Group 1 - The Dachen CSI A50 ETF (159595) has experienced a decline of 0.25% on June 18, with a latest net value of 1.14 yuan, marking a continuous drop for five trading days and a cumulative decline of 1.05% over the period [1] - The Dachen CSI A50 ETF was established in March 2024, with a fund size of 6.249 billion yuan and a cumulative return of 13.50% since inception [1] - As of the end of 2024, institutional investors hold 5.928 billion shares of the Dachen CSI A50 ETF, accounting for 92.56% of the total shares, while individual investors hold 477 million shares, representing 7.44% of the total [1] Group 2 - The current fund manager, Mr. Li Shao, has a master's degree in economics and joined Dachen Fund Management Co., Ltd. in May 2015, currently serving as the director of the futures investment department [2] - The current fund manager, Ms. Liu Miao, holds an MBA from Peking University and has been with Dachen Fund Management Co., Ltd. since May 2011, serving in various roles including fund manager and director assistant [2] Group 3 - As of March 31, 2025, the top ten holdings of the Dachen CSI A50 ETF account for a total of 53.99%, with significant positions in Kweichow Moutai (10.25%), CATL (8.13%), China Ping An (6.75%), and others [3]

京东围绕"惊喜日、超级秒杀日、百亿补贴日、超级直播日"等多个主题，推出了节奏紧凑、玩法多样的系列促销活动。在优惠机制方面，不仅包含"满200 减20神券""跨店满减""官方立减"等常规促销手段，还首次结合了国家补贴和京东外卖的百亿补贴，实现了"多重补贴"的叠加优惠。 淘宝天猫方面则开启"官方立减85折"活动，在此基础上，可再叠加 88VIP 无门槛9折、行业品类券、国补至高20%补贴等多重优惠，充值店铺购物金，最 低还能再享购物金的折上5折。 拼多多放宽价格限制，允许商家以"店内最低价" 参与活动，同时为广大消费者推出了官方大促券，百亿补贴频道在国补的基础上推出了大额消费券，以 及消费者下单后可累计积分并兑换积分优惠券，活动商品叠加消费券后最高折扣可低至5折。 文丨酒食汇团队 众所周知，每年的618大促都是对白酒市场的一次价格大考，各大电商平台纷纷推出了大力度的促销活动，尤其刚刚遭遇"最严禁酒令"，今年的618大促更 是在行业的集体焦虑下成为一场价格大战。 飞天茅台跌破2000元大关，茅台1935补贴后到手价格为730元左右，而i茅台App上的申购价为1188元/瓶，第八代五粮液900元出头，国窖1573到手 ...

证券时报·数据宝统计，6月18日共有57只个股现身大宗交易平台，累计成交量0.38亿股，累计成交额 6.68亿元，其中20只个股交易额超千万元。恒力石化交易额最高，大宗交易共3笔，成交额0.41亿元；其 次是晋控煤业，大宗交易共1笔，成交额0.39亿元。（数据宝） 6月18日大宗交易成交额居前股票 | 证券代 | 证券简 | 涨幅 | 收盘价 | 成交量（万 | 成交额（万 | 笔 | 成交价 | 折溢价 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （元） | 股） | 元） | 数 | （元） | （%） | | 600346 | 恒力石 | -0.94 | 14.73 | 283.00 | 4075.20 | 3 | 14.40 | -2.24 | | | 化 | | | | | | | | | 601001 | 晋控煤 业 | -0.66 | 11.96 | 330.00 | 3946.80 | 1 | 11.96 | 0.00 | | 002223 | 鱼跃医 疗 | -0.31 | 35.34 | ...

6月18日，由中国酒业协会、四川省酒业协会主办，剑南春集团、绵竹酒业集团、德阳市酒业协会、绵竹市酒业协会承办的2025四川国际美酒博览会（以下 简称酒博会）盛大开幕。活动首次创新采用"1+1"双会场，将展销活动植入老街和广场消费场景。而以"中国非遗年"为背景，川酒"六朵金花"非遗传承人搭 乘酒博会东风，携手共盟、向世界发布"非遗传承匠心酿造"宣言。 四川国际美酒博览会是第一个用美酒命名的酒博会，今年首次在绵竹白酒核心产区举办。与前两届不同，本届酒博会将在6月18日~6月22日为消费者奉上一 场又一场集味觉盛宴、文化体验与消费狂欢于一体的年度酒业盛事。 "天益老号"老烧坊所在的剑南老街，是绵竹当地知名的商业街区。主展场剑南春老街充分融合"国际视野+本土特色"，以场景化、体验式的展陈方式打造了 名酒特展区、国际综合酒品区、四川会馆美酒展区、国内综合精品区及绵竹酒业特色区五大功能板块，涵盖白、啤、葡、黄、露以及国际蒸馏酒等6大品 类。 《每日经济新闻·将进酒》记者在老街牌坊前的展板上看到，此次参展的有来自全球10多个国家及地区的超百家知名酒企，包括五粮液、泸州老窖、郎酒、 剑南春、舍得、水井坊等"六朵金花"为代表的 ...

Core Viewpoint - The article highlights the historical significance and cultural impact of Moutai, showcasing its journey from the 1915 Panama Expo to its participation in the 2025 Osaka Expo, emphasizing its role as a symbol of Chinese culture and diplomacy [2][19][51]. Group 1: Historical Significance - Moutai first gained international recognition at the 1915 Panama Expo, where it won a gold medal, marking its entry onto the world stage [2][12]. - The relationship between Moutai and international expos spans over a century, with significant moments including its role in Chinese diplomacy during the Geneva Conference in 1954 and Nixon's visit to China in 1972 [17][19]. - The 2025 Osaka Expo features Moutai prominently, reflecting its ongoing legacy and connection to Chinese cultural identity [39][51]. Group 2: Cultural Impact - Moutai is portrayed as a cultural ambassador, representing Chinese values and traditions, and is often associated with significant social and diplomatic events [19][46]. - The article emphasizes Moutai's role in fostering friendships and cultural exchanges, particularly through the story of Matsuzaki Kuniyo, who received a bottle of Moutai from Premier Zhou Enlai [43][44]. - Moutai's participation in expos is not just about showcasing a product but also about reinforcing its identity as a cultural symbol of China [46][51]. Group 3: Modern Developments - Moutai has embraced modern marketing strategies, including the launch of the "Walk into" series, which incorporates international cultural elements into its branding [48]. - The company is committed to sustainability and ESG principles, aiming to harmonize its production processes with environmental considerations [29][32]. - Moutai's internationalization strategy includes expanding its presence in overseas markets, reflecting a broader ambition to connect with global consumers [48][49].

Core Insights - During this year's "618" shopping festival, the price of Feitian Moutai dropped below 2000 yuan, with the lowest price recorded at 1840 yuan on the Pinduoduo platform [1] Price Trends - The minimum price of Feitian Moutai fell to 1840 yuan during the "618" period, indicating a significant price reduction [1] - The price drop below the 2000 yuan mark reflects changing consumer behavior and market dynamics [1]

风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 倔强的挖挖机 来源：雪球 银行和白酒 ， 相爱相杀好多年 ， 看看如今的白酒 ， 再想想三五年前的银行 ， 不由得感叹:真 是三十年河东 ， 三十年河西 ， 莫欺少年穷 ！ 银行和白酒 ， 其实有很深的渊源 ， 两者互为高低的关系在大A非常明显 ， 我想源于两个方面: 1.白酒 ， 为公募私募基金的"心头好" ， 在一部分基金经理眼中 ， 白酒行业为自由竞争行业 ， 远离制度 （ 制度禁酒 ） ， 高毛利 ， 高roe ， 视为价值的典范 ， 最高投资行为的标榜 ， 如 果作为基金经理 ， 几年前手里没有一点贵州茅台 ， 五粮液 ， 泸州老窖 ， 都不好意思说你是 基金经理 。 而银行 ， 是最接近制度的 ， 靠制度垄断 ， 可以说不能称为现代企业 ， 去买银行 ， 都不好意思说你是基金经理 。 个中根源 ， 相信聪明人一眼便知 ， 如此极端鄙视制度的 ， 这个基金经理不是"什么"就是"什 么" ； 制度不好吗 ， 好的很 ， 人生几十年 ， 都生在中国长在中国 ， 祖国给了红利 ， 不去 拿 ， 不知道这些人安什么 ...

Group 1: White Liquor Sector - The valuation of the white liquor sector is at a bottom level, indicating potential for capital inflow [4][5] - Recent price declines for Moutai indicate pressure on the industry, with a decrease in the 2024 Moutai scatter price to 1990 yuan, down 60 yuan week-on-week and 130 yuan month-on-month [4] - The industry is entering a later stage of the inventory cycle, with performance increasingly reliant on market share in core markets and the performance of mid-tier products [4][5] Group 2: Insurance Sector - Regulatory measures in the banking and insurance sectors are being relaxed, which may enhance investment returns for insurance companies [10] - The outlook for the insurance sector is positive, with expectations for improved net premium income (NBV) and stable profitability in property insurance [11] - The capital market is expected to show marginal recovery, supporting the valuation recovery of insurance companies [11]

Market Overview - The FTSE China A50 Index components showed mixed performance with insurance and coal sectors continuing to decline, while bank stocks experienced more gains than losses [1][6]. Insurance Sector - China Pacific Insurance, China Ping An, and China Life Insurance had market capitalizations of 375.02 billion, 341.43 billion, and 979.89 billion respectively, with trading volumes of 1.05 billion, 2.52 billion, and 0.657 billion [3]. - China Pacific Insurance and China Life Insurance saw declines of 1.93% and 1.62% respectively, while China Ping An decreased by 0.77% [3]. Coal Industry - Shaanxi Coal and China Shenhua Energy had market capitalizations of 193.71 billion and 1119.63 billion respectively, with trading volumes of 0.724 billion and 0.576 billion [3]. - Both companies experienced declines of 0.84% and 0.71% respectively [3]. Semiconductor Sector - Northern Huachuang, Cambrian Technology, and Hygon had market capitalizations of 22.21 billion, 313.04 billion, and 243.76 billion respectively, with trading volumes of 1.066 billion, 2.376 billion, and 1.609 billion [3]. - Cambrian Technology increased by 1.85%, while Northern Huachuang and Hygon saw minimal changes [3]. Automotive Sector - Great Wall Motors and BYD had market capitalizations of 181.96 billion and 279.86 billion respectively, with trading volumes of 3.565 billion and 0.303 billion [3]. - Great Wall Motors rose by 0.93%, while BYD decreased by 0.89% [3]. Energy Sector - XD China National Offshore Oil Corporation and COSCO Shipping had market capitalizations of 698.37 billion and 1680.13 billion respectively, with trading volumes of 1.063 billion and 1.244 billion [3]. - XD China National Offshore Oil Corporation remained unchanged, while COSCO Shipping decreased by 1.03% [3]. Food and Beverage Sector - Kweichow Moutai and Wuliangye had market capitalizations of 1790.08 billion and 216.48 billion respectively, with trading volumes of 4.404 billion and 1.933 billion [3]. - Kweichow Moutai saw a slight decline of 0.14%, while Wuliangye increased by 1.55% [3]. Other Sectors - Various sectors including power, internet services, and pharmaceuticals showed diverse performances with fluctuations in market capitalizations and trading volumes [4].

茅台需要重塑金身，不能迷恋过去。 茅台价格体系"崩溃" 所以问题出在哪里？ 说好的"液体黄金"，可以不喝但不能不抢呢？ 茅台"金融化"成就了茅台，但也限制了茅台的发展。有证券公司表示，前些年"炒茅台"每年的收益率在10%～12%之间，完爆大多数理财产品。 6月11日，在第三方检测平台今日酒价上显示，2025年53度飞天茅台（散瓶）批价达 1990 元 / 瓶，较之前出现下跌；到了6月12日，价格又进一步下滑至 1980元 / 瓶 。6月13日，2025年飞天茅台散瓶批发价跌至1960元/瓶。这一价格的暴跌，让整个市场都为之震惊。 | 第6天 | | | 2025年6月16日 (公众号: 今日酒价) | | --- | --- | --- | --- | | 品名 | 规格 | 昨日行情 | 今日行情 | | 25年飞天(原) | 53度/500ml | 1990 | 1960 I | | 2 25年飞天(散) | 53度/500ml | 1960 | 1930 I | | 24年飞天(原) | 53度/500ml | 2075 | 2030 I | | 24年飞天(散) | 53度/500ml | 1990 ...