罕见主动控价！飞天茅台价格“V字反转”再反转……

市场资讯2025-12-15

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！　　来源：国际金融报　　飞天茅台批发价跌破1499元后，贵州茅台（600519）终于出手了。　　12月13日至14日，据多方消息，贵州茅台推出了一系列控价策略。　　具体包括，今年年底前将停止向经销商发放所有茅台产品（预付款已完成的除外）；明年计划大幅削减茅台15 年、1升装飞天茅台等非标产品配额，且对这些产品实行 “...

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　　来源：国际金融报\n　　飞天茅台批发价跌破1499元后，贵州茅台（600519）终于出手了。\n　　12月13日至14日，据多方消息，贵州茅台推出了一系列控价策略。\n　　具体包括，今年年底前将停止向经销商发放所有茅台产品（预付款已完成的除外）；明年计划大幅削减茅台15 年、1升装飞天茅台等非标产品配额，且对这些产品实行 “...</p>\n\n<a 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Feitian Moutai price \"V-shaped reversal\" and then reversed...","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600519":1.5},"content_text":"炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 　　来源：国际金融报\n　　飞天茅台批发价跌破1499元后，贵州茅台（600519）终于出手了。\n　　12月13日至14日，据多方消息，贵州茅台推出了一系列控价策略。\n　　具体包括，今年年底前将停止向经销商发放所有茅台产品（预付款已完成的除外）；明年计划大幅削减茅台15 年、1升装飞天茅台等非标产品配额，且对这些产品实行 “市场化运作”，按需求确定供应，不再强行配给经销商。\n　　东吴证券12月14日发布的研报还指出，茅台明年的增量将聚焦于茅台1935、飞天茅台、精品茅台3大核心单品，锚定600元、1500元、2000元价格带。明年公司将以提升开瓶和消费者基数为重要抓手，对茅台生肖酒、年份酒等非标产品除了缩减配额，定价上也将重新匹配以适应市场需求；对超高价产品的策略是“经销商能做就做”，按渠道能力适配。\n　　12月15日，茅台证券部工作人员对外表示，公司一直强调以需求驱动为主，注重渠道韧性保护，各产品均根据终端动销情况精准投放。对于未来的市场政策，公司正在研究中，具体可能会在12月28日左右的渠道商联谊会上发布。\n\n　　水芙蓉/摄\n　　贵州茅台罕见的政策变动源自飞天茅台的价格破位。\n　　12月12日，第三方数据显示，53度500ml飞天茅台散瓶批发报价跌至1485元/瓶，这是2018年以来飞天茅台首次跌破1499元指导价。\n　　当晚，有消息称茅台召开临时经销商会议，推出控量稳价举措。随后两天飞天茅台价格出现明显回升，散瓶飞天周末批发价一度升至1570元/瓶，罕见出现70元涨幅，甚至有部分黄牛坐地抬价，一天内多次调整价格。\n　　控价策略影响几何？\n　　短期来看，这有助于飞天茅台价格触底反弹，但在白酒消费需求没有显著改善、行业周期性调整未结束的大趋势下，茅台回归至以前的高溢价状态几乎没有希望。也有观点认为，茅台控量稳价举措不利于后续业绩稳定增长。\n\n　　左宇/摄\n　　12月15日，散瓶飞天批发价报1550元/瓶，下行趋势再现。\n　　作为贵州茅台的核心支柱，飞天茅台价格波动一定程度上影响了公司业绩。\n　　今年前三季度，公司营收1309亿元，同比增长6.32%；归母净利润为646.3亿元，同比增长6.25%，两项指标增速均创近11年新低，业绩表现低于原先定下的9%的年度增长目标。\n　　为提振市场信心，茅台开启大手笔分红，公司公告12月18日将派发超300亿元中期分红，每股派发23.957元（含税）。\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：杨红卜","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2591646723","isCrawlerRequest":true}