文丨沉香 编审丨酒传社团队 ID：jiuchuanshe-OTO 这个十月，一纸新规，如同一道无声的惊雷，划破了白酒行业看似平静的天空。 新规的核心，在于打通了数据的"任督二脉"。平台自动向税务部门报送销售收入，使得"分散店铺、多个主体、低报收入"等传统避税手法瞬间失灵。 肖竹青分析认为，这直接带来三重暴击： （1）系统自动识别：任何零申报、低申报、私户收款行为都将暴露无遗，触发税务稽查。 （2）税负陡然攀升：月销售额超10万元的商家将无法再享受增值税免税政策，必须转为一般纳税人。 （3）稽查重点明确：年收入超500万元未升级一般纳税人的商家，将成为重点关照对象。 2025年10月1日，《互联网平台企业涉税信息报送规定》正式落地。它看似剑指互联网平台，实则精准命中了传统白酒行业的"七寸"。这不仅是税务监管 的升级，更是一场彻底重塑行业游戏规则的"透明革命"。 以往隐藏在渠道灰色地带的"糊涂账"，在"平台数据+银行流水+纳税申报"的三方交叉验证下，即将无处遁形。中国酒业独立评论人肖竹青一针见血地指 出："这意味着，过去那种零申报、低申报、私户收款的操作，将无处遁形。" 数据显示，新规实施首月，全国超10万家电商 ...

A500ETF嘉实(159351)紧密跟踪中证A500指数，均衡布局各行业优质核心资产。 2025年11月25日，A股三大指数集体高开，截至10:14，中证A500指数强势上涨1.10%，成分股沪电股份 10cm涨停，深南电路上涨8.24%，生益科技上涨7.75%，菲利华、胜宏科技等个股跟涨。 没有股票账户的投资者可以通过A500ETF嘉实联接基金(022454)一键布局A股500强。 该机构认为，短期监管层对于稳定资本市场具备较强决心与行动部署。过去造成股市估值折价的因素已 有所消解，随着尾部风险下降以及人民币资产逐步企稳，中国资本市场处于估值回升和大发展的周期， 后续或仍有较大上行空间。中国权益相较于其他主要大类资产的风险回报比较高。 数据显示，截至2025年10月31日，中证A500指数前十大权重股分别为宁德时代、贵州茅台、中国平 安、招商银行、紫金矿业、中际旭创、美的集团、长江电力、新易盛、兴业银行，前十大权重股合计占 比19.36%。 国泰海通证券发布研报称，多重因素支持中国权益表现，维持对A/H股的战术性超配观点。全球风险偏 好大幅承压导致的资产波动叠加恐慌抛售使得微观交易风险大幅释放。随着十五五 ...

| 贵州茅台酒(飞天) | 1831/瓶 | -470 | | --- | --- | --- | | 53度/500ml | | | | 贵州茅台酒(精品) | 2369/瓶 | -9元 | | 53度/500ml | | | | 五粮液普五八代 | 868/瓶 | 2元 | | 52度/500ml | | | | 青花汾20 53度/500ml | 396/瓶 | 2元 | | 国窖1573 | 895/瓶 | 670 | | 52度/500ml | | | | 洋河梦之蓝M6+ | 600/瓶 | | | 52度/550ml | | | | 古井贡古20 52度/500ml | 506/瓶 | -7元 | | 郎 | 青花郎 53度/500ml | 730/瓶 | 570- | | --- | --- | --- | --- | | 10.01 | 水晶剑南春 52度/500ml | 421/瓶 | 3元- | | 2 | 习酒君品 53度/500ml | 675/瓶 | 2元- | 新浪财经"酒价内参"过去24小时收集的数据显示，白酒市场十大单品终端零售均价周二延续升势。如果十 大单品各取一瓶整体打包 ...

格隆汇11月25日｜据酒价内参，白酒市场十大单品终端零售均价周二延续升势。如果十大单品各取一瓶 整体打包售卖，今日售价达到9291元，较昨日上涨8元，实现四连涨。多数品牌延续涨势，洋河梦之蓝 M6+表现强劲，单日涨幅达8元/瓶。国窖1573价格上涨6元/瓶。青花郎价格再度上涨5元/瓶，实现连续 五日上涨，领跑全场。水晶剑南春与习酒君品价格分别上涨3元/瓶和2元/瓶，走势稳健。青花汾20价格 上涨2元/瓶。五粮液普五八代价格亦上涨2元/瓶。下跌产品中，精品茅台与古井贡古20价格跌幅稍重， 分别下跌9元/瓶和7元/瓶。飞天茅台价格下跌4元/瓶。 ...

中国银河证券表示，预计白酒行业仍处于调整周期，但逐渐步入筑底阶段。2025年白酒行业深度调整， 25年三季度以来供给端加速出清，头部品牌中仅茅台与汾酒实现正增长。展望2026年，我们预计行业仍 处于调整期，但逐渐步入筑底阶段，即动销与批价跌幅收窄+报表端继续出清，股票长期价值凸显。参 考上一轮调整期（2012-2015年）：第一阶段动销与批价加速下跌，酒企报表端开始出清，股价与估值 大幅下跌；第二阶段动销与批价跌幅收窄，酒企报表端持续出清，但此时市场预期已经较为充分，随着 资金面不断改善，股价在低估值背景下开始修复。 ...

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the essential consumer goods sector, including Guizhou Moutai, Wuliangye, and others [1]. Core Insights - The wholesale prices of Baijiu have mostly declined, while prices for instant foods and condiments have rebounded [1][10]. - Discounts for convenience foods and seasonings have narrowed compared to the end of October, indicating a potential recovery in consumer spending [19][38]. - The report highlights the stability of discounts for infant formula and beer, while discounts for liquid milk and soft drinks have increased [21][38]. Summary by Sections Baijiu Pricing - The wholesale prices for various Baijiu brands, such as Moutai and Wuliangye, have shown significant declines compared to previous months and year-to-date figures [9][40]. - For instance, the price of Feitian Moutai (case) is 1650 yuan, down by 110 yuan from last month, and down 590 yuan year-to-date [40]. Consumer Goods Discounts - Convenience foods have seen an increase in average and median discount rates, moving from 93.2%/95.9% at the end of October to 95.8%/97.0% [19][38]. - Seasonings also experienced a rise in discount rates, from 83.7%/84.9% to 85.9%/88.9% [19][38]. - In contrast, liquid milk discounts have widened, with average rates dropping from 69.6% to 66.0% [21][38]. Company Ratings - The report lists several companies with an "Outperform" rating, including: - Guizhou Moutai - Wuliangye - Luzhou Laojiao - Shanxi Fenjiu - Yanghe - Others [1].

又出现一场以"茅台专卖店放开加盟"为幌子的骗局。 "50万开茅台直营店，每月保底几十到上百箱飞天茅台配额。" 近期，"茅台要落地800多家直营门店"的信息在市场流传，相关文章还附有申请开设茅台门店的"链接"和"二维码"，引导用户填写个人信息。 11月24日，贵州茅台方面对外回应，公司从未授权或委托任何主体发布此类信息，"拟建850家直营店" 等为不实消息。另有知情人士表示，茅台对此高度 重视，将通过相关部门和渠道给予严厉打击。 左宇/摄 谣言频出 事实上，今年围绕贵州茅台的谣言频繁发生，多集中在开放门店加盟、低价直采飞天茅台等方面。 9月，有不法分子开始以茅台集团及下属子公司的名义，发布"茅台集采峰会""战略合作峰会""F2C企业直供战略合作峰会" 等招商活动，声称茅台专卖店 全国招募加盟将开放、开展茅台经销开店申请等。 当时茅台通过官方微信号发布声明否认，从未授权任何主体组织此类活动，且将保留追究法律责任的权利，该消息时至今日仍在茅台集团公众号的置顶 位。 不过，后续相关谣言仍反复出现，并伴随着"低价直采飞天茅台"之类的消息。 部分文章以"茅台面向中小企业开放1499元直采飞天茅台""开放企业专属申购通道" ...

Investment Rating - The report maintains a "Buy" rating for the food and beverage industry, highlighting several key companies as investment opportunities [3][4]. Core Insights - The food and beverage industry is experiencing internal rotation in new consumption and improvement at the bottom of traditional consumption. The overall performance in 2025 was weak, primarily due to the adjustment in the liquor sector, but the long-term recovery trend for mass consumer goods remains intact [3][8]. - For 2026, structural opportunities are expected to continue, with new consumption showing internal rotation and traditional consumption gradually recovering from the bottom [3][15]. Summary by Sections Industry Overview - In 2025, the food and beverage sector's revenue grew by only 0.1% year-on-year, while profits fell by 14.6%, underperforming compared to the previous year. The industry index ranked last among 31 sub-industries with a decline of 4.8% [8][11]. - The adjustment in the liquor sector is identified as the main factor for the overall weak performance, while the recovery trend for mass consumer goods is expected to persist [8][11]. Soft Drinks - The beverage industry is projected to benefit from a rebound in travel demand in 2026, with a revenue increase of 6.2% in the first half of 2025 compared to the previous year [42][45]. - Cost advantages from declining prices of raw materials like sugar and PET are expected to continue, enhancing profit margins for beverage companies [45][49]. Snacks - The konjac snack sector is experiencing high growth, with companies like Salted Fish and Wei Long achieving significant revenue increases in 2025 [66][67]. - The competitive landscape for konjac products is expected to remain manageable, with established brands likely to maintain their market positions despite new entrants [70][76]. Dairy Products - The dairy sector is anticipated to see a recovery in supply-demand balance, with raw milk prices expected to stabilize in 2026 due to ongoing supply adjustments [38][39]. - Policies promoting consumption are expected to benefit liquid milk and milk powder sales, driving demand improvements [38][39]. Frozen and Condiment Products - The frozen food sector is expected to see performance improvements as competition stabilizes, with a focus on recovery in demand [38][39]. - The condiment sector is also projected to benefit from a gradual recovery in consumer demand [38][39]. Liquor - The liquor industry is still in an adjustment phase but is gradually approaching a bottoming out stage, with supply clearing expected to continue into 2026 [6][25]. - The report suggests that the long-term value of liquor stocks will become more apparent as the market stabilizes [6][25]. Investment Recommendations - Key companies to watch include Dongpeng Beverage, Nongfu Spring, and Moutai in the beverage sector, as well as Wei Long and Salted Fish in the snack sector [6][8].

视觉中国遭两家机构卖出7992万，同时遭两家一线游资席位（国泰海通证券成都北一环路、国泰海通证券上海新闸路）分别卖出1.04亿、1.01亿。 易点天下遭一家机构卖出7835万，同时遭两家一线游资席位（国泰海通证券上海中山东路、国泰海通证券成都北一环路）分别卖出1.81亿、0.94亿。 省广集团获三家一线游资席位（国泰海通证券上海新闸路、国投证券西安朱雀大街、国泰海通证券成都北一环路）分别买入1.09亿、1.02亿、0.7亿，同时遭 两家机构卖出5930万。 龙虎榜方面，AI应用股今日表现活跃，其中值得买获三家机构买入5748万。 蓝色光标获两家一线游资席位（国泰海通证券上海海阳西路、国泰海通证券上海新闸路）大幅买入4.96亿、2.54亿。 一、沪深股通前十大成交 今日沪股通总成交金额为1146.53亿，深股通总成交金额为1216.55亿。 | | | 沪股通( 11月24日 3 | | | --- | --- | --- | --- | | 排名 | 股票代码 | 股票名称 | 成交金额(亿元) | | 1 | 601138 | 工业富联 | 34.19 | | 2 | 600519 | 贵州茅台 | 16. ...

新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 北京商报讯（记者 刘一博 冯若男）11月24日尾盘，沪指3836.77点上涨0.05%。白酒板块2248.25点收盘上涨0.17% ，其中11只白酒股上涨。 中信建投在其研报中指出，当前食饮板块经历回调，估值已处于历史相对低位，市场预期较弱。白酒行业动销持续磨底，茅台治理电商乱象稳定价格预期，以业绩出清卸包袱+强品牌支撑动销+强 从个股来看，贵州茅台收盘价达1452.00元/股，下跌1.00%；五粮液收盘价达118.52元/股，下跌0.97%；山西汾酒收盘价达192.40元/股，下跌0.31%；泸州老窖收盘价达132.92元/股， ...