蓝鲸新闻记者从多方信源独家获悉，为精准响应市场环境动态变化，切实缓解分销及总经销渠道商的资 金周转压力，同时高效管控公司应收账款风险、优化资金流动性管理，贵州茅台酒销售有限公司近期对 渠道商电子银行承兑汇票使用规则作出调整。调整后，该类汇票使用范围明确为除飞天茅台这一核心大 单品以外的其他贵州茅台酒系列产品，承兑期限则严格遵循国家相关规定，最长可达6个月。此次调整 是茅台对渠道结算方式的重要松动，在此之前，茅台经销商在办理结算时，并不允许使用承兑汇票，此 次新规明确放开了除飞天大单品外的使用权限，进一步释放出缓解渠道资金压力的信号。 ...

格隆汇10月22日｜据蓝鲸财经，从多方信源获悉，为精准响应市场环境动态变化，切实缓解分销及总经 销渠道商的资金周转压力，同时高效管控公司应收账款风险、优化资金流动性管理，贵州茅台酒销售有 限公司近期对渠道商电子银行承兑汇票使用规则作出调整。调整后，该类汇票使用范围明确为除飞天茅 台这一核心大单品以外的其他贵州茅台酒系列产品，承兑期限则严格遵循国家相关规定，最长可达6个 月。此次调整是茅台对渠道结算方式的重要松动，在此之前，茅台经销商在办理结算时，并不允许使用 承兑汇票，此次新规明确放开了除飞天大单品外的使用权限，进一步释放出缓解渠道资金压力的信号。 ...

从资金流向上来看，当日白酒板块主力资金净流出1.88亿元，游资资金净流入1991.9万元，散户资金净流 入1.68亿元。白酒板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600702 | 舍得酒业 | 62.68 | 0.51% | 8.39万 | 5.29亿 | | 000568 | 泸州老窖 | 134.67 | 0.34% | 5.62万 | 7.57亿 | | 000860 | 顺鑫农业 | 15.64 | 0.13% | 4.90万 | 7671.53万 | | 685580 | 口子警 | 32.89 | -0.03% | 2.01万 | 6603.27万 | | 661009 | 金种子酒 | 10.37 | -0.10% | 4.71万 | 4896.86万 | | 002646 | 天佑德酒 | 9.79 | -0.10% | 4.36万 | 4275.16万 | | 600559 | 老白干酒 | 16.90 | -0.18% | 5.99万 | ...

招商证券在其研报中指出，通过公司与渠道交流，25年双节旺季白酒动销下滑整体符合预期，头部品牌 下滑幅度略好于行业平均水平，飞天、普五等大单品价盘回落后性价比突出，行业集中度进一步提升。 北京商报讯（记者 刘一博 冯若男）10月22日尾盘，沪指3913点下跌0.07%。白酒板块2295.12点收盘下 跌0.16% ，其中17只白酒股下跌，金徽酒1.87%领跌白酒股。 从个股来看，贵州茅台收盘价达1458.70元/股，下跌0.24%；五粮液收盘价达120.10元/股，下跌0.35%； 山西汾酒收盘价达188.31元/股，下跌0.74%；泸州老窖收盘价134.67元/股，上涨0.34%；洋河股份收盘 价达69.72元/股，下跌0.33%。 ...

格隆汇10月22日｜A股寒武纪午后持续拉升涨超7%，最高报1468元，股价再次超越贵州茅台。 ...

Core Viewpoint - The high-end liquor industry is facing a price war during the "Double 11" shopping festival, prompting major brands like Moutai and Wuliangye to take urgent actions to protect their brand integrity and sales channels [1][4]. Group 1: Brand Actions - Wuliangye has issued its fourth consumer notice, directly naming 46 unauthorized stores across major platforms like Douyin, JD.com, and Pinduoduo, warning consumers about the risks of purchasing from these channels [2][4]. - Moutai has also released a "warm reminder" to consumers, emphasizing the importance of purchasing from official channels to safeguard their rights [4]. Group 2: Price Discrepancies - The price of 53-degree Moutai has dropped to 1650 yuan per bottle on e-commerce platforms, while the official retail price is around 1900 yuan, creating a significant price gap of 150-250 yuan [4][5]. - The drastic price cuts on e-commerce platforms are directly impacting the long-established pricing structure of premium liquors [4]. Group 3: Industry Expert Insights - Industry experts indicate that the primary motivation behind the liquor companies' actions is to counteract the impact of low-price subsidies from e-commerce platforms and to mitigate the risks associated with unauthorized channels [5]. - The current pricing chaos in the liquor industry is attributed to an imbalance in supply and demand, exacerbated by deep adjustments in the industry and high social inventory levels [5]. Group 4: Strategic Recommendations - Experts suggest that liquor companies should adopt a strategy of "combining diversion and blockage" to balance channel expansion and price control [5]. - Recommendations include positioning e-commerce as a platform for brand promotion rather than price competition, developing exclusive online products, and establishing direct partnerships with major e-commerce platforms to enhance control over sales channels [5].

Core Viewpoint - The overall market experienced a decline, with the Shanghai Composite Index showing a slight increase, while the liquor sector faced a minor downturn, indicating mixed performance in the industry [1] Industry Summary - The three major indices collectively fell, with the Shanghai Composite Index at 3899.05 points, reflecting a 1.20% increase [1] - The liquor sector closed at 2296.58 points, down 0.09%, with 16 liquor stocks experiencing declines [1] - Specific liquor stocks reported the following closing prices: Kweichow Moutai at 1460.37 CNY per share (down 0.13%), Wuliangye at 120.08 CNY per share (down 0.37%), Shanxi Fenjiu at 188.89 CNY per share (down 0.44%), and Luzhou Laojiao at 134.05 CNY per share [1] Company Insights - According to a report by China Merchants Securities, the sales performance of the liquor sector in Q3 showed improvement, suggesting that financial statements may accelerate clearing [1] - Despite ongoing pressure on government and business demand, the banquet and mass consumption markets remain relatively stable [1] - Future performance may improve when quarterly results no longer decline, indicating a potential positive shift in the sector [1]

三大指数集体低开，食品饮料板块逆势上涨。中证食品饮料指数(930653.CSI)上涨0.2%，该指数成分股 中，科拓生物上涨超12%，双塔食品上涨近8%，安琪酵母上涨近2%。中证A500指数(000510.CSI)下跌 0.39%，该指数成分股中，罗博特科上涨近5%，菲利华上涨超4%，泽璟制药上涨近4%。 相关ETF方面，食品饮料ETF天弘（159736）低开。资金流向方面，截至10月21日，该ETF上个交易日 已连续5个交易日获资金净流入，累计净流入额为5069.08万元，该ETF最新流通份额为77.68亿份，最新 流通规模为55.99亿元。 中证A500ETF天弘（159360）现跌0.32%。截至10月21日，该ETF最新流通份额为13.88亿份，最新流通 规模为17.14亿元。 10月20日，燕京啤酒发布第三季度报告，前三季度实现营业收入134.33亿元，同比增长4.57%；实现净 利润17.70亿元，同比增长37.45%。 据21世纪经济报道，"小茅i茅台"微信公众号发布消息称，本月20日起，在i茅台APP"畅享·云购"商城购 买整箱53%vol500ml贵州茅台酒（乙巳蛇年），消费者可选择心仪的生 ...

Investment Rating - The report maintains a recommendation for the liquor sector, indicating a bottoming out phase with potential for recovery in the future [2]. Core Insights - The liquor industry is experiencing a significant decline in sales, with an expected drop of over 20% in overall sales volume. However, there are signs of month-on-month improvement, and the decline is narrowing [5][9]. - Major liquor companies like Moutai and Wuliangye are showing strong recovery in payment collection, with over 80% collection rates, while regional brands are performing adequately [5][9]. - The report emphasizes the importance of focusing on high-quality liquor brands that are likely to recover faster, such as Moutai and Fenjiu, while also highlighting the need to monitor companies undergoing significant changes [6][9]. Summary by Sections 1. Liquor Sector: Q3 Accelerated Decline and Bottoming Out - The liquor sector is facing a 20%+ decline in sales due to external demand shocks, with a gradual improvement expected in the coming months [5][9]. - High-end liquor brands are expected to show resilience, with Moutai projected to achieve a 3% revenue growth in Q3, while Wuliangye is expected to see a 20% revenue decline [10][11]. - The report indicates that companies are adjusting their strategies to reduce channel pressure and improve operational efficiency [9][10]. 2. Consumer Goods Sector: Overall Demand Weakness, Structural Resilience - The consumer goods sector is experiencing overall weak demand, but segments like snacks and beverages are showing higher resilience [17][24]. - The report notes that while the demand for dairy and beer remains stable, the restaurant supply chain is still under pressure [17][24]. - Raw material prices are generally declining, which may provide some cost relief to companies in the sector [24][25]. 3. Investment Recommendations: Focus on Liquor Bottoming Catalysts and Selective Consumer Goods Trends - The report suggests focusing on liquor companies that are at the bottom of their cycles, with Moutai and Fenjiu being primary recommendations [6][9]. - For consumer goods, the report highlights the potential of snack and beverage companies, recommending brands that are well-positioned to benefit from current trends [6][17].

"双11"大促来临之际，茅台、五粮液等多家白酒企业"喊话"消费者，要选择正规渠道购酒。 近日，宜宾五粮液股份有限公司（五粮液，000858.SZ）在五粮液集团官网发布《致五粮液消费者的告 知书（四）》（下称"告知书"）。这是自2024年11月以来，五粮液第四次发布致消费者告知书，同时， 五粮液还公布了最新电商销售授权渠道。在去年的"双11"，以及今年的"618"促销期间，五粮液也发布 了类似告知书。 而不同于前三次，此次五粮液直接点名46家非官方授权店铺，涉及六大平台，其中抖音有17家、京东4 家、快手9家、美团3家、拼多多8家、天猫淘宝5家。具体来看，包括抖音超市、名优白酒京东严选旗舰 店、美团名酒行、歪马送酒、1919 酒类直供、天猫淘宝百亿补贴官方频道等。根据声明，五粮液电商 销售授权渠道包括在多个电商平台的官方自营店铺，以及京东、天猫、抖音、快手等多个平台店铺。 不仅是五粮液，茅台日前也发布了消费提示，同时公示了贵州茅台酒线上和线下销售渠道。 那么，"双11"来临之际，头部酒企集中规范销售渠道，这一举动该如何看待？ 酒类分析师蔡学飞对智通财经记者表示，在目前行业整体承压情况下，头部酒企在"双11"前集 ...