记者丨李益文 茅台价格的持续下跌，折射出整个白酒行业面临的严峻挑战。贵州茅台最新发布的2025年三季报显示，第三季度营收 为390.64亿元，同比增长0.56%；净利润为192.24亿元，同比增长0.48%。前三季度净利润增速创近10年同期最低。 更令人担忧的是行业整体数据的下滑。中国酒业协会理事长宋书玉在"2025冀酒高质量发展圆桌会"上透露，2025年1— 6月，白酒规上企业887家，同比减少100多家；产量191.59万千升，同比下降5.8%；销售收入3304.2亿元，同比微增 0.19%；利润876.87亿元，同比下降10.93%。 对价格持续下行的压力，茅台集团正在积极采取措施稳定市场。据21世纪经济报道，今年上半年茅台管理层曾与京 东、阿里达成共识，要求"电商渠道主动融入茅台渠道生态，反对不正当竞争"。 编辑丨叶映橙 曾经一酒难求的飞天茅台正经历价格"滑铁卢"。11月27日，据第三方平台"今日酒价"数据，2025年53度500ml飞天茅台 散瓶批发参考报价1590元，较前一日下跌10元， 首次跌破1600元/瓶大关，创上市以来新低。 原箱报1600元，较前一 日下跌10元。两款产品较上线时的222 ...

Market Overview - The Shanghai Composite Index rose by 0.29% on November 27, with 13 industries experiencing gains, led by light industry manufacturing and basic chemicals, which increased by 1.09% and 1.01% respectively [1] - Conversely, the comprehensive and media sectors saw declines of 2.34% and 1.40% respectively, while the food and beverage industry fell by 0.06% [1] Capital Flow Analysis - The main capital flow showed a net outflow of 21.827 billion yuan across both markets, with six industries experiencing net inflows [1] - The light industry manufacturing sector led with a net inflow of 590 million yuan, followed by the electronics sector with a 0.26% increase and a net inflow of 499 million yuan [1] - A total of 25 industries faced net capital outflows, with the computer sector leading at 4.048 billion yuan, followed by the media sector with a net outflow of 3.730 billion yuan [1] Food and Beverage Sector Performance - The food and beverage industry experienced a slight decline of 0.06%, despite a net inflow of 333 million yuan [2] - Out of 124 stocks in this sector, 53 rose, including two that hit the daily limit, while 67 fell, with one hitting the lower limit [2] - The top three stocks with significant net inflows included Kweichow Moutai with 291 million yuan, Shanxi Fenjiu with 123 million yuan, and Haixin Food with 92 million yuan [2] Top Gainers and Losers in Food and Beverage - The top gainers in the food and beverage sector included: - Kweichow Moutai: -0.13% with a turnover rate of 0.18% and a capital flow of 290.94 million yuan - Shanxi Fenjiu: +1.14% with a turnover rate of 0.38% and a capital flow of 122.56 million yuan - Haixin Food: +10.03% with a turnover rate of 8.27% and a capital flow of 92.12 million yuan [2] - The top losers included: - Joy Family: -11.78% with a turnover rate of 7.68% and a capital outflow of 37.10 million yuan - Angel Yeast: +0.40% with a turnover rate of 0.78% and a capital outflow of 28.85 million yuan - Lianhua Holdings: -0.90% with a turnover rate of 1.89% and a capital outflow of 19.46 million yuan [3]

专题：贵州茅台2025年第一次临时股东大会 上证报中国证券讯（记者 朱文彬）11月28日下午，贵州茅台将举行2025年第一次临时股东大会，审议《关于选举董事的议案》《2025年中期利润分配方 案》《关于以集中竞价交易方式回购公司股份的方案》《关于修订公司〈章程〉及附件的议案》《关于修订公司〈关联交易决策制度〉的议案》《关于撤销 监事会的议案》等6项议案。 茅台集团党委书记、董事长陈华将首次亮相贵州茅台股东大会。 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 2025年10月，陈华任中国贵州茅台酒厂（集团）有限责任公司党委书记、董事长，贵州茅台酒股份有限公司党委书记。 根据贵州茅台《章程》等有关规定，公司董事会提名陈华为公司第四届董事会董事候选人，将提请本次股东大会审议并选举陈华为公司第四届董事会董事。 目前，贵州茅台2025年第一次临时股东大会的各项准备工作，已经基本就绪。 贵州茅台股东大会将于11月28日举行 上证报记者 朱文彬摄 贵州茅台股东大会会场外布置"欢迎股东回家" 上证报记者 朱文彬摄 贵州茅台迎接股东"回家" 股东报到处已经准备就绪 上证报记者 朱文彬摄 贵州茅台股东报到 贵州茅台2 ...

Core Points - Guizhou Moutai will hold its first extraordinary shareholders' meeting of 2025 on November 28 to discuss six key proposals [1][4] - The proposals include the election of directors, mid-year profit distribution, share repurchase plan, amendments to the company's articles of association, and the proposal to abolish the supervisory board [1][3] Group 1 - The meeting will feature Chen Hua, the newly appointed Party Secretary and Chairman of Guizhou Moutai, making his first appearance at the shareholders' meeting [2][1] - The preparations for the shareholders' meeting are nearly complete [4][1] - The venue is decorated with a welcoming theme for shareholders [7][1]

Core Viewpoint - Guizhou Moutai will hold its first extraordinary shareholders' meeting of 2025 on November 28, where six key proposals will be reviewed, including the election of directors and a share buyback plan [1] Group 1: Shareholders' Meeting Details - The extraordinary shareholders' meeting will discuss six proposals, including the election of Chen Hua as a candidate for the fourth board of directors [1] - Chen Hua, who has been appointed as the Party Secretary and Chairman of Guizhou Moutai, will make his first appearance at the shareholders' meeting [1] - The preparations for the shareholders' meeting are nearly complete, indicating a well-organized event [1][8] Group 2: Event Coverage - The event will be covered live by Shanghai Securities News and China Securities Network, providing real-time updates for stakeholders [1] - The venue is decorated with a welcoming theme for shareholders, emphasizing the company's commitment to its investors [2][5]

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **China A-shares market**, specifically the **CSI300 index** and its outlook for 2026. Core Insights and Arguments 1. **CSI300 Target Projections**: - The base-case target for the CSI300 by the end of 2026 is set at **5,200**, based on a **15.9x** P/E ratio and an estimated EPS of **Rmb328**, reflecting a **15% year-on-year growth** [1][4][5]. - Bear-case and bull-case targets are **4,000** and **6,000**, respectively [1][5]. 2. **Investment Themes for 2026**: - **Pro-equity "anti-involution" policies** are expected to enhance structural upside in net profit margin (NPM) and return on equity (ROE) for the CSI300, with consensus estimates of **12% NPM** and **11% ROE** [4]. - **AI Infrastructure Growth**: Anticipated capital expenditure growth in AI infrastructure globally will benefit Chinese suppliers, particularly those focused on localization and AI monetization [4]. - **Global Macro Support**: Easing fiscal and monetary policies globally will support offshore sales for listed companies [4]. - **K-shaped Recovery in Consumption**: This recovery is expected to benefit both low-end and luxury consumption sectors [4]. 3. **Downside Risks**: - Potential cuts to consensus EPS estimates for Q4 2025, especially in the **IT** and **Healthcare** sectors [4]. - The continuation of a "high-quality development" approach may dampen mid-range aspirational consumption [4]. - Geopolitical tensions, particularly between the US and China, could pose risks, especially with upcoming elections [4]. 4. **Potential Policy Changes**: - The onset of a non-performing loan (NPL) cycle may lead to new policies aimed at supporting physical properties [4]. - Increased efficiency from AI and digitalization may necessitate enhanced social security coverage due to job dislocations [4]. 5. **Thematic Stock Screens**: - Focus on **IT and Healthcare A-shares** that demonstrate innovation potential, with metrics such as market capitalization and overseas revenue [4]. - Screening for top A-share listings across various sectors including **autos, battery materials, lithium, solar, cement, chemicals, coal, steel, dairy, hogs, liquor, and logistics** [4][10]. Additional Important Insights - The **CSI300 index** is projected to have an implied upside of **17%** from the current level to the base-case target, while the bear-case scenario indicates a **10% downside** [5]. - The report highlights a shift from value to growth stocks expected by early 2026, particularly in the context of the **IT** and **Healthcare** sectors [4]. - The **A-share market** has shown robust margin financing, indicating strong investor confidence [14]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the outlook for the China A-shares market and the CSI300 index for 2026.

岁末将至，消费市场再度成为各界关注的焦点，尤其是在政策转向"供需适配"、着力激发内需潜力的宏 观背景下，高品质白酒展现出其特有的韧性与活力。在商务宴请、礼赠收藏等场景中，白酒标杆飞天茅 台始终承载着文化价值与社交属性，成为拉动消费升级的重要力量。 据近期多家媒体在全国范围内的线下调研，飞天茅台在终端市场的价格表现整体平稳。新浪财经"酒价 内参"统计全国约200家终端实时数据显示，11月27日飞天茅台成交均价为1829元/瓶，较前一日略有上 涨，近二十日以来价格保持平稳，呈水平走势。 | | 茅台酒行情(11月26日) | | | | --- | --- | --- | --- | | 品名 | 规格 | 昨日价格(元) 今日价格(元) | | | 25年飞大(原) | 53度/500ml | 1810 | 1810 | | 25年 6天(散) | 53度/500ml | 1770 | 1770 | | 24年飞大(原) | 53度/500ml | 1935 | 1935 | | 24年飞天(散) | 53度/500m1 | 1900 | 1900 | | 23年飞天(原) | 53度/500m1 | 0661 ...

曾经一酒难求的飞天茅台正经历价格"滑铁卢"。11月27日，据第三方平台"今日酒价"数据，2025年53度500ml飞天茅台散瓶批发 参考报价1590元，较前一日下跌10元，首次跌破1600元/瓶大关，创上市以来新低。原箱报1600元，较前一日下跌10元。两款产 品较上线时的2220元、2255元累计跌幅均已超过20%。 | 茅台飞天 | | 2025年11月27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 | 1610 | 1600 ↓ | | 2 25年飞天(散) | 53度/500ml | 1600 | 1590 F | 更令人担忧的是行业整体数据的下滑。中国酒业协会理事长宋书玉在"2025冀酒高质量发展圆桌会"上透露，2025年1—6月，白 酒规上企业887家，同比减少100多家；产量191.59万千升，同比下降5.8%；销售收入3304.2亿元，同比微增0.19%；利润876.87 亿元，同比下降10.93%。 对价格持续下行的压力，茅台集团正在积极采取措施稳 ...

刚刚企稳的飞天茅台批价再度开始下行。 记者注意到，近日线下烟酒店价格依然维持在1700元/瓶左右，但电商补贴价格又开始下行，部分电商 平台飞天茅台的补贴后价格为1590元/瓶。 多位受访酒商表示，这一轮飞天茅台批价下滑与多方面原因有关，一方面近期茅台再次向经销商放货， 导致市场供给增加；另一方面酒价的快速下滑，让市场再次进入观望；此外，近期整体酒水消费的热度 不高，在一定程度上对价格也有影响。 第三方平台显示，今日（11月27日 ）2025年53度飞天茅台的散瓶批价已经跌破了1600元/瓶，再创新 低。 11月20日前，飞天茅台价格迎来一波回暖，市场批价曾回升至散瓶1655元/瓶、原箱1690元/瓶，市场零 售价也普遍回到1700元/瓶以上。但随后一周，茅台批价再次回落，截至11月26日，散瓶批价已跌至 1600元/瓶，原箱批价为1610元/瓶。今日，飞天散瓶和原箱的批发价继续回落至1590元/瓶和1600元/ 瓶。 随着茅台价格的大幅回落，官方直销平台i茅台的申购茅台的价格和市场价格出现明显倒挂，i茅台平台 的销售也大幅缩水，三季报显示，i茅台单季销售额为19.3亿元，同比去年同期45.2亿元，大幅减少 5 ...

2025.11. 27 多位受访酒商表示，这一轮飞天茅台批价下滑与多方面原因有关，一方面近期茅台再次向经销商放 货，导致市场供给增加；另一方面酒价的快速下滑，让市场再次进入观望；此外，近期整体酒水消费 的热度不高，在一定程度上对价格也有影响。 随着茅台价格的大幅回落，官方直销平台i茅台的申购茅台的价格和市场价格出现明显倒挂，i茅台平 台的销售也大幅缩水，三季报显示，i茅台单季销售额为19.3亿元，同比去年同期45.2亿元，大幅减 少57%。 山东济南酒商老盛告诉记者，本身茅台官方指导价是1499元/瓶，目前市场茅台价格正在回归理性， 因此业内观望气氛也比较浓厚，不愿出手囤酒，后续价格走势已经很难判断。 微信编辑 | 七三 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com 本文字数：666，阅读时长大约1分钟 作者 | 第一财经 栾立 刚刚企稳的飞天茅台批价再度开始下行。 第三方平台显示，今日（11月27日 ）2025年53度飞天 ...