Core Viewpoint - Gujinggong Liquor's stock price has shown a slight increase of 2.07% recently, but has experienced a decline over the past few weeks, indicating potential volatility in the market [1]. Group 1: Stock Performance - As of January 5, Gujinggong Liquor's stock price reached 135.35 yuan per share, with a total market capitalization of 71.546 billion yuan [1]. - The stock has seen a decrease of 5.86% over the last five trading days, 12.38% over the last 20 days, and 13.18% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Gujinggong Liquor reported a revenue of 16.425 billion yuan, a year-on-year decrease of 13.87%, and a net profit attributable to shareholders of 3.960 billion yuan, down 16.57% year-on-year [2]. Group 3: Shareholder Information - As of December 19, the number of shareholders for Gujinggong Liquor increased to 48,900, reflecting a growth of 3.44% [2]. - The company has distributed a total of 12.612 billion yuan in dividends since its A-share listing, with 7.136 billion yuan distributed in the last three years [3]. Group 4: Institutional Holdings - As of September 30, 2025, the second-largest circulating shareholder is the China Securities White Wine Index A, holding 15.9827 million shares, an increase of 2.3527 million shares from the previous period [3]. - The fourth-largest shareholder, E Fund Consumption Industry Stock, reduced its holdings by 191,900 shares, while Hong Kong Central Clearing Limited increased its holdings by 485,300 shares [3].

Core Insights - The article highlights the recent slight rebound in the retail prices of China's top ten liquor products, indicating a stabilization after a period of decline [1][5]. Price Trends - The overall retail price for the top ten liquor products reached 9081 yuan, an increase of 3 yuan from the previous day, suggesting a potential market recovery [1][5]. - The market exhibited a trend of more price increases than decreases, with notable price rises for several products, including: - Qinghua Lang increased by 10 yuan per bottle, leading the market [6]. - Guojiao 1573 rose by 4 yuan per bottle, marking its fifth consecutive day of price increases [6]. - Qinghua Fen 20 and Wuliangye Pu 58th generation both saw increases of 2 yuan per bottle [6]. - Yanghe Dream Blue M6+ experienced a slight increase of 1 yuan per bottle [6]. - Conversely, some products saw price declines, with: - The price of the premium Moutai dropping by 8 yuan per bottle [6]. - Xijiu Junpin decreased by 5 yuan per bottle [6]. - Feitian Moutai fell by 3 yuan per bottle [6]. Data Collection Methodology - The data for the "Liquor Price Reference" is sourced from approximately 200 collection points across various regions, including designated distributors, social distributors, mainstream e-commerce platforms, and retail outlets, ensuring a comprehensive and objective representation of market prices [2][6]. Industry News - On January 4, Kweichow Moutai Co., Ltd. issued a warning regarding fraudulent recruitment information circulating online, falsely using the Moutai name and claiming direct sales at 1169 yuan, which the company has not authorized [2][6].

Core Insights - The core viewpoint of the news is that the Chinese liquor market, particularly the top ten baijiu products, has shown signs of price stabilization after a period of decline, with a slight rebound in retail prices observed on January 5 [1][5]. Price Trends - The overall retail price for the top ten baijiu products reached 9081 yuan, reflecting a minor increase of 3 yuan compared to the previous day, indicating a potential stabilization after hitting new lows [1][5]. - The market is experiencing a recovery pattern with more products increasing in price than decreasing. Notably, Qinghua Lang saw a significant increase of 10 yuan per bottle, leading the market [6]. - Other products that increased in price include Guojiao 1573 (+4 yuan), Qinghua Fen 20 (+2 yuan), and Wuliangye Pu 58th generation (+2 yuan). Yanghe Dream Blue M6+ saw a slight increase of 1 yuan [6][8]. - Conversely, the prices of some products have decreased, with the premium Moutai dropping by 8 yuan, Xijiu Junpin down by 5 yuan, and Feitian Moutai down by 3 yuan [6][8]. Data Collection Methodology - The data for the "Liquor Price Reference" is sourced from approximately 200 collection points across various regions, including designated distributors, social distributors, mainstream e-commerce platforms, and retail outlets. This aims to provide an objective and traceable representation of the market prices for well-known baijiu [2][6]. Industry News - On January 4, Kweichow Moutai Co., Ltd. issued a warning regarding false recruitment information circulating online, claiming to offer Moutai at 1169 yuan. The company clarified that it has not authorized any such offers and is cooperating with authorities to address the issue [2][6].

Core Insights - The core viewpoint of the news is that the Chinese liquor market, particularly the top ten baijiu products, has shown signs of price stabilization after a period of decline, with a slight rebound in retail prices observed on January 5 [1][5]. Price Trends - The overall retail price for the top ten baijiu products reached 9081 yuan, an increase of 3 yuan from the previous day, indicating a potential stabilization after hitting new lows [1][5]. - The market is experiencing a recovery pattern with more products increasing in price than decreasing. Notably, Qinghua Lang saw a significant increase of 10 yuan per bottle, leading the market [6]. - Other products that increased in price include Guojiao 1573 (+4 yuan), Qinghua Fen 20 (+2 yuan), and Wuliangye Pu 58th generation (+2 yuan). Yanghe Dream Blue M6+ saw a minor increase of 1 yuan [6][8]. - Conversely, products that decreased in price include the premium Moutai, which fell by 8 yuan, Xijiu Junpin by 5 yuan, and Flying Moutai by 3 yuan [6][9]. Data Collection Methodology - The data for the "Liquor Price Reference" is sourced from approximately 200 collection points across various regions, including designated distributors, social distributors, mainstream e-commerce platforms, and retail outlets. The aim is to provide objective and traceable data on the market prices of well-known baijiu [2][6]. Industry News - On January 4, Kweichow Moutai Co., Ltd. issued a warning regarding false recruitment information circulating online, claiming to offer Moutai at 1169 yuan. The company clarified that it has not authorized any such offers and is cooperating with authorities to address the issue [2][6].

Core Viewpoint - The Chinese white liquor market has shown signs of stabilization with a slight rebound in retail prices after a period of decline, indicating a potential recovery in market sentiment [1]. Price Trends - The average retail price of the top ten white liquor products ended a continuous decline on January 5, with a total price of 9081 yuan for a bundled sale, reflecting a 3 yuan increase from the previous day [1]. - The market is experiencing a recovery pattern with more products increasing in price than decreasing, suggesting a structural rebound [1]. Notable Price Changes - Qinghua Lang saw a strong performance with a price increase of 10 yuan per bottle, leading the market [1]. - Guojiao 1573 has increased by 4 yuan per bottle, marking its fifth consecutive day of price increases [1]. - Other products with price increases include Qinghua Fen 20 and Wuliangye Pu 58, both up by 2 yuan per bottle, and Yanghe Dream Blue M6+ with a slight increase of 1 yuan per bottle [1][4]. - Conversely, the price of the premium Moutai has decreased significantly, with the boutique version down by 8 yuan, and the Flying Moutai down by 3 yuan per bottle [1][3].

Core Insights - The report emphasizes the need for major liquor companies to focus on supply-demand matching and price-volume balance, especially in light of the weak demand and inventory reduction strategies being adopted by distributors [8][15][16] - The overall investment recommendation for the liquor sector remains "Buy," with a focus on companies that are expected to achieve a dual bottom in valuation and performance [8][9] Group 1: Industry Overview - The 2026 liquor distributor conference highlighted that major liquor companies like Kweichow Moutai and Wuliangye are setting more pragmatic growth targets for 2026, with a general trend of lower revenue growth expectations compared to previous years [8][15] - The report notes that the liquor industry is increasingly emphasizing the importance of core products within various price segments, with clearer distinctions between product price bands [16][19] - Companies are prioritizing the interests of distributors, focusing on price order reinforcement and inventory management, while also exploring new sales models such as consignment and instant retail [16][19] Group 2: Company-Specific Strategies - Kweichow Moutai is focusing on market-oriented reforms to ensure consumers can access its products fairly and quickly, while also maintaining a stable supply of its flagship products [19][20] - Wuliangye aims to achieve high-quality sales through a focus on core products and enhancing brand value, with a strategy that includes performance evaluations and a mechanism for eliminating underperforming distributors [22][23] - Shanxi Fenjiu is pursuing a dual strategy of national expansion and targeting younger consumers, while also enhancing its brand collaboration across its product lines [24][25] Group 3: Market Performance and Valuation - The food and beverage sector experienced a decline of 0.6% in the week of December 29 to January 2, underperforming the CSI 300 index by 1.7 percentage points [31][34] - As of January 2, the food and beverage sector's PE-TTM valuation stands at 21.1X, while the liquor sector's PE-TTM is at 18.3X, indicating a relative valuation of 1.49 and 1.29 times compared to the CSI 300 [47][52] - The report tracks the pricing of key liquor products, noting a decrease in the price of Moutai and an increase in the price of Wuliangye, reflecting market dynamics [53]

来源：酒业内参 sma 打开新浪财经APP 搜索 酒价内参 Q 新浪财经客户端 Sina Finance Mobile Version 白酒业的重要新闻方面，在元旦假期销售客户数超过十万名之后，茅台旗下数字营销平台"i茅台"于1月 3日宣布了一项关键调整：为迎接春节旺季并满足更广泛消费者的需求，自1月4日至春节前，将每位用 户每日购买53%vol 500ml飞天茅台（2026）的最高限额从12瓶下调至6瓶。此次调整将持续至春节前， 此举旨在通过更均衡的投放，让更多消费者能在节日期间购买到飞天产品。 | 1 1 | | --- | | | 国窖1573 52度/500ml | 896/瓶 | 1元A | | --- | --- | --- | --- | | 1 - 1 | 洋河梦之蓝M6+ | 570/瓶 | 持本 | | | 52度/550ml | | | | | 古井贡古20 | 505/瓶 | -2元▼ | | | 52度/500ml | | | | 2 | 习酒君品 53度/500ml | 662/瓶 | -1元▼ | | | 青花郎 53度/500ml | 698/瓶 | -7元▼ | | | 水晶 ...

Core Insights - The core viewpoint of the article highlights the ongoing decline in the retail prices of major Chinese liquor brands, with the overall market sentiment remaining cautious as prices continue to slowly decrease [1][4]. Price Trends - The average retail price of the top ten Chinese liquor products on January 4 is reported at 9,078 yuan, down 5 yuan from the previous day, marking a new low for four consecutive trading days [1][4]. - The market shows a mixed performance with five products declining, four increasing, and one remaining stable [1][4]. Price Changes of Specific Products - Notable price increases include: - Wuliangye Pu Wubai: up 7 yuan per bottle [1][4] - Shuijingfang Jianan Chun: up 7 yuan per bottle [1][4] - Qinghua Fen 20: up 1 yuan per bottle [1][4] - Guojiao 1573: up 1 yuan per bottle, achieving four consecutive days of price increases [1][4] - Significant price decreases include: - Premium Moutai: down 7 yuan per bottle [1][4] - Qinghua Lang: down 7 yuan per bottle [1][4] - Feitian Moutai: down 4 yuan per bottle [1][4] - Gujing Gong Gu 20: down 2 yuan per bottle [1][4] - Xijiu Junpin: down 1 yuan per bottle [1][4] Market Data Collection - The data for the "Liquor Price Reference" is sourced from approximately 200 collection points across various regions, including designated distributors, social distributors, mainstream e-commerce platforms, and retail outlets, aiming to provide objective and traceable market price data [2][5]. Industry News - In a significant industry update, Moutai's digital marketing platform "i Moutai" announced a reduction in the daily purchase limit for the 53% vol 500ml Feitian Moutai from 12 bottles to 6, effective from January 4 until the Spring Festival, to better meet consumer demand during the holiday season [2][5].

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小时中收集的数据显示，中国白酒市场十大单品的终端零售均价在1月4日延 续弱势整理，整体价格继续小幅下行。如果十大单品各取一瓶整体打包售卖，今日总售价为9078元，较 昨日回落5元，连续第四个交易日创下近期新低。市场整体情绪依然谨慎，价格中枢在低位持续且缓慢 下移。 今日市场格局分化，五跌四涨一平。上涨产品中，五粮液普五八代表现亮眼，环比上涨7元/瓶，领涨市 场。水晶剑南春价格同样上涨7元/瓶。青花汾20与国窖1573价格分别微涨1元/瓶，后者已经实现四连 阳。洋河梦之蓝M6+价格则与昨日持平。下跌产品方面，精品茅台的价格回调幅度居前，下跌7元/瓶。 青花郎价格下跌7元/瓶。飞天茅台价格下跌4元/瓶。古井贡古20价格下跌2元/瓶。习酒君品价格微跌1 元/瓶。市场缺乏明确的上涨主线，多数产品均在窄幅区间内波动整理。 "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、主流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 ...

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小时中收集的数据显示，中国白酒市场十大单品的终端零售均价在1月4日延 续弱势整理，整体价格继续小幅下行。如果十大单品各取一瓶整体打包售卖，今日总售价为9078元，较 昨日回落5元，连续第四个交易日创下近期新低。市场整体情绪依然谨慎，价格中枢在低位持续且缓慢 下移。 今日市场格局分化，五跌四涨一平。上涨产品中，五粮液普五八代表现亮眼，环比上涨7元/瓶，领涨市 场。水晶剑南春价格同样上涨7元/瓶。青花汾20与国窖1573价格分别微涨1元/瓶，后者已经实现四连 阳。洋河梦之蓝M6+价格则与昨日持平。下跌产品方面，精品茅台的价格回调幅度居前，下跌7元/瓶。 青花郎价格下跌7元/瓶。飞天茅台价格下跌4元/瓶。古井贡古20价格下跌2元/瓶。习酒君品价格微跌1 元/瓶。市场缺乏明确的上涨主线，多数产品均在窄幅区间内波动整理。 "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、主流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 ...