8月29日晚，贵州茅台发布《控股股东增持股份计划公告》称，公司控股股东中国贵州茅台酒厂（集 团）有限责任公司（简称"茅台集团"）拟以不低于30亿元（含）且不高于33亿元（含）增持公司股票，进一 步传递发展信心。 | 增持主体名称 | 中国贵州茅台酒厂(集团)有限责任公司 | | --- | --- | | 拟增持股份目的 | 本次增持主要基于对公司长期价值的认可和未来发展 的信心,以进一步支持公司高质量可持续发展。 | | 拟增持股份种类 | 公司 A 股股份 | | 拟增持股份方式 | 通过上海证券交易所系统以集中竞价交易方式 | | 拟增持股份金额 | 不低于人民币30亿元(含)且不高于人民币33亿元(含) | | 拟增持股份数量 | 以实际发生为准 | | 拟增持股份比例 (占总股本) | 以实际发生为准 | | 拟增持股份价格 | 本次不设增持价格区间,茅台集团根据股票市场以及公 司股价等情况择机实施增持计划。 | | 本次增持计划实施期间 | 2025年9月1日〜2026年2月28日 | | 拟增持股份资金来源 | 自有资金和自筹资金 | | 拟增持主体承诺 | 茅台集团承诺,在增持计划实施期间及法 ...

8月的最后一周，A股市场涨势依旧强劲，指数点位再度创出新高，成交额继续放量。在一片暖意之 下，投资者也在社交平台上纷纷晒出战绩。 8月25日～8月29日（当周），沪指、深成指、创业板指、科创综指分别累计上涨0.84%、4.36%、 7.74%、4.13%。当周，1752只股票上涨，95只股票涨幅超过20%。其中，科技股在当周表现亮眼。 A股短期行情仍被看好 A股在8月份强势收官之后，后市又将如何演绎？ 中原证券宏观策略分析师张刚分析称，国务院会议明确要巩固经济回升向好势头，政策面形成多重利好 叠加，为市场提供良好支撑。央行开展6000亿元MLF操作保持流动性充裕；居民储蓄正在加速向资本 市场转移，形成持续的增量资金来源。2025年A股上市公司整体盈利增速预期由负转正，结束此前连续 四年的下滑趋势，其中科技创新领域盈利弹性最为显著。美联储释放降息信号，全球流动性预期宽松， 美元走弱利于外资回流A股。中长期来看，居民储蓄转移、政策红利释放及盈利周期回升三大动力依然 稳固，中期慢涨格局有望延续。 "预计短期市场以稳步震荡上行为主，仍需密切关注政策面、资金面以及外盘的变化情况。短线建议关 注电池、半导体、通信设备以及 ...

交易信息汇总 贵州茅台酒股份有限公司控股股东中国贵州茅台酒厂（集团）有限责任公司（茅台集团）计划自2025年9月1日起至2026年2月28日，通过上海证券 交易所系统以集中竞价交易方式增持公司A股股份，拟增持金额不低于人民币30亿元（含）且不高于人民币33亿元（含）。本次增持基于对公司 长期价值的认可和未来发展的信心，资金来源为自有资金和自筹资金。截至2025年8月29日，茅台集团持有公司679,211,576股，占总股本的 54.07%。增持主体一致行动人包括其全资子公司贵州茅台酒厂（集团）技术开发有限公司，持股2.22%。增持期间及法定期限内，茅台集团承诺 不减持所持公司股份。增持计划实施时间和金额可能因股价波动存在不确定性。 本周关注点 8月29日贵州茅台发生1笔大宗交易，成交金额404.91万元。 公司公告汇总 贵州茅台酒股份有限公司于2024年11月27日召开股东大会审议通过回购股份方案，拟以集中竞价交易方式回购股份用于注销并减少注册资本。回 购价格不超过1,744.30元/股，回购金额为30亿元至60亿元，实施期限为股东大会审议通过之日起12个月内。公司于2025年1月2日首次实施回购， 2025 ...

Core Viewpoint - Kweichow Moutai Group plans to increase its stake in Kweichow Moutai Co., Ltd. by 3 to 3.3 billion yuan, reflecting confidence in the company's long-term value and sustainable development [1] Group 1: Shareholding and Buyback - As of August 29, Kweichow Moutai Group holds 679 million shares, representing 54.07% of the total share capital [2] - On the same day, Kweichow Moutai completed a share buyback of 3.9276 million shares, accounting for 0.3127% of the total share capital, with a total expenditure of 6 billion yuan [2][3] - The buyback shares will be fully canceled to reduce the company's registered capital, marking the first cancellation-style buyback since the company went public [3] Group 2: Financial Performance - For the first half of 2025, Kweichow Moutai reported total revenue of 91.094 billion yuan, a year-on-year increase of 9.16%, and a net profit of 45.403 billion yuan, up 8.89% year-on-year [3][4] - The revenue growth rate of 9.16% is the first single-digit increase since 2015, while the net profit growth rate of 8.89% is the first single-digit increase since 2021, marking a new low since 2015 [4] Group 3: Market Position - As of August 29, Kweichow Moutai's stock price was 1,480.00 yuan per share, with a market capitalization of 1.86 trillion yuan [5]

Project Investment - Guoxuan High-Tech plans to invest no more than 4 billion yuan to build a new lithium-ion battery manufacturing base with an annual capacity of 20GWh [1] - Jingneng Thermal Power intends to invest 40.88 million yuan in the Tongzhou Liuxiao Village project [1] Contract Bidding - Hongsheng Huayuan is expected to win a bid for a national grid project worth approximately 780 million yuan [1] - Dalian Electric Porcelain's subsidiary is expected to win a bid for a national grid project totaling about 95.7 million yuan [1] Equity Acquisition - Xingchen Technology plans to acquire a 53.3087% stake in Fubingkun for 214 million yuan [1] - Zhongxin International intends to purchase a minority stake in Zhongxin North, with stock suspension starting September 1 [1] Share Buyback - Kaiying Network plans to repurchase company shares for 100 million to 200 million yuan [2] - City Investment Holdings intends to repurchase shares for 5 million to 10 million yuan [2] Performance - Changjiang Electric Power reported a net profit of 13.056 billion yuan for the first half of the year, a year-on-year increase of 14.86% [2] - Hongwei Group's net profit for the first half of the year was 2.028 billion yuan, reflecting a year-on-year growth of 48.34% [2] Shareholding Changes - Guizhou Moutai's controlling shareholder plans to increase its stake by 3 billion to 3.3 billion yuan [2] - Huasheng Tiancheng's director Wang Weihang intends to reduce his holdings by no more than 10.929 million shares [2] Other - Electric Alloy plans to issue convertible bonds to raise no more than 545 million yuan for high-performance copper and copper alloy production projects [2] - Yunzhu Technology intends to raise no more than 876 million yuan through a private placement [2]

Market Performance - The A-share market continued its strong performance in the last week of August, with major indices reaching new highs and trading volume increasing significantly [2] - From August 25 to August 29, the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, and STAR Market Index rose by 0.84%, 4.36%, 7.74%, and 4.13% respectively, with 1,752 stocks rising and 95 stocks gaining over 20% [2][3] Technology Sector - The technology sector was a significant driving force behind the market's performance, with the Shenzhen Component Index being more tech-oriented compared to the Shanghai Composite Index, which is heavily weighted towards banking [3] - Notable individual stock performances included Kaipu Cloud (688228.SH) with a 133.74% increase, followed by Rongyi Precision (873223.BJ), Tianfu Communication (300394.SZ), and Tianpu Co., Ltd. (605255.SH), all exceeding 60% gains [3] Stock Competition - A notable competition occurred between Cambrian (688256.SH) and Kweichow Moutai (600519.SH) for the title of "king of stocks," with Cambrian briefly taking the lead before fluctuating in position [4] Market Outlook - Analysts remain optimistic about the short-term outlook for the A-share market, citing multiple favorable policies and a shift of household savings into the capital market as key factors [6] - The overall profit growth for A-share listed companies is expected to turn positive by 2025, ending a four-year decline, particularly in the technology innovation sector [6] - Short-term investment opportunities are suggested in sectors such as batteries, semiconductors, communication equipment, and energy metals [6][7] Liquidity and Policy Support - The liquidity factors are expected to drive the market in the short term, with fiscal and monetary policies continuing to support the economy and mitigate risks [7] - The market is anticipated to maintain an upward trend, supported by reasonable valuations and emerging positive factors such as a potential interest rate cut by the Federal Reserve [7]

2025.08. 30 本文字数：1568，阅读时长大约3分钟 作者 | 第一财 经 黄思瑜 8月的最后一周，A股市场涨势依旧强劲，指数点位再度创出新高，成交额继续放量。在一片暖意之 下，投资者也在社交平台上纷纷晒出战绩。 8月25日～8月29日（当周），沪指、深成指、创业板指、科创综指分别累计上涨0.84%、4.36%、 7.74%、4.13%。当周，1752只股票上涨，95只股票涨幅超过20%。其中，科技股在当周表现亮 眼。 在业内看来，此轮行情的根本推动力是资金推动叠加产业端催化，资金会推动市场水涨船高，产业端 催化则决定强势板块。 A股在8月份强势收官之后，后市又将如何演绎？ 中原证券宏观策略分析师张刚分析称，国务院会议明确要巩固经济回升向好势头，政策面形成多重利 好叠加，为市场提供良好支撑。央行开展6000亿元MLF操作保持流动性充裕；居民储蓄正在加速向 资本市场转移，形成持续的增量资金来源。2025年A股上市公司整体盈利增速预期由负转正，结束 此前连续四年的下滑趋势，其中科技创新领域盈利弹性最为显著。美联储释放降息信号，全球流动性 预期宽松，美元走弱利于外资回流A股。中长期来看，居民储蓄转移、政策 ...

Core Viewpoint - The Chinese liquor industry is undergoing a deep adjustment period, facing challenges such as production contraction, consumption differentiation, and weak terminal sales, leading to a shift from rapid growth to declining production and sales profits [1] Industry Overview - The release of half-year reports from listed liquor companies indicates a significant change in the industry, with increased sales expenses and fierce competition among well-known brands for first-tier markets [1][12] - The overall profitability of the industry is declining, with many companies experiencing double-digit declines in revenue and profit, alongside rising inventory pressures and deteriorating product liquidity [11] Company Performance - Guizhou Moutai reported a total revenue of 91.094 billion, a year-on-year increase of 9.16%, and a net profit of 45.403 billion, up 8.89% [3] - Wuliangye achieved a revenue of 52.771 billion, growing 4.19%, and a net profit of 19.492 billion, up 2.28% [3] - Shanxi Fenjiu's revenue reached 23.964 billion, a 5.35% increase, with a net profit of 8.505 billion, up 1.13% [3] - Luzhou Laojiao reported a revenue of 16.454 billion, down 2.67%, and a net profit of 7.663 billion, down 4.54% [5] - Yanghe's revenue was 14.796 billion, down 35.32%, with a net profit of 4.344 billion, down 45.34% [5] - Other companies like Water Well and Shede also reported significant declines in revenue and profit, indicating the widespread impact of the industry's challenges [5][6][7] Market Trends - The industry is seeing a shift towards product innovation and channel transformation, with companies launching lower-alcohol and light bottle products to attract younger consumers [12][13] - The market is characterized by a need for companies to adapt to changing consumer preferences and enhance brand influence and channel efficiency [7][12] - Analysts suggest that the current environment is not isolated, and the liquor industry will eventually recover as consumption and the economy improve [13]

Group 1 - The core point of the announcement is that Kweichow Moutai Group has increased its shareholding in Kweichow Moutai Co., Ltd. to 679,211,576 shares, representing 54.07% of the total share capital, reflecting confidence in the company's long-term value and sustainable development [3][4]. - The shareholding increase plan is set to be implemented from September 1, 2025, to February 28, 2026, without a specified price range, allowing the group to act based on market conditions [3][4]. - Kweichow Moutai Group has committed not to reduce its shareholding during the implementation period of the increase plan [3]. Group 2 - Kweichow Moutai announced a share repurchase plan with a total expected amount of RMB 3 billion to RMB 6 billion, with a maximum repurchase price of RMB 1,744.30 per share [5]. - The actual repurchase involved 3,927,585 shares, accounting for 0.3127% of the total share capital, with a total expenditure of approximately RMB 6 billion [7][8]. - This marks the first cancellation-style repurchase since Kweichow Moutai's listing, indicating a significant move in the company's capital management strategy [8].

图片来源：公司公告 8月29日晚，贵州茅台发布《控股股东增持股份计划公告》称，公司控股股东中国贵州茅台酒厂（集团）有 限责任公司（简称"茅台集团"）拟以不低于30亿元（含）且不高于33亿元（含）增持公司股票，进一步传递 发展信心。 | 增持主体名称 | 中国贵州茅台酒厂(集团)有限责任公司 | | --- | --- | | 拟增持股份目的 | 本次增持主要基于对公司长期价值的认可和未来发展 | | | 的信心,以进一步支持公司高质量可持续发展。 | | 拟增持股份种类 | 公司 A 股股份 | | 拟增持股份方式 | 通过上海证券交易所系统以集中竞价交易方式 | | 拟增持股份金额 | 不低于人民币30亿元(含)且不高于人民币33亿元(含) | | 拟增持股份数量 | 以实际发生为准 | | 拟增持股份比例 (占总股本) | 以实际发生为准 | | 拟增持股份价格 | 本次不设增持价格区间,茅台集团根据股票市场以及公 | | | 司股价等情况择机实施增持计划。 | | 本次增持计划实施期间 | 2025年9月1日〜2026年2月28日 | | 拟增持股份资金来源 | 自有资金和自筹资金 | | 拟增持主体承 ...