茅台再次突发换帅。 10月27日，贵州茅台（600519）在上交所发布公告：贵州茅台酒股份有限公司董事会于2025年10月27日 收到公司董事长张德芹提交的书面辞职报告，张德芹因工作调整，申请辞去公司董事长、董事职务及董 事会下设专门委员会相应职务。根据相关规定，张德芹的辞职自辞职报告送达董事会时生效。 同日公告，根据贵州省人民政府相关文件，推荐陈华为贵州茅台酒股份有限公司董事、董事长人选。 和之前几次换帅一样，这次依然来得很突然。距离张德芹2024年4月末回归掌舵茅台，此次再次换帅仅 过了一年半时间。新帅出身能源系统 当时刘永升表示，对茅台集团在服务全省发展大局中展现的国企担当与取得的成绩予以肯定，但同时提 到"要在生产经营上再调度，用好国家和全省各项支持政策，加强运营分析，强化预算执行，为全省经 济发展多作贡献"。 2024年4月底，作为"老茅台人"、负责习酒多年的张德芹回归茅台，担任茅台集团党委书记、董事长并 任贵州茅台党委书记、董事长。 当时业内普遍认为，张德芹的回归，是对前一任时期部分举措的平衡。前一任时期，茅台大力发展直 销，通过i茅台等渠道变相实现了提价，同时茅台自营体系也积极开发企业客户，拓展 ...

经过短暂的等待后，10月27日，贵州省官方正式发布贵州茅台的人事职务调整通知，陈华接替张德芹任茅台"掌门"之位。 当日晚间，贵州省人民政府官网发布通知：省人民政府同意，推荐陈华为中国贵州茅台酒厂（集团）有限责任公司（以下简称"茅台集团"）董事、董事 长，贵州茅台酒股份有限公司董事、董事长人选。建议张德芹不再担任中国贵州茅台酒厂（集团）有限责任公司董事长、董事，贵州茅台酒股份有限公司 董事长、董事职务。以上人员职务调整按照《中华人民共和国公司法》和有关规定程序办理。 10月27日晚间，贵州茅台（600519）亦发布公告称，根据贵州省人民政府相关文件，推荐陈华为贵州茅台董事、董事长人选，建议张德芹不再担任公司董 事长、董事职务。 10月27日，茅台集团召开党委（扩大）会议，茅台集团党委书记陈华主持会议并讲话，党委副书记王莉、高山，党委委员单衍忠、段建桦、刘刚、涂华 彬、王晓维、刘世仲、张贵超出席会议，茅台集团各分子公司、相关单位（部门）负责人参加会议。 会议指出，要找准自身定位，立足实际加强战略研究，以高质量的规划编制为茅台基业长青立柱架梁。要坚持和加强党的全面领导，持之以恒推进全面从 严治党，推进作风建设常态化 ...

近5年来，贵州茅台集团频频"换帅"，历经高卫东、丁雄军、张德芹3任董事长。在张德芹主政的一年半时间 里，贵州茅台交出了一份亮丽的"成绩单"，2024年核心指标全部达到并超过年初设定的"增长15%左右"目 标。 国内白酒销售遇阻，开拓海外市场已成为酒企的新目标。图为外国嘉宾在法国巴黎烈酒博览会上品尝贵州茅 台酒。(新华) 深圳商报记者 苑伟斌 10月27日，贵州省人民政府发布通知。根据通知，推荐陈华为中国贵州茅台酒厂（集团）有限责任公司董 事、董事长，贵州茅台酒股份有限公司董事、董事长人选。建议张德芹不再担任中国贵州茅台酒厂（集团） 有限责任公司董事长、董事和贵州茅台酒股份有限公司董事长、董事职务。 记者注意到，同在10月，珍酒李渡集团宣布管理层调整：原CEO颜涛退守二线转任董事会副主席，公司老将 汤向阳接棒成为新任首席执行官，全面负责集团战略执行与国际化布局。早前7月，洋河股份董事、董事长 相继辞职，金种子酒总经理挂印而去，年内白酒企业高管大变动背后折射出的是白酒行业在多重压力下的深 层困境与转型阵痛。 茅台业绩增速已现疲态 白酒行业的人事动荡，是传统增长模式遭遇时代挑战的必然反应。业内相关人士表示，事实上， ...

证券简称：贵州茅台 证券代码：600519 编号：临2025－037 贵州茅台酒股份有限公司 关于收到推荐董事长人选文件的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 根据贵州省人民政府相关文件，推荐陈华为贵州茅台酒股份有限公司（以下简称"公司"）董事、董事长 人选，建议张德芹不再担任公司董事长、董事职务。 公司将按照法律、法规和《公司章程》的规定，尽快召开董事会会议、股东大会对上述职务调整进行审 议，待公司董事会会议、股东大会审议通过后生效。 特此公告。 贵州茅台酒股份有限公司董事会 2025年10月28日 附件 陈华简历 2009.09--2012.08 先后任盘江精煤股份有限公司土城矿副矿长、矿长 陈华，男，彝族，1972年3月生，贵州盘州人，1994年7月参加工作，2001年6月加入中国共产党，大学 学历、工程硕士、工商管理硕士，高级工程师，现任中国贵州茅台酒厂（集团）有限责任公司党委书 记，贵州茅台酒股份有限公司党委书记。 简历如下： 1990.09--1994.07 焦作矿业学院采矿工程专业学习 1994. ...

Core Insights - The report from the fund managed by Zhu Shaoxing under the Fuqua Fund indicates a net value growth rate of 15.18% over the past year [1] Fund Holdings Summary - New additions to the top ten holdings include Zhongchuang Zhiling, Luxshare Precision, and Guoci Materials, while Ningbo Bank remains the largest holding at 5.47% [1] - The fund has reduced its positions in major stocks such as Midea Group, Guangdong Hongda, and Blue Sky Technology, which have exited the top ten holdings [1] Detailed Holdings Changes - Zhongchuang Zhiling (601717): New entry with 26 million shares valued at 646 million [1] - Luxshare Precision (002475): New entry with 10 million shares valued at 647 million [1] - Guoci Materials: New entry with 22 million shares valued at 491 million [1] - Ningbo Bank (002142): Reduced by 1.96% with 50 million shares valued at 1.321 billion [1] - Kweichow Moutai: Reduced by 15.0% with 850,000 shares valued at 1.227 billion [1] - CATL (300750): Increased by 8.0% with 2.7 million shares valued at 1.085 billion [1] - Jerry Holdings (002353): Increased by 23.33% with 18.5 million shares valued at 1.03 billion [1] - Spring Power: Reduced by 35.59% with 3.2203 million shares valued at 864 million [1] - Binjiang Group: Reduced by 5.66% with 50 million shares valued at 628 million [1] - Ruifeng New Materials: Reduced by 27.54% with 10 million shares valued at 530 million [1]

自2020年3月起五年内，贵州茅台迎来了第四次董事长更替。五年四次的人事变动节奏勾勒出这家白酒 龙头企业的发展轨迹。10月27日晚间，贵州茅台酒股份有限公司（以下简称"贵州茅台"）发布公告称， 张德芹因工作调整，申请辞去公司董事长、董事职务及董事会下设专门委员会相应职务。同时，根据贵 州省人民政府相关文件，推荐陈华为贵州茅台董事、董事长人选。 从2024年4月正式接任至今，张德芹掌舵贵州茅台的时间不到18个月。在这18个月中，茅台相继发布了 稳定市场的诸多举措。而如今，当行业身处深度调整期，贵州茅台在动荡的人事调整之下，如何寻找新 转机？ 短暂任期 从接棒到卸任，张德芹仅仅在任18个月。 10月27日晚间，贵州茅台发布的《关于董事长辞职的公告》显示，公司董事会于10月27日收到公司董事 长张德芹提交的书面辞职报告，张德芹因工作调整，申请辞去公司董事长、董事职务及董事会下设专门 委员会相应职务。根据相关规定，张德芹的辞职自辞职报告送达董事会时生效。 同日，贵州茅台还发布了《关于收到推荐董事长人选文件的公告》显示，根据贵州省人民政府相关文 件，推荐陈华为贵州茅台董事、董事长人选，建议张德芹不再担任公司董事长、董事 ...

Core Viewpoint - The recent resignation of Guizhou Moutai's chairman, Zhang Deqin, marks the fourth leadership change in five years, reflecting the company's ongoing challenges and the need for strategic adjustments during a period of industry downturn [1][3][8]. Group 1: Leadership Changes - Zhang Deqin served as chairman for less than 18 months before resigning due to work adjustments, with Chen Hua recommended as his successor [2][3]. - The frequent changes in leadership, with four different chairpersons in five years, indicate a struggle to stabilize the company amid market pressures and strategic shifts [6][9]. Group 2: Strategic Initiatives - During Zhang Deqin's tenure, several measures were implemented to stabilize the market, including increasing direct sales channels to 45% and abolishing the controversial "拆箱令" policy [3][4]. - The company has shifted its focus from a "channel-first" approach to a "consumer-first" strategy, aiming to adapt to the industry's challenges [3][8]. Group 3: Market Performance - Guizhou Moutai's financial performance has shown signs of slowing, with revenue and net profit growth rates dropping to 7.28% and 5.25% year-on-year, respectively [3][4]. - The price of Moutai's flagship product, Feitian Moutai, has also seen fluctuations, with recent prices indicating a slight decline [4][5]. Group 4: Industry Implications - The leadership changes at Guizhou Moutai may influence the broader industry, potentially leading to a lack of long-term planning among smaller competitors and altering competitive dynamics within the sector [9]. - The new chairman will face significant challenges, including achieving growth targets during an industry downturn and balancing various stakeholder interests [9][10].

Group 1: Kingsoft Office - Kingsoft Office reported a revenue of 1.521 billion yuan in Q3 2025, a year-on-year increase of 25.33% [1][2] - The net profit attributable to shareholders for Q3 2025 was 431 million yuan, reflecting a growth of 35.42% year-on-year [1][2] - For the first three quarters of 2025, the total revenue reached 4.178 billion yuan, up 15.21% year-on-year, while net profit was 1.178 billion yuan, an increase of 13.32% [1][2] Group 2: Ying Shi Innovation - Ying Shi Innovation achieved a revenue of 2.940 billion yuan in Q3 2025, marking a significant growth of 92.64% year-on-year [4] - The net profit attributable to shareholders for Q3 2025 was 272 million yuan, a decrease of 15.90% compared to the previous year [4][5] - For the first three quarters, the company reported a total revenue of 6.611 billion yuan, up 67.18%, while net profit was 792 million yuan, down 5.95% year-on-year [4][5] Group 3: Aier Eye Hospital - Aier Eye Hospital reported a revenue of 5.977 billion yuan in Q3 2025, a year-on-year increase of 3.83% [6][7] - The net profit attributable to shareholders for Q3 2025 was 1.064 billion yuan, reflecting a decline of 24.12% year-on-year [6][7] - For the first three quarters, the total revenue reached 17.484 billion yuan, up 7.25%, while net profit was 3.115 billion yuan, down 9.76% [6][7] Group 4: Hengrui Medicine - Hengrui Medicine reported a revenue of 7.427 billion yuan in Q3 2025, a year-on-year increase of 12.72% [8][10] - The net profit attributable to shareholders for Q3 2025 was 1.301 billion yuan, reflecting a growth of 9.53% year-on-year [8][10] - For the first three quarters, the total revenue reached 23.188 billion yuan, up 14.85%, while net profit was 5.751 billion yuan, an increase of 24.50% [8][10] Group 5: Victory Technology - Victory Technology achieved a revenue of 5.086 billion yuan in Q3 2025, marking a year-on-year increase of 78.95% [11][12] - The net profit attributable to shareholders for Q3 2025 was 1.102 billion yuan, reflecting a substantial growth of 260.52% year-on-year [11][12] - For the first three quarters, the company reported a total revenue of 14.117 billion yuan, up 83.40%, while net profit was 3.245 billion yuan, an increase of 324.38% [11][12] Group 6: Southern Airlines - Southern Airlines reported a revenue of 51.374 billion yuan in Q3 2025, a year-on-year increase of 3.01% [13][14] - The net profit attributable to shareholders for Q3 2025 was 3.840 billion yuan, reflecting a growth of 20.26% year-on-year [13][14] - For the first three quarters, the total revenue reached 137.665 billion yuan, up 2.23%, while net profit was 23.070 billion yuan, an increase of 17.40% [13][14] Group 7: Ningbo Bank - Ningbo Bank reported a revenue of 17.816 billion yuan in Q3 2025, a year-on-year increase of 9.19% [16][17] - The net profit attributable to shareholders for Q3 2025 was 7.673 billion yuan, reflecting a growth of 8.71% year-on-year [16][17] - For the first three quarters, the total revenue reached 54.976 billion yuan, up 8.32%, while net profit was 22.445 billion yuan, an increase of 8.39% [16][17] Group 8: Guizhou Moutai - Guizhou Moutai announced the resignation of Chairman Zhang Deqin due to work adjustments, with a new chairman to be elected soon [19] Group 9: Baosteel - Baosteel reported a revenue of 167.51 billion yuan in Q3 2025, a year-on-year increase of 14.29% [20][21] - The net profit attributable to shareholders for Q3 2025 was 812.45 million yuan, reflecting a return to profitability [20][21] - For the first three quarters, the total revenue reached 480.8 billion yuan, down 3.58%, while net profit was 2.33 billion yuan [20][21] Group 10: China Aluminum - China Aluminum reported a revenue of 601.24 billion yuan in Q3 2025, a year-on-year decrease of 4.66% [22][23] - The net profit attributable to shareholders for Q3 2025 was 38.01 billion yuan, reflecting a significant increase of 90.31% year-on-year [22][23] - For the first three quarters, the total revenue reached 1,765.16 billion yuan, up 1.57%, while net profit was 108.72 billion yuan, an increase of 20.65% [22][23] Group 11: Northern Rare Earth - Northern Rare Earth reported a revenue of 114.25 billion yuan in Q3 2025, a year-on-year increase of 33.32% [25][26] - The net profit attributable to shareholders for Q3 2025 was 610 million yuan, reflecting a growth of 69.48% year-on-year [25][26] - For the first three quarters, the total revenue reached 302.92 billion yuan, up 40.50%, while net profit was 1.541 billion yuan, an increase of 280.27% [25][26] Group 12: Hengli Petrochemical - Hengli Petrochemical reported a revenue of 534.96 billion yuan in Q3 2025, a year-on-year decrease of 17.98% [27] - The net profit attributable to shareholders for Q3 2025 was 19.72 billion yuan, reflecting a significant increase of 81.47% year-on-year [27] - For the first three quarters, the total revenue reached 1,573.84 billion yuan, down 11.46%, while net profit was 50.23 billion yuan, a slight decrease of 1.61% [27] Group 13: High Energy Environment - High Energy Environment is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and competitiveness [28] Group 14: Guangyun Technology - Guangyun Technology plans to acquire a 36.4652% stake in Chengdu Lingxuan Precision Machinery Co., Ltd. for 240 million yuan, gaining control over the company [29] Group 15: Zhongxin Metal - Zhongxin Metal reported a revenue of 39.807 billion yuan in Q3 2025, a year-on-year increase of 29.21% [32] - The net profit attributable to shareholders for Q3 2025 was 877 million yuan, reflecting a growth of 43.74% year-on-year [32] - For the first three quarters, the total revenue reached 1,034.64 billion yuan, up 8.84%, while net profit was 2.326 billion yuan, an increase of 35.47% [32]

要深耕价值管理和价值创造，为各利益相关方创造更大价值，持续构建利益共享、情感共连、价值共创 的可持续发展生态系统。 要进一步完善现代企业制度和现代化治理体系，严格遵循国资国企改革方向，不断提升企业核心竞争力 与抗风险能力，持续推动茅台做强做优做大。 会议强调，质量是企业生存和发展的基石，直接关系品牌的美誉度，要坚守"质量是生命之魂"，平衡 好"传承"与"创新"的关系，在坚守传统的同时，积极拥抱现代科学技术，永葆传统工艺生命力，提升科 技创新驱动力。要主动维护渠道生态韧性，持续构建完善的现代化市场管理体系，有力保障渠道体系的 良性协同和市场的总体平稳。 10月27日，贵州茅台公众号发布消息，介绍今日茅台集团召开党委（扩大）会议情况。茅台集团党委书 记陈华主持会议并讲话，党委副书记王莉、高山，党委委员单衍忠、段建桦、刘刚、涂华彬、王晓维、 刘世仲、张贵超出席会议。 要坚定不移走生态优先、绿色发展之路，统筹调度做好各领域安全工作，持续推动"绿水青山就是金山 银山"的价值转化，全面筑牢茅台发展的安全屏障。要立足实际、着眼长远、服务大局，科学谋划"十五 五"乃至更长时期的目标任务，不断推动茅台可持续高质量发展。 ...

Investment Rating - The report does not provide a specific industry rating but highlights the performance of various sub-sectors within the food and beverage industry [7] Core Insights - The food and beverage sector is currently under pressure, with the SW food and beverage index declining by 1.02%, ranking 30th among 31 sub-industries [12] - The white liquor sector is in a "supply clearing" phase, with expectations of increased pressure in the upcoming quarterly reports, indicating a potential acceleration in industry clearing [16] - The report emphasizes the importance of monitoring the new leadership strategies at Kweichow Moutai following a significant personnel change [16] - The beverage sector shows promising growth, particularly with Eastroc Beverage's strong performance in the first three quarters of 2025, achieving a revenue of 16.844 billion yuan, a year-on-year increase of 34.13% [17] Summary by Sections 1. Sector Performance - The SW food and beverage sector saw a decline of 1.02%, with notable drops in the white liquor, beer, and snack sub-sectors [12] - The top-performing sub-sectors included pre-processed foods, other alcoholic beverages, and meat products, with increases of 1.10%, 0.35%, and 0.33% respectively [12] 2. White Liquor Sector - The SW white liquor index fell by 1.12%, indicating a bottom adjustment phase [16] - The current price for Feitian Moutai is 1,720 yuan, down 30 yuan from the previous week, while the price for Pu'er Moutai is 8,155 yuan, down 5 yuan [16] - Recommended companies in this sector include Kweichow Moutai and Shanxi Fenjiu, which are expected to perform relatively well during the adjustment period [16] 3. Beverage Sector - Eastroc Beverage reported a revenue of 16.844 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 34.13% [17] - The company also saw a net profit of 3.761 billion yuan, up 38.91% year-on-year [17] - Other companies like Jinzai Foods and Qiaqia Foods are facing challenges, with Jinzai reporting a revenue of 1.81 billion yuan, a slight increase of 2.1% year-on-year, but a net profit decline of 19.5% [17][19]