"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].

以下是这篇次条重发文章正文。 这两天，我在贵州遵义茅台镇游学，参观了一些酒厂。哎呀，我终于做了这件我一直想做的事。 我一下飞机，就迎面飘来一股浓浓的酱香味，茅台镇整个城市，都弥漫着酒香。酒店房间没有酒味，但一出房间，走廊里都是酒的味道。我虽然不喝酒， 但我还是非常期待能好好感受贵州酱香酒的文化。 20世纪10年代扩台 Old surviving Mouts d J. 问道中 20:26 围 ((c )· 30 % 观点 / 刘润 主笔 / 海盐责编 / 黄静 本文首发于2025年11月 ， 希望对你有所启发。 5GHI 5G 10 1 11 הה #4 הה # Fre | 可加 | XX | ® 关注 78 小时榜 实推存榜 RECOURS 0 530 500m 加 直播间 0.35 年 230 500m 153度TS 转機ဥ္မွာ。 ●14 周期轮回 来了 | 髓号开播,全场酒水浮力价格! © 21 国*** 来了 说点什么 ... .C 商品 飞天茅台 茅台|飞天茅台 MOUTAI 酱香典范 酒体醇厚 空杯留香 高 百亿2小贴 | 品牌正品 ·全网低价 · 买贵必赔 全部 1000mL*1瓶 500m ...

Core Viewpoint - The recent decline in the price of Moutai reflects a significant shift in market sentiment, driven by increased supply and changing consumer behavior, leading to a broader impact on the high-end liquor market [1][3][5] Group 1: Price Trends - On January 21, the wholesale reference price for Moutai was updated, showing a drop of 25 yuan for original boxes to 1665 yuan per bottle and a 5 yuan drop for loose bottles to 1650 yuan, continuing a recent trend of price declines [1] - Moutai's price drop is attributed to increased supply as the company released additional stock in November, easing previous supply constraints and allowing buyers more negotiating power [3] - The decline in original box Moutai prices is more pronounced than that of loose bottles, indicating a diminishing perception of its investment value [3][5] Group 2: Market Dynamics - The slowdown in sales velocity and reduced corporate purchasing orders have contributed to the supply-demand imbalance, with personal consumers becoming more cautious in their purchases [3] - Some distributors, facing inventory pressure from previous high prices, are now lowering prices to recover funds, creating a ripple effect of price reductions across the market [3][5] - The actions of influential traders clearing their Moutai holdings have amplified the price decline, leading to a loss of confidence among retail investors [5] Group 3: Consumer Impact - The price drop has benefited ordinary consumers, with reports of increased availability and lower prices for Moutai on e-commerce platforms, allowing consumers to purchase at reduced rates [5] - The shift in consumer behavior is correcting the previous market anomaly where buying was not aligned with actual consumption [5] Group 4: Collectible Market Changes - There are signs of differentiation in the collectible market, with older and commemorative Moutai maintaining stable prices while interest in new vintage Moutai has waned [7] - The official pricing from Moutai remains unchanged at 1499 yuan, creating a significant gap with the wholesale market, which may need to be corrected by market forces [7] Group 5: Broader Economic Implications - The fluctuations in Moutai prices are seen as a barometer for high-end consumer spending, raising questions about overall consumer capacity [9] - The evolving price landscape is prompting a reevaluation of Moutai's role in the market, as it transitions from a "hard currency" to a more nuanced asset [9]

11月21日贵州茅台大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 0.14 | 201.29 | 1437.77 | -1.97 | 国投证券股份有限公司 | 中国银河证券股份有限公司 | | | | | | 重庆解放碑证券营业部 | 北京北四环证券营业部 | （文章来源：证券时报网） 贵州茅台11月21日大宗交易平台出现一笔成交，成交量0.14万股，成交金额201.29万元，大宗交易成交 价为1437.77元，相对今日收盘价折价1.97%。该笔交易的买方营业部为国投证券股份有限公司重庆解放 碑证券营业部，卖方营业部为中国银河证券股份有限公司北京北四环证券营业部。 进一步统计，近3个月内该股累计发生22笔大宗交易，合计成交金额为2.30亿元。 证券时报·数据宝统计显示，贵州茅台今日收盘价为1466.60元，下跌0.03%，日换手率为0.34%，成交额 为62.60亿元， ...

茅台不仅仅是消费品，它有金融属性，还有情绪价值，但是当越来越多的有钱人开始老去， 无法承接这个情绪价值，也没有足够的身体素质敢于持续饮酒的时候，茅台的基本面其实已 经变了。 作者：今纶 日前，段永平在接受雪球方三文的访谈的时候说到，他会一直拿着茅台，茅台股价到2600元的时候，他 没有卖，现在1200元也不会卖。 其实现在茅台的股价是1400元左右，段永平是口误，也可能是较早前录影。段永平说茅台的股价会回到 2600元，这个，我就不好预测了。 ▲段永平 但我个人的看法是茅台的顶峰肯定过了，销量应该很难有特别好的表现。 我知道很多人买了茅台股票，或者收藏了茅台酒，茅台雄风不在，他们很难受，但事实就是事实。 今天早上的消息：2026届全国普通高校毕业生规模预计1270万人，同比增加48万人。就业当如何？比较 难。 既然就业比较难，家里就会帮年轻人，哪怕老人家有比较高的退休金，也不会敞开了花，而是相对节 俭。 这其实是中国很多家庭的现状，无论有钱没钱，先收一收，尽量不花钱。 钱在哪里？存起来了：10月末，本外币存款余额332.92万亿元，同比增长8.3%。月末人民币存款余额 325.55万亿元，同比增长8%。 无论 ...

Core Viewpoint - The food and beverage sector demonstrates resilience amid market corrections, with the food ETF (515710) showing fluctuations in performance, reflecting the overall market sentiment [1][3]. Group 1: Market Performance - The food and beverage sector ranks among the top three in performance across 30 CITIC primary industries, despite a broader market downturn [1]. - The food ETF (515710) experienced a decline of 1.29% by the end of the trading day, after an initial rise [1][2]. - Key stocks such as Yunnan Energy Investment fell by 7.73%, while others like Jiu Gui Jiu and Jin Da Wei dropped over 4%, negatively impacting the sector's overall performance [1][2]. Group 2: Sales and Demand Insights - Recent research indicates that Moutai 1935 has seen over 20% year-on-year sales growth in several markets since Q3, with some areas reporting growth exceeding 30% [1][3]. - High opening rates and positive feedback from distributors suggest strong recognition of the product in both distribution and consumer channels [3]. Group 3: Valuation and Investment Opportunities - The food and beverage sector is currently at a historical low in terms of valuation, presenting a potential opportunity for left-side positioning [3]. - As of November 20, the food ETF's underlying index had a price-to-earnings ratio of 21, placing it in the lower 10.2% percentile over the past decade, indicating favorable long-term investment potential [3]. - Analysts predict that the food and beverage sector will experience a shift from valuation recovery to performance-driven growth starting in 2026, with expectations of improved earnings across various segments [4]. Group 4: Sector Composition and Focus - The food ETF (515710) tracks the CSI sub-index for the food and beverage industry, with approximately 60% of its holdings in leading high-end and mid-range liquor stocks, and nearly 40% in other segments like beverages and dairy [5]. - Key stocks in the ETF include major brands such as Moutai, Wuliangye, and Yili, indicating a strong focus on established market leaders [5].

Core Viewpoint - Douyin is actively combating the sale of counterfeit and low-priced Moutai products on its platform, reflecting a broader effort within the liquor industry and e-commerce platforms to address issues of low pricing, counterfeit goods, and tax evasion [2][3][4]. Group 1: Douyin's Actions - Douyin has banned 600,000 accounts involved in selling counterfeit Moutai and low-priced products this year, and has removed over 2,000 illegal items and expelled 690 merchants in the last three months [2][4][6]. - The platform has initiated a series of announcements and actions targeting false marketing and unauthorized sales, including a warning on November 10 and a follow-up notice on November 11 detailing the focus on low-price gimmicks and false advertising [4][6]. - Douyin's crackdown has led to the disappearance of the previously common 1,499 yuan per bottle Moutai listings, with official flagship stores now listing prices above 1,700 yuan [3][6]. Group 2: Market Impact - The price of the 2024-2025 Moutai has risen to over 1,700 yuan, with older vintages exceeding 2,000 yuan, aligning with offline market prices [7]. - The crackdown has resulted in a shift in the e-commerce landscape for liquor, with authorized stores becoming more prominent and unauthorized sellers being removed from the platform [7][9]. - Other premium liquors, such as Wuliangye and Guojiao, still have products listed below 900 yuan, indicating ongoing pricing discrepancies in the market [7]. Group 3: Regulatory Environment - The implementation of the "E-commerce Tax" regulation on October 1, 2025, aims to combat issues like unreported sales and low-price dumping by requiring platforms to report merchant income [8]. - The liquor industry is witnessing a coordinated effort to establish a transparent and regulated e-commerce environment, with major brands releasing official lists of authorized sellers to guide consumers [9].

进一步统计，近3个月内该股累计发生17笔大宗交易，合计成交金额为2.08亿元。该股近5个交易日累计 上涨0.69%，主力资金合计净流出3.77亿元。 责任编辑：小浪快报 11月21日，贵州茅台收跌0.03%，收盘价为1,466.60元，发生1笔大宗交易，合计成交量1400股，成交金 额201.29万元。 第1笔成交价格为1,437.77元，成交0.14万股，成交金额201.29万元，溢价率为-1.97%，买方营业部为国 投证券股份有限公司重庆解放碑证券营业部，卖方营业部为中国银河证券股份有限公司北京北四环证券 营业部。 ...

11月21日，贵州茅台大宗交易成交1400股，成交额201.29万元，占当日总成交额的0.03%，成交价1437.77元，较市场收盘价1466.6元折价1.97%。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | 2025-11-21 | 贵州茅台 | 61500519 | 1437.77 201.29 0.14 | 国投证券股份有限 | 中国银河证券股份 有限公司北京北四 | | ...