来看周末要闻汇总。 普京对在俄领空发生悲惨事件致以歉意 普京对在俄罗斯领空发生的悲惨事件致以歉意，并再次向遇难者家属表示深切和诚挚的慰问，并祝愿伤 者早日康复。普京在谈话中指出，严格遵照飞行时刻表飞行的阿塞拜疆客机多次试图在格罗兹尼机场降 落。彼时，格罗兹尼、莫兹多克和弗拉季高加索正在遭受乌克兰无人机的袭击，俄罗斯利用防空手段击 退了袭击。 日前，国务院关税税则委员会发布《2025年关税调整方案》。为增强国内国际两个市场两种资源联动效 应，2025年对935项商品实施低于最惠国税率的进口暂定税率。一是支持以科技创新引领新质生产力发 展，降低环烯烃聚合物、乙烯-乙烯醇共聚物、救火车和抢修车等特殊用途车辆的自动变速箱等的进口 关税。二是在发展中保障和改善民生，降低环硅酸锆钠、CAR-T肿瘤疗法用的病毒载体、外科植入用镍 钛合金丝等的进口关税。三是推进绿色低碳发展，降低乙烷、部分再生铜铝原料的进口关税。此外，根 据国内产业发展和供需情况变化，在我国加入世界贸易组织承诺范围内，提高糖浆和含糖预混粉、氯乙 烯、电池隔膜等部分商品的进口关税。 央行：实施好适度宽松的货币政策保持流动性充裕 证监会发布新《公司法》配套制度规 ...

[Table_Main] 证券研究报告 | 公司点评 贵州茅台(600519.SH) 2024 年 12 月 29 日 投资要点 市场表现 -23% -11% 0% 11% 23% 34% 贵州茅台 沪深300 相关研究 事件：12 月 25 日，贵州茅台酒 2025 年经销商联谊会在贵阳国际生态会议中心举 行。王莉总经理对茅台在 24 年取得的成绩表示了肯定，并提出：公司在 25 年面 对"三期叠加"的外部挑战时，将在产品需求端做出调整，巩固基础，投放新产品； 充分利用 10 大渠道，增加消费者触达，强化消费者培育；同时做好产品转型，把 握市场结构变化，提升客群，场景，服务三大方面茅台酒的供需适配性。最终为 "十四五"收官之年交出完美答卷。 稳中求进，精雕细琢茅台系列产品。茅台坚持以消费者为中心，做好客群，场景， 服务三大转型，不断强化渠道协同、增强消费触达、促进消费转化，解决好根本性 的"供需适配"问题。其中，客群转型聚焦于"新商务"人群，推动客群组成和结 构转型；场景转型则围绕新商务人群，重点增加茅台酒在新型聚会场合的适配性； 服务转型则满足消费者多样化，个性化需求。在茅台不同系列产品上，将以大单品 普 ...

渠道协同 稳中求进 2024 年 12 月 28 日 | --- | --- | --- | --- | --- | |----------------------------------------------------|---------|-------------------|------------|---------| | 营业收入（百万元） | 150,560 | 174,390 | 192,917 | 209,244 | | 增长率（%） | 18.0 | 15.8 | 10.6 | 8.5 | | 归属母公司股东净利润（百万元） | 74,734 | 87,386 | 96,798 | 105,185 | | 增长率（%） | 19.2 | 16.9 | 10.8 | 8.7 | | 每股收益（元） | 59.49 | 69.56 | 77.06 | 83.73 | | PE | 26 | 22 | 20 | 18 | | PB | 8.9 | 7.3 | 6.5 | 5.9 | | 资料来源： Wind ，民生证券研究院预测；（注：股价为 | 2024 | 年 12 月 27 | 日收盘价 ...

25 年稳中求进，结构腾挪保增长 2024 年 12 月 27 日 贵州茅台（600519.SH）动态更新报告 ➢ 事件：2024 年 12 月 25 日，以"聚共识以共赢，怀厚德以远行"为主题的贵 州茅台酒 2025 年全国经销商联谊会在贵阳召开。预计 2024 年茅台酒在高基数 下顺利完成全年既定目标，营收、利润均保持双位数增长。 ➢ 回顾 24 年：三重周期压力叠加下，预计公司通过结构腾挪实现增长目标。 面对来自宏观经济转型、产业周期下行和茅台需求疲软三重压力叠加，围绕"时 间、产品、渠道、区域、空间"五个量比关系调节产品投放，公司组织架构上下同 欲、渠道上下厂商团结，有效确保了茅台酒市场稳定。茅台酒的基于社交、收藏 的固有属性没有变，且茅台酒的基本需求面没有变，且会随着宏观经济转型、国 际化拓展持续扩大。 ➢ 展望 25 年：总量微增，结构拉升。公司以消费者为中心，通过"三个转型" （客群、场景、服务）强化渠道协同、增强消费触达、促进消费转化，以实现供 需适配、量价平衡。 产品端：①推陈出新拉结构，公司计划将于 2025 年 1 月 5 日发售新品乙巳蛇 年生肖酒和笙乐飞天茅台酒；②调节飞天和非标投放 ...

Company Strategy - The company will ensure the price stability of 53-degree 500ml Feitian Moutai in 2025 [1] - The company will adjust the operation model of Zhenpin Moutai and the distribution policies of aged Moutai and 43-degree Moutai [2] - The company will develop 750ml and 400ml Moutai for the catering channel and international market respectively [3]

Company Strategy - The company plans to adjust the supply of Feitian 53° 500ml, Zhenpin, and Feitian 53° 1000ml Maotai in 2025 to strengthen the base position of the core product in the olive-shaped product matrix and enhance consumer reach efficiency [1][2] - New products, including the Yisi Snake Year Zodiac Wine and Shengle Feitian Maotai, will be officially launched on January 5, 2025 [1][2] - The company aims to target the catering channel and international market, leveraging cultural resources such as scenic spots, world cultural and natural heritage sites, and museums to develop cultural and creative products and new "Into the Series" products [2] - The company will focus on expanding the product line of Maotai 1935 and initiate the business of sealed altar wine, while Maotai Prince Wine will target the mass consumption range of 200 to 500 yuan, aiming to cultivate it into another heavyweight billion-yuan product within two years [3] - The company will strengthen channel construction, optimize the product matrix, enhance brand promotion, improve policy services, and expand the overseas market [4] - The company will provide more market resource support to Maotai sauce-flavored liquor in 2025, such as expanding the sales team, deepening channels, and increasing the proportion of supermarket displays [4] - The company will focus on the "supply-demand adaptation" strategy, leveraging its self-operated system (including self-operated companies, iMaotai, and major clients) and social channels (including distributors, supermarkets, department stores, tobacco, catering, and e-commerce) to achieve channel complementarity [7] - The company is committed to building six systems for internationalization: brand promotion, legal, product, channel, price, and policy systems, aiming to achieve comprehensive internationalization by 2035 [7] - The company has established a "T"-shaped overseas product matrix, with 53° and 43° as the pillars, horizontally exporting high-value-added products and Maotai Prince Wine series products with influence in overseas markets [7] Financial Performance - The company implemented its first "interim dividend" in early November, distributing cash dividends of 23.882 yuan per share (including tax), totaling 30.001 billion yuan (including tax) [6][9] - The company plans to repurchase shares worth between 3 billion and 6 billion yuan using its own funds and cancel the repurchased shares to reduce registered capital [6][9] - Maotai sauce-flavored liquor achieved revenue of 19.393 billion yuan in the first three quarters of 2022, a year-on-year increase of 24.36%, exceeding the overall revenue growth rate of 16.77% [13] Product Development - The company launched the "Winter·Qiongfei Dance" product from the Maotai Winter Series cultural products on December 4, marking the completion of all 24 products in the Maotai Spring/Summer/Autumn/Winter Series cultural wine [11] - Users can participate in related activities on the Xunfeng platform starting from December 5 to obtain the digital-physical fusion product of "Winter·Qiongfei Dance" [11] Market and Industry Insights - The company emphasizes quality and brand, actively addressing short-term supply-demand adaptation issues and increasing consumer reach through ten channels (four self-operated systems and six social distribution systems) [12] - The company plans to introduce innovative products and deeply explore incremental demand to effectively respond to growth challenges, with a more stable business target expected for the next year [12] - The company's internationalization strategy has upgraded from "product export" to "brand globalization," which is expected to gradually contribute to performance growth [12]

Company Strategy - The company held the 2025 National Distributors Conference in Guiyang on December 25 [1] - The company plans to adjust the supply of products such as Feitian 53° 500ml Moutai, Zhenpin Moutai, and Feitian 53° 1000ml Moutai in 2025 [2] - The company aims to strengthen the position of the core product as the base of the "pyramid" in the olive-shaped product matrix [2] - The company seeks to activate terminal consumption momentum and improve consumer reach rate [2] - The Chairman of Moutai Sales Co Ltd announced key market policies for 2025 at the conference [2]

证券时报e公司讯，12月17日下午，在贵州茅台2024年第三季度业绩说明会上，有投资者建议，可借鉴 世界优秀上市公司成熟经验，对贵州茅台酒股票进行拆股，让大众股民更多参与，共享红利。 对此贵州茅台党委书记、董事长张德芹回应，茅台高度重视市值管理，对各类市值管理工具，也进行了 认真的分析论证。 关于是否拆股，股东观点也不完全统一，有人赞成，有人反对。 两种观点都是站在为茅台好的角度，各有利弊。 "站在公司董事会的角度，我们需要从公司健康稳定可持续发展、股东长期利益等角度系统考虑，审慎 决策。 "张德芹表示。 ...

贵州茅台（600519.SH）也开始炒债了，并且还要招聘债券交易员。 近日，贵州茅台官网披露一则贵州茅台集团财务有限公司2024年引进专业人才公告，贵州茅台集团财务 有限公司计划引进专业人才2人，其中之一是债券交易员。 图源：贵州茅台官网 岗位要求显示，应聘者需具备5年及以上固定收益业务工作经历，同时还需要持有银行间市场交易员资 格证。 工作内容方面上，据该岗位描述，应聘者除需要负责银行间、交易所各类债券投资、债券价格监测等日 常交易工作外，还需要负责制订人民币债券的配置策略、组合管理债券与利率衍生产品交易与管理，组 织人民币利率债做市交易，同时负责开展债券投资相关的策略研究等共计5项主要内容。 一位公募基金的债券交易员向界面新闻记者证实，上述岗位内容基本上与金融机构的债券交易员职责范 围一致，同时，该岗位的对于应聘者的从业年限要求并不高。 "像贵州茅台这种体量的上市集团公司，账面会有非常多的流动资金。财务公司对集团部分长期闲置资 金进行证券投资都属于常规操作。特别是在今年降息背景下，债券市场持续走牛，上市公司加强债券投 资也可能提高公司整体投资收益水平。"有市场人士向界面新闻记者分析。 界面新闻记者查阅贵州 ...