责编 | 贾宁排版| 沐言 第 9411 篇深度好文：20094字 |25分钟阅读 商业人物 笔记君说： 岁末年初，《企业家》杂志再度联合权威专家学者与业内资深人士，从战略布局、技术创新、成长速度、社会影响、责任担当等维度，推选出3位"特别贡 献企业家"和20位"2025年度企业家"（以姓氏笔画为序）。他们不仅是商业浪潮的领航者，也是中国经济的参与者和见证者。 他们有人一辈子只做一件事，把一滴酒酿成一个时代的标志；有人一次次"砸掉自己"，把一家工厂改造成全球管理范式；有人在最传统的行业里死磕品 质，也有人在最前沿的科技中重构系统。 在AI爆发、产业重构、经济换挡 的关键节点，这23位领航者横跨白酒、制造、能源、农业、互联网、AI、机器人、新消费等多个领域，几乎覆盖了中国 经济的主干版图。他们的共同点只有一个：不追风口，不走捷径，把长期主义落实到每一个产品、每一次决策中。 有人用六十年时间，把凭经验的手艺变成可量化的科学；有人在行业最内卷的时候选择减速，只为守住质量底线；有人拒绝参数竞赛，从系统层重新设计 智能的未来；也有人把情绪价值、审美力与商业结合，开辟出全新的消费赛道。 在他们身上，你几乎看不到投机与浮躁 ...

行 业 及 产 业 食品饮料 2026 年 01 月 26 日 白酒持仓继续下降 食品配置环比回 看好 —— 食品饮料 2025 年四季度基金持仓分析 王栗晴 A0230525120001 wanglq@swsresearch.com 本期投资提示： 证 券 研 究 报 告 相关研究 《茅台批价稳定 关注旺季动销——食品饮 料行业周报 20260112-20260116》 2026/01/18 《持仓全面下降 回到 17 年初水平——食 品饮料 2025 年三季度基金持仓分析》 2025/11/01 证券分析师 吕昌 A0230516010001 lvchang@swsresearch.com 王栗晴 A0230525120001 wanglq@swsresearch.com 研究支持 王栗晴 A0230525120001 wanglq@swsresearch.com 联系人 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 研 究 / 行 业 点 评 升 ⚫ 基金前二十大重仓股配置情况：从前二十大重仓股情况来看，基金配置的前二十大重仓 股持股市值占基金股票投 ...

贵州茅台1月26日大宗交易平台共发生2笔成交，合计成交量6.61万股，成交金额8648.86万元。成交价格 均为1308.45元，相对今日收盘价折价2.50%。 据天眼查APP显示，贵州茅台酒股份有限公司成立于1999年11月20日，注册资本125227.0215万人民 币。（数据宝） 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2.14亿元。 证券时报·数据宝统计显示，贵州茅台今日收盘价为1342.00元，上涨0.37%，日换手率为0.64%，成交额 为107.51亿元，全天主力资金净流入4.27亿元，近5日该股累计下跌2.47%，近5日资金合计净流出8.92亿 元。 两融数据显示，该股最新融资余额为195.79亿元，近5日增加10.70亿元，增幅为5.78%。 1月26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 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万 股） | （万元） | 格 （元） | 折溢价（%） | | | | 3.84 | 5024.45 | 1308.45 ...

1月26日，市场交易放量突破3万亿元，指数却微幅收低，板块与个股呈现显著分化，3771只股票收盘下跌。沪指在有色、煤炭等周期股护盘下仅微跌，而 卫星、半导体等科技赛道集体回吐，双创指数跌近1%。 21只个股出现超1亿元的大额压单，集中在中国平安、贵州茅台（600519）等权重股，紫金矿业（601899）卖一挂出近41亿元巨额压单。 板块跌多涨少，分化显著。有色金属板块大涨4.57%，个股掀涨停潮；石油石化、煤炭跟进，和顺石油（603353）、洲际油气（600759）、中曼石油 （603619）均涨停，农林牧渔、非银金融、银行等板块护盘。 受访人士表示，资金并未撤离，只是从高位科技成长板块流向顺周期及避险方向，完成"高切低"。经历前期阶段性拉升后，资金分歧加大，后市大概率通 过震荡与结构性轮动消化涨幅。春季行情预期仍在，资金将围绕业绩验证与估值重估展开新一轮博弈。 黄金、煤炭、石油等大涨 截至收盘，沪指微跌0.09%收涨4132.61点，创业板指收跌0.91%报3319.15点，深证成指收跌0.85%。科创50、北证50均跌逾1%，沪深300、上证50微红。 今日沪深京三市量能温和放大，日成交额增加1627亿元 ...

Investment Rating - The industry is rated positively, with expectations of overall returns exceeding the CSI 300 Index by more than 5% in the next six months [24]. Core Views - The food and beverage sector is currently at a phase of bottoming out, with a focus on the upcoming Spring Festival inventory buildup as a catalyst for growth [1][5]. - The liquor sector is experiencing a slow recovery in demand, with a focus on stabilizing expectations before discussing recovery, particularly for leading brands like Kweichow Moutai and Shanxi Fenjiu [6][19]. - The snack sub-sector has shown strong performance, with significant growth in companies like Mingming Hen Mang, which plans to go public in Hong Kong [20][22]. Summary by Sections Sub-industry Ratings - No ratings for liquor, beverages, and food sectors [3]. - Recommended companies include: - Kweichow Moutai: Buy - Shanxi Fenjiu: Buy - Guming: Buy - Mixue Group: Increase Holding - Ximai Food: Buy - Dongpeng Beverage: Buy - Wancheng Group: Buy - Pop Mart: Buy [3]. Industry Performance - The food and beverage sector saw a decline of 1.57%, ranking 28th among 31 sub-industries [5][14]. - The top-performing sub-sectors were snacks, pre-processed foods, and cooked foods, with increases of 6.44%, 5.02%, and 4.25% respectively [5][14]. - The top five stocks in the sector included: - Haoxiangni (+19.59%) - Weizhi Xiang (+17.23%) - Wancheng Group (+14.32%) - Quanyuan (+13.57%) - CITIC Nia (+9.69%) [5][14]. Liquor Sector Insights - The liquor index fell by 2.80%, with a focus on the upcoming Spring Festival for potential recovery [6][19]. - Current prices for Moutai products are: - Feitian Moutai (loose bottle): 1560 RMB, up 10 RMB from last week - Pu'er Moutai: 810 RMB, unchanged from last week [6][19]. Consumer Goods Sector Insights - Several companies are planning IPOs in Hong Kong, with Mingming Hen Mang aiming to raise between 32.37 billion to 33.36 billion HKD [20][22]. - The company reported a GMV of 661 billion RMB for the first three quarters of 2025, a 74.5% year-on-year increase [20][22]. - Dongpeng Beverage plans to issue 40.89 million H shares, with an expected listing date of February 3, 2026 [20][22].

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry [1] Core Insights - The food and beverage sector continues to see a decline in holdings, with a shift towards mass-market products. The proportion of active equity funds in the food and beverage sector decreased to 4.04% in Q4 2025, down from 4.18% in Q3 2025, reflecting a 0.14 percentage point decline [9][15] - The report highlights a continued reduction in allocations to alcoholic beverages, while holdings in mass-market products have shown signs of recovery. The proportion of holdings in white liquor decreased by 0.29 percentage points to 2.92% in Q4 2025 [14][17] - Major consumer funds have reduced their allocations to alcoholic beverages, with a notable decrease of 2.22 percentage points in white liquor holdings, while overall food and beverage allocations have increased [17][21] Summary by Sections 1. Food and Beverage Holdings Continue to Decline, Structure Shifts Towards Mass-Market Products - As of Q4 2025, the total scale of active equity fund heavy holdings is approximately 19.4 trillion yuan, with food and beverage holdings at 78.4 billion yuan, reflecting a 9.01% decline [9][10] - The decline in alcoholic beverage holdings is evident, with white liquor allocations decreasing to 2.92% and beer and pre-mixed drinks also seeing slight reductions [14][15] 2. Holdings Become More Diversified, Capturing Marginal Recovery Themes - The number of heavy holdings in the food and beverage sector has become more diversified, with only Kweichow Moutai remaining in the top 20 heavy holdings [24] - The report notes that the top five stocks with the largest increase in heavy holdings include Baba Foods, Yingjia Gongjiu, Youran Dairy, Ximai Foods, and Modern Animal Husbandry [28][29] 3. Investment Recommendations - The report suggests five key directions for investment: focusing on functional health foods, improving supply chains and product/channel resonance in leading snack companies, expanding quality retail formats, investing in long-lifecycle beverage leaders, and tracking sectors with potential recovery such as dairy and large-scale dining [10][29]

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry [1] Core Insights - The food and beverage sector continues to see a decline in holdings, with a shift towards mass-market products. The proportion of active equity funds in the food and beverage sector decreased to 4.04% in Q4 2025, down 0.14 percentage points from the previous quarter [9][15] - The report highlights a continued reduction in allocations to alcoholic beverages, while holdings in mass-market products have shown signs of recovery. The proportion of holdings in white liquor decreased by 0.29 percentage points to 2.92% in Q4 2025 [14][17] - The report emphasizes the importance of capturing valuation switching opportunities in five key areas: health food and supplements, leading snack brands, quality retail chains, beverage leaders with long life cycles, and sectors expected to recover from downturns, particularly dairy [29][30] Summary by Sections 1. Holdings Decline and Shift Towards Mass-Market Products - Active equity funds' holdings in the food and beverage sector decreased by 9.01% to 784 billion yuan in Q4 2025, with a total market value of approximately 1.94 trillion yuan [9][10] - The decline in holdings is attributed to a preference for technology and other sectors, while the alcoholic beverage sector continues to face downward pressure [10][14] 2. Increased Diversification in Holdings - The number of heavily held stocks in the food and beverage sector has become more diversified, with only Kweichow Moutai remaining in the top 20 heavy holdings [24][28] - The report notes that the top five stocks with the largest increase in heavy holdings include Baba Foods, Yingjia Gongjiu, Youran Dairy, Ximai Foods, and Modern Dairy [28][29] 3. Investment Recommendations - The report suggests focusing on five areas for investment: innovative health food, leading snack brands, quality retail chains, beverage leaders, and sectors expected to recover from downturns [29][30] - It emphasizes the need to pay attention to the health food sector, which is expected to benefit from an expanding consumer base and product innovation [29][30]

证券研究报告 行业研究 / 行业点评 2026 年 01 月 26 日 行业及产业 食品饮料 强于大市 投资要点： 一年内行业指数与沪深 300 指数对比走势： 联系人 朱振浩 S0820125020001 021-32229888-25515 zhuzhenhao@ajzq.com 茅台批价回暖，关注春节动销催化 ——食品饮料行业跟踪报告 -10% 0% 10% 20% 30% 01-27 02-27 03-27 04-27 05-27 06-27 07-27 08-27 09-27 10-27 11-27 12-27 食品饮料 沪深300 (收益率) 资料来源：聚源数据，爱建证券研究所 相关研究 《食品饮料行业跟踪报告：茅台重塑价格体 系，推进市场化改革》2026-01-19 《食品饮料行业跟踪报告：i 茅台抢购热度 高，C 端触达效果显著》2026-01-12 《食品饮料行业跟踪报告：茅台加速营销市场 化转型，普飞上架 i 茅台》2026-01-05 《食品饮料行业跟踪报告：扩内需提至战略高 度，五粮液主动求变》2025-12-22 《食品饮料行业跟踪报告：茅台控量稳价，批 价反弹回升》2025-12- ...

"十四五"期间，作为贵州省内唯一全牌照综合性证券公司的华创证券，成为西部地区第二家取得基金投顾业务试点资格的证券公司，创新业务稳步推进。 记者日前采访了华创证券执行委员会联席主任、总裁陈强，探讨了目前贵州证券市场的特点，以及贵州应该怎样利用资本工具来发展壮大实体经济。 位于贵阳市区的华创证券办公大楼 陈强说，"十四五"期间，贵州证券公司分支机构服务网络日益完善，截至2025年9月，贵州辖区已形成"本土券商+全国性机构分支"的多元布局，全省超 3000名从业人员，构建起覆盖全省主要市县的服务网络；期货经营机构目前虽仅有8家，但头部机构加速落地。而且，贵州证券市场的交易活跃度显著提 升，证券交易成交金额大幅增长。 记者了解到，2025年1月至9月，贵州辖区证券市场（包括股票、基金、债券等）累计成交金额的同比增速远高于全国平均水平。那么目前贵州资本市场在 全国的优势有哪些、"股债基期"中哪一个最适合目前的贵州发展？ 陈强说，目前贵州资本市场有三个方面优势：首先是形成了以贵州茅台为核心，新能源、新材料和生物医药产业为特色的上市企业群，这个方面传统行业 起到了"稳定器"的作用，培育中的新兴产业为未来增长提供潜力。其二是 ...

近日，公募基金2025年四季度报告已经披露完毕，基金重仓股也随之浮出水面。公募基金作为A股市场主要的机构投资者之一，其持股动向备受市场关注。 （按照基金披露规则，公募基金季报只会披露前10大重仓股数据，中报和年报才会披露全部的持仓数据。） 根据公募基金四季报中披露的前10大重仓股数据（本文仅统计公募基金的A股持仓数据）统计发现，2025年末，公募基金共重仓持有2976家A股公司，持股 总市值约为33572亿元，相比三季度末减少约4292亿元。 从基金2025年末的重仓股所属行业分布来看，持股总市值最高的行业是电子行业，持股总市值约为6897亿元，远高于其他行业；但相比三季度末持股市值减 少了1000多亿元。 电力设备（新能源为主）、通信2个行业，基金持股市值也分别超3700亿元、3400亿元。此外，公募基金对有色金属、非银金融、食品饮料、医药生物等4个 行业的持股也均超2000亿元。 | 排序 | 行业名称 (申万一级) | 持有该行业 的公司数 | 2025年末 持股市值 | 三季度 持股市值 | | --- | --- | --- | --- | --- | | | | | (亿元) | (亿元) | | ...