中国必选消费品行业2月价格报告：高端白酒批价环比回升液态奶与调味品折扣减小

图1本月飞天整箱、散瓶、茅台精品批价+100/+70/+50元图2本月国窖1573批价+20元5000450040003500300025002000150010002020/02/19 2021/08/19 2023/02/19 2024/08/19 2026/02/19茅台精品53° 飞天53°（散） 飞天53°（整）10009008007006002020/02/19 2021/08/19 2023/02/19 2024/08/19 2026/02/19第八代普52° 国窖157352° 青花郎2053°天，东， ，HTI天，东， ，HTI图3本月1618批价+25元图4本月茅台1935批价-5元150012009006002020/02/19 2021/08/19 2023/02/19 2024/08/19 2026/02/19交杯52° 161852°1500130011009007005002022/02/19 2023/02/19 2024/02/19 2025/02/19 2026/02/19茅台1935天，东， ，HTI天，东， ，HTI图5本月青花30复兴版、内参批价+5/-10元图6本月古20批价+10元14007001200100060080050060040040020030002002021/06/192022/06/192023/06/192024/06/192025/06/192020/02/19 2021/08/19 2023/02/19 2024/08/192026/02/19青花30复兴版内参52°梦之蓝M6+52° 青花2053°古2052°天，东， ，HTI天，东， ，HTI图7本月窖藏1988、摘要批价+5/+10元图8本月珍十五、国台国标15批价+10/-5元7003706506003505503305003104502904003502703002502020/02/19 2021/08/192023/02/19 2024/08/192026/02/192022/02/19 2023/02/19 2024/02/19 2025/02/192026/02/1窖藏198853°红花郎1553°摘要53°珍十五53° 国台国标1553°天猫，京东，，HTI天，东， ，HTI图9梦之蓝水晶版、水晶剑、国缘四开批价+20/+5/+5元图10本月井台、品味舍得、红坛批价-25/-10/-5元5205004504704004203503003702503202002021/02/19 2022/04/192023/06/19 2024/08/19 2025/10/192022/02/19 2023/02/192024/02/192025/02/19 2026/02/19梦之蓝水晶版52°水晶剑52° 国缘四开42°井台52°红坛52°品味舍得52°天猫，京东，，HTI天猫，京东，，HTI图11本月窖龄60、臻酿八号批价+5/-5元图12本月海之蓝批价-5元3503003002502502001502001001505010002020/02/192021/06/192022/10/192024/02/192025/06/192020/02/192021/04/192022/06/192023/08/192024/10/192025/12/19天之蓝52°窖龄6052° 臻酿八号52°海之蓝52° 古845° 国缘对开42°天猫，京东，，HTI天猫，京东，，HTI二、液态奶与调味品折扣力度减小液态奶与调味品代表产品折扣较1月减小。液态奶代表产品的折扣率平均值/中位值分别由12月末的62.8%/63.4%变化至本周的61.4%/61.7%。调味品代表产品的折扣率（实际到手价格/平台标注原价）平均值/中位值分别由12月末的87.1%/88.2%变化至本周的85.0%/84.9%。方便食品代表产品折扣较1月末加大。方便食品代表产品的折扣率平均值/1294.8%/95.9%变化至本周的94.6%/95.9%。啤酒、软饮料与婴配粉代表产品较1月末折扣表现平稳。啤酒代表产品的折扣率平均值/中位值分别由12月末的80.3%/81.0%变化至本周的80.7%/82.7%。软饮料代表产品的折扣率平均值/中位值分别由12月末的86.7%/90.0%变化至本周的85.5%84.9%。婴配粉代表产品的折扣率平均值/中位值分别由12月末的89.3%/94.9%变化至本周的89.1%/94.4%。表2大众品类整体折扣率一览指标 当期折扣率 上月折扣率 年初折扣率 去年同期折扣率液态奶折扣率平均值85.4%61.4%61.4%77.4%液态奶折扣率中位值85.1%61.7%61.7%70.2%啤酒折扣率平均值81.6%80.7%80.7%80.6%啤酒折扣率中位值84.1%82.7%82.7%80.0%方便食品折扣率平均值92.6%94.6%94.6%98.2%方便食品折扣率中位值94.0%95.9%95.9%99.0%调味品折扣率平均值86.2%85.0%85.0%87.6%调味品折扣率中位值87.4%84.9%84.9%87.8%软饮料折扣率平均值85.4%85.5%85.5%94.7%软饮料折扣率中位值85.1%84.9%84.9%97.1%婴配粉折扣率平均值88.4%89.1%89.1%93.8%婴配粉折扣率中位值93.0%94.4%94.4%100%多个电商平台，HTI注：折扣率=实际到手价格/平台标注原价表3折扣力度最大的代表产品一览 品名 规格 品类 当期折扣率 上月折扣率 年初折扣率珠江纯生500ml*12/箱啤酒39.0%39.0%39.0%伊利金典250ml*12/箱液态奶49.7%50.7%50.7%伊利全脂纯牛奶250ml*12/箱液态奶52.8%42.6%42.6%百威哈啤小麦王450ml*15/箱啤酒54.1%53.1%53.1%雪花纯生500ml*24/箱啤酒62.2%58.2%58.2%东方树叶500ml*15/箱软饮料63.0%63.0%63.0%蒙牛纯牛奶250ml×16/箱液态奶63.4%63.4%63.4%味极鲜900ml/瓶调味品66.6%66.6%66.6%蒙牛特仑苏250ml*12/箱液态奶66.7%66.7%66.7%金领冠珍护1段758g/罐婴配粉68.1%65.7%65.7%多个电商平台，HTI图13液态奶代表产品折扣率周度变化 图14软饮料代表产品折扣率周度变化100.0%95.0%90.0%85.0%80.0%75.0%70.0%65.0%60.0%

100.0%95.0%90.0%85.0%80.0%2024/1/32024/3/32024/5/32024/7/32024/9/32025/5/32025/7/32025/9/32026/1/32024/1/32024/3/32024/5/32024/7/32024/9/32024/11/32025/1/32025/3/32025/5/32025/7/32025/9/32025/11/32024/1/32024/3/32024/5/32024/7/32024/9/32025/5/32025/7/32025/9/32026/1/32024/1/32024/3/32024/5/32024/7/32024/9/32024/11/32025/1/32025/3/32025/5/32025/7/32025/9/32025/11/32026/1/32024/11/32025/1/32025/3/32025/11/3液态奶扣率位数 液态奶扣率均数2024/11/32025/1/32025/3/32025/11/3多个电商平台，HTI

软饮料扣率位数 软饮料扣率均数多个电商平台，HTI图15啤酒代表产品折扣率周度变化 图16婴配粉代表产品折扣率周度变化100.0%95.0%90.0%85.0%80.0%75.0%70.0%65.0%60.0%

100.0%95.0%90.0%85.0%2024/1/32024/3/32024/5/32024/7/32024/9/32025/1/32025/3/32025/5/32025/7/32025/9/32026/1/32024/1/32024/3/32024/5/32024/7/32024/9/32024/11/32025/1/32025/3/32025/5/32025/7/32025/9/32024/1/32024/3/32024/5/32024/7/32024/9/32025/1/32025/3/32025/5/32025/7/32025/9/32026/1/32024/1/32024/3/32024/5/32024/7/32024/9/32024/11/32025/1/32025/3/32025/5/32025/7/32025/9/32025/11/32026/1/32024/11/32025/11/3啤酒折率中数 啤酒折率平数 婴配粉折扣率中位数 婴配粉扣率均数2024/11/32025/11/3多个电商平台，HTI

多个电商平台，HTI图17调味品代表产品折扣率周度变化 图18方便食品代表产品折扣率周度变化

100.0%95.0%90.0%85.0%75%

80.0%2024/1/32024/3/32024/5/32024/7/32024/9/32024/11/32025/1/32025/3/32025/5/32025/7/32025/9/32025/11/32026/1/32024/1/32024/3/32024/5/32024/7/32024/9/32025/7/32025/9/32026/1/3调味品扣率位数 调味品扣率均数 方便食折扣中位数 方便食折扣平均数2024/1/32024/3/32024/5/32024/7/32024/9/32024/11/32025/1/32025/3/32025/5/32025/7/32025/9/32025/11/32026/1/32024/1/32024/3/32024/5/32024/7/32024/9/32025/7/32025/9/32026/1/3多个电商平台，HTI

2024/11/32025/1/32025/3/32025/5/32024/11/32025/1/32025/3/32025/5/32025/11/3中国&中国必需消费APPENDIX1SummaryRecentWholesalePricesofBaijiuandDiscountsonConsumerGoodsAccordingtomultipleonlineplatforms,therecentwholesalepricesofbaijiuareasfollows:Moutai:Thismonth,thewholesalepricesofFeitianMoutai(case),FeitianMoutai(singlebottle),andMoutai1935are1700/1650/625yuan,respectively.Comparedtolastmonth,priceschangedby+100/+70/-5yuan.Inthelongterm,sincethebeginningoftheyear,FeitianMoutai(case/singlebottle)andMoutai1935priceshavechangedby+100/+60/-15yuan,respectively,comparedtothesameperiodlastyearwithchangesof-530/-560/-75yuan.Wuliangye:Thismonth,thewholesalepriceoftheeighth-generationWuliangyeis830yuan.Comparedtolastmonth,pricesremainedflat.Inthelongterm,sincethebeginningoftheyear,thepricechangedby+10yuan,andcomparedtothesameperiodlastyear,itchangedby-105yuan.LuzhouLaojiao:Thismonth,thewholesalepriceofGuojiao1573is870yuan.Comparedtolastmonth,priceschangedby+20yuan.Inthelongterm,sincethebeginningoftheyear,thepricechangedby+20yuan,withayear-on-yearchangeof+10yuan.ShanxiFenjiu:Thismonth,thewholesalepricesoftheFuxingEditionandQinghua20are730/350yuan.Comparedtolastmonth,priceschangedby+5/0yuan.Inthelongterm,sincethebeginningoftheyear,theFuxingEditionandQinghua20priceshavechangedby-5/+5yuan,withyear-on-yearchangesof-15/-5yuan.Yanghe:Thismonth,thewholesalepricesofM6+,M3CrystalEdition,andTianzhilanare525/360/270yuan,flat/+20yuan/flatcomparedwithlastmonth.Inthelongterm,sincethebeginningoftheyear,thepriceschangedby-5/+10/-5yuan,withyear-on-yearchangesof-5/+15/-5yuan.GujingGongjiu:Thismonth,thewholesalepricesofGu20,Gu16,andGu8are460/290/200yuan,+10/+10/0comparedwithlastmonth.Inthelongterm,sincethebeginningoftheyear,priceschangedby+15/+10/+5yuan,withyear-on-yearchangesof+15/flat/-5yuan.DiscountsonrepresentativeliquidmilkandcondimentproductsnarrowedcomparedwithJanuary.Forliquidmilk,theaverage/mediandiscountratedeclinedfrom62.8%/63.4%atend-Decemberto61.4%/61.7%thisweek.Forcondiments,theaverage/mediandiscountrate(actualpurchasepriceversuslistedplatformprice)decreasedfrom87.1%/88.2%atend-Decemberto85.0%/84.9%thisweek.Discountsonrepresentativeconveniencefoodproductsincreasedcomparedwithend-January.Theaverage/mediandiscountrateforconveniencefoodsedgeddownfrom94.8%/95.9%atend-Decemberto94.6%/95.9%thisweek.Discountsonrepresentativebeer,softdrink,andinfantformulaproductsremainedbroadlystablecomparedwithend-January.Forbeer,theaverage/mediandiscountrateroseslightlyfrom80.3%/81.0%atend-Decemberto80.7%/82.7%thisweek.Forsoftdrinks,theaverage/mediandiscountratemovedfrom86.7%/90.0%atend-Decemberto85.5%/84.9%thisweek.Forinfantformula,theaverage/mediandiscountrateslippedmarginallyfrom89.3%/94.9%atend-Decemberto89.1%/94.4%thisweek.RiskWarnings:Macroeconomicdownturn,withweaker-than-expectedconsumerrecovery.Potentialbiasinsurveydata..附录APPENDIX重要信息披露本研究报告由海通国际分销，海通国际是由海通国际研究有限公司(HTIRL)，HaitongSecuritiesIndiaPrivateLimited(HSIPL)，HaitongInternationalJapanK.K.(HTIJKK)和海通国际证券有限公司(HTISCL)的证券研究团队所组成的全球品牌，海通国际证券集团(HTISG)各成员分别在其许可的司法管辖区内从事证券活动。IMPORTANTDISCLOSURESThisresearchreportisdistributedbyHaitongInternational,aglobalbrandnamefortheequityresearchteamsofHaitongInternationalResearchLimited(“HTIRL”),HaitongSecuritiesIndiaPrivateLimited(“HSIPL”),HaitongInternationalJapanK.K.(“HTIJKK”),HaitongInternationalSecuritiesCompanyLimited(“HTISCL”),andanyothermemberswithintheHaitongInternationalSecuritiesGroupofCompanies(“HTISG”),eachauthorizedtoengageinsecuritiesactivitiesinitsrespectivejurisdiction.HTIRL分析师认证AnalystCertification:我，宋琦，在此保证（i）本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点，并且（ii）我的报酬中没有任何部分与本研究报告中表达的具体建议或观点直接或间接相关；及就此报告中所讨论目标公司的证券，我们（包括我们的家属）在其中均不持有任何财务利益。我和我的家属（我已经告知他们）将不会在本研究报30个自然日内交易此研究报告所讨论目标公司的证券。I,QiSongcertifythatitheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchandiinopartofmycompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreport;andthatI(includingmembersofmyhousehold)havenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussed.Iandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin30calendardaysaftertheresearchreportispublished.我，芮雯，在此保证（i）本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点，并且（ii）我的报酬中没有任何部分与本研究报告中表达的具体建议或观点直接或间接相关；及就此报告中所讨论目标公司的证券，我们（包括我们的家属）在其中均不持有任何财务利益。我和我的家属（我已经告知他们）将不会在本研究报30个自然日内交易此研究报告所讨论目标公司的证券。I,RavenRuicertifythatitheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchandiinopartofmycompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreportandthatIincludingmembersofmyhouseholdhavenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussedIandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin30calendardaysaftertheresearchreportispublished.我，闻宏伟，在此保证（i）本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点，并且（ii）我的报酬中没有任何部分与本研究报告中表达的具体建议或观点直接或间接相关；及就此报告中所讨论目标公司的证券，我们（包括我们的家属）在其中均不持有任何财务利益。我和我的家属（我已经告知他们）将不会在本研究30个自然日内交易此研究报告所讨论目标公司的证券。I,HongweiWen,certifythati)theviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchandiinopartofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreportandthatIincludingmembersofmyhouseholdhavenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussedIandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin30calendardaysaftertheresearchreportispublished.利益冲突披露ConflictofInterestDisclosures海通国际及其某些关联公司可从事投资银行业务和/或对本研究中的特定股票或公司进行做市或持有自营头寸。就本研究报告而言，以下是有关该等关系的披露事项（以下披露不能保证及时无遗漏，如需了解及时全面信息，请发邮件至ERD-Disclosure@）HTIandsomeofitsaffiliatesmayengageininvestmentbankingand/orserveasamarketmakerorholdproprietarytradingpositionsofcertainstocksorcompaniesinthisresearchreport.Asfarasthisresearchreportisconcerned,thefollowingarethedisclosuremattersrelatedtosuchrelationship(Asthefollowingdisclosuredoesnotensuretimelinessandcompleteness,pleasesendanemailtoERD-Disclosure@iftimelyandcomprehensiveinformationisneeded).Compendiumdisclosure:Fordisclosuresassociatedwitheachcompanymentionedherein,includingdisclosureofrisks,valuationmethodologiesandtargetpriceformation,ifany,pleaserefertothefullreportonourwebsite().国泰海通证券股份有限公司和/或其子公司（统称“国泰海通”