华泰证券在其研报中指出，当前基本面环比企稳，预计8月以来白酒动销端表现环比降幅收窄，尤其升 学宴、亲朋聚饮等大众宴席场景修复较快，300元以下大众价位白酒产品有所修复；当前政商务消费仍 然有所承压，但预计未来随政策限制边际收窄，预计也将稳步恢复。同时，由于前期需求快速下滑，部 分渠道和终端经销商回款和出货更为谨慎。整体看，当前行业基本面表现筑底企稳，中秋旺季将近，期 待需求稳步修复带动行业动销改善。 北京商报讯（记者 刘一博 冯若男）9月1日早盘，沪指3862.65点上涨0.12%，白酒板块上涨0.39%，13只 白酒股下跌。 从个股来看，贵州茅台收盘价达1467.39元/股，下跌0.85%；五粮液收盘价达127.71元/股，下跌1.41%； 山西汾酒收盘价达198.50元/股，下跌1.74%；泸州老窖收盘价达134.90元/股，下跌1.67%；洋河股份收 盘价达73.61元/股，下跌0.41%。 ...

Market Overview - The A-share market continued to rise, with the Shenzhen Composite Index breaking through 12,800 points, reaching a three-year high [1][3] - Gold concept stocks experienced significant gains, with the sector's index rising nearly 4% [4] Individual Stocks - Kweichow Moutai's stock price surpassed Cambricon Technologies, reclaiming its position as the highest-priced stock in the A-share market [2][6] - The financing balance of A-shares reached 22,454.72 billion yuan, a new high in nearly 10 years, just 211.63 billion yuan short of the historical peak [2] Sector Performance - Among the sectors, comprehensive, non-ferrous metals, telecommunications, pharmaceutical biology, and retail showed the highest gains, while defense and non-bank financial sectors lagged [3] Gold Market Dynamics - Domestic gold futures prices surged, exceeding 800 yuan per gram, with an increase of over 2% [5] - Gold mining companies reported significant revenue and profit growth due to high gold prices, while downstream jewelry companies showed mixed results [5] Corporate Announcements - Kweichow Moutai announced a share buyback plan, intending to repurchase between 3 billion yuan and 3.3 billion yuan worth of shares within six months [9] - Cambricon Technologies issued a risk warning regarding its stock price and projected annual revenue of 5 billion to 7 billion yuan for 2025 [9] Hong Kong Market - The Hong Kong market also saw an upward trend, with the Hang Seng Index rising over 2% [10] - Alibaba's stock surged, with an intraday increase of over 18% [11] Medical Sector Highlights - MicroPort Medical announced significant clinical trial results for its Firehawk® stent, which could change treatment protocols for acute myocardial infarction patients [12][13]

数据显示，截至8月29日，A股市场融资余额报22454.72亿元，融券余额报158.77亿元，8月融资余额增加2744.45亿元。8月电子行业融资余额增加超780亿 元，A股市场融资净买入金额最大的股票为寒武纪-U，净卖出金额最大的股票为潞安环能。 8月29日，深市两融余额创历史新高。8月13日—8月29日，A股连续13个交易日成交额与两融余额均超2万亿元。 融资客加仓电子行业超780亿元 数据显示，截至8月29日，A股两融余额报22613.49亿元，融资余额报22454.72亿元，均创逾10年新高，深市两融余额为11020.41亿元，创历史新高；8月A 股市场融资余额增加2744.45亿元。 深市两融余额情况 具体来看，8月的21个交易日中，A股融资余额有18个交易日出现增加，其中有11个交易日融资余额增加超110亿元，仅在8月1日、8月8日、8月21日出现 减少。 8月13日—8月29日，A股连续13个交易日成交额与两融余额均超2万亿元。在A股历史上，仅有18个交易日成交额与两融余额均超2万亿元。 A股成交额与两融余额均超2万亿元交易日 | 日期 | 融资融券余额 A股成交金额 | | | --- | - ...

Core Viewpoint - The competition for the title of the highest-priced stock in the A-share market has intensified between Kweichow Moutai and Cambricon Technologies, with Moutai reclaiming its position as of September 1, 2023 [1] Group 1: Stock Performance - On September 1, Kweichow Moutai's stock price reached 1467.39 yuan per share, surpassing Cambricon's 1447.98 yuan per share [1] - Cambricon's stock price had previously surged by 15.73% on August 28, closing at 1587.91 yuan per share, temporarily overtaking Moutai [1] - The competition has drawn significant attention, as both companies are currently the only two stocks priced over 1000 yuan in the A-share market [1] Group 2: Company Announcements - On August 29, Kweichow Moutai announced plans for a share buyback and disclosed that its controlling shareholder, Moutai Group, intends to increase its stake in the company by investing between 3 billion yuan and 3.3 billion yuan over the next six months [1] - Cambricon issued a risk warning on August 28, indicating that its stock price might be detached from its fundamental performance, urging investors to be cautious [1] Group 3: Market Reactions - Following a rumor about Alibaba Cloud's potential purchase of 150,000 Cambricon GPUs, the stock price of Cambricon experienced a sharp decline on September 1 after the rumor was denied by Alibaba Cloud representatives [1]

A股市场今天（9月1日）上午整体继续上行，其中深证成指盘中突破12800点，盘中再度刷新最近三年以来新高，黄金概念股大涨。 另外，个股方面，贵州茅台盘中股价超过寒武纪，重新成为A股市场第一高价股。 值得注意的是，近期，A股融资余额规模继续攀升。据证券时报·数据宝统计，截至8月29日收盘，A股融资余额达到22454.72亿元，再创近10年新高，距离 历史峰值差距仅211.63亿元。其中深市融资余额为10971.74亿元，创下历史新高。 A股市场整体继续上行黄金概念股大涨 A股市场今天上午整体继续上行，其中深证成指盘中突破12800点，盘中再度刷新最近三年以来新高。 行业板块和赛道方面，若按照申万一级行业划分，综合、有色金属、通信、医药生物、商贸零售等板块涨幅居前。国防军工、非银金融等板块盘中表现比 较疲弱。 概念板块方面，黄金概念大涨，板块盘中涨幅一度接近4%，晓程科技盘中涨幅一度超过14%，盛达资源、西部黄金等股票盘中触及涨停。 金价再度呈现涨势。今天上午国内黄金期货主力合约再度大涨，重新站上800元/克，盘中涨幅超过2%。 近日，A股市场和港股市场黄金产业链的多家上市公司披露了2025年上半年或2025年第 ...

行业板块和赛道方面，若按照申万一级行业划分，综合、有色金属、通信、医药生物、商贸零售等板块涨幅居前。国防军工、非银金融等板块盘中表现比较疲弱。 概念板块方面，黄金概念大涨，板块盘中涨幅一度接近4%，晓程科技盘中涨幅一度超过14%，盛达资源、西部黄金等股票盘中触及涨停。 金价再度呈现涨势。今天上午国内黄金期货主力合约再度大涨，重新站上800元/克，盘中涨幅超过2%。 近日，A股市场和港股市场黄金产业链的多家上市公司披露了2025年上半年或2025年第二季度业绩。相关业绩公告显示，高金价之下，处于产业链上游的金矿上市 公司普遍营收和利润大幅增长，而处在下游的黄金珠宝公司则出现分化，一些公司似乎对高金价的压力"无感"，实现快速增长，另一些公司则受到高金价冲击，业 绩出现下滑。 A股市场今天（9月1日）上午整体继续上行，其中深证成指盘中突破12800点，盘中再度刷新最近三年以来新高，黄金概念股大涨。 另外，个股方面，贵州茅台盘中股价超过寒武纪，重新成为A股市场第一高价股。 值得注意的是，近期，A股融资余额规模继续攀升。据证券时报·数据宝统计，截至8月29日收盘，A股融资余额达到22454.72亿元，再创近10年新高， ...

2025.09. 01 本文字数：1142，阅读时长大约2分钟 作者 | 一财阿驴 现货黄金日内涨幅扩大至1%，报3484.6美元/盎司。 11:31 A股午盘｜沪指涨0.12% 半导体产业链概念大涨 上证指数报3862.65点，涨0.12%；深成指报12710.24点，涨0.11%；创业板指报2906.03点，涨 0.55%。全市场超3100只个股上涨，超2100只个股下跌。 | | A股重要指数 | | | --- | --- | --- | | 名称 | 最新 涨跌 | 涨幅 | | 上证指数 | 3862.65 - - +4.72 | +0.12% | | 深证成指 | 12710.24 +14.09 | +0.11% | | 北证50 | 1562.21 - -12.04 | -0.76% | | 创业板指 | 2906.03 +15.90 | +0.55% | 盘面上，贵金属、工业金属、医药、半导体产业链概念涨幅居前，保险、军工装备板块走弱。 | 板块名称 | 涨幅� | 板块名称 | 涨幅♠ | | --- | --- | --- | --- | | 贵金属 | +7.12% | 保险 | -2 ...

Summary of China Spirits Industry Conference Call Industry Overview - The conference call focused on the China spirits industry, particularly the performance of various spirits companies in the second quarter of 2025 (2Q25) [1][2]. Key Points and Arguments 1. Performance of Super-Premium Brands - Super-premium brands like Kweichow Moutai and Wuliangye showed resilience, with Moutai achieving a 9% year-over-year (yoy) sales growth in 2Q25 [8][16]. - Laojiao's sales declined by 8% yoy, which was better than the expected decline of 17% [16]. 2. Upper-Mid-End Brands Struggled - Upper-mid-end brands faced significant sales declines, with companies like Yanghe and King's Luck reporting sales drops of 44% and 30% yoy, respectively [16]. - Fen Wine managed to maintain flattish sales, aided by its low-end segment [1]. 3. Margin Resilience - Despite a decline in average selling prices (ASP), many companies maintained stable gross profit margins (GPM), with most experiencing a contraction of about 1 percentage point yoy [9][10]. - The GPM for Moutai and Wuliangye's high-end segments outperformed their lower-end products [8]. 4. Operating Cash Flow Concerns - There was a notable deterioration in operating cash flow for upper-mid-end brands, while super-premium brands continued to maintain positive cash inflows [11]. 5. Customer Advances and Shipment Suspensions - Customer advances showed mixed results, with significant declines for Gujing and Jiugui, down 36% and 47% yoy, respectively [12][14]. - Shipment suspensions were noted across various brands, impacting customer advance balances and overall sales performance [12]. 6. Expense Control - Companies demonstrated disciplined expense management, with selling expense ratios rising by no more than 2 percentage points [10]. - Laojiao and Gujing reported declines in their expense ratios, indicating effective cost control measures [10]. 7. Market Sentiment and Future Outlook - There are signs of normalizing policy impacts on private consumption, with market sentiment shifting towards lagging stocks as investors adopt a "worst is over" perspective [2]. - The upcoming Mid-Autumn Festival and National Day are critical periods to monitor for consumption recovery and wholesale price trends [2]. Additional Important Insights - The spirits industry is facing challenges from anti-extravagance policies, which have affected consumer spending patterns [1]. - The overall retail spirits market is expected to see a decline of approximately 30% in August and a 15-20% decline during the peak season [7]. - The diversified product portfolios of certain brands have been crucial in supporting resilience amid market challenges [8]. Conclusion - The China spirits industry is currently navigating a complex landscape characterized by varying performance across different market segments. Super-premium brands are faring better than their upper-mid-end counterparts, and careful expense management is helping to mitigate some of the financial pressures. Future performance will heavily depend on consumer sentiment and the effectiveness of policy measures in stimulating demand.

09:51 A股寒武纪短线走低 寒武纪跌幅扩大至近7%，股价跌破1400元。 10:35 贵州茅台股价超过寒武纪 贵州茅台股价超过寒武纪-U，重新成为A股市场第一高价股。寒武纪现跌超7%，总市值达5815亿元； 贵州茅台跌0.48%，总市值达1.84万亿元。 | 名称 | 涨幅 | 现价� | | --- | --- | --- | | 贵州茅台 | -0.48% | 1472.90 | | 寒武纪-U | -7.81% | 1375.97 | ...

09:51 A股寒武纪短线走低 寒武纪跌幅扩大至近7%，股价跌破1400元。 10:35 贵州茅台股价超过寒武纪 贵州茅台股价超过寒武纪-U，重新成为A股市场第一高价股。寒武纪现跌超7%，总市值达5815亿 元；贵州茅台跌0.48%，总市值达1.84万亿元。 ...