消息面上，多家媒体报道，贵州茅台近期推出控量政策，涵盖短期减负和中长期结构性改革。短期 措施方面，2025年12月内，贵州茅台将停止向经销商发放所有茅台产品（预付款已完成），直至2026年 1月1日，在适当时候恢复。中长期结构性改革方面，2026年，贵州茅台计划大幅削减非标产品配额，从 源头减少使经销渠道利润缩减的产品供应。 针对上述控量政策及市场变动，记者以投资者身份致电贵州茅台证券部求证。接线工作人员表示， 公司一直以来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 来市场政策，公司仍在研究中，具体策略可能会在28日左右的渠道商联谊会上正式发布。 而对于飞天茅台价格走低一事，该工作人员表示，从行业来看，茅台产品价格相对较为稳定，500 毫升飞天茅台价格跌破1499元/瓶，主要是有些平台有平台补贴，当然也不排除为博流量而设置较低价 格，当前500毫升飞天茅台价格已有所回升。 将推出"控量"政策？贵州茅台连涨4日，重回股王宝座，公司回应 【中国白酒网】12月15日，贵州茅台（600519.SH）股价延续了近期反弹态势，盘中涨超1%，截至 午盘，报1427.66元/股，涨幅达0. ...

新华财经上海12月15日电（林郑宏）在短暂跌破1400元/股的整数关口后，贵州茅台股价近日持续反弹。12月15日，贵州茅台收盘报1426元/股，涨0.38%， 连续4个交易日收盘上涨，总市值回到1.79万亿元，位列A股市场第六位。单以股价看，寒武纪15日收报1331.9元/股，距离茅台差价已接近百元。 市场有消息称，茅台各省区经销商联谊会近日召开会议，讨论明年经销渠道战略：2026年或将聚焦茅台1935、飞天茅台、精品茅台三大核心单品；茅台生肖 酒、公斤茅台等非标茅台产品或将减量；对于未完成的2025年计划外的茅台配额停止投放，以期稳定市场。 对于上述控量政策，茅台有关人员15日回应称，对于未来市场政策，公司仍在研究中，具体策略可能会在28日左右的茅台渠道商联谊会上正式发布。 "对于茅台的经销商来说，这是过去10年来'最冷'的冬天，年末的渠道商联谊会备受期待。"季鹤俊认为，从目前市场传言的控量政策内容来看，贵州茅台要 削减茅台生肖酒、公斤茅台等非标茅台产品的产量，"如果公司要在2026年保持2025年的销售额甚至还有所提高的话，这些削减的产量，不论从营收上，还 是利润上，都需要从其主要大单品飞天茅台500毫升 ...

Group 1 - The core viewpoint of the article highlights that the A-share margin trading remains highly active, with the margin balance reaching a historical high of 25,143 billion yuan on December 10 [1][4]. - The overall margin balance in the A-share market is maintained at around 25,000 billion yuan, indicating a sustained high level in recent years [4]. - From early December to December 12, most industry sectors experienced net financing inflows, with hardware equipment leading with over 10 billion yuan in net buy [4]. Group 2 - Technology stocks, which have been leading the A-share market this year, continue to attract financing, although there is significant differentiation in the financing trends among specific stocks [5][6]. - Nearly 200 stocks had net financing inflows exceeding 100 million yuan from December 1 to December 12, with 18 stocks surpassing 500 million yuan [6]. - Notable stocks include Xinyi Technology with nearly 3 billion yuan in net financing, followed by Shenghong Technology with 1.9 billion yuan, and Industrial Fulian and Moer Thread-U both exceeding 1 billion yuan [6]. Group 3 - Despite the overall interest in technology stocks, several stocks in the technology sector saw financing repayments significantly exceeding financing purchases, such as Cambrian-U with a repayment exceeding 1.3 billion yuan [7]. - As of December 12, 17 stocks had margin balances exceeding 10 billion yuan, with Dongfang Wealth leading at 27.4 billion yuan, followed by China Ping An at 24.9 billion yuan, and CATL at 21.8 billion yuan [7]. - Other technology leaders with significant margin balances include Xinyi Technology and Cambrian-U, indicating strong interest in these stocks [7].

Investment Rating - The report maintains a "Recommendation" rating for the liquor industry, specifically highlighting the brands Moutai and Wuliangye as key players [2][33]. Core Insights - The recent decline in high-end liquor prices has raised concerns in the market, with the liquor sector experiencing a 7% drop in December. Moutai's price fell from 1575 yuan to around 1500 yuan, while Wuliangye's price decreased from 800-810 yuan to 780 yuan [8][11]. - Moutai is implementing measures to restore channel confidence, with prices rebounding to around 1600 yuan after a significant drop. The company plans to control supply to stabilize prices and support distributor profits [15][20]. - Wuliangye is enhancing subsidies and adjusting pricing strategies to support distributors, including a significant discount on its products to reduce financial pressure on channels [29][30]. - The report anticipates that the liquor industry will prioritize volume over price in the coming year, with sales performance being crucial for recovery [32][33]. Summary by Sections Industry Supply and Demand - The industry is facing a critical need for supply and demand rebalancing, with Moutai's price drop signaling significant market pressures. The report notes that the supply-demand mismatch has persisted, leading to a comprehensive imbalance [11][15]. Moutai's Strategy - Moutai is focusing on controlling supply to alleviate pressure on distributors, with plans to halt the release of unfulfilled quotas for 2025. The company aims to stabilize market order and ensure healthy operations [20][24]. - The report highlights that Moutai's pricing strategy is crucial for maintaining industry standards, with expectations of a gradual decline in performance metrics due to market conditions [28][29]. Wuliangye's Approach - Wuliangye is actively implementing multiple strategies to support channel profits, including significant discounts and promotional rewards for distributors. The company is also enhancing digital management to improve terminal control [29][30]. - The report emphasizes that Wuliangye's willingness to adapt and reduce prices is a positive step in addressing current market challenges [29]. Investment Recommendations - The report suggests capitalizing on the pre-holiday recovery in the liquor market, recommending Moutai as a priority for investment due to its lower risk of performance decline. Other companies to watch include Gujing and Wuliangye, which are expected to confirm performance bottoms and drive growth through market share [33].

美国时间2025年12月4日至7日，"茅台巴拿马万国博览会获奖110周年暨旧金山茅台日设立10周年"纪念活动在纽约拉开序幕。 110年前，茅台酒以陶罐装酒的形式在1915年巴拿马万国博览会上亮相，并凭借卓越品质荣获金奖。如今这场"茅台参与世界110年"荣耀纪念活动，既是对 1915年品牌出海起点的回望，更是茅台2025年国际化战略加速的关键落子。 截至今年前三季度，国际经销商增加至121家，海外营收同比增长31.29%，显著高于公司整体增速。 从旧金山艺术宫的历史场景再现，到贯穿全年的全球品牌行动，茅台展示的已不单是产品出口的规模扩张，更是一种价值扎根的全球化新路径。从这场跨 越一万五千公里的美国"双城纪"，亦可看见中国白酒巨头从"走出去"到"走进去"的战略升维。 从"偶然亮相"到"系统布局" 当地时间12月7日，旧金山艺术宫的穹顶之下，110年前茅台参展巴拿马万国博览会的陶坛复刻品静静陈列，与身旁青金石色调的"巴拿马金奖110年纪 念"新品形成跨越世纪的对话。 1915年的旧金山，茅台以陶罐盛装的质朴形态随中国参展团亮相巴拿马万国博览会，"摔坛留香"的传奇让酱香酒首次赢得国际瞩目。但彼时，茅台与一同 参展的 ...

近日，多地茅台经销商称，茅台近期推出控量政策，年内暂停向经销商发放所有茅台产品，飞天茅台批价 应声大涨。济南市场情况如何？对此，齐鲁晚报·齐鲁壹点记者做了探访。 价格"半天一变" 售价已过1600元关口 12月14日，济南市解放东路一家酒行内，酒商薛女士正忙着为前来取货的外卖骑手打包酒品，一旁的手机 消息提示音不断响起，新订单持续涌入。 "12日经销商开了会，收到茅台停货消息后，价格就开始往上走。"薛女士介绍，以2025年飞天茅台散瓶为 例，12日市场价1499元/瓶左右，14日已涨至1600元/瓶。"价格几乎半天一变，下午才暂时稳"。 当日，记者在电商平台搜索发现，飞天茅台线上价格也开始有所回升，2025年飞天茅台售价1600元-1800 元/瓶。 随着价格回升，市场销量也同步走高。薛女士表示，相比12月12日，近两日销量已实现翻倍增长，"很多 消费者都是'买涨不买跌'，不少观望的消费者担心继续涨价，赶紧下单"。 谈及后续价格走势，薛女士分析称，周末通常是茅台经销商的休息日，不对外出货，如果接下来市场继续 控量，价格很可能进一步攀升；反之，如果渠道开始放货，价格则可能出现回落。 新泺大街一家酒行店主王先生也 ...

茅台控量政策消息传开后，市场价格立即予以反应。第一财经记者实探多家经销商门店发现，不少经销 商拿货批发价已涨。深圳某茅台经销商表示，飞天茅台拿货已经涨到1650元/瓶，两日涨幅超过50元/ 瓶，今日单瓶拿货价1700元。另外，某经销商工作人员表示，茅台酒厂已暂停供货，近期都无法补货。 专家认为，茅台酒厂控量保价是为减轻经销商流动性压力。更现场、更财经，一探究竟！ ...

Investment Rating - The industry investment rating is "Outperform" [2] Core Insights - The recent Politburo meeting emphasizes the importance of domestic demand, marking a shift towards a long-term strategy for high-quality development and countering external uncertainties. The focus is on "supply-demand coordinated reform" to create new demand through "new quality productivity" and to unleash consumption potential through a "unified market" and "livelihood guarantees" [5][15]. - Moutai's pricing strategy is being closely monitored, with recent adjustments indicating a short-term control of supply and a mid-term structural adjustment. The price of Moutai has recently increased by 100 yuan to 1600 yuan, reflecting market pressures and strategic responses [6][17]. - The "Three Squirrels" brand is transitioning from a snack brand to a community hard discount retail model, demonstrating strong competitiveness in areas with limited hard discount presence. The store emphasizes fresh and made-to-order products, with a strict discounting strategy to manage inventory effectively [7][19][20]. Industry Performance - The food and beverage sector index (801120.SL) experienced a decline of 1.63% this week, ranking 22nd among 30 primary industries, underperforming the CSI 300 index by 1.55 percentage points. The current dynamic PE ratio for the industry is 21.53 [8][28]. - All ten sub-sectors within the food and beverage industry reported declines, with the lowest drop in the dairy sector at -1.05%. Notably, 16 stocks in the sector saw gains, with the top performers being Yanjinpuzi (+5.11%) and Kuaijishan (+4.85%) [29][30].

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Insights - The recent Politburo meeting emphasizes the importance of domestic demand, marking a shift towards a long-term strategy for high-quality development through supply-demand coordination [5][15] - Moutai's pricing strategy is being adjusted to control supply and enhance channel profitability, with recent price increases observed [6][17] - Three Squirrels is transitioning from a snack brand to a community hard discount retail model, demonstrating strong competitiveness in underdeveloped markets [7][19] Industry Performance - The food and beverage sector index (801120.SL) experienced a decline of -1.63% this week, ranking 22nd among 30 sectors, underperforming the CSI 300 index by 1.55 percentage points [8][28] - All ten sub-sectors within the food and beverage industry reported declines, with the lowest drop in the dairy sector at -1.05% [29] Key Company Announcements - Moutai announced a cash dividend of 23.957 yuan per share, totaling approximately 30 billion yuan [37] - Wuliangye adjusted its ex-factory price to 900 yuan, aiming to alleviate channel pressure and stimulate sales [18] Important News - The Ministry of Commerce and other departments have issued differentiated financial support plans for five major consumption areas, including durable goods and service consumption [16] - Budweiser plans to acquire a majority stake in the US ready-to-drink beverage brand BeatBox for approximately 4.9 billion USD [39]

以最新收盘价计算，A股平均股价为13.60元，其中股价超过100元的有161只，相比上一个交易日减少6 只。 百元股作为判定市场热度的信号之一，历来受到投资者关注。证券时报·数据宝统计显示，截至12月15 日收盘，沪指报收3867.92点，下跌0.55%，A股平均股价为13.60元，个股股价分布看，股价超过100元 的有161只，股价在50元至100元的有415只，股价在30元至50元的有735只。 股价超百元个股中，收盘价最高的是贵州茅台，今日报收1426.00元，上涨0.38%，其次是寒武纪、摩尔 线程等，最新收盘价分别为1331.90元、764.90元。 市场表现方面，收盘股价超百元股中，今日平均下跌2.39%，跑输沪指1.84个百分点。今日上涨的有32 只，涨幅居前的有臻镭科技、飞沃科技等，下跌的有128只，跌幅居前的有品茗科技、芯原股份等。 追溯发现，最新百元股近一个月平均上涨6.86%，其间沪指下跌3.07%，涨幅居前的有飞沃科技、超捷 股份、德科立等，涨幅分别为135.98%、108.57%、77.99%，今年以来平均涨幅为121.28%，强于沪指 105.88%，累计涨幅居前的有上纬新材、天普 ...