证券之星消息，12月25日白酒板块较上一交易日上涨1.13%，水井坊领涨。当日上证指数报收于 3959.62，上涨0.47%。深证成指报收于13531.41，上涨0.33%。白酒板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600519 贵州茅台 | | 3.19亿 | 9.67% | -3.19 Z | -9.66% | -30.16万 | -0.01% | | 600779 | 水井坊 | 1.54亿 | 35.78% | -6005.44万 | -14.00% | -9348.68万 | -21.79% | | 000858 | 五粮液 | 1.17亿 | 8.46% | -7093.63万 | -5.12% | -4619.79万 | -3.34% | | 000596 古井贡酒 | | 5253.13万 | 17.26% | -4066.15万 | -13.36% | -1186. ...

Core Viewpoint - The article highlights the recent performance of the Chinese stock market, particularly the rise of the liquor sector, indicating a competitive landscape among major liquor companies [1] Industry Summary - The three major indices collectively rose, with the Shanghai Composite Index closing at 3959.62 points, up by 0.47% [1] - The liquor sector index closed at 2220.34 points, increasing by 1.09%, with 20 liquor stocks experiencing gains [1] Company Summary - Kweichow Moutai's stock closed at 1414.17 CNY per share, up by 0.95% [1] - Wuliangye's stock closed at 110.60 CNY per share, up by 1.21% [1] - Shanxi Fenjiu's stock closed at 178.67 CNY per share, up by 1.75% [1] - Luzhou Laojiao's stock closed at 120.72 CNY per share, up by 0.65% [1] - Yanghe Brewery's stock closed at 62.69 CNY per share, up by 0.95% [1] Competitive Landscape - CITIC Securities reports that the liquor industry has entered an era of competition among famous brands, with increasing internal differentiation among listed companies [1] - Companies are actively managing market order, promoting product iterations, and enhancing consumer engagement, while increasing expenditure to boost sales and facilitate inventory reduction, thereby improving market share [1]

Core Viewpoint - The official launch of the Hainan Free Trade Port's full island closure operation on December 18 is expected to create significant policy advantages and institutional dividends for various industries, including the liquor industry, which is poised to leverage this opportunity for international expansion [1][4]. Group 1: Liquor Companies' Moves in Hainan - Major liquor companies such as Fenjiu, Wuliangye, and Langjiu have recently established operations in Hainan, indicating a trend of companies positioning themselves to capitalize on the new opportunities presented by the free trade port [4][5]. - The establishment of Fenjiu International Trade (Hainan) Co., Wuliangye's supply chain management company with a registered capital of 100 million yuan, and Langjiu's collaboration with Hainan Ecological Software Park exemplify proactive strategies by these companies [4][5]. - Other brands like Moutai and Luzhou Laojiao have also made significant investments in Hainan, with Moutai establishing a resort and Luzhou Laojiao setting up an international trade company [4][5]. Group 2: Supply Chain and Trade Dynamics - Hainan's closure policy is designed to enhance trade efficiency by allowing easier access for foreign goods and capital while maintaining regulatory controls for goods entering mainland China [1][5]. - The policy encourages the consolidation of processing activities within Hainan, reducing costs and improving logistics efficiency for liquor companies [5][6]. - The port of Yangpu is highlighted as a key hub for integrating scattered processing stages, which can significantly lower operational costs for liquor exporters [5][6]. Group 3: Hainan as a New Trade Hub - Hainan is positioned to potentially divert some trade flows from Singapore, which has historically been a significant hub for Chinese liquor exports [6][7]. - The region's capabilities are expected to evolve into a composite function that combines the roles of both Singapore and Hong Kong, facilitating not only trade but also production and brand showcasing for liquor companies [8][9]. - The zero-tariff policy in Hainan is anticipated to lower production costs for liquor companies, enhancing their competitiveness in international markets [8][9]. Group 4: Policy and Market Implications - The dual benefits of policy empowerment and innovative pathways provided by Hainan's closure are seen as advantageous for the liquor industry, simplifying processes and enhancing efficiency [9][10]. - The establishment of a trade network connecting Hainan, Southeast Asia, and the global market is expected to accelerate the penetration of Chinese liquor into ASEAN countries [9][10]. - The new institutional framework and shorter pathways for liquor exports from Hainan are viewed as revitalizing the long-standing topic of liquor internationalization [10].

今日（12.25），A股大小指数分化，大消费板块反弹，消费ETF（159928）涨近1%，盘中成交额超4.25亿元！资金大幅涌入，消费ETF（159928）近3日累 计净流入超7亿元！截至12月24日，消费ETF（159928）最新规模超216亿元，同类持续领先！ 消息面上，茅台价格全线上涨引发广泛关注。12月24日，据第三方平台"今日酒价"披露的各大名酒批发参考价显示，25年飞天茅台原箱（53度/500ml）报 1600元/瓶，较上一日涨40元；25年飞天茅台散瓶报1590元/瓶，较上一日涨40元。24年飞天茅台原箱报1630元/瓶，较上一日涨30元；24年飞天茅台散瓶报 1615元/瓶，较上一日涨35元。 聚焦大消费板块，估值性价比仍极具吸引力。截至12月24日，消费ETF（159928）标的指数市盈率TTM为19.21，处于近10年2.26%分位点，比近10年历史上 近98%的时间便宜，估值性价比更高！ 白酒经销商指出，25年飞天茅台零售价普遍在1700元上方，近期略有上涨，茅台年份酒、蛇茅等涨幅较大。从线上来看，此前个别电商平台推出的1499元、 1399元的飞天茅台限时抢购活动均已结束。当前，在电商 ...

Core Insights - The Chinese liquor industry is undergoing significant transformation in 2025, facing challenges such as high channel inventory and weak terminal sales, while also experiencing new opportunities driven by changing policies, consumption patterns, and scenarios [2][3] - The market is seeing a shift towards product innovation targeting younger consumers, with low-alcohol beverages and fruit-flavored wines becoming popular among Generation Z [2] - The industry is also accelerating its international expansion, moving from product export to cultural export, as domestic growth slows [2] Price Trends - The retail prices of liquor in the Guangdong-Hong Kong-Macao Greater Bay Area have shown a clear trend of "overall decline, weak peak seasons, and increasing differentiation" [4][6] - Over half of the monitored products in the Bay Area have experienced price declines, including high-end brands like Moutai and Wuliangye, indicating a significant pressure on the price points [6][10] - The price of high-end products has collectively "cooled down," with many products in the 1,000 yuan price range facing substantial pressure, leading to a significant gap between listed and actual transaction prices [6][10] Regional Analysis - In Guangzhou, the liquor market has continued to show price declines and frequent fluctuations, reflecting a deepening adjustment trend [8][9] - Shenzhen's liquor prices have shown stability in offline channels, acting as a "price ballast," while online channels have seen significant price drops [12][15] - In Foshan, the price trends are characterized by a "two-tier" differentiation, with stable products maintaining their prices while others experience significant volatility [16][17] - Dongguan's liquor market has shown structural differentiation in price trends, with high-end products under pressure and mid-range products adopting flexible pricing strategies [19][21] Market Dynamics - The collective price adjustments in the Bay Area are driven by a combination of macroeconomic pressures, industry cycles, and channel transformations [22][23] - The current market pressure stems from a cooling demand for consumption, particularly in business and banquet settings, alongside a shift in consumer preferences [22] - The evolution of channels, particularly the rise of instant retail platforms, has increased price transparency and intensified competition among channels [23] Future Outlook - The market is expected to maintain a "low-price" trend in the short term, with the upcoming Spring Festival being a focal point for potential sales recovery [24] - However, significant price rebounds are unlikely until consumer confidence is restored and channel inventories are effectively reduced [24] - The industry is likely to see a shift from price wars to competition based on brand strength, product innovation, and refined channel management [24]

12月25日盘后，白酒板块直线拉升，食品饮料ETF(515170.SH)盘中涨超1%，权重股"茅五泸汾洋"齐齐 上涨超1%，水井坊（600779）涨停，酒鬼酒（000799）涨超4%。消息面上，12月24日，北京带头进一 步放宽住房限购政策，新一轮房地产提振措施，有望推动顺周期复苏。 整体上，食品饮料ETF(515170.SH)及其联接基金(华夏食品饮料ETF联接C：013126，联接A：013125)是 个人投资者低资金门槛、分散化把握行业底部贝塔修复机会的好工具。 截至12月25日收盘，2025年A股仅剩4个交易日。31个申万一级行业中，食品饮料行业表现最差，年初 至今跌幅超-7%，位列倒数第一，如果在剩下的6个交易日里不能弥补-7%的跌幅，这将是食品饮料行业 连续第5年收益为负。 食品饮料ETF(515170.SH)，标的指数为中证细分食品饮料产业主题指数(000815.CSI)，与纯酒类指数相 比，细分食品指数摒除三四线酒企，主要覆盖贵州茅台（600519）、五粮液（000858）、泸州老窖 （000568）、山西汾酒（600809）、洋河股份（002304）等一二线白酒龙头企业，合计权重近六成，同 ...

据交易所数据显示，截至12月25日午间收盘，大盘主力资金净流出256.41亿元。主力资金流入前十大板块分别为：航天航空（18.67亿元）、 汽车零部件 （18.27亿元）、 通用设备（16.00亿元）、 电机（6.05亿元）、 包装材料（5.13亿元）、 房地产开发（2.55亿元）、贸易行业（1.52亿元）、 酿酒行业 （1.00亿元）、 保险（0.95亿元）、 仪器仪表（0.83亿元）。 | | 板块名称 涨跌幅(%) 板块资金流向 | | 净流入最大 | | --- | --- | --- | --- | | 航天航空 | 3.5 | 18.67亿元 | 航天电子 | | 汽车零部件 | 1.52 | 18.27亿元 | 万向钱潮 | | 通用设备 | 1.69 | 16.00亿元 | 中核科技 | | 电机 | 2.45 | 6.05亿元 | 方正电机 | | 包装材料 | 1.95 | 5.13亿元 | 顺灏股份 | | 房地产开发 | 0.56 | 2.55亿元 | 首开股份 | | 贸易行业 | 0.89 | 1.52亿元 | 跨境通 | | --- | --- | --- | --- | | 酿 ...

近日，贵州茅台（600519）在官网发布关于聘任2026年度酱香酒营销顾问团成员的公示。根据《茅台酱 香酒营销顾问团管理办法》，按照酱香酒公司第二十四次党委会、第二十四次总经理办公会精神，拟聘 40家系列酒经销单位的主要负责人为2026年度贵州茅台酒股份有限公司酱香酒营销顾问团成员。 根据拟聘名单，相关系列酒经销商单位包括乾坤福商贸有限公司、北京朝批商贸股份有限公司、百川名 品供应链（上海）有限公司、安徽吉创名品供应链管理有限公司、山东新星集团有限公司、山东宝真国 际酒业有限公司、河南茅酱酒业销售有限公司等知名企业。 ...

中国银河（601881）证券发布研报称，12月食品饮料指数有所回调，判断主要原因为中秋错期导致11月 度动销数据环比略有放缓，以及2026年春节备货期较晚或导致Q4报表端收入增速面临一定压力。板块 内部来看，零食、调味品与预加工食品指数实现小幅正收益。展望2026年，该行仍然维持此前判断，新 消费仍具持续性但内部将会轮动，而传统消费有望迎来底部改善。 头部酒企定调2026年战略，逆周期调节与长期变革并行 截至2025年12月23日，食品饮料行业跌幅3.1%，相对于全A指数的超额收益为-4.9%，在31个子行业中 排名第28，排名相较于11月有所下降。半数子板块上涨，其中零食、调味发酵品、预加工食品涨幅靠 前，分别为+3.6%、+3.0%、+2.6%。 1)逆周期调节，主要酒企均提到短期行业将持续面临周期下行的客观压力，因此将维护价格体系、稳定 渠道利润空间视为重点工作，具体措施包括大力发展高渠道利润率的大单品、加大费用投放提升经销商 积极性。2)推进长期变革，一是需求端继续培育新产业（300832）客群、年轻客群;二是产品端开发符 合新消费趋势的产品(例如茅台省属配方酒、五粮液（000858）低度酒、汾酒竹叶 ...

近日，贵州茅台发布关于以集中竞价交易方式回购公司股份的回购报告书。披露为维护公司及广大投资 者的利益，增强投资信心，在保证公司正常经营和长期发展不受影响的前提下，根据中国证监会、上海 证券交易所等相关规定，公司将以自有资金实施股份回购计划，回购股份将用于注销并减少公司注册资 本。 假设本次回购股份的资金上限人民币 30 亿元全部使用完毕，回购资金约占公司截至 2025 年 9 月 30 日 总资产的 0.98%、归属于上市公司股东 净资产的 1.17%、现金和现金等价物的 1.88%。 （企业公告） 本次回购股份的价格为不超过 1863.67 元/股（含）。因公司 2025 年中期利润分配实施完毕，回购股份 价格上限由 1887.63 元/股（含）调整为1863.67 元/股（含）。 如公司在回购期限内实施了资本公积转增股本、派发股票或现金红利等除权除息事项，自股价除权、除 息之日起，公司将按照中国证监会及上海证券交易所的相关规定，对回购股份的价格进行相应调整。 截至 2025 年 9 月 30 日，公司总资产为 3047.38 亿元，归属于上市公司股东的净资产为 2570.70 亿元， 现金和现金等价物为 ...