今日（2.24），大消费板块冲高回落，盘初一度涨超1%，规模领先的消费ETF（159928）转跌0.64%，盘中成交额已超3.6亿元！资金再度青睐，盘中获2400 万份净申购。最新规模超223亿元，同类持续领先！ 消息面上，春节出行强度提升，春节假期前6日全社会累计跨区域人员流动量增速较春运返乡阶段进一步上行。消费迎来开门红，商品消费需求旺盛、服务 消费活力满满。旅游市场热度高涨，"分段式过年"普及，主题上"南下避寒、北上冰雪"双线并行，出入境旅游双向增长。春节档电影方面，票房明显走弱。 政策面上，高层杂志发表重要文章《当前经济工作的重点任务》；我国将对53个非洲建交国全面实施零关税举措；加大农村地区企业上市辅导培育力度，帮 助更多企业利用多层次资本市场进行融资；三部门发布重要五年规划期间支持科技创新进口税收优惠政策。 东吴证券指出，历史上A股"春节效应"特征显著，节后资金有望"重振旗鼓"带动量价共振修复，A股有望迎来积极开局。春节休市期间全球股市多数上涨， 全球风险偏好较优。流动性层面，美降息路径虽存变数，但市场对全年流动性预期未显著恶化；离岸人民币汇率假期运行平稳。内需方面，动能稳步修复。 产业趋势层面， ...

（原标题：泸州老窖集团等于深圳成立投资合伙企业） 企查查APP显示，近日，深圳市金骏润湾六号投资合伙企业（有限合伙）成立，出资额4.6亿元，经营范围包含：以自有资金从事投资活动；企业 管理；企业管理咨询；财务咨询。企查查股权穿透显示，该企业由泸州老窖集团有限责任公司旗下深圳市金高壹号投资合伙企业（有限合伙）等 共同出资。 ...

[Table_Page] 跟踪分析|食品饮料 证券研究报告 [Table_Title] 食品饮料行业 春节走访：五省白酒动销跟踪反馈 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-02-24 | [Table_PicQuote] 相对市场表现 -10% -3% 4% 10% 17% 24% 02/25 05/25 07/25 09/25 12/25 02/26 食品饮料 沪深300 | [分析师： Table_Author]符蓉 | | | --- | --- | | | SAC 执证号：S0260523120002 | | | SFC CE No. BWC944 | | | 021-38003552 | | | furong@gf.com.cn | | 分析师： | 郝宇新 | | | SAC 执证号：S0260523120010 | | | SFC CE No. BVZ687 | | | 021-38003553 | | | haoyuxin@gf.com.cn | | ...

Investment Rating - The report rates the industry as "Buy" [5] Core Insights - The 2026 Spring Festival consumption exceeded expectations, with service consumption leading the growth, driven by a significant increase in dining and travel demand [2][7] - The report highlights a notable recovery in the travel sector, with an expected total of 9.5 billion people traveling during the Spring Festival, marking a historical high [10][12] - The report emphasizes the importance of quality and experience in consumer spending, with a shift towards premium products and services [7][19] Summary by Sections 1. Spring Festival Consumption Trends - The Spring Festival holiday from February 15 to 23, 2026, saw a "good start" in consumption, with key retail and dining enterprises reporting a 10.6% increase in average daily sales compared to the same period in 2025 [10][22] - The first four days of the holiday recorded an 8.6% increase in average daily sales for key retail and dining enterprises compared to the previous year [10][19] - Government initiatives, including a 20.5 billion yuan fund for consumer subsidies, significantly boosted consumer spending [11][10] 2. Baijiu (Chinese Liquor) Market - The Baijiu market showed signs of improvement, with a narrowing decline compared to previous major holidays, although brand differentiation became more pronounced [27][30] - High-end Baijiu brands like Moutai and Wuliangye continued to lead the market, with a focus on price elasticity and rational consumer behavior [27][30] - The report identifies three key changes in the Baijiu market: increased importance of personal consumption, a more relaxed approach from manufacturers regarding sales targets, and improved channel sentiment [30][31] 3. Snack and Food Market - The snack market is expected to benefit from an extended peak season, with a longer preparation and sales cycle compared to 2025 [33][34] - Offline channels, particularly membership-based supermarkets and discount stores, are performing better than online channels, with significant growth in sales during the holiday period [34][35] - The report notes a diversification in snack offerings, with strong performance in high-quality nut gift boxes and innovative packaging strategies enhancing brand visibility [35][36]

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - During the Spring Festival, national catering and retail consumption showed steady growth, with holiday consumption potential continuing to be released. According to the Ministry of Commerce, the average daily sales of key retail and catering enterprises during the first four days of the Spring Festival in 2026 increased by 8.6% compared to the same period in 2025 [5][19] - The performance of Moutai and Wuliangye, as well as some mid-to-low-end price segments, exceeded expectations, while the overall performance of Fenjiu remained stable [15][19] Summary by Relevant Sections 1. Weekly Viewpoints - Moutai and mid-to-low-end liquor sales during the Spring Festival showed growth, while sub-premium liquor continued to face pressure. Moutai's repayment progress slightly exceeded the same period last year, and Wuliangye's repayment progress remained stable [15][6] - The mid-to-low-end liquor segment is expected to achieve double-digit growth during the Spring Festival, while high-end liquor sales are under pressure [15][6] 2. Industry Performance - The food and beverage sector experienced a decline, with the Shenwan Food and Beverage Industry Index (801120.SL) dropping by 2.51% during the week of February 9 to February 14, ranking 29th among 30 Shenwan primary industries [20] - All sub-sectors within the food and beverage industry saw declines, with meat products, health products, and baked goods experiencing relatively smaller drops [20] 3. Key Company Announcements - Luzhou Laojiao announced that the number of restricted stock units eligible for release is 1,962,814 shares, accounting for 0.1333% of the company's total share capital [29] - Miaokelan Duo signed a memorandum with SADAFCO to explore the market for children's cheese snacks in Saudi Arabia [29] 4. Important Industry News - The Ministry of Commerce announced anti-subsidy measures for EU companies, with rates ranging from 7.4% to 11.7%, effective from February 13, 2026 [31] - Kangshifu launched a new product, Kangshifu Ice Red Tea Energy, entering the energy drink market [31] 5. Industry Chain Data Tracking - As of February 10, 2026, wheat prices were 2,510.8 RMB/ton, up 6.45% year-on-year, while pork prices were 18.08 RMB/kg, down 11.63% year-on-year [34][36]

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 新浪财经"酒价内参"过去24小时收集的数据显示，中国白酒市场十大单品的终端零售均价在2月24日呈 分化调整态势。如果十大单品各取一瓶整体打包售卖，今日总售价为9258元，较昨日下降2元。整体价 格在多日高位运行后出现轻微调整，市场仍以单品间分化波动表现为主。 今日十大单品六涨四跌。上涨产品中，精品茅台涨幅居前，环比上涨8元/瓶，重上2400元关口，部分终 端补货需求回升，对价格形成支撑；习酒君品上涨4元/瓶；国窖1573上涨3元/瓶；五粮液普五八代、青 花汾20及水晶剑南春均小幅上涨1元/瓶。下跌产品中，洋河梦之蓝M6+回落10元/瓶，调整幅度靠前且 已四连阴；飞天茅台与古井贡古20均下调4元/瓶，渠道报价出现小幅松动；青花郎小幅回落2元/瓶。 "酒价内参"的每日数据源自全国各大区均有合理分布的约200个采集点，包括但不限于酒企的指定经销 商、社会经销商、电商平台和零售网点等，原始取样数据为过去24个小时中各点位经手的真实成交终端 零售价格，力求为社会各界提供一份关于知名白酒市场价格的客观、真实、科学、全程可追溯的数据。 随着元旦官方i茅台平台开始出售 ...

证券研究报告·行业跟踪周报·食品饮料 食品饮料行业跟踪周报 从"历史经典产业"到"传统优势民生产业" ， 新五年酿酒产业提质发展 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2026 年 02 月 22 日 证券分析师 苏铖 执业证书：S0600524120010 such@dwzq.com.cn 证券分析师 孙瑜 执业证书：S0600523120002 suny@dwzq.com.cn 行业走势 -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 20% 2025/2/24 2025/6/22 2025/10/18 2026/2/13 食品饮料 沪深300 2026-02-10 东吴证券研究所 1 / 9 请务必阅读正文之后的免责声明部分 ◼ 从"历史经典"到"优势民生"产业，再度定调酿酒产业重要地位，鼓 励高质量发展。继 2025 年 10 月工信部发布《关于推动历史经典产业高 质量发展的指导意见（2026—2030 年）（征求意见稿）》，近期工信部、 人社部、市场监管总局再度印发《酿酒产业提质升级指导意见（2026— 2030 年）》，明确定调 ...

【环球网消费综合报道】除夕，当央视春晚的镜头扫过亿万家庭的团圆桌，总有一抹"中国红"能精准击中中国人的情感共鸣——这便是红花郎与春晚十七年 来沉淀的默契。 2026马年春晚，当这抹红再度点亮春晚舞台、照亮全球地标，大家愈发清晰地意识到：红花郎能成为很多人的春晚记忆，不是偶然，而是以十七载长期主义 为底色，用2026红花郎春晚季多个维度的精细化布局，把自身的品质、团圆的温情、文化的厚度，融入春节的每一个高光瞬间。 如今，红花郎早已不仅仅是春晚的合作伙伴，而是春晚记忆中的白酒坐标，是国人新春团圆里，最具烟火气、最有专业度的品牌印记。 十七载不缺席 白酒品牌传播的"长期主义" 在白酒行业与春晚IP的合作中，红花郎走出了一条自己的路。 从2009年首次独家冠名"我最喜爱的春晚节目评选"，到2022年特约《春晚有心意》，再到2024年、2025年的深度绑定，直至2026年以"骐骥驰骋，神采飞 扬"合作品牌身份再度亮相，十七载风雨无阻，即使在行业调整期，也在持续深耕春晚IP。 这份坚持的背后，是对春晚IP价值的理解：春晚不仅是流量入口，更是全球华人情感交汇的场域，是品牌与消费者建立深层连接的契机。 2026年，这份深耕有 ...

Investment Rating - The report maintains a positive outlook on the liquor industry, particularly on high-end brands, indicating a strategic buy recommendation for major players like Guizhou Moutai, Luzhou Laojiao, Shanxi Fenjiu, and Wuliangye [3][7]. Core Insights - The overall sales volume for the liquor industry during the 2026 Spring Festival is expected to decline by 10%-20% year-on-year, which is slightly better than market expectations prior to the festival [3][6]. - A significant characteristic of the 2026 Spring Festival sales is the increasing differentiation and concentration among top brands, with high-end liquor performing exceptionally well. Moutai is projected to see a sales increase of over 30% year-on-year, while Wuliangye is expected to grow by 5%-10% [3][6]. - The industry is entering a notable destocking phase, with inventory levels for first-tier brands significantly lower than the same period last year [3][6]. - Prices for first-tier brands are stabilizing, with Moutai's price currently above 1700 yuan, expected to stabilize above 1600 yuan post-festival [3][6]. Summary by Sections Brand Performance - High-end liquor brands are outperforming expectations, with Moutai showing the best performance. Wuliangye is leveraging price adjustments to increase volume, while Guojiao 1573 is maintaining price stability [8][6]. - Moutai's sales are expected to grow by over 30%, with inventory levels at distributors being nearly zero [8][6]. - Wuliangye's sales are projected to increase by 5%-10%, with inventory levels at distributors around 10%-15% lower than last year [8][6]. - Guojiao 1573 is expected to see a sales decline of 15%-20%, while its low-end variant remains stable [8][6]. Regional Feedback - Feedback from various regions indicates a mixed performance, with high-end brands like Moutai and Wuliangye showing resilience, while mid-tier and local brands face challenges [19][21]. - In North China, overall sales are down by about 15%, with high-end brands benefiting from increased consumer interest [12][21]. - In Jiangsu, the overall sales volume is expected to decline by 10%-15%, with Moutai maintaining stable performance [19][21]. Future Outlook - The report anticipates that the second half of 2026 will see a turning point for top brands in terms of sales and financial performance, with a potential dual boost in valuation and earnings by the end of the year [7][3]. - The industry trend is shifting towards consolidation, with larger companies absorbing smaller ones, leading to inevitable differentiation among listed companies [7][3].

Core Viewpoint - On February 23, a total of 34 listed companies had their restricted shares unlocked, with a total market value of approximately 19.007 billion yuan [1] Group 1: Restricted Share Unlocking Details - Luzhou Laojiao (000568) had 2.0425 million shares unlocked under equity incentive restrictions - AVIC Xi'an Aircraft Industry (000768) had 4.3606 million shares unlocked under equity incentive restrictions - Hubei Energy (000883) had 19.2779 million shares unlocked under equity incentive restrictions - Jining Pharmaceutical (000919) had 1.92 million shares unlocked under equity incentive restrictions - Guangji Pharmaceutical (000952) had 2.5209 million shares unlocked under equity incentive restrictions - China Software (600536) had 57,200 shares unlocked under equity incentive restrictions - Xinhua Medical (600587) had 1.7845 million shares unlocked under equity incentive restrictions - Baoxin Software (600845) had 10.2578 million shares unlocked under equity incentive restrictions - China Railway (601390) had 55.9338 million shares unlocked under equity incentive restrictions - China Communications Construction (601800) had 5.593 million shares unlocked under equity incentive restrictions - StarNet Ruijie (002396) had 2.8342 million shares unlocked under equity incentive restrictions - Lopuskin (002333) had 22.3212 million shares unlocked under A-share issuance to legal persons - Wanbangda (300055) had 33.6538 million shares unlocked under A-share issuance to legal persons - Hangyang Co., Ltd. (002430) had 5.2049 million shares unlocked under equity incentive restrictions - Taijia Co., Ltd. (002843) had 949,600 shares unlocked under equity incentive restrictions - Nanda Optoelectronics (300346) had 130,000 shares unlocked under equity incentive restrictions - Anhui Natural Gas (603689) had 2.5064 million shares unlocked under equity incentive restrictions - Zhongyan Dadi (003001) had 97,200 shares unlocked under equity incentive restrictions - Yuanxiang New Materials (301300) had 30.2983 million shares unlocked with extended lock-up period - Yidao Information (001314) had 88.6187 million shares unlocked under pre-issuance restrictions - Tongda Electric (603390) had 579,500 shares unlocked under equity incentive restrictions - Yangzhou Jinqiao (603307) had 50 million shares unlocked under pre-issuance restrictions - Aili Home (603221) had 2.29 million shares unlocked under equity incentive restrictions - Zhili Fang (301312) had 333,900 shares unlocked under equity incentive restrictions - Kuntai Co., Ltd. (001260) had 83.25 million shares unlocked under pre-issuance restrictions - Entropy Technology (301330) had 92.5223 million shares unlocked with extended lock-up period - Yatong Precision (603190) had 596,100 shares unlocked under pre-issuance restrictions - Sanwang Communication (688618) had 87,400 shares unlocked - Longxun Co., Ltd. (688486) had 30.6312 million shares unlocked - Dize Pharmaceutical (688192) had 991,100 shares unlocked - Haohan Depth (688292) had 57.5177 million shares unlocked - Haizheng Biomaterials (688203) had 78.5601 million shares unlocked - Diaomicro (688381) had 55.9536 million shares unlocked - Zhongrun Optics (688307) had 29.8507 million shares unlocked [1]