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 ...

Group 1 - The Fourth China (Macau) International High-Quality Consumption Expo and Hengqin World Bay Area Forum will be held from September 3 to 7, showcasing a diverse array of global wine brands [1] - The event will feature a wide range of alcoholic beverages, including Chinese liquor brands like Moutai and Wuliangye, alongside international classics such as Hennessy and Penfolds, highlighting a cross-border tasting experience [1] - Despite structural adjustments in the global consumption market, the wine industry still shows significant growth potential, with a projected increase of $34 billion in the global core alcoholic beverage market by 2034 according to IWSR [1] Group 2 - The expo will serve as a key communication platform for top global wine brands, leveraging Macau's unique position as a cultural crossroads to explore new consumption scenarios and invigorate market dynamics [2]

Group 1 - The fourth China (Macau) International High-Quality Consumption Expo and the Hengqin World Bay Area Forum will take place from September 3 to 7, showcasing a diverse array of global wine brands [1] - The event will feature a wide range of alcoholic beverages, including Chinese liquor brands like Moutai and Wuliangye, alongside international classics such as Hennessy and Penfolds, highlighting a competitive atmosphere among renowned brands [1] - Despite structural adjustments in the global consumption market, the wine industry still shows considerable growth potential, with a projected increase of $34 billion in the global core alcoholic beverage market value by 2034 according to IWSR [1] Group 2 - The expo will provide immersive experiences through wine displays, tastings, and cultural explorations, allowing attendees to appreciate the rich heritage and innovative spirit of both Eastern and Western wine cultures [2] - Leveraging Macau's unique position as a cultural crossroads, the event aims to serve as a significant platform for top wine brands to explore new consumption scenarios and invigorate market dynamics [2]

即便白酒行业正经历整体承压、发展降速的深度调整，但其凭借高毛利、高现金流的独特优势，仍是中 国消费市场中最具韧性的行业之一。从财务逻辑看，茅台完全具备践行"股东价值最大化"的资本实力： 上市24年间，茅台市值增长超200倍，累计创造净利润达6000亿元，稳健的经营基本面为资本操作提供 坚实支撑。茅台能稳步推进各项资本计划，不仅印证自身经营实力，更折射出中国消费市场的长期潜 力，成为观察中国消费韧性的重要窗口。 笔者认为，在资本市场迫切寻求确定性的当下，茅台通过"组合拳"明确证明：优质企业的责任担当，既 是自身稳健发展的基石，更是资本市场健康发展的重要支撑。 （文章来源：每日经济新闻） 新一轮市值管理浪潮中，上市公司对投资者回报诉求的响应，正坚定走向"即时化、实质化、制度化"， 贵州茅台的最新动作便是最新例证。 8月29日，贵州茅台同日披露两大关键举措：仅用8个月，就以上限60亿元完成上市以来首笔注销式回 购；控股股东茅台集团同步启动30亿～33亿元增持计划，如期兑现4月许下的承诺。在宏观环境复杂多 变的当下，这两波"真金白银"的操作，为市场清晰传递出多重关键信号，更精准找到资本市场亟需的确 定性。 当前市场情 ...

【导读】茅台集团拟增持30亿元至33亿元贵州茅台股份 上一轮增持完成2年后，贵州茅台（600519）（证券代码：600519）控股股东茅台集团再度开启增持计 划。 贵州茅台8月29日晚间公告，茅台集团计划自本次增持公告发布之日起6个月内，通过集中竞价交易方式 增持公司股票，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）。 截至8月29日，茅台集团持有贵州茅台6.79亿股股票，占公司总股本的54.07%。 2024年7月1日，贵州茅台党委副书记、代总经理王莉在北京主持召开投资者交流会，与部分机构投资者 代表、券商代表深入交流，听取投资者对贵州茅台市值管理工作的意见建议。在会上，王莉阐述了公司 市值管理的目标，即在A股市场成为行业标杆。她提到："分红是大股东和中小股东的一致诉求。但市 值管理应当不只是分红，还包括建立与投资者沟通的常态化机制等多个维度，我们都会努力做好。" 茅台集团表示，本次增持主要基于对贵州茅台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。 值得注意的是，这也是贵州茅台自2001年上市以来，首次实施股份回购，且回购金额达到顶格，向市场 传递出积极信号。 资 ...

【导读】茅台集团拟增持30亿元至33亿元贵州茅台股份 见习记者 夏天 上一轮增持完成2年后， 贵州茅台 （证券代码：600519）控股股东 茅台集团 再度开启增持计划。 贵州茅台8月29日晚间公告，茅台集团计划自本次增持公告发布之日起6个月内，通过集中竞价交易方式增持公司股票，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）。 截至8月29日，茅台集团持有 贵州茅台 6.79亿股股票，占公司总股本的54.07%。 茅台集团表示，本次增持主要基于对贵州茅台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。 根据公告，茅台集团增持计划实施区间为2025年9月1日至2026年2月28日。增持计划实施时间和增持金额可能因公司股价波动存在一定不 确定性。茅台集团承诺，在增持计划实施期间及法定期限内不减持所持有的公司股份。 回溯此前公告，贵州茅台曾于2024年11月27日召开2024年第一次临时股东大会，审议通过了《关于以集中竞价交易方式回购公司股份的 方案》。公司拟使用自有资金30亿元至60亿元回购公司股份，用于注销并减少公司注册资本。 值得注意的是，这也是贵州茅台自2001年上市以来 ...

Core Viewpoint - Kweichow Moutai's recent actions demonstrate a strong commitment to long-term value, as the controlling shareholder plans to invest between 3 to 3.3 billion yuan to buy back shares without setting a price range, signaling confidence in the company's future [1][3] Group 1 - The company has completed its first-ever cancellation buyback since listing, spending 6 billion yuan to repurchase 3.92 million shares, which will be fully canceled, thereby reducing registered capital and increasing the value per share for shareholders [3] - Kweichow Moutai's revenue for the first half of the year reached 91 billion yuan, with a net profit of 45.4 billion yuan, reflecting a stable year-on-year growth of nearly 10%, indicating a solid performance foundation [3] - The recent actions are not merely responses to short-term stock price fluctuations but are intended to convey confidence through substantial financial commitments, reinforcing the company's long-term value proposition [3]