Core Viewpoint - The A-share market for liquor stocks has shown resilience, with several key stocks experiencing significant gains despite an overall decline in demand for liquor products [1] Group 1: Market Performance - Huangtai Liquor reached the daily limit increase, while Shuijingfang rose over 7%, and Jinhui Liquor increased by more than 6% [1] - Other notable gains include Jizhongzi Liquor, Jiugui Liquor, and Yingjia Gongjiu, each rising over 3%, while Shede Liquor, Wuliangye, Kouzi Jiao, and Guizhou Moutai saw increases of over 2% [1] Group 2: Demand Analysis - According to a recent report from China Merchants Securities, total demand for liquor is still declining, with a double-digit decrease, aligning with previous expectations [1] - In terms of specific scenarios, business banquets are primarily small gatherings, and the mid-to-high-end dining sector remains sluggish, although there is some recovery in gift-giving demand [1] Group 3: Brand Performance - There is a clear differentiation among brands, with Moutai performing exceptionally well, benefiting from pre-holiday stocking demands, while other brands are under pressure [1]

Group 1 - The food and beverage sector is experiencing a strong rally, with the Huabao Food and Beverage ETF (515710) seeing a price increase of 2.59% as of the latest report, following a peak increase of 3.28% during the trading session [1][7] - Major liquor stocks have surged, with notable increases including Shui Jing Fang up over 8%, Jin Hui Jiu up over 7%, and Jiu Gui Jiu up over 5%, while other prominent brands like Moutai and Luzhou Laojiao also showed significant gains [1][7] Group 2 - According to Tianfeng Securities, the liquor sector has been in a correction phase for about five years, with current valuations and institutional positions at historical lows. The market sentiment is generally pessimistic, but there is potential for stock prices to recover ahead of fundamental improvements [3][9] - The food and beverage ETF Huabao is currently at a low valuation, with a price-to-earnings ratio of 19.81, placing it in the bottom 3.33% of the last decade, indicating a favorable long-term investment opportunity [3][9] Group 3 - CITIC Securities highlights significant changes in the liquor industry since 2026, emphasizing the need for companies to enhance customer engagement and education. The focus on consumer-centric channel collaboration is expected to be a key competitive advantage in the next market cycle [4][10] - The Huabao Food and Beverage ETF allocates approximately 60% of its portfolio to leading high-end and mid-range liquor stocks, while nearly 40% is invested in leading stocks from other segments like beverages and dairy [4][10]

格隆汇2月2日｜白酒股盘初走高，其中，水井坊涨超5%，山西汾酒、贵州茅台、五粮液涨超3%，古井 贡酒、舍得酒业跟涨。消息上，酒价内参2月2日价格发布，十大单品涨跌分化整体价格升至阶段高位。 ...

Investment Rating - The report rates multiple companies in the consumer staples sector as "Outperform," including Guizhou Moutai, Wuliangye, and Yili [1]. Core Insights - The consumer staples industry in January 2026 shows a recovery in basic demand while hedonic consumption remains under pressure, indicating a divergence in performance across different segments [3][29]. - Among the eight key consumer industries tracked, four are experiencing positive growth (condiments, frozen food, soft drinks, and catering), while four are facing declines (high-end and above Baijiu, mass-market Baijiu, dairy products, and beer) [29]. Summary by Segment Baijiu (High-end and Above) - In January, the revenue for high-end Baijiu reached 47 billion yuan, a year-on-year decline of 14.0%. The price pressure is significant, with expectations of over a 10% price drop throughout the year due to high inventory levels [11]. Baijiu (Mass-market and Below) - The mass-market Baijiu segment generated 22.9 billion yuan in January, down 3.0% year-on-year. Despite the decline, the segment shows resilience due to rigid demand and adaptability to consumption scenarios [13]. Beer - The beer industry reported revenues of 17 billion yuan in January, a decrease of 7.1% year-on-year. The demand was affected by adverse weather and the delayed Spring Festival, leading to a cautious inventory approach by distributors [15]. Condiments - The condiment sector achieved revenues of 46.9 billion yuan in January, reflecting a year-on-year growth of 3.5%. The recovery in the catering channel and increased demand from small and medium-sized businesses are key drivers [17]. Dairy Products - The dairy sector's revenue was 43.5 billion yuan in January, down 3.3% year-on-year. The demand remains under pressure, but a potential recovery is anticipated in the coming months due to low base effects [19]. Frozen Food - The frozen food segment saw revenues of 14.99 billion yuan in January, with a year-on-year increase of 8%. The demand is supported by pre-Spring Festival stocking and favorable weather conditions [21]. Soft Drinks - The soft drink industry generated 96.2 billion yuan in January, with a modest growth of 1.1% year-on-year. Increased promotional activities indicate heightened market competition [24]. Catering - The catering sector reported revenues of 16.2 billion yuan in January, up 2.5% year-on-year. The demand is gradually improving, particularly in small and medium-sized restaurants [26].

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 （来源：云酒头条） 酒，本质是连接情感与场景的媒介。当品牌自己先变得鲜活、开放、甚至有趣时，它递给消费者的，才不再只是一杯酒，更是一个值得分享和回味 的故事。 说到底，选择谁代言，从来不只是"找一张脸"，而是"讲一个怎样的故事"。 文｜宋玥 1月26日，沱牌官宣双料影后刘晓庆与喜剧达人杨雨光担任"沱牌特级嘴替"。 "冷门"或许意味着初始认知度不高，但也预示着更大的新鲜感与话题延展空间。酒，本质是连接情感与场景的媒介。当品牌自己先变得鲜活、开放、甚至 有趣时，它递给消费者的，才不再只是一杯酒，更是一个值得分享和回味的故事。 对于传统酒类消费群体而言，他的名字或许陌生；但在以Z世代为代表的年轻圈层里，他却拥有可观的认知度和号召力，而这群人，恰恰是白酒行业亟待 触达、并有望重塑市场未来的关键所在。 于是，沱牌的这次亮相，便成了一道有趣的景观：一边是父辈记忆里的"国民女神"刘晓庆，一边是年轻人屏幕中的"赛博开心果"杨雨光，宛若在老干部茶 话会上插播了一段脱口秀——看似跳脱，却意外地碰撞出新鲜的话题火花，让沱牌在春节营销的密集炮火中，抢下了一块独特的声量阵地。 ...

Group 1 - The liquor sector experienced a significant surge on January 29, with stocks rising across the board, led by Kweichow Moutai, which closed at 1437.72 yuan, up 8.61% from the previous trading day, marking the highest single-day increase in nearly 16 months [1] - Kweichow Moutai's market capitalization returned to 1.8 trillion yuan, indicating a strong recovery in investor confidence [1] - More than ten A-share listed liquor companies, including Wuliangye, Shanxi Fenjiu, and Luzhou Laojiao, reached their daily price limits, while Hong Kong-listed liquor company Zhenjiu Lidu saw a single-day increase of over 12% [1] Group 2 - The liquor industry is currently in an adjustment phase, with a bottoming process being the norm, and signs of recovery are not yet evident [3] - The upcoming Spring Festival holiday presents a significant opportunity for liquor consumption, and the industry is encouraged to leverage this key consumption period to enhance market investment and brand promotion [3]

Core Viewpoint - The liquor stocks experienced a significant decline, with major brands such as Tianyoude, Yanghe, and Shunxin all dropping over 5% in value, indicating a bearish trend in the sector [1]. Group 1: Stock Performance - Tianyoude Liquor saw a decrease of 5.81%, with a total market capitalization of 4.427 billion [2] - Yanghe shares fell by 5.67%, bringing its market value to 85 billion, with a year-to-date decline of 7.10% [2] - Shunxin Agriculture dropped by 5.53%, with a market cap of 11.1 billion and a year-to-date increase of 2.53% [2] - Other notable declines include Kuaizijiao (-4.95%, 17.8 billion), Yilite (-4.74%, 6.658 billion), and Jianshiyuan (-4.66%, 42.1 billion) [2] - Major brands like Wuliangye and Guizhou Moutai also experienced declines of 3.93% and 1.90%, respectively, with market caps of 413.1 billion and 1.7663 trillion [2]

Investment Rating - The report assigns an "Accumulate" rating for the liquor industry [4]. Core Insights - The liquor industry has entered a deep adjustment period, but recent positive changes in the real estate and domestic demand sectors, along with the market-oriented transformation of Moutai, are stimulating incremental demand and driving up prices, leading to a valuation recovery [2]. - The report recommends stocks with price elasticity such as Guizhou Moutai, Wuliangye, and Luzhou Laojiao, as well as those expected to clear inventory like Yingjia Gongjiu, Gujing Gongjiu, Shanxi Fenjiu, Jianshiyuan, Zhenjiu Lidu, Shede Jiuye, and Jinhui Jiu [4]. Summary by Sections Market Environment - The real estate sector is showing signs of recovery, and policies are becoming more favorable. The liquor industry is a typical cyclical sector, with market pricing influenced by both internal demand and real estate conditions. The government has prioritized boosting domestic demand as a key task for the 14th Five-Year Plan, with plans to develop a strategy for expanding domestic demand from 2026 to 2030 [4]. - The real estate market is gradually bottoming out after years of adjustment, with recent government actions aimed at stabilizing market expectations and improving conditions [4]. Moutai's Market Transformation - Moutai's market-oriented reform has sparked incremental demand, with significant attention on liquor sales during the Spring Festival. Moutai has introduced various products on its iMoutai platform, leading to a surge in online purchases and stable price performance [4]. - As of January 29, Moutai's price has increased by over 1,600 RMB, with transaction prices exceeding 1,700 RMB, indicating successful price-volume strategies [4]. Industry Outlook - The liquor industry is believed to be at the bottom of its cycle, with liquidity improvements and expectations likely to catalyze stock prices. The report anticipates that if prices stabilize, the pressure on stock prices will lessen, and further positive signals from policies could enhance stock performance [4]. - The report includes earnings forecasts for key liquor companies, indicating a compound annual growth rate (CAGR) of 5% for Moutai from 2024 to 2026, with a price-to-earnings (PE) ratio projected to decrease from 21 to 19 [5].

Core Viewpoint - The liquor industry is experiencing significant stock price increases, with several companies reaching their daily limit up. Group 1: Stock Performance - Shui Jing Fang, Shede Liquor, Huangtai Liquor, Jiu Gui Liquor, and Jin Hui Liquor all hit the daily limit up [1] - Luzhou Laojiao is approaching the daily limit up [1] - Jinzhongzi Liquor, Gujing Gongjiu, Shanxi Fenjiu, and Kweichow Moutai all saw stock increases exceeding 7% [1]

最新股价：14.48元 日涨幅：+10.03% 亮点：甘肃区域性白酒（核心股）企业，拥有一定的品牌历史积淀。 酒鬼酒（000799.SZ） 白酒（核心股）板块全线飘红，多股午后涨停！消费复苏预期点燃板块热情，皇台酒业、酒鬼酒、金徽 酒、水井坊、泸州老窖、金种子酒领涨，板块整理如下： 最新股价：56.85元 皇台酒业（000995.SZ） 日涨幅：+10.00% 日涨幅：+10.01% 亮点：中国西北地区优势白酒（核心股）企业，旗下拥有"金徽"、"陇南春"两大品牌。 水井坊（600779.SH） 最新股价：41.99元 日涨幅：+10.01% 亮点：主营"水井坊"系列高端白酒（核心股），是中国知名的高端白酒品牌。 泸州老窖（000568.SZ） 最新股价：124.23元 日涨幅：+10.00% 亮点：中国馥郁香型白酒（核心股）创立者，产品具有"前浓、中清、后酱"的独特风格。 金徽酒（603919.SH） 最新股价：21.54元 亮点：浓香型白酒（核心股）鼻祖，"国窖1573"是中国白酒鉴赏标准级酒品。 金种子酒（600199.SH） 最新股价：10.30元 日涨幅：+10.04% 亮点：深耕安徽地区的白酒（核心 ...