Core Viewpoint - The Chinese liquor market is experiencing a structural price differentiation, with the average retail price of the top ten liquor products showing a slight increase, driven by strong demand for premium products like Moutai [1][3]. Price Trends - The total retail price for a package of the top ten liquor products is 8,892 yuan, an increase of 41 yuan from the previous day, marking a new high in the last five days [1][4]. - Among the top ten products, four saw price increases, five decreased, and one remained stable, indicating a clear divergence in market performance [1][4]. - Moutai products are leading the price increases, with the price of Moutai flying liquor rising by 38 yuan per bottle and premium Moutai by 18 yuan per bottle, supported by pre-festival demand [1][4][6]. Individual Product Performance - The price changes for specific products include: - Moutai flying liquor: 1,665 yuan, up 38 yuan [6] - Premium Moutai: 2,369 yuan, up 18 yuan [6] - Wuliangye: 800 yuan, up 3 yuan [6] - Qinghua Fen 20: 372 yuan, up 1 yuan [6] - Xijiu Junpin: 637 yuan, down 7 yuan [7] - Qinghua Lang: 714 yuan, down 7 yuan [7] - Gujing Gonggu 20: 510 yuan, down 1 yuan [7] - Shuijing Jian Nan Chun: 389 yuan, down 1 yuan [7] - Yanghe Dream Blue M6+: 579 yuan, unchanged [7]. Stock Market Reaction - The A-share market saw a significant rise in liquor stocks, with Moutai shares increasing by 8.61% to 1,437.72 yuan per share, reaching a peak of 1,445 yuan during trading, marking the largest single-day increase in nearly a year [3][8]. - The total market capitalization of Moutai reached 1.8 trillion yuan, with a trading volume exceeding 26.3 billion yuan on that day [3][8]. Data Collection Methodology - The "Liquor Price Reference" collects data from approximately 200 sampling points across various regions, including designated distributors, social distributors, e-commerce platforms, and retail outlets, aiming to provide objective and traceable market price data [3][8].

Core Viewpoint - The Chinese liquor market is experiencing a structural price differentiation, with the average retail price of the top ten liquor products showing a recent increase, driven primarily by the recovery of high-end products like Moutai [1][4]. Price Trends - The total price for a package of the top ten liquor products is 8,892 yuan, an increase of 41 yuan from the previous day, marking a new high in the last five days [1][4]. - Among the top ten products, four saw price increases, five decreased, and one remained stable, indicating a mixed market response [1][4]. - Moutai products are leading the price increases, with Feitian Moutai rising by 38 yuan per bottle and premium Moutai by 18 yuan per bottle, supported by demand for high-end banquets and gifts [1][4][6]. Individual Product Performance - The following products experienced price changes: - Feitian Moutai: 1,665 yuan/bottle, up 38 yuan - Premium Moutai: 2,369 yuan/bottle, up 18 yuan - Wuliangye: 800 yuan/bottle, up 3 yuan - Qinghua Fen 20: 372 yuan/bottle, up 1 yuan - Guojiao 1573: 857 yuan/bottle, down 3 yuan - Xijiu Junpin: 637 yuan/bottle, down 7 yuan - Qinghua Lang: 714 yuan/bottle, down 7 yuan - Ancient Well Tribute: 510 yuan/bottle, down 1 yuan - Crystal Jian Nan Chun: 389 yuan/bottle, down 1 yuan - Yanghe Dream Blue M6+: 579 yuan/bottle, unchanged [2][6][7]. Stock Market Reaction - The A-share market saw a significant rise in liquor stocks, with Moutai shares increasing by 8.61% to 1,437.72 yuan per share, reaching a peak of 1,445 yuan during trading, marking the largest single-day increase in nearly a year [3][8]. - The total market capitalization of Moutai reached 1.8 trillion yuan, with a trading volume exceeding 26.3 billion yuan on that day [3][8]. Data Collection Methodology - The "Liquor Price Reference" collects data from approximately 200 sampling points across various regions, including designated distributors, social distributors, e-commerce platforms, and retail outlets, aiming to provide objective and traceable market price data [3][8]. - The pricing data is weighted based on actual transaction volumes to reflect the true retail prices of Moutai products [3][8]. Regulatory Response - The iMoutai platform has responded to the sale of "purchase外挂" software, which disrupts market order and poses risks to consumers, emphasizing its commitment to maintaining a fair market environment [9][10].

Core Insights - The report indicates a cautious optimism for February, with expectations of a slow bull market continuing, despite a high-level narrow fluctuation in indices [6][3] - The mid-cap blue-chip stocks have shown strong performance in January, particularly in the gold and non-ferrous metals sectors, with signs of stabilization and rebound in the consumer sector, especially in food and beverage [6][3] - The report highlights a significant pessimism regarding pig prices for 2026, driven by underestimations of inventory and capacity reduction, suggesting a potential price recovery due to structural supply shortages [6][3] Market Strategy - The report emphasizes the importance of mid-cap blue-chip stocks, particularly in the food and beverage sector, which are expected to continue their rebound [6][3] - It suggests that the market's risk appetite and evaluation are shifting, with mid-cap blue-chip stocks valued between 10 billion to 50 billion being relatively favored [6][3] - The report recommends focusing on stocks with improvement logic or those in significant performance downgrades, particularly in the restaurant supply chain, dairy farming, regional liquor, and mid-to-high-end liquor [6][3] Industry Analysis - The report notes that the pig farming industry is experiencing a structural supply shortage, which is expected to limit the downward price potential for pigs, with a price turning point anticipated in Q2 2026 [6][3] - It highlights that the average weight of pigs post-slaughter is at a historical low, indicating a potential for price recovery as inventory levels are replenished [6][3] - The report identifies specific companies such as Muyuan Foods and Wens Foodstuffs as favorable investment targets within the pig farming sector [6][3]

Core Viewpoint - The event "Cheers to the Chinese Economy - Entrepreneur Night" was held on January 29 in Beijing, highlighting the importance of camaraderie and celebration in business and life [1][2]. Group 1 - The renowned brand strategy expert Li Guangdou emphasized that the happiest moments in life involve good food, good drink, and good friends [1][2]. - Li Guangdou referenced the classic novel "Journey to the West," noting that the character Tang Seng drank alcohol on three occasions, illustrating the cultural significance of sharing drinks [1][2]. - The event featured the ancient liquor brand Gujinggongjiu, with Li Guangdou wishing that the brand would accompany Tang Seng and his disciples on their journey, symbolizing success and enjoyment [1][2].

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]

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the consumer staples sector, including Guizhou Moutai, Wuliangye, Luzhou Laojiao, and others, indicating a positive outlook for these stocks [1]. Core Insights - There is an intensified divergence among mid-to-high-end baijiu products, with no discount contraction observed in food and beverage categories [1]. - The report highlights that the wholesale prices of various baijiu brands have shown stability or slight changes, with some brands experiencing price increases while others remain flat or decrease [3][4][35]. - Discounts on representative products in condiments, liquid milk, and soft drinks have widened compared to the end of December, indicating a shift in pricing strategies [19][32]. Summary by Relevant Sections Baijiu Pricing - Guizhou Moutai's wholesale prices for Feitian (case and single bottle) and Moutai 1935 are reported at 1600, 1580, and 630 yuan respectively, with changes of 0, -10, and -10 yuan compared to last month [35]. - Wuliangye's eighth-generation price is 830 yuan, reflecting a +10 yuan increase from the previous month [35]. - Luzhou Laojiao's Guojiao 1573 remains at 850 yuan, unchanged from last month [35]. Discount Trends - The average discount rate for condiments decreased from 87.1% to 85.0%, while liquid milk discounts fell from 62.8% to 61.4% [19][22]. - In contrast, discounts for beer, infant formula, and convenience foods remained stable, with beer discounts slightly increasing from 80.3% to 80.7% [20][22][32]. Company Ratings - The report lists several companies with an "Outperform" rating, including: - Guizhou Moutai - Wuliangye - Luzhou Laojiao - Qingdao Beer - China Feihe - Others [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 ...

随着春节的临近，飞天茅台价格近日持续上涨。 在A股市场，贵州茅台也开始发力，1月29日一路上扬，截至收盘大涨8.61%，单日涨幅创近期新高。网友纷纷表示："这是我的茅台么？""能到1400以上真 是想不到""茅台今天变成黄金股了"。 今天，A股涨幅第一 白酒板块迎来涨停潮 今天，白酒板块午后集体上攻，走出一波新行情。截至下午收盘，板块指数暴涨近10%，位列A股板块涨幅第一。个股迎来久违的涨停潮，皇台酒业、酒鬼 酒、古井贡酒、水井坊、金徽酒、五粮液、口子窖、洋河股份舍得酒业、泸州老窖、山西汾酒等十多只个股纷纷涨停。 | 白酒 | 油气开采及服务 | 贵金属 | | --- | --- | --- | | 9.68% | 8.18% | 8.04% | | 金种子酒 10.04% | 科力股份 29.99% | 晓程科技 19.52% | | 文化传媒 | 保险 | 饮料制造 | | 3.89% | 3.44% | 2.89% | | 因赛集团 20.00% | 中国平安 5.02% | 会稽山 10.00% | | V | 白酒 2810.11 9.68% | | | 涨幅榜 | 盘口 跌幅榜 | 新闻 | | ...

Core Viewpoint - The A-share liquor sector experienced a significant surge, with the liquor ETF rising by 10.08% and the China Securities Liquor Index increasing by 9.79% on January 29, driven by macroeconomic expectations and seasonal factors related to the upcoming Spring Festival [1][2]. Group 1: Market Performance - 20 liquor companies saw stock price increases, with 18 reaching the daily limit, including notable gains from Kweichow Moutai (8.61% increase) and others like Jinzhongzi Liquor and Huangtai Liquor, both around 10% [1][2]. - The wholesale price of Feitian Moutai has been rising, surpassing 1600 yuan, indicating a market recovery signal as the product remains sold out on official platforms [3]. Group 2: Expert Insights - Experts attribute the price increase to a combination of Moutai's proactive price control and seasonal demand, suggesting that the liquor sector is a target for capital investment due to its cyclical nature [4]. - The overall industry is under pressure, with several companies forecasting significant declines in net profit, indicating a challenging competitive landscape and increased inventory issues [4]. Group 3: Future Outlook - Analysts suggest that the proactive inventory adjustments by liquor manufacturers and the stabilization of high-end liquor prices could lead to a healthier market development [5]. - The upcoming Spring Festival is expected to boost demand, with the liquor sector seen as a value opportunity for investors, despite the need for cautious optimism regarding long-term trends [5].

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