■ 证券简称：贵州茅台 证券代码：600519 编号：临2025－049 贵州茅台酒股份有限公司关于回购 股份事项前十大股东及前十大无限售条件股东持股情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 贵州茅台酒股份有限公司（以下简称"公司"）于2025年11月4日召开第四届董事会2025年度第十四次会 议，审议通过《关于以集中竞价交易方式回购公司股份的方案》，具体内容详见公司于2025年11月6日 在上海证券交易所网站披露的《关于以集中竞价交易方式回购公司股份方案的公告》（公告编号：临 2025－044）。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第7号一一回购股份》等相关 规定，现将公司2025年第一次临时股东大会股权登记日（即2025年11月19日）登记在册的前十大股东和 前十大无限售条件股东的名称及持股数量、比例情况公告如下： 一、公司前十大股东持股情况 新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 二、公司前十大无限售条件股东持股情况 公司前十大无限售条件股东持股情况与公司 ...

"酒业内参"11月25日酒价 | | 酒价内参 | | | --- | --- | --- | | | 今日终端零售均价 2025-11-25 | | | 品名/规格 | 今日价格(元) | 较昨日(元 | | 贵州茅台酒 (飞天) 53度/500ml | 1831/瓶 | -4元 | | 贵州茅台酒 (精品) 53度/500ml | 2369/瓶 | -9元 | | 五粮液普五八代 52度/500ml | 868/瓶 | 2元 | | 青花汾20 53度/500ml | 396/瓶 | 2元 | | 로쯤1573 52度/500ml | 895/瓶 | 6元 | | 洋河梦之蓝M6+ S 52度/550ml | 600/瓶 | 8元 | | 古井贡古20 52度/500ml | 506/瓶 | -7元 | | 习酒君品 2 53度/500ml | 675/瓶 | 2元 | 与此同时，区域市场价格也普遍集中在1800元左右。江西本地茅台酒行情公众号"赣鄱酒市"显示，53%vol 500ml规格的飞天茅台酒原箱单价为1810元/瓶， 散瓶价格为1770元；聚焦江苏茅台酒行情价格的公众号"苏茅直通车"显示，53% ...

Core Viewpoint - The overall market sentiment remains cautiously optimistic, with no significant negative trends observed in the fundamental performance of key sectors, particularly in technology and growth stocks [1] Group 1: Market Performance - As of November 26, 2025, the Shanghai 180 Index rose by 0.30%, with notable increases in stocks such as Haiguang Information (3.95%) and Zhongke Shuguang (3.53%) [1] - The Shanghai 180 ETF Index Fund also saw a slight increase of 0.17%, marking its third consecutive rise [1] Group 2: Sector Analysis - The technology growth sector, including communications and semiconductors, continues to show strong performance, suggesting that recent market adjustments may be positioning for future gains [1] - Despite a slowdown in policy support compared to the first half of the year, the overall market remains in a loose monetary environment, which is expected to support recovery in the technology sector [1] Group 3: Investment Strategy - A "barbell strategy" is recommended for investment, suggesting to maintain positions in growth sectors like communications, semiconductors, and innovative pharmaceuticals while being cautious with short-term operations [1] - Defensive investments in dividend-paying sectors are advised to mitigate risks during market fluctuations [1] Group 4: Index Composition - The Shanghai 180 Index comprises 180 large-cap stocks selected for their market capitalization and liquidity, reflecting the overall performance of core listed companies in the Shanghai securities market [2] - As of October 31, 2025, the top ten weighted stocks in the index account for 26.29% of the total index, with notable companies including Kweichow Moutai and China Ping An [2]

今日酒价披露的批发参考价显示，11月26日，25年飞天茅台原箱较前一日下跌5元，报1610元/瓶；25年飞天茅台散瓶较前一日下跌5元，报1600元/瓶。 下载财联社APP获取更多资讯 准确 快速 权威 专业 7x24h电报 头条新闻 VIP资讯 实时盯盘 | 茅台飞天 | | | 2025年11月26日 | | --- | --- | --- | --- | | | | | (公众号: 今日酒价) | | 品名 | 规格 | 昨日行情 | 今日行情 | | 2 25年飞天(原) | 53度/500ml | 1615 | 1610 I | | 2 25年飞天(散) | 53度/500ml | 1605 | 1600 I | | 24年飞天(原) | 53度/500ml | 1700 | 1700 | | 24年飞天(散) | 53度/500ml | 1660 | 1660 | | 23年飞天(原) | 53度/500ml | 1910 | 1910 | | 23年飞天(散) | 53度/500ml | 1800 | 1800 | | 公斤茅台(原) | 53度/1L | 2970 | 2930 1 | | 43 ...

格隆汇11月26日｜今日酒价披露的批发参考价显示，11月26日，25年飞天茅台原箱较前一日下跌5元， 报1610元/瓶；25年飞天茅台散瓶较前一日下跌5元，报1600元/瓶。 ...

Group 1 - The core viewpoint of the article highlights a significant price adjustment in the Chinese liquor market, particularly among the top ten products, with an overall retail price drop of 69 yuan, totaling 9222 yuan, ending a four-day upward trend [1] - Among the products, Gujinggong Gu20 saw a price increase of 4 yuan per bottle, while the majority experienced price declines, with Yanghe Dream Blue M6+ dropping by 15 yuan per bottle, marking the largest decrease [1][4] - The article notes that prior to this price adjustment, there was a period of price stabilization and increase in the white liquor market, indicating accumulated pressure for a correction [1] Group 2 - Liu Feng, Chief Economist at the International Research Institute of Green Finance, emphasized the resilience of the liquor industry in China, despite challenges such as declining production and market segmentation, due to its essential role in social and emotional contexts [2] - Looking ahead to the 14th Five-Year Plan, Liu pointed out trends driven by consumer rationality and health consciousness, with a focus on quality and cultural value as key purchasing motivations [2] - Liu suggested that liquor companies should adopt a "1+N" product strategy, maintaining core flagship products while introducing a variety of lower-alcohol and fruit wines to meet changing consumer demands [2]

Core Insights - The wine industry in China is experiencing a significant downturn, with both beer and white liquor facing challenges, but red wine is particularly struggling, leading to a mass sell-off of French vineyards by Chinese wealthy individuals [1][3][4]. Group 1: Industry Overview - The production of white liquor is declining annually, and brand prices are continuously falling, resulting in a shrinking A-share market for related sectors [1]. - Beer production in 2024 is projected to be less than 70% of the total output in 2013, despite some manufacturers finding success with high-end or craft beer [1]. - The overall wine market in China has seen a dramatic decline, with many wealthy Chinese selling off their French vineyards, particularly in Bordeaux [3][4]. Group 2: Market Dynamics - In the past decade, Chinese buyers have purchased over 130 Bordeaux vineyards, initially viewing them as status symbols and investment opportunities [9][11]. - The peak of red wine consumption in China occurred in 2013, when 1.865 billion bottles were consumed, making China the largest red wine market globally [14]. - The trend of purchasing vineyards was driven by the belief that red wine would become a staple for the new middle class, replacing traditional white liquor [23]. Group 3: Financial Implications - Many vineyards are now being sold at significantly lower prices than their purchase prices, with some starting bids as low as €150,000, compared to previous purchases that cost millions [4][6]. - Reports indicate that 90% of the vineyards owned by Chinese buyers are currently losing money, highlighting the financial risks associated with these investments [31]. - The total revenue of leading wine companies like Zhangyu has drastically decreased, falling from one-third of Moutai's revenue to just 3% [45]. Group 4: Cultural Shifts - The younger generation in China is moving away from the complex rituals associated with wine consumption, preferring simpler drinking experiences [36][41]. - The perception of red wine has shifted, with many young consumers finding it less appealing compared to other alcoholic beverages like beer and whiskey [41][43]. - The decline in red wine's popularity is reflected in its usage scenarios, which have dropped from 45% in 2019 to less than 15% in 2025 [45].

Group 1 - The total amount of stock buybacks in the A-share market has exceeded 130 billion yuan this year, marking the second highest level in history [1][2] - The Wind stock buyback index has increased by over 27% this year, significantly outperforming the Shanghai Composite Index [1] - More than 100 companies have doubled their stock prices this year after implementing buybacks, with Shenghong Technology leading with a 530% increase [1] Group 2 - Over 1,400 companies have conducted buybacks since 2025, with a total buyback amount of 134.225 billion yuan [2] - The pharmaceutical industry has the highest number of companies conducting buybacks, with 156 companies participating [2] - The pharmaceutical and biological sector leads in buyback amounts, totaling 14.349 billion yuan, while other sectors like electric equipment and electronics have also exceeded 10 billion yuan [2] Group 3 - Midea Group has repurchased over 9.6 billion yuan worth of shares this year, the highest among companies [3] - Guizhou Moutai and Ningde Times are among 14 companies that have repurchased over 1 billion yuan, with Guizhou Moutai completing a buyback of 6 billion yuan [3] - Ningde Times has repurchased shares totaling 4.386 billion yuan, accounting for 0.3628% of its total share capital [3]

Core Viewpoint - The A-share market has experienced a significant wave of stock buybacks, with total buyback amounts exceeding 130 billion yuan this year, marking the second-highest level in history [1][4]. Group 1: Buyback Trends - The total buyback amount in the A-share market has reached 134.225 billion yuan since 2025, with over 1,400 companies participating in buybacks [4]. - This year, the buyback amount is projected to be the second highest in history, following 2024's 165.877 billion yuan [4]. - The pharmaceutical industry leads in the number of companies conducting buybacks, with 156 companies, followed closely by electronics and machinery sectors [4]. Group 2: Performance Impact - Stock buybacks have significantly boosted the performance of listed companies, with the Wind stock buyback index rising over 27% this year, outperforming the Shanghai Composite Index [2]. - Companies that implemented buybacks and saw their stock prices double exceed 100, with notable performers including Shenghong Technology, which surged over 530% [2]. Group 3: Industry Analysis - The pharmaceutical and biological sector has the highest buyback amount at 14.349 billion yuan, with other sectors like electric equipment, electronics, and machinery also exceeding 10 billion yuan in buybacks [5][6]. - The electric equipment and electronics sectors have seen index increases of over 30% this year, while the machinery sector has risen over 20% [6]. Group 4: Major Companies Involved - Midea Group leads in buyback amounts with over 9.6 billion yuan, having announced two buyback plans this year [8]. - Other notable companies with buybacks exceeding 1 billion yuan include Kweichow Moutai, CATL, and XCMG [8].

近年来，在政策鼓励和推动下，A股掀起了一波又一波回购潮。数据显示，今年以来A股累计回购金额 已超1300亿元，创出历史第二高水平。 回购显著提振了上市公司的股价表现，Wind股票回购指数年内大涨超27%，创出历史新高，表现远强 于同期上证指数。年内实施回购且股价翻倍的公司超过百家，胜宏科技以超530%的年内涨幅居于首 位，腾景科技、海科新源、瑞晟智能等均涨超3倍，浙江荣泰、振德医疗、德明利等均涨超两倍。 五大行业回购额均超百亿元 据证券时报·数据宝统计，以最新公告时间统计，2025年以来A股市场共有1400多家实施了回购，已回购 金额合计达到1342.25亿元。这是A股历史上第4次年度回购金额超过千亿元，2021年、2022年和2024年 回购金额分别为1206.89亿元、1019.08亿元和1658.77亿元。也就是说，今年A股回购金额将达到历史第 二高水平。 从回购公司数量来看，医药行业实施回购的公司数量居首，今年以来有156家公司实施了回购；电子、 机械设备、基础化工、电力设备等行业紧随其后，实施回购的上市公司数量分别为155家、146家、123 家和118家。 回购行为往往被市场解读为管理层对公司未来 ...