中国必选消费品行业3月价格报告：白酒批价跌多涨少婴配粉外大众品均加大折扣

图1本月飞天散瓶、整瓶、茅台精品批价-60/-40/-10元图2本月青花郎、国窖1573批价+5/-25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）10009008007006002020/02/192021/06/192022/10/192024/02/192025/06/19第八代普52° 国窖157352° 青花郎2053°天，东， ，HTI天，东， ，HTI图3本月交杯、1618批价-150/-25元图4本月茅台1935批价-5元150012009006002020/02/192021/06/192022/10/192024/02/192025/06/19交杯52° 161852°1500130011009007005002022/02/19 2023/06/19 2024/10/19 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本月梦之蓝M6+、青花20批价-5/+5元14007001200650600100055080050060045040040035020030025002002021/06/19 2022/10/19 2024/02/19 2025/06/192020/02/192021/06/192022/10/192024/02/192025/06/19青花30复版 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/+30元7003706503506005503305003104504002903502703002502020/02/192021/06/192022/10/192024/02/192025/06/192022/02/19 2023/06/192024/10/192026/02/19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本月水晶剑、国缘四开批价-5/-5元图10本月井台、品味舍得批价-10/+10元5205004704504004203503703002503202002021/02/19 2022/06/192023/10/192025/02/192022/02/19 2023/06/19 2024/10/19 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，东， ，HTI天，东， ，HTI图11本月天之蓝、臻酿八号批价-5/-20元图12本月海之蓝、古8批价-5/-5元3503003002502502001502001001505010002020/02/192021/06/192022/10/192024/02/192025/06/192020/02/192021/06/192022/10/192024/02/192025/06/19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、婴配粉代表产品折扣减小，其余品类折扣均加大液态奶、调味品、方便食品、啤酒、软饮料代表产品折扣较2月加大。液态奶（实际到手价格/平台标注原价）代表产品的折扣率平均值/中位值分别由2月末的66.1%/65.1%变化至本周的64.5%/65.1%。调味品代表产品的折扣率平均值/中位值分别由286.2%/87.4%变化至本周的74.9%/80.2%。方便食品代表产品的折扣率平均值/292.6%/94.0%变化至本周的87.3%/86.5%。啤酒代表产品的折扣率平均值/中位值分别由2月末的81.6%/84.1%变化至本周的79.4%/82.3%。软饮料代表产品的折扣率平均值/中位值分别由285.4%/85.1%变化至本周的79.1%/82.1%。婴配粉代表产品较2月末折扣减小。婴配粉代表产品的折扣率平均值/中位值分别由2月末的88.4%/93.0%变化至本周的93.3%/96.8%。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64.5%66.1%61.4%77.3%液态奶折扣率中位值65.1%65.1%61.7%82.7%啤酒折扣率平均值79.4%81.6%81.2%79.6%啤酒折扣率中位值82.3%84.1%82.9%82.8%方便食品折扣率平均值87.3%92.6%94.6%97.4%方便食品折扣率中位值86.5%94.0%95.9%99.0%调味品折扣率平均值74.9%86.2%85.0%88.5%调味品折扣率中位值80.2%87.4%84.9%95.0%软饮料折扣率平均值79.1%85.4%85.5%98.1%软饮料折扣率中位值82.1%85.1%84.9%100.0%婴配粉折扣率平均值93.3%88.4%89.1%89.4%婴配粉折扣率中位值96.8%93.0%94.4%90.6%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500ml12/箱啤酒39.8%39.0%39.0%康师傅包装饮用水550ml12/箱软饮料46.7%85.2%87.4%伊利金典纯牛奶250ml12/箱液态奶50.7%49.7%50.7%伊利纯牛奶250ml16/箱液态奶52.9%60.0%42.6%哈啤小麦王450ml15/箱啤酒55.1%54.1%53.1%厨邦味极鲜900ml/瓶调味品55.4%66.6%66.6%千禾头道原香酱油500ml/瓶调味品55.8%84.8%84.8%海天金标生抽500ml/瓶调味品57.0%80.9%80.9%海天味极鲜750ml/瓶调味品58.4%91.0%92.2%雪花纯生500ml24/箱啤酒58.6%62.2%58.2%多个电商平台，HTI图13液态奶代表产品折扣率周度变化多个电商平台，HTI

图14软饮料代表产品折扣率周度变化多个电商平台，HTI图15啤酒代表产品折扣率周度变化多个电商平台，HTI

图16婴配粉代表产品折扣率周度变化多个电商平台，HTI图17调味品代表产品折扣率周度变化多个电商平台，HTI

图18方便食品代表产品折扣率周度变化多个电商平台，HTI中国必需消费APPENDIX1SummaryAccordingtomultipleliquorindustrymediaandonlineplatforms,amongthe38baijiuproductsunderourkeymonitoringthismonth,18postedpricedeclines,13recordedincreases,and7remainedflat:Above1500yuan:Amongthe3productsmonitored,0roseand3fellmonth-on-month;1roseand2fellsincethestartoftheyear;0roseand3fellyear-on-year.Themonth-on-monthwholesalepricechangerangedfrom-10%to-3%,andtheyear-on-yearchangerangedfrom-25%to-15%.700–1500yuan:Amongthe5productsmonitored,0roseand4fellmonth-on-month;2roseand3fellsincethestartoftheyear;0roseand5fellyear-on-year.Themonth-on-monthwholesalepricechangerangedfrom-8%to-2%,andtheyear-on-yearchangerangedfrom-20%to-10%.500–700yuan:Amongthe4productsmonitored,2roseand2fellmonth-on-month;1roseand3fellsincethestartoftheyear;0roseand4fellyear-on-year.Themonth-on-monthwholesalepricechangerangedfrom-5%to+3%,andtheyear-on-yearchangerangedfrom-16%to-8%.300–500yuan:Amongthe12productsmonitored,5roseand5fellmonth-on-month;5roseand7fellsincethestartoftheyear;1roseand11fellyear-on-year.Themonth-on-monthwholesalepricechangerangedfrom-4%to+4%,andtheyear-on-yearchangerangedfrom-12%to+2%.Below300yuan:Amongthe14productsmonitored,6roseand4fellmonth-on-month;2roseand8fellsincethestartoftheyear;3roseand11fellyear-on-year.Themonth-on-monthwholesalepricechangerangedfrom-5%to+5%,andtheyear-on-yearchangerangedfrom-8%to+3%.Discountsforrepresentativeproductsinliquidmilk,condiments,conveniencefoods,beer,andsoftdrinkshavedeepenedcomparedwiththeendofFebruary.Forliquidmilk,theaverageandmediandiscountrates(actualtransactionprice/listedoriginalpriceonplatforms)movedfrom66.1%/65.1%attheendofFebruaryto64.5%/65.1%thisweek.Forcondiments,theaverageandmediandiscountratesmovedfrom86.2%/87.4%attheendofFebruaryto74.9%/80.2%thisweek.Forconveniencefoods,theaverageandmediandiscountratesmovedfrom92.6%/94.0%attheendofFebruaryto87.3%/86.5%thisweek.Forbeer,theaverageandmediandiscountratesmovedfrom81.6%/84.1%attheendofFebruaryto79.4%/82.3%thisweek.Forsoftdrinks,theaverageandmediandiscountratesmovedfrom85.4%/85.1%attheendofFebruaryto79.1%/82.1%thisweek.Forinfantformula,discountshavenarrowedcomparedwiththeendofFebruary.Theaverageandmediandiscountratesforrepresentativeproductsmovedfrom88.4%/93.0%attheendofFebruaryto93.3%/96.8%thisweek.Risks:macroeconomicdownturn,slower-than-expectedconsumptionrecovery,andsurveydatadeviations..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，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.我，XiaoruiHu，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30个自然日内交易此研究报告所讨论目标公司的证券。I,XiaoruiHu,certifythat(i)theviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchandiinopartofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreportandthatIincludingmembersofmyhouseholdhavenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussedIandmyhousehold,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.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）在过去12个月内参与了300999.CHand000895.CH的投资银行项目。投资银行项目包括：1、国泰海通担任上市前辅导机构、保荐人或主承销商的首次公开发行项目；2、国泰海通作为保荐人、主承销商或财务顾问的股权或债务再融资项目；3、国泰海通作为主经纪商的新三板上市、目标配售和并购项