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A股,全线大涨!
Zheng Quan Shi Bao· 2025-08-13 04:04
13日早盘,A股三大股指集体拉升,沪指创阶段新高,创业板指大涨近3%;港股亦走强,两大股指涨 约2%。 具体来看,沪指盘中强势上扬,最高攀升至3688.09点,创2021年12月以来新高;深证成指涨超1%,创 业板指大涨近3%。 军工板块强势,航天科技近7日斩获5个涨停板,大元泵业连续3日涨停,长城军工再创新高;AI产业链 股集体拉升,光库科技20%创历史新高,新易盛、中际旭创均创出新高,工业富联盘中涨超5%续创新 高;光刻机概念活跃,中船特气、凯美特气等涨停;PEEK材料概念热度不减,华密新材盘中干涨超 10%,亦创出新高。券商板块快速走高,截至发稿,长城证券、国盛金控涨停。值得注意的是,昨日午 后强势涨停的寒武纪回落走低;昨日晚间公布中报的贵州茅台跌逾1%。 港股方面,截至发稿,腾讯音乐-SW大涨超17%,创历史新高;鸿腾精密、五矿资源涨超10%,万洲国 际涨超5%。蔚来-SW跌近5%,小鹏汽车-W跌超3%。 机构表示,步入2025年,军工行业基本面边际变化显著,各类催化事件密集涌现。军贸领域成果频出, 军工行业市场关注度明显提升。从历史上看,阅兵前后各子板块均较为活跃,当前8月正处于阅兵前的 重要时间段 ...
茅台酱香酒官宣合作美团闪购:首批上线门店超千家,将共建正品联盟
Xin Lang Ke Ji· 2025-08-13 04:01
Core Insights - Guizhou Moutai Sauce Aroma Liquor Marketing Co., Ltd. has announced a deep cooperation with Meituan Flash Purchase to enhance its retail network and channel transformation [1] - The initiative includes the launch of over a thousand officially certified "Moutai Sauce Aroma · Shared by Thousands" stores on the Meituan platform, aiming to provide consumers with a premium buying experience [1] Group 1 - The collaboration focuses on aspects such as genuine product assurance, store operations, customer base expansion, and member integration [1] - The partnership aims to offer consumers the ability to receive authentic Moutai products within 30 minutes of ordering [1] - Previous trial operations of some stores on Meituan Flash Purchase have shown that Moutai Sauce Aroma series has become a preferred choice for consumers, with increasing order frequency and repurchase rates [1] Group 2 - The companies plan to accelerate the onboarding process of stores, with more "Moutai Sauce Aroma · Shared by Thousands" stores expected to be available on Meituan Flash Purchase by the end of the year [1] - The goal is to achieve full store integration on the platform as soon as possible [1]
贵州茅台(600519):2025年半年报点评:业绩稳健增长,彰显龙头韧性
Dongguan Securities· 2025-08-13 03:43
食品饮料行业 买入(维持) 业绩稳健增长,彰显龙头韧性 贵州茅台(600519)2025 年半年报点评 2025 年 8 月 13 日 投资要点: 事件:公司发布2025年半年报。 点评 主要数据 | 2025 年 8 月 12 | 日 | | --- | --- | | 收盘价(元) | 1437.04 | | 总市值(亿元) | 18052.06 | | 总股本(亿股) | 12.56 | | 流通股本(亿股) | 12.56 | | ROE(TTM) | 34.45% | | 12 月最高价(元) | 1844.44 | | 12 月最低价(元) | 1203.07 | 股价走势 资料来源:同花顺,东莞证券研究所 相关报告 公 司 点 评 公 司 研 究 证 券 研 究 报 告 本报告的风险等级为中风险。 本报告的信息均来自已公开信息,关于信息的准确性与完整性,建议投资者谨慎判断,据此入市,风险自担。 请务必阅读末页声明。 分析师:黄冬祎 SAC 执业证书编号: S0340523020001 电话:0769-22119410 邮箱: huangdongyi@dgzq.com.cn ◼ 公司2025年上半 ...
贵州茅台晒上半年“成绩单”!总营收超910亿,业绩增速降至个位数
Ge Long Hui A P P· 2025-08-13 03:41
今年上半年,贵州茅台营收突破了900亿元,净利润站稳450亿元,但增速却放缓至个位数。 截至午间收盘,贵州茅台股价跌0.92%报1423.76元/股,总市值1.79万亿。 增速降至个位数 8月12日晚,贵州茅台披露了2025年半年度报告。 报告期内,上半年公司半年营业收入(非营业总收入)为893.89亿元,同比增长9.1%;归母净利润454.03亿元,同比增长8.89%。 作为白酒板块的龙头企业,贵州茅台的业绩备受市场关注。 | 主要会计数据 | 本报告期 (1-6月) | 上年同期 | 本报告期比 上年同期增 | | --- | --- | --- | --- | | | | | 减(%) | | 营业收入 | 89, 389, 354, 416. 84 | 81,930,977,667.75 | 9. 10 | | 利润总额 | 62,778,000, 766, 82 | 57,578,281,653.44 | 9.03 | | 归属于上市公司股东的净利润 | 45, 402, 962, 298, 10 | 41,695,610,983.37 | 8.89 | | 归属于上市公司股东的扣除非经 | 45, ...
贵州茅台(600519):1H总收入同增9%,茅台酒稳健增长
Ping An Securities· 2025-08-13 03:41
食品饮料 2025年08月13日 贵州茅台(600519.SH) 1H总收入同增9%,茅台酒稳健增长 推荐 ( 维持) 股价:1437.04元 公 司 报 告 行情走势图 证券分析师 | 张晋溢 | 投资咨询资格编号 | | --- | --- | | | S1060521030001 | | | ZHANGJINYI112@pingan.com.cn | | 王星云 | 投资咨询资格编号 | 事项: 贵州茅台发布2025年半年报,1H25实现营业总收入911亿元,同比+9.2%;归 母净利454亿元,同比+8.9%;2Q25实现营业总收入397亿元,同比+7.3%; 归母净利186亿元,同比+5.2%。 平安观点: 评 研 究 报 告 S1060523100001 公 司 半 年 报 点 证 BVG933 wangxingyun937@pingan.com.cn | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 147,694 | 170,899 | 186,451 ...
贵州茅台(600519):H1环境承压依旧完成目标,关注双节压力测试
CMS· 2025-08-13 03:05
Investment Rating - The report maintains a "Strong Buy" rating for the company [1][3] Core Views - The company achieved revenue and net profit of 91.09 billion and 45.40 billion respectively in H1 2025, reflecting a year-on-year growth of 9.2% and 8.9% [1][7] - In Q2 2025, revenue and net profit were 39.65 billion and 18.56 billion, showing a year-on-year increase of 7.3% and 5.3% [1][7] - The company is focusing on accelerating the sales of its flagship products and increasing the proportion of mid-tier products while expanding its international market presence [1][7] - The gross margin in Q2 2025 faced pressure due to increased marketing expenses, leading to a slight decline in profitability [1][7] - The report highlights the importance of monitoring the upcoming holiday season as a critical test for demand [1][7] Financial Data and Valuation - The company’s total market capitalization is 180.52 billion, with a current share price of 1437.04 yuan [3] - The company’s return on equity (ROE) stands at 37.7%, and the debt-to-asset ratio is 14.8% [3] - The report slightly adjusts the EPS forecast for 2025-2027 to 74.13, 79.16, and 83.47 yuan respectively [1][7] - The company’s cash flow from operations in H1 2025 was 13.12 billion, down 64.2% year-on-year [1][7] - The report indicates that the company’s direct sales channel accounted for 44.8% of total sales in Q2 2025, an increase of 3.59 percentage points [1][7] Revenue and Profit Trends - The company’s revenue from its flagship liquor and series liquor in H1 2025 was 75.59 billion and 13.76 billion, representing growth of 10.2% and 4.7% respectively [1][7] - The report notes that the company added 137 new domestic distributors in H1 2025, likely due to adjustments in the distributor structure [1][7] - The net profit margin for Q2 2025 decreased by 1.1 percentage points to 49.5% due to increased marketing and sales expenses [1][7]
宁王被抛弃?高股息遭疯抢!头部基金持仓“大换血”!(附最新持股)
私募排排网· 2025-08-13 02:40
本文首发于公众号"公募排排网"。(点击↑↑上图查看详情) 导语 以下文章来源于公募排排网 ,作者康波 公募排排网 . 看财经、查排名、买基金,就上公募排排网,申购费低至0.001折。 随着2025年2季报落下帷幕,公募基金市场的格局与动向逐渐清晰。 易方达以超 2.1万亿元的管理规模稳居榜首,紧随其后的是华夏基金,其 规模也突破了2万亿元大关。广发基金 则以1.49万亿元的规模排名第三。 南方基金、天弘基金、富国基金、嘉实基金、博时基金、汇添富基 金和鹏华基金 分列第四至第十位。 ( 点此查看2025年2季度基金公司最新规模变化情况 ) | 序号 | 意急公司 | 资产合计(亿元) | 合并 | 最新的 (分开) | 公司性质 | 成立日期 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 易方达基金管理有限公司 | 21010.47 | 442 | 782 | 居喜变亦 | 2001-04-17 | | 2 | 华夏基金管理有限公司 | 20314.83 | 483 | 864 | 中外合资经营企业 | 1998-04-09 | | 3 | 发基金管理有 ...
贵州茅台(600519):2025 年半年报点评:保持定力,积极应对
保持定力,积极应对 贵州茅台(600519) 贵州茅台(600519.SH)2025 年半年报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 訾猛(分析师) | 021-38676442 | zimeng@gtht.com | S0880513120002 | | 颜慧菁(分析师) | 021-23183952 | yanhuijing@gtht.com | S0880525040022 | | 李美仪(分析师) | 021-38038667 | limeiyi@gtht.com | S0880524080002 | 本报告导读: 25Q2 公司业绩环比略降速,回款有所减少。全年总营收计划增长 9%,25H1 增长 9.2%,有望达成目标。截至 8 月 12 日收盘股息率 3.6%,是较为优质的类债资产。 投资要点: | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | ...
贵州茅台_2025 年第二季度业绩回顾_尽管系列酒受政策影响,仍实现稳健的符合预期的销售增长;-Kweichow Moutai (.SS)_ 2Q25 Results Review_ Resilient in-line sales growth despite Series Spirits under policy impact; Easing
2025-08-13 02:16
Kweichow Moutai (600519.SS) 2Q25 Results Review Company Overview - **Company**: Kweichow Moutai - **Ticker**: 600519.SS - **Industry**: Consumer Staples (Alcoholic Beverages) Key Financial Results - **1H25 Results**: Sales increased by 9.1% year-over-year (yoy) to Rmb89.4 billion, and net profit (NP) rose by 8.9% yoy to Rmb45.4 billion, aligning with the full-year sales growth target of 9% yoy [1][3] - **2Q25 Results**: - Total sales reached Rmb39.7 billion, up 7.3% yoy, slightly below Goldman Sachs estimates (GSe) of Rmb39.9 billion [1][11] - Net profit was Rmb18.6 billion, a 5.2% increase yoy, which was 3% lower than GSe of Rmb19.1 billion [1][11] Product Performance - **Moutai Spirits**: Revenue increased by 11% yoy to approximately Rmb32.0 billion [9] - **Series Spirits**: Revenue declined by 7% yoy to about Rmb6.7 billion, impacted by a high base from the previous year (up 43% in 2Q24) and policy effects [1][9] - **Sales Channels**: - Wholesale sales grew by 1% yoy, while direct sales surged by 17% yoy, driven by non-standard Moutai sales [1][9] - Direct sales accounted for 43% of total spirits sales in 2Q25, compared to 46% in 1Q25 and 40% in 2Q24 [1][9] Margin and Expense Analysis - **Net Profit Margin (NPM)**: Decreased to 46.8%, down 0.9 percentage points yoy [1][9] - **Gross Profit Margin (GPM)**: Contracted by 0.3 percentage points to 90.5% [1][9] - **Selling Expenses**: Increased by 0.5 percentage points to 4.5% of revenue, while administrative expenses decreased slightly [1][9] Balance Sheet and Cash Flow - **Customer Advances**: Dropped by 45% yoy to Rmb5.5 billion, indicating reduced prepayment demand due to anti-extravagance policies [1][9] - **Note Receivables**: Increased significantly to Rmb2.8 billion from Rmb332 million a year ago, suggesting more support to the distribution channel [1][9] Price Trends and Market Outlook - **Wholesale Price Trend**: Original case Feitian Moutai's wholesale prices fell to around Rmb1,900 in late July but have shown slight recovery recently [1][9] - **Future Expectations**: Anticipated shipment increases for the Mid-Autumn Festival may lead to short-term volatility, but the company is expected to manage channel health effectively [1][9] Earnings Forecast and Valuation - **Earnings Revision**: Adjusted 2025-27E sales estimates down by 1-2% due to weaker Series spirits sales and margins [8][13] - **Target Price**: Updated target price is Rmb1,742, reflecting a 23.4x 2026E P/E [14][16] - **Current Valuation**: Trading at 19x/18x 2025E/26E P/E with a 2025E dividend yield of 3.8% [1][16] Risks and Considerations - **Key Risks**: Potential regulatory changes, environmental concerns, slower macroeconomic recovery, capacity constraints, and volatility in US interest rates [15] Conclusion - **Investment Recommendation**: Maintain Buy rating based on resilient sales growth and strategic management of market challenges [1][16]
贵州茅台发半年报 营收增9.16%净利润增8.89%
Sou Hu Cai Jing· 2025-08-13 02:08
封面新闻记者 喻奇树 关于市场策略,茅台曾在2024年年底举行的经销商联谊会上,对2025年的市场攻坚提出明确方向。核心是坚持以消费者为中心,持续做好"三个转型",即 客群转型、场景转型和服务转型。 其中,客群聚焦于新商务人群;场景面向符合不同行业特点的宴饮新场景,同时鼓励经销商创新餐饮消费场景;服务则从满足消费者的多元化需求出发, 倡导"从卖酒向卖生活方式转变",进一步优化消费体验。 8月12日晚间,贵州茅台发布2025年半年报,营收和利润均符合市场预期。 其报告显示,上半年公司实现营业总收入910.94亿元,同比增长9.16%;实现归母净利润454.03亿元,同比增长8.89%。 白酒行业今年进入深度期,业界普遍调低对白酒上市公司业绩表现市场预期。 贵州茅台作为行业龙头,年初给自己定了9%的业绩增长目标。从实际表现看,其表现基本符合市场预期。 业界分析认为,贵州茅台平稳的增长源于其核心产品体系的持续健康发展以及市场策略的有效执行。 国际化方面,实现营收28.93亿元,同比增长31.29%。 上半年,公司茅台酒基酒产量约4.37万吨,系列酒基酒产量约2.96万吨。 平稳增长的同时,贵州茅台仍保持着充沛的现金 ...