“股神”跌2.8%，酒ETF跌近4%
今日白酒股集體下挫，貴州茅台一度跌逾3%，最終收跌2.82%，成交額高達99.07億元。
瀘州老窖、巖石股份、金種子酒分別跌6.4%、5.8%、5.6%。五糧液、酒鬼酒和迎駕貢酒均跌逾4%。
ETF方面，鵬華基金酒ETF、華安基金食品飲料ETF基金、銀華基金食品ETF分別跌3.97%、3.55%和3.48%。
今日白酒板塊的下挫跟清明假期期間，茅台批價跌破2600元引發市場對白酒需求的擔憂有關。消息面上清明節假期，茅台批價繼續下行，較年初價格跌幅較大。今年以來，茅台酒（53度 500ml）批價已由年初2700元/瓶左右跌至2580元/瓶左右。網傳375ml巽風酒（屬茅台酒品類）放量20萬瓶，是茅台酒批價波動的原因之一。
對此，今日茅台方面表示，巽風酒計劃量佔茅台酒全年投放量比重小，不會對茅台酒價格體系產生影響，目前茅台酒動銷情況良好。
有市場人士分析，白酒批價下降有以下原因：第一，3月份以來，白酒消費本屬淡季，有一定的降價屬於正常；第二，茅台375ml（1650元-1700元）、100ml（400元-410元）等大量放貨，價格明顯更具競爭力，迫使500ml飛天降價。
也有業內人士表示，依據長期的從業經驗來看，幾乎每年的春節後，包括飛天茅台在內的高端酒價格均會小幅下降，消費也會放緩，屬於正常的市場表現。
貴州茅台在2023年報中披露，2024年經營目標為實現營業總收入同比增長15%。
海通國際研報指出茅台於2023年底對非直營渠道茅台酒和部分非標酒進行提價，2024年業績達標確定性高。
目前A股市場跟白酒有關的ETF主要有酒ETF、食品飲料ETF和食品ETF。規模最大的是鵬華基金酒ETF，最新規模為95.78億元，跟蹤的指數是中證酒。
中證酒指數選取涉及白酒、啤酒、葡萄酒釀造等業務的上市公司證券作為指數樣本，以反映酒類相關上市公司證券的整體表現。
從前十大成分股來看，中證酒指數前十大重倉股主要是頭部白酒股，五糧液、貴州茅台、瀘州老窖、山西汾酒的佔比均超10%，分別為16.18%、14.95%、13.23%和11.55%，前十大重倉股合計權重高達80.33%。
值得一提的是，茅台2023年年報顯示，兩傢俬募——金匯榮盛三號和瑞豐匯邦三號均在23Q4減持部分茅台股票，而這兩傢俬募均被認為與段永平存在關聯。但段永平在社交平台上稱：“貴州茅台，我們一股沒賣。”
招商證券認為，貴州茅台2024年維持15%的增長目標，打消市場對於降速的擔憂。合理中高增速、較高股東分紅和中期價格成長確定性奠定估值基礎，茅台作為稀缺資產的定位很難撼動，看好經濟修復催化估值修復。
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