重要新闻提示 梦天家居：拟购买川土微控制权，预计构成重大资产重组，今起停牌 7连板合富中国：股价累计涨幅已严重偏离基本面，随时有快速下跌风险 贵州茅台：拟15亿—30亿元回购股份并注销；中期分红拟每股派现23.957元，合计拟派发现金红利 300.01亿元 2025年中国稀土行业协会稀土金属及合金分会年会暨稀土金属及合金在金属材料中的应用研讨会会议11 月6日至8日在杭州举行 财经新闻 1. 据新华社11月5日报道，中央金融办王江在答记者"'十五五'时期加快建设金融强国有哪些主要任务和 重要举措"的提问时表示，规划建议就加快建设金融强国作出新部署，金融系统要按照全会部署，扎实 推进金融防风险、强监管、促高质量发展各项工作。一是持续完善中央银行制度。二是深入做好金 融"五篇大文章"。三是促进资本市场健康稳定发展。四是进一步优化金融机构和金融基础设施体系。五 是加快建设国际金融中心。六是全面提高金融监管能力。七是着力加强金融法治建设。 2. 据新华社11月5日报道，商务部新闻发言人就调整出口管制管控名单措施、调整不可靠实体清单措施 答记者问。 3. 据新华社11月5日报道，财政部网站发布《国务院关税税则委员会关于 ...

早 报 精 选 宏 观 新 闻 1、 11月4日，李成钢国际贸易谈判代表兼副部长在京会见美国农产品贸易代表团。双方就中美经贸关系、农产品贸易等进行了交 流。 2、外交部发言人毛宁昨日主持例行记者会。记者提问称，近日美国财政部长贝森特称，中国是不可靠的伙伴，而就在数日前，美国 总统特朗普刚结束并大加赞扬了与中国领导人的会谈。毛宁表示，中国对美国的政策保持稳定性，我们始终按照相互尊重、和平共 处、合作共赢三原则看待和处理中美关系。同时我们也坚定地维护自身的主权安全和发展利益，保持中美关系健康稳定发展，符合两 国人民的根本利益，也是国际社会的普遍期待。 3、国务院关税税则委员会根据商务部的建议作出决定，自2025年11月10日起，停止将原产于美国的进口非色散位移单模光纤的现 行反倾销税税率适用于原产于美国的进口相关截止波长位移单模光纤。 4、商务部新闻发言人就调整出口管制管控名单措施答记者问表示，为落实中美吉隆坡经贸磋商共识，自2025年11月10日起，对 2025年第13号公告中的15家美国实体解除出口管制措施，同时继续暂停对第21号公告中16家美国实体的相关措施一年。 5、商务部新闻发言人就调整不可靠实体清单措 ...

每经编辑｜张喜威 王晓波 ↓ 2025年世界互联网大会乌镇峰会将于 至9日举行 2 2025年中国稀土行业协会稀土金属及 年会暨稀土金属及合金在金属材料中的 会议将于11月6日至8日召开 3 CEIC 2025消费电子创新大会将于11 日举办 4 美国11月1日当周首次申请失业救济/ 1 隔夜市场 2 李成钢国际贸易谈判代表兼副部长会见美国农产品贸易代表团 据商务部官网，11月4日，李成钢国际贸易谈判代表兼副部长在京会见美国农产品贸易代表团。双方就中美经贸关系、农产品贸易等进行了交流。李成钢指 出，中美互为重要的农产品贸易伙伴。今年以来中美农产品贸易出现了一些波动，根源在于美方的单边关税措施。事实上，两国在自然禀赋、市场、资金、 技术等领域各有优势，互补性强，合作空间广阔。希望美方与中方一道，着眼大局，为农业等领域务实合作营造有利氛围。 3 商务部新闻发言人就调整出口管制管控名单措施答记者问 美股三大指数集体收涨，纳指涨0.65%，道指涨0.48%，标普500指数涨0.37%；大型科技股多数上涨，谷歌涨超2%，创历史收盘新高；特斯拉涨超4%，英 特尔涨逾3%，Meta涨超1%，苹果、奈飞、亚马逊小幅上涨；微软 ...

Group 1 - Company MengTian Home is planning to acquire control of ChuanTu Microelectronics through a combination of issuing shares and cash payment, which is expected to constitute a major asset restructuring [1] - The actual controller of MengTian Home, Yu Jingyuan, is also planning a transfer of control, which is independent of the aforementioned acquisition [1] - The stock of MengTian Home has been suspended since November 6, 2025, with an expected suspension period of no more than 10 trading days [1] Group 2 - Kweichow Moutai plans to repurchase shares with an investment of between 1.5 billion and 3 billion RMB, with a maximum repurchase price of 1,887.63 RMB per share [2] - The repurchase will be conducted through centralized bidding and will be used for cancellation to reduce the company's registered capital [2] - The company also plans to distribute a cash dividend of 23.957 RMB per share, totaling approximately 30 billion RMB based on the total share capital as of September 30, 2025 [2] Group 3 - JiaYuan Technology has signed a cooperation framework agreement with CATL to deepen their long-term procurement cooperation in the supply, research, and production of materials for new battery anodes [3] - The agreement aims to enhance collaboration in technology research and market expansion, benefiting both companies [3] - JiaYuan Technology will be the preferred supplier for new products developed in cooperation with CATL, which will strengthen its competitive position in the industry [3] Group 4 - KaBeiYi has invested 100 million RMB to establish a wholly-owned subsidiary, Shanghai KaBeiYi Robotics, to accelerate the development of humanoid robot components [4] - The new subsidiary will operate independently and is expected to enhance the company's investment in humanoid robotics [4] Group 5 - Bertley has established a joint venture, Wuhu Bertley Drive Technology Co., Ltd., with a registered capital of 100 million RMB, where Bertley holds a 60% stake [5] - The joint venture will focus on the research, production, and sales of various electric motors, aligning with the company's strategy for technological autonomy and product diversification [5] - This strategic move is aimed at strengthening the company's position in high-growth sectors such as new energy vehicles and humanoid robotics [5] Group 6 - Tongling Nonferrous Metals has successfully acquired exploration rights for the JiGuangShan-HuVillage copper-gold-molybdenum mine for 3.204 billion RMB [6] - Ningbo Port expects to achieve a container throughput of 4.56 million TEUs in October 2025, representing a year-on-year increase of 12.4% [6] - Hongquan Technology will change its stock name to Hongquan Technology starting November 11, 2025, while maintaining its full name and stock code [6] Group 7 - Dongfeng Group has undergone a change in its controlling shareholder and actual controller, leading to a name change to Quzhou Dongfeng New Materials Group Co., Ltd. [7] - Yihong Long has been recognized as a national manufacturing single champion enterprise for its self-immune disease diagnostic products [7] Group 8 - China Shipbuilding Technology's subsidiary plans to publicly transfer 100% equity of a clean energy development company as part of its strategy to enhance operational quality and fund future projects [8] - HeimuDan's subsidiary is selling its developed digital economy industrial park properties for approximately 41.97 million RMB [8] Group 9 - Shenkai Co. has completed the transfer of shares from its original controlling shareholder to Shenzhen Huili Hongsheng Industrial Holdings, changing its controlling shareholder [9] - Luzhou Laojiao is investing approximately 1.478 billion RMB to build a historical and cultural industry park to enhance brand influence [9] Group 10 - Xiling Power has signed a share purchase agreement to acquire 100% of Weipai Automotive Electronics, which specializes in turbocharger production [10] - Mind Electronics plans to divest its 51% stake in a subsidiary for 14.8 million RMB to focus on core business development [10] Group 11 - Triangle Defense has signed development and framework order agreements with Siemens Energy to supply specific items, enhancing its international market presence [11] Group 12 - Hualan Co.'s controlling shareholder plans to increase its stake in the company by investing between 30 million and 60 million RMB [12] - Key executives of Kaili Medical have also increased their stakes in the company through market transactions [12]

这场从年中延续至今的价格下行潮，在购物节的催化下愈演愈烈，正在改写高端白酒的市场规则。 双十一茅台价格大跳水 11月4日，各大电商平台的白酒促销战进入白热化阶段，53度500ml飞天茅台的价格成为最大焦点。 中国基金报记者在拼多多平台看到，这款核心单品经过"百亿补贴"后，价格直接降至1590元/瓶，单瓶补贴金额高达397元。 更具吸引力的是双瓶装规格，补贴后总价跌至3150元，折算下来单瓶仅1575元，创下近期市场成交价的新低。 不过并非所有平台都跟进了这场低价竞赛，淘系平台的飞天茅台售价仍维持在1640元/瓶，未参与大规模补贴，京东自营店的价格则更高，保持在 1899元/瓶的水平，与拼多多的价差超过300元。 2025年"双十一"大促正酣，高端白酒市场却传来震动性消息，53度飞天茅台价格再度下探，部分电商平台补贴后单价跌破1600元大关。 作为白酒行业的"风向标"，飞天茅台的价格波动从来都不只是单一商品的行情变化，背后牵动着电商平台的流量博弈、线下酒商的生存焦虑以及整 个白酒行业的渠道变革。 值得注意的是，电商的低价已形成"价格倒挂"，11月4日酱酒平台"不二酱"的数据显示，2025年飞天茅台散瓶的酒商调货 ...

Core Viewpoint - Guizhou Moutai, once hailed as the "king of A-shares," is facing unprecedented challenges in 2025, marked by leadership changes, declining financial performance, and a broader industry downturn [1][3][10]. Company Summary - The company announced a leadership change on October 25, with Chen Hua replacing Zhang Deqin as chairman, marking the fourth leadership change in five years [3][4]. - Moutai's third-quarter report revealed a revenue growth of only 0.35% and a net profit growth of 0.48%, both the lowest since 2015 [1][7]. - The stock price of Moutai has dropped approximately 20% from its peak at the beginning of the year, resulting in a market capitalization loss of over 500 billion RMB [1][7][10]. - The average revenue generated by each distributor increased from 38.45 million RMB in 2023 to 44.69 million RMB, indicating some operational improvements under the previous leadership [3]. Industry Summary - The overall liquor industry is experiencing a significant downturn, with 19 listed liquor companies reporting a cumulative revenue of 317.66 billion RMB in the first three quarters of 2025, a year-on-year decline of 5.84% [10][11]. - Many liquor companies, including Wuliangye and Kweichow Moutai, are facing "double declines" in both volume and price, with a notable contraction in sales expenses [1][10]. - The industry is witnessing a shift in consumer preferences, particularly among younger demographics, who are increasingly turning to lower-alcohol beverages and imported drinks [11][13]. - Contract liabilities across major liquor companies have decreased by 20% to 60%, reflecting a decline in distributors' willingness to make payments due to high inventory levels [13]. Market Dynamics - The market price of Moutai's 53-degree Flying Moutai has fallen to 1,499 RMB per bottle, down from 2,200 RMB at the beginning of the year, indicating significant pricing pressure [7][10]. - The liquor industry is expected to undergo a prolonged adjustment period, with many analysts predicting that the downturn will last until at least the 2026 Spring Festival [13]. - The industry's future may see a consolidation trend, with the top five brands' revenue share expected to rise from 42% in 2024 to 55% by 2027, while smaller brands may exit the market [13].

Core Viewpoint - The Chinese liquor industry is experiencing a significant downturn, marked by a battle for inventory reduction and financial pressure, with major companies reporting substantial declines in revenue and profit [1][2]. Industry Overview - In the first three quarters of 2025, 20 A-share liquor companies reported a total revenue of 320.23 billion yuan, a year-on-year decrease of 5.83%, and a net profit of 122.77 billion yuan, down 6.76% [2]. - Only Kweichow Moutai and Shanxi Fenjiu managed to maintain growth, while the remaining 18 companies experienced declines [3]. Quarterly Performance - The third quarter of 2025 was particularly harsh, with companies like Shui Jing Fang and Guo Jiao reporting revenue drops of 58.91% and 51.65% respectively [4]. - Luzhou Laojiao and Kweichow Moutai also faced significant profit declines, with Moutai's revenue growth slowing to 0.56% in Q3, a stark contrast to previous quarters [6][7]. Historical Context - This marks the first major performance decline in five years for the liquor industry, with the number of companies experiencing revenue drops increasing from 2 in 2021 to 7 in 2024 [5]. - The trend of declining profits is evident, with 90% of liquor companies reporting a year-on-year decrease in net profit for the first three quarters of 2025 [6]. Inventory Crisis - The industry is facing a severe inventory crisis, with total inventory for 20 listed liquor companies reaching 176.69 billion yuan by Q3 2025, an increase of 11% year-on-year [14]. - Companies like Kweichow Moutai hold the largest inventory, nearing 56 billion yuan, while others like Yanghe and Wuliangye also report significant inventory levels [14]. Financial Strain - The financial strain is evident as companies reduce their contract liabilities significantly, with Kweichow Moutai's contract liabilities dropping by 19% to 7.75 billion yuan [17]. - Many smaller liquor companies are facing survival challenges, with some unable to cover their interest-bearing debts [20]. Market Dynamics - The price reduction of Moutai has diminished the price advantage of Wuliangye, leading to a rapid decline in its performance [8]. - Shanxi Fenjiu, despite revenue growth, saw its net profit decline for the first time since 2015, indicating market saturation challenges [9]. Sales Strategies - Companies are increasingly resorting to credit sales to manage inventory, with Kweichow Moutai leading this shift by relaxing its cash payment policies [19]. - The overall market is expected to face prolonged challenges as inventory digestion may take several years due to the current oversupply situation [15].

【导读】贵州茅台拟中期分红300.01亿元，15亿元至30亿元回购股份注销 上市以来第二次发布中期分红方案 拟合计分红300.01亿元 贵州茅台推出的2025年中期利润分配方案，是其上市以来第二次推出的中期利润分配方案。 11月5日晚间，贵州茅台推出"分红+回购"组合拳。 具体来看，贵州茅台推出2025年中期利润分配方案，拟向其全体股份每股派发现金红利23.957元（含税），合计拟派发现金红利300.01亿元（含税）。 同时，贵州茅台拟以自有资金15亿元（含）至30亿元（含）回购股份，回购价格不超过1887.63元/股，回购股份的用途是注销并减少其注册资本。 贵州茅台公告称，公司将推进市值管理常态化，打造高水平股东回报新格局，通过常态化现金分红、开展股份回购、积极推动大股东增持"组合拳"，多 维度筑牢股东回报体系、稳定市场价值预期。 截至11月5日收盘，贵州茅台股价报1420.08元/股，跌幅达0.62%，总市值为1.78万亿元。 此前，贵州茅台发布2024年中期利润分配方案，拟向全体股东每股派发现金红利23.882元（含税），合计派发现金红利300.01亿元（含税）。 对比2024年中期利润分配方案，202 ...

【导读】贵州茅台拟中期分红300.01亿元，15亿元至30亿元回购股份注销 中国基金报记者 闻言 11月5日晚间，贵州茅台推出"分红+回购"组合拳。 具体来看，贵州茅台推出2025年中期利润分配方案，拟向其全体股份每股派发现金红利23.957元（含税），合计拟派发现金红利300.01 亿元（含税）。 同时，贵州茅台拟以自有资金15亿元（含）至30亿元（含）回购股份，回购价格不超过1887.63元/股，回购股份的用途是注销并减少其注 册资本。 贵州茅台公告称，公司将推进市值管理常态化，打造高水平股东回报新格局，通过常态化现金分红、开展股份回购、积极推动大股东增 持"组合拳"，多维度筑牢股东回报体系、稳定市场价值预期。 截至11月5日收盘，贵州茅台股价报1420.08元/股，跌幅达0.62%，总市值为1.78万亿元。 上市以来第二次发布中期分红方案 拟合计分红300.01亿元 贵州茅台推出的2025年中期利润分配方案，是其上市以来第二次推出的中期利润分配方案。 对比2024年中期利润分配方案，2025年的中期利润分配方案，每股派发现金红利金额略高，但合计金额基本相同。 此前，贵州茅台发布2024年中期利润分配方案 ...

Group 1 - Mengtian Home intends to acquire control of ChuanTu Microelectronics through a combination of share issuance and cash payment, leading to a significant asset restructuring. The stock will be suspended from trading starting November 6, 2025, for up to 10 trading days [2] - Guizhou Moutai plans to repurchase shares worth between 1.5 billion and 3 billion RMB, with a maximum repurchase price of 1,887.63 RMB per share. The repurchase will be completed within six months following shareholder approval [3] - Jiayuan Technology has signed a cooperation framework agreement with CATL to deepen their long-term procurement relationship, focusing on the supply and development of materials for new battery anodes [4] Group 2 - Kabeiyi has invested 100 million RMB to establish a wholly-owned subsidiary, Shanghai Kabeiyi Robotics, to accelerate the development of humanoid robot components [5] - Bertley has formed a joint venture with Langfang Jinrun Electric to establish Wuhu Bertley Drive Technology Co., with a registered capital of 100 million RMB, focusing on electric motor systems [7] - Tongling Nonferrous Metals has successfully acquired exploration rights for the Jiguanshan-Hucun copper-gold-molybdenum mine for 3.204 billion RMB [8] Group 3 - Ningbo Port expects to achieve a container throughput of 4.56 million TEUs in October 2025, representing a year-on-year increase of 12.4% [8] - Huayuan Technology has changed its stock name from "Hongquan Technology" to "Hongquan Technology" effective November 11, 2025, while maintaining its full name and stock code [8] - The company plans to invest approximately 1.478 billion RMB in the construction of a historical and cultural industry park to enhance brand influence [12]