023 has provided substantial returns for funds heavily invested in it [2] Group 2 - The decline in prices within certain industries, such as the milk tea sector, signals potential risks and has led to significant losses for funds that invested heavily in stocks like Nayuki's Tea [3] - The strategy of observing price trends (both increases and decreases) is effective for assessing the profitability of companies across various industries [3][4] - Recent data shows that funds focused on resource themes and new energy have seen strong performance, with some funds achieving returns of over 31% in the past month [4][6] Group 3 - The recent surge in prices for chemical products, such as the 68% increase in the price of ethylene carbonate, reflects the strong correlation between price hikes and investor interest [5][6] - The influx of capital into chemical ETFs indicates a high sensitivity among investors to price increase logic, despite some ETFs experiencing net value losses earlier in the year [6] - Fund managers are optimistic about sectors like non-ferrous metals, anticipating upward price movements due to supply constraints and competitive advantages [7] Group 4 - The focus on price increase logic has led some fund managers to adopt a cautious approach towards industries facing price competition, such as the AI sector, where price cuts have been announced [8]

Core Viewpoint - The article discusses the significant decline in the price of Moutai liquor, transitioning from an investment asset to a consumer product, with many consumers reassessing its intrinsic value [3][10]. Price Decline and Market Reaction - Newly launched cultural series products and the 53-degree Flying Moutai have experienced drastic price drops, with the "Yellow Small Stream Dinner" series falling 30%-40% from its launch price of 2499 yuan to below 1700 yuan [4][5]. - The 375ml version of the "Walk into Five Countries" series has seen its price drop from 1619 yuan to 1050 yuan, while the 700ml version has decreased from 3599 yuan to around 2200 yuan, marking a nearly 40% decline [4][5]. - The price of the 53-degree Flying Moutai has fallen from approximately 2000 yuan at the beginning of the year to around 1600 yuan, a drop of over 50% from its peak of 3500 yuan at the end of 2022 [5][8]. Shift in Consumer Behavior - Consumers are now more cautious and rational in their purchasing decisions, with many no longer hoarding Moutai as an investment, reflecting a shift towards its consumption value [7][10]. - The trend of bulk purchasing for investment purposes has diminished, with consumers typically buying only one or two bottles for personal use [7][8]. Industry Dynamics - The white liquor industry is undergoing a cyclical adjustment, entering a phase of stock competition, with Moutai's strategy focusing on long-term stability and adapting to changing consumer habits [9]. - The decline in Moutai prices has not significantly affected its stock price, indicating a potential disconnect between market sentiment and the company's long-term value [9]. Future Outlook - Analysts suggest that Moutai may continue to experience price fluctuations in the short term, but there is potential for stabilization at current price levels due to the brand's inherent value and demand in gift and banquet markets [9][10].

抖音"关停"茅台店铺后续：大量店铺已恢复 茅台和抖音互相成就？ 有经销商表示，经核查没有违规行为的店铺已经陆续解封。一家抖音酒类专营店客服人员告诉 《BUG》，店铺内部优化中，售卖茅台的链接已经陆续恢复上架。 对此，茅台大V"茅粉鲁智深"沈艺对《BUG》栏目表示，此事的起因主要还是个别店铺售卖的"茅 台产品"触犯了平台利益，如果是假货，会导致平台声誉度下降，"查一下后面就会放开，不用焦虑，很 快就会继续卖，趋势和大方向是不变的。" 【中国白酒网】近日有报道称，抖音平台关停了全部非授权茅台店铺，引发市场关注。11月16日， 《BUG》在抖音平台搜索"53度飞天茅台"发现，多家酒类专营店的商品链接都可以看到，排在前列的不 再是茅台酱香酒官方旗舰店、茅台文旅官方旗舰店等。此外，可见链接数量比15日有所增加，还有抖音 进口超市的链接。 目前，《BUG》在抖音电商查询到的53度飞天茅台价格大部分处于1600元-1800元区间。也有个别 店铺在销售外包装做遮挡的疑似"53度飞天茅台"，价格标注在1499元左右。 保价之战 事实上，53度飞天茅台在电商平台的价格已经松动。目前，在拼多多"百亿补贴"专区内，单瓶装海 外版53 ...