Core Viewpoint - The report highlights the performance of the China Securities White Wine Index Fund, which experienced a decline in net value but outperformed its benchmark during the fourth quarter of 2025, indicating a complex market environment for the white wine industry [1][9]. Fund Performance - The A-class and C-class shares of the white wine fund both saw a net value decrease of approximately 9.5% in Q4 2025, while the benchmark's return was -9.78%, resulting in a slight outperformance of 0.28 and 0.25 percentage points respectively [1][10]. - Over the past year, the A-class and C-class shares recorded net value growth rates of -12.63% and -12.72%, outperforming the benchmark by 2.68 and 2.59 percentage points respectively [1][10]. Fund Holdings - The fund's top holdings include Kweichow Moutai, which regained its position as the largest holding with a 15.38% share, valued at approximately 6.642 billion yuan [3][12]. - The top ten holdings accounted for 84.79% of the fund's net asset value, indicating a significant concentration in leading companies within the white wine sector [3][12]. Market Conditions - The white wine sector faced challenges in Q4 2025 due to slower-than-expected consumer recovery and pressure on terminal sales, leading to an overall downward trend in stock prices [3][11]. - The fund manager noted that the industry is experiencing a phase of adjustment, with head companies exerting pressure on mid-tier firms, complicating the balance of price and volume for wine producers [5][13]. Investor Behavior - There was a notable divergence in investor behavior, with A-class shares experiencing a net redemption of 10.54 billion shares, while C-class shares increased by 15.71 billion shares during the same period [5][16]. - The growth in C-class shares may reflect investor strategies favoring short-term gains, while the redemption of A-class shares suggests a cautious outlook on the industry's recovery [5][16].

Core Insights - The core viewpoint of the article highlights a slight recovery in the retail prices of China's top ten liquor products, indicating a temporary alleviation of downward pressure in the industry [1][7]. Price Trends - The average retail price of the top ten liquor products reached 8,863 yuan on January 23, an increase of 9 yuan from the previous day [1][7]. - The market displayed a mixed performance with five products increasing in price, four decreasing, and one remaining stable [1][8]. - Notable price increases included Xijiu Junpin and Gujing Gonggu 20, which rose by 10 yuan and 8 yuan per bottle, respectively [1][8]. - Conversely, the premium Moutai led the declines with a drop of 11 yuan per bottle, followed by Feitian Moutai, which fell by 4 yuan [1][8]. Market Analysis - The data for "Wine Price Reference" is sourced from approximately 200 collection points across various regions, aiming to provide an objective and traceable overview of liquor market prices [2][9]. - The introduction of new sales channels for Moutai products has begun to influence market prices significantly [2][9]. - Fund managers are showing a mixed approach towards the liquor sector, with some increasing their holdings in leading brands, indicating a potential recovery phase for the industry [3][9]. - The liquor sector is perceived to be at a historical valuation low, with expectations of demand recovery driven by consumption policies under the "14th Five-Year Plan" [3][9].

Group 1 - Several public funds have reduced their holdings in liquor stocks, particularly in high-end brands like Kweichow Moutai and Shanxi Fenjiu, with reductions of 8.08% and 5.14% respectively [2] - The liquor sector experienced a cumulative decline of 11.5% in Q4 2025, contrasting with the overall bullish market, which has contributed to the decision of funds to decrease their positions [2] - The fundamental performance of the liquor industry is also underwhelming, with many companies issuing profit warnings for 2025 [3] Group 2 - Major liquor companies are forecasting significant declines in net profits, with Shui Jing Fang expected to see a 71% drop and Kuozi Jiao anticipating at least a 50% decrease [3] - The ongoing decline in the liquor sector is attributed to multiple factors, including supply-demand imbalances and changes in consumer behavior, indicating a shift from irrational exuberance to a focus on intrinsic value [3] - The consumer sector remains under pressure, with domestic demand facing challenges compared to export-oriented companies, as highlighted by Zhang Kun's analysis [4]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000596 | 古井贡酒 | 127.03 | -1.22% | 3.32万 | 4.25 Z | | 603369 | 今世缘 | 33.91 | -0.91% | 7.36万 | 2.51亿 | | 615009 | 贵州茅台 | 1340.06 | -0.81% | 5.90万 | 79.62亿 | | 000568 | 泸州老窖 | 112.35 | -0.73% | 8.24万 | 9.30亿 | | 616809 | 金徽酒 | 19.87 | -0.50% | 3.57万 | 7121.10万 | | 600779 | 水井坊 | 38.75 | -0.46% | 3.75万 | 1.45亿 | | 600702 | 舍得酒业 | 54.44 | -0.33% | 4.65万 | 2.53亿 | | 603198 | 迎驾贡酒 | 38.84 | -0.31% | 3.33万 | 1.29亿 | | 000858 | 五粮液 | 1 ...

Group 1 - The core viewpoint of the article highlights the strategic adjustments made by prominent fund managers at E Fund in their investment portfolios for Q4 2025, focusing on sectors like AI, healthcare, consumer goods, and technology [2][4][6][10] Group 2 - Zhang Kun adjusted the structure of investments in the healthcare, consumer, and technology sectors while maintaining a stable position in top holdings, which include Tencent Holdings, Kweichow Moutai, and Alibaba-W [4][5] - Zhang Kun expressed confidence in the improvement of living standards and social security in China over the next decade, suggesting a narrowing gap with developed countries [4] - The AI wave is seen as a significant driver for innovation, with strong domestic demand expected to attract global resources and talent [4][5] Group 3 - Chen Hao focused heavily on AI-related sectors, increasing allocations in power equipment, new energy, non-bank financials, and chemicals, which yielded positive returns [7][8] - Chen Hao anticipates a transition of the AI industry from an acceleration phase in 2025 to a stable growth phase in 2026, emphasizing the importance of structural opportunities and the integration of AI with local applications [7][8] Group 4 - Xiao Nan reduced allocations in high-end and sub-high-end liquor sectors while increasing investments in the livestock industry, anticipating inflation-driven cost increases over the next two years [10] - The top holdings in Xiao Nan's consumer sector fund remained unchanged, including Kweichow Moutai and Midea Group [10]

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1月22日迎 来普遍下跌。如果十大单品各取一瓶整体打包售卖，今日总售价为8854元，较昨日下跌12元。市场价格 第五次创下近两个月的新低，高端酒价格中枢持续下移，行业短期调整态势未改。 今日市场普跌特征凸显，十大单品七跌三涨，头部酒品走势分化，仅少数单品显露止跌回暖迹象。下跌 产品中，习酒君品领跌，环比降低13元/瓶；古井贡古紧随其后，环比下跌9元/瓶；国窖1573与洋河梦 之蓝M6+均环比下跌4元/瓶；飞天茅台环比下跌3元/瓶，i茅台平价货源持续投放，终端价格支撑进一步 弱化；青花汾20与青花郎跌幅较小，分别下跌2元/瓶与1元/瓶。上涨产品中，精品茅台领涨，环比大幅 上涨18元/瓶，渠道货源阶段性收紧，叠加部分终端补货需求释放；五粮液普五八代上涨5元/瓶；水晶 剑南春微涨1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个小时各点位经手的真实成交终端零 ...

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1月22日迎来 普遍下跌。如果十大单品各取一瓶整体打包售卖，今日总售价为8854元，较昨日下跌12元。市场价格第五 次创下近两个月的新低，高端酒价格中枢持续下移，行业短期调整态势未改。今日市场普跌特征凸显，十 大单品七跌三涨，头部酒品走势分化，仅少数单品显露止跌回暖迹象。下跌产品中，习酒君品领跌，环比 降低13元/瓶；古井贡古紧随其后，环比下跌9元/瓶；国窖1573与洋河梦之蓝M6+均环比下跌4元/瓶；飞天 茅台环比下跌3元/瓶，i茅台平价货源持续投放，终端价格支撑进一步弱化；青花汾20与青花郎跌幅较小， 分别下跌2元/瓶与1元/瓶。上涨产品中，精品茅台领涨，环比大幅上涨18元/瓶，渠道货源阶段性收紧，叠 加部分终端补货需求释放；五粮液普五八代上涨5元/瓶；水晶剑南春微涨1元/瓶。 数据来源:全国各大区合理分布的约200个采集点,包括但不限于 酒企指定经销商、社会经销商、主流电商平台和零售网点等 原始数据： 过去24个小时中各点位经手的真实成交终端零售价 sma 打开新浪财经APP 搜索 酒价内参 Q 新浪财经客户端 Sina ...

Core Viewpoint - The article highlights the successful collaboration between Gujing Gongjiu and Harbin, showcasing cultural integration through events like the collective wedding and zodiac snow sculptures, enhancing brand visibility and consumer engagement in the context of the upcoming 2026 New Year celebrations [1][3][6]. Group 1: Event Highlights - The 42nd "Siji Muge" public ice and snow collective wedding took place in Harbin, featuring 42 couples who pledged their love amidst a backdrop of ice and snow, attracting significant attention with over 14,510 couples applying and more than 17.01 million votes cast [1]. - Gujing Gongjiu served as the designated beverage for the wedding, enhancing the event's romantic atmosphere with a ceremonial sealing of the wine, symbolizing the couples' commitment [1][3]. Group 2: Cultural Integration - The collaboration between Gujing Gongjiu and Harbin reflects a mutual enhancement of brand culture and city identity, aligning with Harbin's reputation as the "Ice and Snow Culture Capital" and Gujing Gongjiu's values of integrity and social responsibility [3][5]. - The zodiac snow sculpture, inspired by the Year of the Horse, merges Gujing Gongjiu's cultural themes with ice and snow artistry, becoming a new attraction in the Baroque-style district of Harbin [3][5]. Group 3: Consumer Engagement - The events cater to various consumer segments, from newlyweds seeking romantic experiences to tourists interested in cultural symbols, positioning Gujing Gongjiu as a staple for celebrations and gatherings [6]. - The strategic timing of these events during the ice and snow festival maximizes brand exposure and aligns with consumer sentiments around the New Year, reinforcing Gujing Gongjiu's image as a key player in festive celebrations [5][6].

Market Overview - The Shanghai Composite Index rose by 0.08% on January 21, with 18 out of the 28 sectors experiencing gains. The top-performing sectors were non-ferrous metals and electronics, with increases of 2.79% and 2.62% respectively [1] - The banking and coal sectors saw the largest declines, with drops of 1.58% and 1.57% respectively [1] Capital Flow Analysis - The net inflow of capital in the two markets was 11.983 billion yuan, with 14 sectors receiving net inflows. The electronics sector led with a net inflow of 16.369 billion yuan, while the non-ferrous metals sector followed with a net inflow of 7.289 billion yuan [1] - Conversely, 17 sectors experienced net outflows, with the power equipment sector seeing the largest outflow of 6.688 billion yuan, followed by the defense and military sector with an outflow of 2.906 billion yuan [1] Food and Beverage Sector Performance - The food and beverage sector declined by 1.53%, with a net outflow of 2.416 billion yuan. Out of 124 stocks in this sector, 23 rose while 97 fell, including one stock that hit the daily limit down [2] - The top three stocks with the highest net inflows in the food and beverage sector were "Hao Xiang Ni" with 61.106 million yuan, "*ST Chun Tian" with 12.8997 million yuan, and "Wei Zhi Xiang" with 12.7381 million yuan [2] - Major stocks with significant net outflows included Kweichow Moutai with 9.52 billion yuan, Wuliangye with 3.66 billion yuan, and Shanxi Fenjiu with 1.33 billion yuan [2][4] Food and Beverage Sector Capital Inflow and Outflow - The capital inflow leaderboard in the food and beverage sector included "Hao Xiang Ni" (+8.11%), "*ST Chun Tian" (+4.85%), and "Wei Zhi Xiang" (+1.43%) [2] - The capital outflow leaderboard featured Kweichow Moutai (-1.64%), Wuliangye (-1.77%), and Shanxi Fenjiu (-2.34%) [4]

Core Viewpoint - The liquor sector experienced a decline of 1.83% on January 21, with *ST Rock leading the drop, while the overall market indices showed slight increases [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4116.94, up 0.08% [1] - The Shenzhen Component Index closed at 14255.12, up 0.7% [1] - The liquor sector saw a net outflow of 2.642 billion yuan from main funds, while retail investors contributed a net inflow of 858 million yuan [1] Group 2: Individual Stock Performance - *ST Rock closed at 2.24 yuan, down 5.08% with a trading volume of 5409 lots [1] - Other notable declines included Quan Wei Jiu down 4.04%, Zhi Si Li down 3.97%, and Shui Jing Fang down 3.52% [1] - The highest closing price was for Shanxi Fen Jiu at 166.99 yuan, down 2.34% [1] Group 3: Fund Flow Analysis - Main funds showed a significant outflow from several stocks, including Lao Bai Gan Jiu with a net outflow of 18.7589 million yuan [2] - Retail investors had a net inflow in stocks like Jin Shi Zi Jiu, which saw a net inflow of 12.814 million yuan [2] - The overall trend indicates a mixed sentiment among different types of investors within the liquor sector [2]