贵州茅台（600519）最近交出了2025年三季度"成绩单"：前9个月营收1309亿元，净利润高达646.3亿 元，比去年同期分别增长6.3%和6.2%，赚钱能力依然顶流。不过单看三季度，增速明显放缓——营收 398.1亿元增0.3%，净利润192.2亿元增0.5%，相当于"踩了刹车"。 为啥增速慢了？机构这么说： 对于茅台的"降速"，招商证券解释道：这不是公司不行了，而是主动"降速卸包袱"，不硬撑着追求增 长。现在白酒行业整体需求不太好，茅台这份Q3报表就是行业真实情况的写照——核心的茅台酒业务 还算扛打，但系列酒和i茅台渠道确实压力不小。更重要的是，作为行业老大，茅台带头调整，也能让 其他酒企跟着理性应对，这是龙头的担当。 【相关ETF】 食品饮料ETF(515170) 消费30ETF(510630) 而国信证券则给出了好消息：白酒行业已经出现越来越多"筑底"的信号，就像跌到了阶段性底部，接下 来可能要慢慢回暖了。现在整个食品饮料板块(包括白酒)的估值都在低位，正是布局的好时候。 普通投资者该关注啥？ 简单说，现在白酒行业虽然短期承压，但龙头茅台的基本盘没垮，行业也在慢慢筑底。机构建议，大家 可以关注两类 ...

A股市场市值管理已迈入系统化、阳光化的"显性规范"新时期。在近期密集召开的上市公司三季度业绩 说明会上，市值管理成为企业与投资者互动的核心议题。 记者梳理发现，上市公司市值管理实践是多维度的，或通过深耕主业、强化研发创新筑牢价值根基，或 以分红、回购等实质性举措回报投资者，或畅通多元沟通渠道以强化价值传递。 上海社会科学院市值管理研究中心执行主任毛勇春表示，随着企业对市值管理认知的深入，更多上市公 司将市值管理升维成长期战略，正结合自身禀赋与市场环境，以"先战略、后战术"的思路开展个性化实 践，推动公司市值与内在价值实现精准匹配。 精耕主业 专注创新 市值不仅是上市公司市场价值的直观反映，也体现了市场对公司质量、成长潜力和盈利能力的预期。 "公司一直坚持以提升内在价值为核心的理念，把做优主业、提升经营质量和可持续发展作为公司投资 价值的基石。"中国西电董事长赵永志在三季度业绩说明会上的表述，道出了市值管理的核心逻辑。 春风动力董事长赖民杰一语道出关键："对公司而言，做好经营是市值管理的核心与根本。聚焦主业、 强化创新，方能支撑市值长青。" 在坚守主业的基础上，加大研发投入、优化产业结构，成为上市公司提升核心竞 ...

Core Insights - The article discusses the latest 13F holdings of H&H International Investment, revealing a total market value of approximately $14.68 billion, a 28% increase from the previous quarter, with a high concentration in the top ten holdings [1][2]. Holdings Summary - The largest holding is Apple (AAPL) with a market value of approximately $8.87 billion, accounting for 60.42% of the portfolio, showing a slight decrease of 0.82% [2]. - Berkshire Hathaway (BRK.B) is the second-largest holding at approximately $2.61 billion, with a significant increase of 53.53% [2]. - Other notable holdings include Pinduoduo (PDD) at approximately $1.13 billion, Occidental Petroleum (OXY) at approximately $640 million, and Alibaba (BABA) at approximately $496 million, with Alibaba seeing a notable decrease of 25.86% [2]. - New additions to the portfolio include ASML, while there were reductions in positions for Alibaba and Nvidia, with Nvidia seeing a decrease of 38.04% [2]. Investment Philosophy - The investment philosophy emphasizes understanding the business before investing, stating that "buying stocks is buying companies," which requires a deep understanding of the company's business model and culture [3][4][11]. - The importance of a "not-to-do list" is highlighted, suggesting that avoiding certain investments can be as crucial as making the right ones [12][15]. - The article discusses the significance of company culture and strategic focus, citing examples like Apple and its commitment to product quality and user experience [11][18]. Market Trends and Observations - The discussion includes insights on the semiconductor industry, particularly Nvidia's strong position and the challenges faced by electric vehicle companies due to lack of differentiation [13][18]. - The potential impact of AI on various industries is acknowledged, with a note that while AI will bring significant changes, it will not replace the need for sound investment decisions [18]. Recommendations for Investors - Investors are advised to focus on understanding the companies they invest in and to avoid following trends without comprehension, as this can lead to poor investment outcomes [15][18]. - The article suggests that investing in index funds, such as the S&P 500, can be a safer strategy for those who may not have the time or expertise to analyze individual stocks [15].

以下文章来源于时代财经APP ，作者林心林 时代财经APP . 聚焦于企业财经新闻，互联网新闻信息服务许可证编号：44120230006 导语：白酒巨头与电商平台的交锋，在抖音与茅台之间打响。 白酒巨头与电商平台的交锋，在抖音与茅台之间打响。 11月15日，有市场消息称"抖音电商平台关停茅台未授权店铺"。有经销商反映收到"抖音小二"通知，平台正对带"茅台"字眼的店铺进行集中研 判处理；且要求商家马上下架所有1935商品。 当日，时代财经在抖音平台上搜索"53度飞天茅台"发现，大批第三方商品链接已被下架，前列展示的几乎都是"茅台酱香酒官方旗舰店"等官方旗 舰店商品。 不过很快，多家受影响的酒类专营店链接便开始逐步恢复。11月16日，某茅台授权店铺已重回搜索前列，但店内53度飞天茅台仍处于"售罄"状 态。据商家解释，此次调整为系统优化所致，预计商品晚些会恢复上架。 11月17日，抖音电商在售的53度飞天茅台价格基本在1700元及以上，止住了此前持续低价的势头。 仍有主播销售低价茅台 此次店铺关停风波并非没有预兆。 在此之前，市场就有传言"卖茅台低于市场价将被罚"。11月10日，有消息称，抖音平台在商家社群发布关于 ...

Core Viewpoint - The A-share market has entered a new era of systematic and transparent "explicit norms" in market value management, with companies increasingly focusing on this aspect during their third-quarter earnings presentations [1][4]. Group 1: Market Value Management Practices - Companies are adopting multi-dimensional practices for market value management, including deepening their core business, enhancing R&D innovation, and implementing tangible measures like dividends and buybacks to reward investors [1][2]. - The understanding of market value management is evolving, with more companies integrating it into their long-term strategies, focusing on personalized practices that align with their unique attributes and market conditions [1][3]. Group 2: Focus on Core Business and Innovation - Companies emphasize that enhancing intrinsic value is central to their market value management, with a focus on improving core operations and sustainable development as the foundation for investment value [1][2]. - Increasing R&D investment and optimizing industrial structure are identified as key paths for companies to enhance their core competitiveness [1][3]. Group 3: Shareholder Returns - Cash dividends and share buybacks have become common practices in the A-share market, shifting market value management from passive responses to proactive planning [2][5]. - Companies like Guizhou Moutai are implementing comprehensive market value management systems, including cash dividends and share repurchase plans, to ensure shareholders benefit from high-quality development [3][5]. Group 4: Investor Relations Management - Investor relations management has evolved from traditional information disclosure to a crucial bridge for value transmission, with companies adopting more professional and diversified communication strategies [6][7]. - Companies are recognized for their effective investor relations efforts, enhancing market confidence through regular communication and engagement with investors [6][7].

市场表现方面，收盘股价超百元股中，今日平均下跌0.26%，跑赢沪指0.56个百分点。今日上涨的有67 只，涨幅居前的有东芯股份、天普股份等，下跌的有82只，跌幅居前的有华盛锂电、北方长龙等。 追溯发现，最新百元股近一个月平均上涨6.46%，其间沪指上涨2.61%，涨幅居前的有华盛锂电、线上 线下、鼎泰高科等，涨幅分别为161.09%、87.39%、62.59%，今年以来平均涨幅为113.71%，强于沪指 96.17%，累计涨幅居前的有上纬新材、天普股份、胜宏科技等，涨幅分别为1545.60%、811.34%、 567.70%。 以最新收盘价计算，A股平均股价为13.76元，其中股价超过100元的有149只。 百元股作为判定市场热度的信号之一，历来受到投资者关注。证券时报·数据宝统计显示，截至11月18 日收盘，沪指报收3939.81点，下跌0.81%，A股平均股价为13.76元，个股股价分布看，股价超过100元 的有149只，股价在50元至100元的有441只，股价在30元至50元的有782只。 股价超百元个股中，收盘价最高的是贵州茅台，今日报收1476.00元，上涨0.34%，其次是寒武纪、源杰 科技等，最 ...

Core Viewpoint - Guizhou Moutai's third-quarter performance shows a significant slowdown, with single-quarter growth dropping to less than 1%, marking a ten-year low, amidst a challenging industry environment and management changes [4][19]. Financial Performance - For the first three quarters of 2025, Guizhou Moutai reported total revenue of 130.90 billion yuan, a year-on-year increase of 6.32%, and a net profit attributable to shareholders of 64.63 billion yuan, also up 6.25% [7]. - In the third quarter alone, revenue was 39.06 billion yuan, a slight increase of 0.56%, and net profit was 19.22 billion yuan, up 0.48%, contrasting sharply with the previous year's growth rates of 15.29% and 13.23% respectively [7][11]. Management Changes - On October 25, 2025, Guizhou Moutai announced a leadership change, with Zhang Deqin stepping down as chairman and Chen Hua, the director of the Guizhou Provincial Energy Bureau, taking over [5][19]. - This change marks the fifth leadership transition in seven years, highlighting instability within the company's management [5][19]. Industry Context - The slowdown in Moutai's growth reflects broader challenges in the Chinese liquor industry, which is undergoing a deep adjustment phase characterized by policy changes, shifts in consumer behavior, and intense competition [16]. - The industry is facing a structural shift in consumption patterns, with traditional demand for banquets and gifts declining, while younger consumers are driving a demand for diverse products [16][18]. Product Performance - Moutai's core product, Moutai liquor, saw revenue of 110.51 billion yuan in the first three quarters, growing by 9.28%, while the series liquor segment experienced a decline in revenue of 7.8% to 17.88 billion yuan [14]. - In the third quarter, series liquor revenue plummeted by 34% to 4.12 billion yuan, indicating significant pressure on this product line [14]. Inventory and Receivables - As of September 30, 2025, Moutai's accounts receivable rose to 5.21 billion yuan, up significantly from previous periods, while inventory increased to 55.86 billion yuan [15]. - Contract liabilities, an important indicator of future market confidence, decreased to 7.75 billion yuan, suggesting potential challenges in revenue generation [15]. Market Strategy - Moutai is focusing on market research and adjusting its distribution strategies to stabilize its market presence amid the ongoing industry transformation [6][20]. - The company is also addressing the "returning liquor" phenomenon by tightening market controls and adjusting its internationalization strategy to ensure long-term stability [20].

（原标题：段永平最新11只美股持仓曝光！60句读懂段永平最新发声） 21世纪经济报道记者杨娜娜 上海报道 近日，段永平的美股持仓主体H&H International Investment披露了最新13F持仓文件。 据Whalewisdom平台统计，截至今年三季度末，该投资组合整体持仓总市值约为146.79亿美元，较上季度增长约28%。前十大持仓集中度高达 99.51%，其中苹果公司稳居第一大持仓。 三季度，段永平新进光刻机巨头阿斯麦，大幅增持伯克希尔；对阿里巴巴和英伟达则明显减仓，减仓超过25%，此外小幅减持苹果、拼多多、谷 歌。 就在11月11日，雪球《方略》节目公开了与段永平的最新采访对话（访谈时间：2025年10月16日）。节目中，"退休"20多年的段永平，回答了雪 球创始人方三文关于投资哲学、重仓案例、企业经营、技术发展、教育理念以及个人成长等话题的一系列提问。之后该节目迅速在投资圈内引 发"刷屏"，成为市场解读其投资思路难得的窗口。 在长达数小时的对话中，段永平展现出其一贯的坦诚、犀利与直接。 他首次系统性地复盘了自己为数不多的几只重仓股，如茅台、腾讯与苹果，并毫不掩饰对它们商业模式的赞赏。与此同 ...

今年的A股市场，"回购暖流"持续涌动，成为资本市场稳健运行的重要注脚。 同花顺数据显示，截至11月17日，今年A股共有831家公司实施了具体回购，总回购金额达1110.57亿元，反映出企业与行业长期向好的信心底色；同时有37 家公司喊出回购口号，但其回购比例还不足0.2%，与那些积极回购的企业形成鲜明对比。 山子高科口号最响 口号式回购以山子高科、寒武纪为代表。 上市企业当中，有人猛喊回购口号，但实际回购数量却寥寥无几；也有人闷声干大事，回购数量与金额均高居前列。 寒武纪于2024年7月27日披露回购计划，拟以集中竞价交易方式回购公司股份。资金总额不低于2000万元（含）且不超过4000万元，拟回购股份数量不低于 6.72万股不高于13.43万股。与山子高科相似，截至回购期限结束，实际回购金额为2006万元，但回购股份数量仅3.66万股，占公司总股本的0.0087%，远未 达到计划下限。 根据同花顺数据，除了寒武纪、山子高科之外，仍有超过30家公司的回购比例不达0.2%。 其中，山子高科于2024年7月26日披露回购计划，拟以集中竞价交易方式回购公司股份，资金总额不低于6亿元（含）且不超过10亿元，拟回购股份 ...

长沙晚报掌上长沙11月18日讯（全媒体记者 刘军）18日，上市公司辉隆股份与长高电新公告了分红计 划，辉隆股份拟每10股派现金红利0.5元，长高电新拟每10股派现金红利0.3元。其中长高电新为上市湘 企。记者注意到，近期又有不少上市公司发布了分红计划，其中包括上市湘企爱尔眼科、美湖股份。据 分红方案，爱尔眼科分红超7亿元。 【作者：大刘军】 【编辑：谭伟】 长沙晚报社版权声明 从分红金额来看，目前排名最高的是贵州茅台，拟分红超300亿元。11月6日，贵州茅台发布公告表示， 拟向全体股东每10股派发现金红利239.57元（含税），合计拟派发现金红利30000637540.76元（含 税）。公司表示，将严格落实《关于2024至2026年度现金分红回报规划》，保持每年"年度+中期"两次 分红节奏，结合经营业绩、现金流状况及长期发展需求动态优化策略，让股东回报兼具稳定性与可持续 性。 长高电新的主营业务为输变电一次、二次设备的研发、生产和销售、电力设计和工程服务。2025年三季 报，公司每股收益0.33元，归母净利润20270.69万元。据公司2025年中期利润分配预案公告，公司向全 体股东每10股派发现金股利人民币 ...