2025年11月24日早盘，A股三大股指集体高开。从盘面上看，6G、光通信、AI应用、BC电池、算力硬 件概念股活跃；锂矿、水产题材回调。截至 09:54，中证A500指数下跌0.09%，成分股方面涨跌互现， 广汽集团10cm涨停，张江高科上涨7.30%，光启技术上涨4.94%；润和软件领跌，江特电机、雅化集团 跟跌。 A500ETF嘉实(159351)紧密跟踪中证A500指数，均衡布局各行业优质核心资产。 没有股票账户的投资者可以通过A500ETF嘉实联接基金(022454)一键布局A股500强。 华泰证券发布A股策略研报称，近期AI叙事起争论、流动性有所收紧、区域扰动构成了市场波动加大的 底色，当前市场调整已初步具备空间感，对应9月下旬市场中枢位或有较强支撑，后续伴随着海外流动 性预期改善、国内资金压力减弱、市场情绪进一步消化，行情走势环境或更加健康。配置上，当前市场 估值接近"合理"中枢，若超调则可适度提升仓位，配置上围绕中期主线、重视安全边际，关注低位内需 消费、国产算力、创新药等，继续持有大金融以降低波动性。 数据显示，截至2025年10月31日，中证A500指数前十大权重股分别为宁德时代、贵州茅台 ...

Investment Rating - The report maintains a recommendation for the recovery of the restaurant chain sector and highlights the upcoming Moutai shareholders' meeting as a point of interest [10][18]. Core Insights - The food and beverage sector is characterized as having low expectations and low holdings, with a potential for a rebound due to rising CPI and positive micro-consumption data [10][18]. - Key companies such as Yili and H&H International are focusing on balancing growth and profitability, with Yili enhancing its dividend commitments and H&H adjusting its revenue guidance upwards [3][12]. - The report emphasizes the importance of structural opportunities within the restaurant chain and liquor sectors, recommending specific companies for investment [10][18]. Summary by Sections Core Company Tracking - Yili is focusing on quality leadership and strategic expansion while improving shareholder returns, with a positive outlook on its liquid milk segment and overall profitability [3][12]. - H&H International has seen a significant revenue increase, with a 28.5% year-on-year growth in Q3 2025, and is optimizing its debt structure while expanding its online and overseas markets [3][12]. - The report notes that Q3 growth for Yihai International has slightly slowed, but overseas markets continue to perform well, with a focus on product structure optimization to improve margins [3][13]. Investment Recommendations - The report continues to recommend the recovery of the restaurant chain sector, with specific mentions of companies like Haidilao, Angel Yeast, and China Resources Beer as potential investments [10][18]. - For the liquor sector, Moutai, Wuliangye, and Fenjiu are highlighted as top picks, with a focus on valuation shifts in growth segments such as snacks and pet food [10][18]. Industry Valuation Table - The report includes a valuation table for key companies, indicating market capitalizations and profit forecasts, with Moutai having a market cap of 183.66 billion and a projected net profit of 74.73 billion for 2023 [19].

Core Viewpoint - The white liquor market shows a strong performance with a general price increase across the top ten products, indicating positive market sentiment and consumer demand [1]. Price Trends - The average retail price of the top ten white liquor products reached 9283 yuan, an increase of 21 yuan from the previous day, marking a recent high in daily price growth [1]. - Qinghua Lang leads the market with a price increase of 5 yuan per bottle, achieving its fifth consecutive day of price rise [1]. - Xijiu Junpin and Wuliangye Pu Wu Ba Dai both saw a price increase of 4 yuan per bottle, reflecting a steady upward trend [1]. - Yanghe Dream Blue M6+ and Gujing Gong Gu 20 both increased by 3 yuan per bottle, while most products maintained stable or slightly rising prices [1]. - Moutai's boutique price ended its recent decline with a 1 yuan increase, while Feitian Moutai's price remained unchanged [1]. Product Pricing Summary - The following are the current prices and changes for notable products: - Feitian Moutai 53°/500ml: 1835 yuan, unchanged [3] - Boutique Moutai 53°/500ml: 2378 yuan, up 1 yuan [3] - Wuliangye Pu Wu Ba Dai 52°/500ml: 866 yuan, up 4 yuan [3] - Qinghua Fen 20 53°/500ml: 394 yuan, up 1 yuan [3] - Guojiao 1573 52°/500ml: 889 yuan, down 1 yuan [3] - Yanghe Dream Blue M6+ 52°/550ml: 592 yuan, up 3 yuan [4] - Gujing Gong Gu 20 52°/500ml: 513 yuan, up 3 yuan [4] - Xijiu Junpin 53°/500ml: 673 yuan, up 4 yuan [4] - Qinghua Lang 53°/500ml: 725 yuan, up 5 yuan [4] - Shuijing Jian Nan Chun 52°/500ml: 418 yuan, up 1 yuan [4]

Core Viewpoint - Recent rumors about Kweichow Moutai planning to open 850 new direct stores nationwide have been confirmed as false by the company, which has not issued any such information [1][4]. Group 1: Rumors and Misinformation - Multiple accounts on various platforms have circulated similar content regarding the establishment of new stores, with inconsistent figures such as 650, 680, and 800 stores mentioned [3]. - These articles promote enticing conditions like "low threshold for franchise" and "high quota of flying Moutai," often including links that solicit personal information from users [3]. Group 2: Company Response - Kweichow Moutai's customer service has stated that there has been no notification regarding the construction of over 800 direct stores, emphasizing that typically only one or two direct stores exist per province [4]. - The company has previously faced similar rumors this year, including false information about "Moutai Direct Procurement Summit" and "strategic cooperation," and has issued official statements denying any authorization for such activities [4]. Group 3: Industry Context - Industry analyst Xiao Zhuqing noted that Moutai, as the only brand in the liquor sector maintaining a price-consistent sales strategy, naturally attracts attention, making it susceptible to rumors that spread quickly and easily [4]. - To protect consumer rights, Moutai has been actively publishing official and authorized sales channels, including its "i Moutai" app and major e-commerce platforms [4].

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage & commercial sectors [9][56] Core Insights - The white liquor sector is showing signs of bottoming out, with market sentiment improving, presenting a good opportunity for low-level positioning. Recent CPI recovery and consensus on destocking, along with the Double 11 shopping festival, have contributed to this trend. The Federal Reserve's dovish signals on November 21 have also created favorable conditions for the market [5][54] - Long-term prospects for leading liquor companies are promising due to their strong risk resistance and increasing market concentration, supported by domestic demand policies and recovering consumer sentiment. The industry is still in a destocking phase, with demand at a low point [5][54] - The consumer goods sector is experiencing structural differentiation, with the snack food segment remaining robust and soft drink leaders maintaining stability during the off-season. The dairy sector is approaching a supply-demand improvement point, while the restaurant industry is shifting from incremental to stock competition due to demand pressure [55] Summary by Sections Industry News - From January to October, white liquor production decreased by 11.5% [16] - The overall sentiment in the sector is improving, driven by the upcoming holiday season and promotional activities [5][54] Company News - Guizhou Moutai has initiated its annual meeting season for Moutai liquor [4] - Wuliangye is launching a new zodiac-themed product for the Year of the Horse [4] Key Company Feedback - The report highlights key companies with strong long-term investment value, including Guizhou Moutai, Wuliangye, Luzhou Laojiao, and Fenjiu, as well as more flexible stocks like Jiu Gui Jiu and Shede Liquor [5][54][57] Core Data Trends - The cumulative production of white liquor in 2024 is projected at 4.145 million tons, a decrease of 7.72% year-on-year, while industry revenue is expected to reach 796.4 billion yuan, an increase of 5.3% [32][33]

【环球网财经综合报道】近日，网络上涌现多条关于茅台的不实信息，"拟开放 850家直营终端门 店""1499元飞天茅台海量配额直供"等表述持续发酵，严重误导市场。 对此，茅台发声辟谣，有关部门负责人明确回应：上述信息均为不实消息，茅台从未发布过相关内容。 早在9月12日，茅台就曾通过官方公众号发布声明，澄清"开放专卖店加盟""全国打造数百家直营店"等 虚假招商信息，强调"未委托任何主体组织相关活动"。 在此也提醒广大市场主体及消费者，始终以官方发布信息为判断依据，切勿轻信各类非官方渠道的虚假 宣传，谨防上当受骗。 ...

Core Viewpoint - Recent rumors regarding Kweichow Moutai planning to establish hundreds of direct-operated stores have been identified as false information, with the company emphasizing that it has not authorized any such initiatives [1][5][7]. Group 1: Rumors and Misinformation - Multiple articles circulated on social media claiming that Kweichow Moutai would open 600 to 800 direct-operated stores, with varying figures and details about investment requirements and product allocations [2][3][4]. - These articles often included links or QR codes for individuals to submit personal information under the guise of applying for a store, which has been flagged as a deceptive tactic [2][3][4]. - Kweichow Moutai has officially denied these rumors, stating that it has not authorized any third parties to disseminate such information and is taking measures to combat these fraudulent activities [5][6][7]. Group 2: Company Response and Measures - Kweichow Moutai has reiterated that all legitimate information regarding store openings and partnerships will be communicated through official channels, including its website and authorized media [7][9]. - The company has a limited number of direct-operated stores, with only 42 currently in operation, and has clarified that the notion of opening hundreds of new stores is unfounded [5][9]. - Kweichow Moutai is actively working with regulatory authorities to address the spread of misinformation and enhance consumer protection against fraud [8][9].

"茅台要落地800家直营门店""启动资金下调至50万元"等传闻甚嚣尘上，这类消息还称，每家门店会配 套1499元飞天茅台的固定配额。 11月22日，记者调查发现，这又是一起假冒茅台官方名义的虚假信息事件。值得注意的是，这类文章都 附上了申请开设茅台门店的"链接"或者"二维码"，用上述充满诱惑的字眼，吸引人们点开申请开设直营 门店的链接并提交个人信息。至11月22日晚，记者注意到，多条相关文章链接已删除。 事实上，近期还有多个关于"茅台将面向中小企业开放1499元直采飞天"等传闻。对此，贵州茅台回应表 示，这些所谓"放开茅台专卖店加盟""放开直采飞天"均为假冒行为，公司从未授权或委托任何主体发布 此类信息。另据接近茅台人士消息，茅台对此高度重视，将通过相关部门和渠道给予严厉打击。 600家、800家，茅台开设直营店谣言为哪般？ 近期关于茅台的传闻接连不断，就在近两日，又有多条"茅台拟建几百家直营店破局"等相关传闻。记者 注意到，这类传闻内容颇为相似，但都会在页面上留下链接入口，以申请所谓茅台门店为诱饵，吸引人 们提交个人信息。 其中，在微博平台上，某账号11月22日10时42分和11时04分分别发布两篇关于茅台 ...

"茅台要落地800家直营门店""启动资金下调至50万元"等传闻甚嚣尘上，这类消息还称，每家门店会配套1499元飞天茅台的固定配额。 11月22日，记者调查发现，这又是一起假冒茅台官方名义的虚假信息事件。值得注意的是，这类文章都附上了申请开设茅台门店的"链接"或者"二维码"，用 上述充满诱惑的字眼，吸引人们点开申请开设直营门店的链接并提交个人信息。至11月22日晚，记者注意到，多条相关文章链接已删除。 事实上，近期还有多个关于"茅台将面向中小企业开放1499元直采飞天"等传闻。对此，贵州茅台回应表示，这些所谓"放开茅台专卖店加盟""放开直采飞 天"均为假冒行为，公司从未授权或委托任何主体发布此类信息。另据接近茅台人士消息，茅台对此高度重视，将通过相关部门和渠道给予严厉打击。 600家、800家，茅台开设直营店谣言为哪般？ 近期关于茅台的传闻接连不断，就在近两日，又有多条"茅台拟建几百家直营店破局"等相关传闻。记者注意到，这类传闻内容颇为相似，但都会在页面上留 下链接入口，以申请所谓茅台门店为诱饵，吸引人们提交个人信息。 其中，在微博平台上，某账号11月22日10时42分和11时04分分别发布两篇关于茅台的文章， ...

Core Viewpoint - Recent rumors about Kweichow Moutai planning to establish 850 direct stores nationwide and opening a large quota of 1499 yuan Flying Moutai have been confirmed as false by the company [1][4]. Group 1 - Kweichow Moutai has officially denied the authenticity of claims regarding the establishment of direct stores and recruitment for franchise stores, stating that no such announcements have been made [1][4]. - The company previously issued a statement on September 12, addressing similar rumors about opening franchise stores and recruitment activities, emphasizing that it has not authorized any entity to disseminate such information [4]. - Kweichow Moutai has urged market participants and consumers to remain vigilant and cautious to avoid falling victim to scams related to these false claims [4].