中国白酒追踪器_2026 年农历新年零售销售略好于预期；茅台、五粮液领衔的超高端品类表现强劲-China Spirits Tracker_ 2026 LNY retail sales slightly better than expected; Resilient super premium with Moutai-Wuliangye

23 February 2026 | 1:39AM HKT Equity Research China Spirits Tracker: 2026 LNY retail sales slightly better than expected; Resilient super premium with Moutai/Wuliangye LNY consumption sentiments: Pax mobility: The pax mobility for LNY holiday (Feb 15 - 21), up by c.9% yoy and the whole Chunyun window recorded 5.3bn (Feb 2-20). Strong homecoming flows translated into robust on-premise activity: daily average sales of key retail and catering enterprises rose +10.6% yoy over the first two holiday days (MOFCOM) ...