责任编辑：刘万里 SF014 人民财讯8月29日电，贵州茅台（600519）8月29日晚间公告，公司回购股份实施完成，实际回购股数 392.76万股，占总股本的0.3127%，实际回购金额60亿元。经申请，预计公司将于9月1日在中国证券登 记结算有限责任公司上海分公司注销本次所回购的股份392.76万股，并及时办理变更登记手续等相关事 宜。 ...

重要内容提示： | 回购方案首次披露日 | 2024/9/21 | | --- | --- | | 回购方案实施期限 | 公司股东大会审议通过回购方案之日起 12 个月内 | | 预计回购金额 | 人民币 30亿元（含）～人民币 60亿元（含） | | 回购价格上限 | 1,744.30元/股 | | | √减少注册资本 | | 回购用途 | □用于员工持股计划或股权激励 | | | □为维护公司价值及股东权益 | | 实际回购股数 | 3,927,585股 | | 实际回购股数占总股 | 0.3127% | | 本比例 | | | 实际回购金额 | 5,999,985,966.95元 | | 实际回购价格区间 | 1,408.29元/股～1,639.99元/股 | 一、回购审批情况和回购方案内容 贵州茅台酒股份有限公司（以下简称"公司"）于 2024 年 11 月 27 日召开 2024 年第一次临时股东大会，审议通过了《关于以集中竞价交易 方式回购公司股份的方案》，2024 年 12 月 28 日披露了《关于以集中竞价 证券代码：600519 证券简称：贵州茅台 公告编号：临 2025-032 贵州茅台酒 ...

Group 1 - The chairman of Pianzaihuang should learn from the chairman of Moutai to actively maintain the image of the secondary market [1] - The company appreciates the investor's attention and valuable suggestions [1]

Core Viewpoint - The A-share market is experiencing a "king of stocks" transition, with the AI computing sector, particularly companies like Cambricon, becoming the focus of capital inflow, leading to significant stock price increases [2][3] Group 1: Stock Performance and Market Dynamics - Cambricon's stock price reached 1587.91 CNY per share, surpassing Kweichow Moutai's 1446.1 CNY, marking it as the new "king of stocks" in A-shares [2] - Following Cambricon's rise, Kweichow Moutai and Ningde Times initiated a strong rebound, with Kweichow Moutai increasing over 2.3% and Ningde Times over 10% on August 29 [2] - The "Moutai Index" and "Ning Combination" have seen significant pullbacks, with the Moutai Index down 56% from its peak in February 2021 and the Ning Combination down 63.55% from its peak in August 2021 [3][4] Group 2: Index Composition and Characteristics - The "Moutai Index" consists of industry leaders with stable profitability, while the "Ning Combination" focuses on high-growth sectors, including new energy and medical aesthetics [4][5] - As of August 27, 2025, 24 stocks from the Moutai Index have shown an average decline of 12.24% since their peak in February 2021, with 7 stocks reaching new highs [5][6] Group 3: Notable Stocks and Performance - Among the top performers, a traditional industrial company saw a 60.95% increase in stock price, driven by its strong position in the hydraulic components market and expansion into humanoid robot components [7] - In the Ning Combination, only 3 stocks reached new highs, with notable performances from companies like WuXi AppTec, which saw a 103.13% increase in stock price [8][10] Group 4: Institutional Holdings and Financing - Institutional investors continue to favor Kweichow Moutai, with significant financing balances reported for leading stocks in both the Moutai Index and Ning Combination [11][12] - The top three stocks by institutional holding ratios include companies with over 70% institutional ownership, indicating strong investor confidence [14]

Core Viewpoint - The A-share market is experiencing a significant transformation in its dividend distribution landscape, with an increasing number of companies announcing mid-term dividend plans, reflecting a stronger emphasis on shareholder returns [1][3][11]. Group 1: Dividend Distribution Trends - As of August 28, 2025, 713 A-share companies have disclosed mid-term dividend plans, surpassing the previous year's 704 companies, indicating a growing trend in dividend distribution [3][4]. - The total scale of mid-term dividends has exceeded 100 billion yuan, continuing the rapid expansion of the dividend pool since 2024 [1][3]. - The number of companies distributing mid-term dividends has increased from fewer than 200 annually to several hundred, showcasing a shift towards prioritizing shareholder returns [1][3][11]. Group 2: Industry and Company Performance - Traditional high cash flow sectors such as finance, energy, and telecommunications remain the primary contributors to dividends, while consumer and manufacturing sectors are rapidly releasing their dividend potential [2][11]. - Leading companies like China Mobile and JiBit have established stable and predictable high-dividend styles, with China Mobile's mid-term dividend increasing from 222.47 yuan in 2023 to 250.25 yuan in 2025 [9][10]. - JiBit, recognized as the "dividend sincerity king," has maintained a high dividend level, with 660 yuan per share in 2025, reflecting a strong commitment to shareholder returns [10][11]. Group 3: Regulatory and Policy Impact - The new "National Nine Articles" policy links dividend distribution to refinancing and share reduction behaviors, significantly enhancing companies' motivation to distribute dividends [2][7]. - The information disclosure evaluation mechanism incentivizes companies to increase the frequency and proportion of dividends, fostering a more robust dividend culture [2][7][11]. - Regulatory guidance has led to a notable increase in the number of companies announcing mid-term dividends, with eight newly listed companies also introducing mid-term dividend plans [7][11]. Group 4: Future Outlook - The A-share dividend system is expected to evolve towards greater stability, transparency, and efficiency, driven by market and institutional collaboration [2][11]. - Companies are increasingly adopting long-term dividend plans, enhancing predictability and investor confidence, as seen with companies like Mindray Medical and China National Automotive [11][12]. - The trend of increasing dividend frequency and amounts is anticipated to continue, further attracting long-term capital to the A-share market [10][12].

Core Viewpoint - The A-share market is experiencing a significant transformation in its dividend distribution patterns, with an increasing number of companies announcing mid-term dividend plans, reflecting a stronger focus on shareholder returns [1][2]. Group 1: Dividend Distribution Trends - As of August 28, 2025, 713 A-share companies have disclosed mid-term dividend plans, surpassing last year's 704, indicating a continuous upward trend in dividend distribution [4]. - The number of companies distributing mid-term dividends has increased from under 200 annually to several hundred, showcasing a shift towards prioritizing shareholder returns [1][4]. - The scale of mid-term dividends has significantly increased since 2024, with notable growth in the number of companies offering substantial dividends per share [4][9]. Group 2: Industry Insights - Traditional high cash flow sectors such as finance, energy, and telecommunications remain the primary contributors to dividends, while consumer and manufacturing sectors are rapidly unlocking their dividend potential [1][12]. - Leading companies like China Mobile and JiBit have established a stable and predictable high-dividend style, with China Mobile's dividend per share increasing from 222.47 yuan in 2023 to 250.25 yuan in 2025 [10][12]. - The introduction of new policies linking dividend behavior to refinancing and shareholding actions has significantly enhanced companies' motivation to distribute dividends [2][4]. Group 3: Future Outlook - The A-share dividend system is expected to evolve towards greater stability, transparency, and efficiency, driven by market and regulatory collaboration [2][11]. - More companies are adopting long-term dividend plans, enhancing predictability and investor confidence, with firms like Mindray Medical committing to distribute at least 65% of their distributable profits over the next three years [12][14]. - The increasing focus on dividends is also reflected in the performance of dividend-linked financial products, which have seen net value increases in 2025, highlighting the growing appeal of high-dividend assets [13][14].

Market Performance - The liquor sector rose by 2.52% on August 29, with Jinhuijiu leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Individual Stock Performance - Jinhuijiu (code: 616809) closed at 22.07, up 7.71% with a trading volume of 250,500 shares and a turnover of 551 million yuan [1] - Shede Liquor (code: 600702) closed at 68.38, up 6.02% with a trading volume of 305,100 shares and a turnover of 2.07 billion yuan [1] - Other notable stocks include Zhi Si Li (code: 000799) up 5.26%, Gujing Gongjiu (code: 000596) up 4.45%, and Wuliangye (code: 000858) up 3.24% [1] Capital Flow Analysis - The liquor sector saw a net inflow of 1.886 billion yuan from main funds, while retail funds experienced a net outflow of 833 million yuan [1] - Main funds showed significant net inflows in stocks like Kweichow Moutai (code: 600519) with 61.3 million yuan and Wuliangye (code: 000858) with 486 million yuan [2] - Retail investors had net outflows in several stocks, including Kweichow Moutai and Wuliangye, indicating a shift in investor sentiment [2]

Core Viewpoint - The A-share market is experiencing a significant shift towards increased shareholder returns, with a notable rise in the number and scale of mid-term dividend plans among listed companies, reflecting a more robust commitment to shareholder value [1][3][12]. Group 1: Dividend Trends - As of August 28, 2025, 713 A-share companies have disclosed mid-term dividend plans, surpassing last year's 704, indicating a continuous upward trend in dividend distribution [3][4]. - The number of companies distributing mid-term dividends has increased dramatically from fewer than 200 annually to several hundred, showcasing a shift in corporate behavior towards prioritizing shareholder returns [1][3]. - The scale of mid-term dividends has significantly increased since 2024, with more companies now offering higher per-share dividends compared to previous years [3][10]. Group 2: Dividend Distribution Data - The number of companies with mid-term dividends exceeding 100 yuan per share has risen from 13 in 2022 to 25 in 2025 [5][10]. - The number of companies with mid-term dividends over 200 yuan per share has increased from 2 in 2022 to 7 in 2025 [6][10]. - Leading companies in terms of per-share dividends for 2025 include 吉比特 (660 yuan), 九号公司 (423 yuan), and 义翘神州 (400 yuan) [7][9]. Group 3: Policy and Regulatory Impact - The new "National Nine Articles" policy links dividend distribution to refinancing and share reduction behaviors, enhancing the motivation for companies to distribute dividends [2][8]. - The information disclosure evaluation mechanism now includes incentives for companies to increase dividend frequency and proportion, further encouraging a culture of shareholder returns [2][8]. - Regulatory guidance has led to a notable increase in companies, including those previously reluctant to distribute dividends, now participating in dividend plans [8][12]. Group 4: Industry Insights - Traditional high cash flow sectors such as finance, energy, and telecommunications remain the primary contributors to dividends, while consumer and manufacturing sectors are rapidly unlocking their dividend potential [2][12]. - Companies like 中国移动 and 吉比特 have established stable and predictable high-dividend styles, with 中国移动 committing to increase its payout ratio to over 75% by 2026 [10][11]. - The trend of companies developing long-term dividend plans reflects an improvement in corporate governance and shareholder awareness [12][13].

行 业 周 报 食品饮料（申万）指数走势 食品饮料行业 超配（维持） 食品饮料行业双周报（2025/08/15-2025/08/28） 业绩表现分化，关注白酒旺季动销反馈 投资要点： ◼ 风险提示：原材料价格波动、产品提价不及预期、渠道开展不及预期、 行业竞争加剧、食品安全风险、宏观经济波动风险等。 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 行 业 研 究 相关报告 证 券 研 究 报 告 ◼ 行情回顾：2025年8月15日-2025年8月28日，SW食品饮料行业指数整体 上涨3.04%，板块涨幅位居申万一级行业第二十一位，跑输同期沪深300 指数约3.92个百分点。细分板块中，多数细分板块跑输沪深300指数。其 中，其他酒类板块上涨7.50%，板块涨幅最大；肉制品板块跌幅最大，为 -0.73%。 ◼ 行业周观点：业绩表现分化，关注白酒旺季动销反馈。白酒板块：从白 酒目前公布的业绩来看，内部表现分化。其中，贵州茅台上半年业绩稳 健增长，彰显品牌韧性。水井坊、洋河股份、今世缘等业绩同比均出现 不同程度下滑 ...

Core Viewpoint - The A-share market showed positive performance in August, with significant gains across major indices, indicating a potential recovery in investor sentiment and market dynamics [3][5]. Market Performance - The Shanghai Composite Index rose by 0.37% to close at 3857.93 points, while the Shenzhen Component Index increased by 0.99% to 12696.15 points. The ChiNext Index saw a notable rise of 2.23% [3][4]. - For the month, the Shanghai Composite Index accumulated a gain of 7.97%, the Shenzhen Component Index increased by 15.32%, and the ChiNext Index surged by 24.13% [5]. Trading Volume - The total trading volume for the Shanghai and Shenzhen markets reached 2.8 trillion yuan [7]. Sector Performance - Sectors such as batteries, liquor, insurance, precious metals, and military equipment experienced significant gains, while sectors like semiconductors, education, computing leasing, and communication equipment faced declines [9]. - The lithium battery sector saw substantial growth, with companies like Xian Dai Intelligent and Jie Bang Technology hitting the daily limit of 20% [9]. Notable Stocks - Contemporary Amperex Technology Co., Ltd. (CATL) saw its stock price rise above 300 yuan, peaking at 316.66 yuan [10]. - Industrial Fulian's market capitalization exceeded 1 trillion yuan, with the stock closing at a daily limit increase [12]. - Cambricon Technologies surpassed Kweichow Moutai in stock price, becoming the new "king" of A-shares [13]. Capital Flow - There was a net inflow of capital into sectors such as power equipment, non-ferrous metals, pharmaceuticals, and automobiles, while sectors like electronics, computers, communications, and real estate saw net outflows [14][15]. Institutional Insights - Guojin Securities noted a market rotation, highlighting the explosive movement of large-cap tech companies and suggesting a focus on buying opportunities in strong sectors during pullbacks [17]. - China International Capital Corporation (CICC) identified multiple factors supporting the current rebound in the Chinese stock market, including accelerated technological advancements and improved market sentiment regarding the long-term economic outlook [17].