Group 1 - Nvidia's Q3 earnings report exceeded expectations, yet warnings about an AI bubble persist, with Michael Burry predicting Nvidia as a precursor to market downturns [1] - Global markets, including A-shares, have experienced declines due to concerns over the AI bubble, a retreat in Federal Reserve rate cut expectations, and cautious investor sentiment [1] - The fundamental factors supporting the current Chinese stock market and its potential for upward movement remain in question [1] Group 2 - The recent volatility in global markets highlights the nature of the current tech bull market, driven by grand narratives and abundant liquidity, suggesting that any downturn may be a temporary "interlude" in a larger trend [3] - The AI revolution continues to provide significant market imagination, and as long as this narrative remains unchallenged and macro liquidity does not tighten drastically, the current market enthusiasm may persist [3] - The real challenge lies in understanding the current phase where narrative outweighs reality, rather than predicting each adjustment's peak [3] Group 3 - Kweichow Moutai, a symbol of traditional consumer upgrades, faces competition from emerging tech companies like Cambrian, indicating a shift in market dynamics [5] - The decline in the wholesale price of Moutai, which has fallen below 1700 yuan, suggests potential further adjustments in response to market supply and demand changes [6] - The rise of companies like CATL in the battery sector reflects a broader market trend where tech stocks are replacing traditional consumer and real estate stocks as market leaders [8] Group 4 - The semiconductor industry is facing challenges despite the rise of AI, with the Netherlands' ASML grappling with its position in the global supply chain amid AI-related anxieties [10] - Domestic alternatives in the semiconductor sector, particularly in photoresists, are gaining attention as the market shifts towards local production capabilities [12] - The competition in the facial mask market is intensifying, with leading brands like敷尔佳 experiencing market share declines due to increased competition and changing consumer preferences [16]

Core Viewpoint - The report from Guotou Securities emphasizes the importance of consumption in economic growth, predicting a stabilization in the consumption fundamentals in 2026, which presents a significant opportunity for investment in the food and beverage industry [1] Group 1: Alcohol Industry - The liquor sector is at a cyclical bottom, with low expectations, low holdings, and low valuations, suggesting potential for left-side layout opportunities [2] - The rapid clearing of financial reports in the past two quarters indicates a resolution of supply-demand conflicts, with a gradual recovery in household consumption expected [2] - The white liquor business model remains strong, and with a potential economic recovery, valuations are likely to rebound quickly [2] Group 2: Beer Industry - The beer sector is expected to maintain a structural market in 2026, with investment opportunities in companies with strong single-product growth logic and those benefiting from competitor adjustments [3] - Overall profitability in the beer sector is on an upward trend, driven by the expansion of products priced between 8-10 yuan and improved efficiency from lean management [3] Group 3: Dairy Industry - The dairy sector is positioned for a turnaround in the raw milk cycle in 2026, with a focus on the profitability elasticity of the dairy supply chain [4] - Demand for dairy products has shown differentiation, with low-temperature fresh milk and cheese experiencing healthy growth, while room temperature liquid milk has been a drag [4] - The average milk price in major production areas is expected to recover above the average cost of production in 2026, making it an opportune time to invest in the dairy supply chain [4] Group 4: Soft Drink Industry - The soft drink sector has seen significant performance differentiation, with companies in strong growth categories leading the industry [5] - In 2026, there is a focus on functional beverages and the competitive landscape of packaged water, with an emphasis on companies introducing new products [5] - The demand for low-sugar functional beverages is anticipated to grow, particularly among white-collar workers seeking fatigue-relief options [5] Group 5: Snack Industry - The snack sector is benefiting from strong new channel drivers, with expectations of improved gross and net profit margins due to scale effects [6] - The konjac product category is maintaining high market interest, with significant growth potential in China [6] - Investment recommendations include focusing on companies with strong performance during the adjustment period and those with leading products in the snack sector [6]

证券之星消息，11月26日白酒板块较上一交易日上涨0.21%，泸州老窖领涨。当日上证指数报收于 3864.18，下跌0.15%。深证成指报收于12907.83，上涨1.02%。白酒板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 616809 | 金徽酒 | 20.44 | -1.97% | 4.32万 | 8893.52万 | | 000596 | 古井贡酒 | 164.15 | -1.58% | 2.36万 | - 3.88 Z | | 600696 | *ST岩石 | 5.23 | -1.32% | 3.16万 | 1665.07万 | | 603589 | □子窖 | 30.82 | -1.03% | + 4.33万 | 1.34亿 | | 002646 | 天佑德酒 | 9.40 | -0.84% | 4.24万 | 4003.22万 | | 000995 | 三四级别 | 12.63 | -0.79% | 3.52万 | 4476.21万 | | 661009 | ...

Core Viewpoint - Moutai is considered a strong stock due to its ability to withstand economic cycles and its long-term stable growth, making it a preferred asset for beating inflation [2][15]. Group 1: Moutai's Resilience and Growth - Moutai has demonstrated its ability to lead the high-end liquor industry through economic cycles, showcasing its resistance to downturns and its capacity for long-term growth [2][15]. - Investors have developed a sense of complacency regarding Moutai's performance, expecting consistent growth at a moderate rate, with many believing that significant downward adjustments in performance are unlikely [2]. - The sustainability of Moutai's high dividends and return on equity (ROE) is crucial, as is the continuous upward trend in profit margins, both of which rely on price increases [2]. Group 2: Inflation Resistance Re-evaluation - The perception that essential consumer goods can resist inflation is challenged, as many do not outperform inflation rates, and their stock returns may not exceed broader market indices [4]. - Moutai's pricing trends are closely tied to GDP growth, indicating a dual characteristic of cyclical bubbles and long-term inflation [7]. Group 3: Supply and Demand Dynamics - The current white liquor market is experiencing a "volume and price decline," with supply exceeding demand expected in the coming years due to previously added production capacity [9]. - Long-term demand remains unpredictable, but maintaining current demand levels is a core assumption for future projections [9]. Group 4: Long-term Outlook - The white liquor industry is expected to transition from business to consumer demand, with the potential for a new growth cycle as wealth effects spread through society [13]. - Historical patterns suggest that Moutai was once a common choice for family celebrations, indicating a latent demand that could be reactivated [12]. Group 5: Moutai's Pricing Strategy - Moutai's pricing strategy is pivotal, with price increases directly impacting company performance, and the introduction of differentiated products helps stabilize prices [19][20]. - The revenue structure of Moutai has diversified, with a significant portion now coming from non-standard products, which are expected to contribute to higher profit margins [26]. Group 6: Market Reactions and Performance - Despite declining prices in the market, Moutai's stock has not followed suit, with some investors viewing the current price as an attractive entry point based on the stability of channel profits [29]. - There is a noted discrepancy between reported performance and actual market demand, indicating potential risks for future earnings adjustments [30].

11月26日突破半年线个股乖离率排名 证券时报·数据宝统计，截至今日下午14:01，上证综指3868.16点，收于半年线之上，涨跌幅-0.05%，A 股总成交额为14667.00亿元。到目前为止，今日有100只A股价格突破了半年线，其中乖离率较大的个股 有英集芯、福元医药、梅雁吉祥等，乖离率分别为9.77%、9.66%、9.62%；贵州茅台、光大同创、中国 医药等个股乖离率较小，刚刚站上半年线。 | 920726 | 朱老六 | 8.38 | 14.87 | 20.62 | 21.46 | 4.06 | | --- | --- | --- | --- | --- | --- | --- | | 002444 | 巨星科 | 4.31 | 1.14 | 30.01 | 31.20 | 3.96 | | | 技 | | | | | | | 002510 | 天汽模 | 10.00 | 11.73 | 6.80 | 7.04 | 3.55 | | 000785 | 居然智 家 | 9.89 | 3.07 | 3.01 | 3.1 1 | 3.45 | | 300147 | ST香雪 | 4.59 | 2.68 | ...

■ 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。 ...