Core Insights - The average stock price of A-shares is 13.43 yuan, with 149 stocks priced over 100 yuan, indicating market interest in high-priced stocks [1] - The Shanghai Composite Index closed at 3863.89 points, up 0.63%, while stocks over 100 yuan averaged an increase of 1.21%, outperforming the index by 0.58 percentage points [1] - The highest closing price among stocks over 100 yuan is Kweichow Moutai at 1457.93 yuan, followed by Cambricon and GigaDevice [1] Market Performance - The average increase of stocks priced over 100 yuan in the past month is 0.69%, compared to a 1.15% increase in the Shanghai Composite Index [2] - Notable performers include Pinming Technology, with a 167.93% increase, and Canxin Technology, with a 71.49% increase [2] - Year-to-date, the average increase for these high-priced stocks is 82.75%, surpassing the index's 67.47% [2] Stock Listings - A total of 149 stocks are priced over 100 yuan, with 56 from the electronics sector, 19 from the computer sector, and 16 from the pharmaceutical and biological sector [2] - The majority of these high-priced stocks are listed on the Sci-Tech Innovation Board, accounting for 46.31% of the total [2] Institutional Ratings - Three stocks priced over 100 yuan received "buy" ratings from institutions, including Jucheng Technology, Cambricon, and Haiguang Information [2]

2025年10月20日在深圳，中国酒类流通协会发布第十七届华樽杯《2025年中国酒类品牌价值200名研究 报告》。报告显示，2025年中国酒类品牌价值前200名总价值为99,305.21亿元，增速4.26%，在结构性 调整中彰显韧性，继续保持稳健发展。 一、低基数成优势，黄酒沉寂多年迎来意外增长 黄酒市场在沉寂多年后终于实现了逆势增长。 2025年酒类品牌价值200名中，黄酒品牌较2024年的684.27亿元增长42.91亿元，提升6.27%。黄酒头部 品牌古越龙山、会稽山、上海金枫均实现了15%以上的增长，远高于酒行业整体水平。 黄酒长期受困于"区域酒"标签，消费集中于江浙沪，全国市场份额长期在低位徘徊。但低基数也有优 势，一旦进入增长通道，势头就比较明显。 黄酒增长主要来自两方面。一方面是存量市场升级，如上海金枫等通过高端化（如年份酒、手工冬酿） 提升单价。另一方面是即饮黄酒的新颖性，打开了年轻化破局的创新之路。如低度易拉罐装黄酒系列， 顺利切入了露营、便利店等即饮场景。 （中国酒类流通协会主席团副主席刘员先生为大会致开幕辞） 二、流通商自有品牌不可阻挡 酒类流通商在本轮酒行业调整期中表现出强劲韧性，20 ...

Core Viewpoint - The liquor sector shows signs of recovery, with mixed performance among individual stocks, indicating a complex market environment influenced by various consumption scenarios and price segments [1] Industry Summary - The Shanghai Composite Index closed at 3863.89 points, up 0.63%, while the liquor sector index closed at 2278.16 points, up 0.84%, with 13 liquor stocks rising [1] - The high-end liquor segment is experiencing a weak recovery in demand during the peak season, while the mass-market segment is performing well, leading the industry [1] - The next-highest price segment is under pressure, showing significant differentiation in performance [1] - Current industry inventory levels are stabilizing, with some liquor companies reducing inventory to alleviate operational pressure [1] Company Summary - Kweichow Moutai's stock closed at 1457.93 CNY per share, up 0.20% [1] - Wuliangye's stock closed at 120.46 CNY per share, down 0.50% [1] - Shanxi Fenjiu's stock closed at 191.57 CNY per share, down 2.21% [1] - Luzhou Laojiao's stock closed at 133.15 CNY per share, down 1.37% [1] - Yanghe Brewery's stock closed at 70.18 CNY per share, up 0.26% [1]

分析师 张立 SAC 证书编号：S0160525090004 zhangli01@ctsec.com 相关报告 白酒行业深度报告 食品饮料 证券研究报告 行业深度分析报告 / 2025.10.20 投资评级:看好(维持) 最近 12 月市场表现 -9% -3% 3% 8% 14% 20% 食品饮料 沪深300 分析师 吴文德 SAC 证书编号：S0160523090004 wuwd01@ctsec.com 1. 《渠道变革专题（二）》 2025-10-19 2. 《政策舆情双驱动，行业规范化与集中度 加速提升》 2025-09-15 3. 《食品饮料 2025 年中报总结》 2025- 09-08 两轮白酒调整节奏异同对比及当下投资机会 核心观点 请阅读最后一页的重要声明！ 两轮白酒调整节奏异同对比：2013-2016 年白酒产业及股价调整，其原 因在于工业企业利润及房地产开发投资增速下降等拖累商务场景消费，其后 三公消费禁令对政务用酒场景需求造成冲击，白酒批价及上市公司业绩出现 巨大调整。从产业调整的节奏看，以高端白酒为例，五粮液及国窖 1573 出厂 价下调领先于批价见底反弹，在批价见底企稳及白酒行业收入 ...

谈及"日期酒"，算得上是茅台2025年放出的大招。 毕竟，2025年8月8日限量发售的25568瓶贵州茅台酒（五星商标上市70周年纪念），尚未正式发售便已聚焦全网目光。而一经面市，市场疯抢、价格短时 间内飙升数倍的热潮，更让茅台的市场影响力"瞬时"拉满。 不难发现，这一系列现象的背后，核心推手正是贵州茅台酒（五星商标上市70周年纪念）"一日一瓶"的产品卖点，使得市场重新点燃了对茅台金融属性的 高期待。值得注意的是，该纪念酒也是茅台首次正式推出的消费者可直接选购特定日期的"日期酒"。 虽说7000元/瓶的官方售价一度引发网友热议，不少人直呼"太贵"，但现实却狠狠打了脸。上线仅2分钟就宣告售罄，紧接着，全网开启"晒单模式"。有人 说要自留收藏，有人则盘算着"赚波溢价就出手"，还有人四处求购"生日酒"（限量25568瓶的茅台新品，惨遭网友"阴阳"）。无论大家抢酒的心思如何， 对茅台来说，2分钟入账约1.79亿元可是实打实的战绩。在白酒行业整体动销低迷、产能过剩的大环境下，这份成绩足以让同行眼红到"发酸"。 或许是70周年纪念款"日期酒"的甜头太诱人（"疯狂"的茅台五星商标纪念酒，会不会被打回原形？），又或许是蛇年生 ...

Investment Rating - The report maintains a recommendation for the industry, indicating a focus on sectors with good performance and potential recovery in demand [3]. Core Insights - The liquor sector is experiencing a gradual improvement in sales dynamics, with a continued focus on clearing inventory. The report suggests that when performance no longer declines, it will signal a potential recovery in stock prices [7][13]. - The food sector shows a divergence in performance, with new consumption categories maintaining good momentum while traditional categories face weaker demand. The report emphasizes the importance of monitoring the recovery in traditional consumption [21][31]. Summary by Sections Liquor Sector - Sales dynamics in Q3 improved compared to May-June, but the report anticipates continued inventory clearance with a double-digit year-on-year decline expected. The demand from government and business sectors remains under pressure, while the banquet and mass consumption markets are relatively stable [7][13]. - Major brands like Moutai and Wuliangye are expected to see varied performance, with Moutai projected to achieve a 4% increase in revenue year-on-year, while Wuliangye may experience an 8% decline [14][16]. Food Sector - The overall demand environment in Q3 was relatively weak, with retail sales growth slowing down. However, sectors like snacks and beverages continue to show good performance, while traditional categories like seasonings and beer remain subdued [21][31]. - The report highlights that raw material costs are generally declining, but the trend is slowing down. Packaging prices have increased, impacting profit margins across various segments [24][25]. - Specific companies such as Yili and Mengniu are facing growth pressures, while new dairy companies are expected to maintain strong growth due to structural improvements [31][35]. Investment Strategy - The report recommends focusing on sectors with good performance, such as snacks and beverages, while also keeping an eye on traditional consumption recovery. Specific stock recommendations include West Wheat Foods in the snack sector and leading liquor brands like Shanxi Fenjiu and Luzhou Laojiao [10][11].

10月20日，食品饮料ETF天弘（159736）盘中调整，截至发稿跌0.41%。成分股中，甘源食品涨超 3%，一鸣食品、欢乐家、养元饮品等跟涨，盐津铺子跌超4%。 值得一提的是，食品饮料ETF天弘（159736）近期持续受到资金关注，近20个交易日有17日获资金净流 入，其中上周五个交易日"吸金"超2700万元。 据证券日报，湖南省商务厅联合省财政厅10月18日发布公告称，将于今年10月份至12月份在全省范围内 开展"乐享湖南·湘当有惠"消费券发放活动。本次消费券发放总金额达1亿元，重点覆盖餐饮、加油、家 政服务、美容美发四大民生消费领域。除湖南外，湖北、云南、贵州、浙江、安徽等多地也纷纷启动新 一轮消费券发放活动，以提振消费活力，为年底消费旺季预热。 据人民财讯，10月15日晚8点，2025天猫双11预售开启，今年是淘宝升级为大消费平台后的首个双11。 天猫发布的数据显示，首小时35个品牌成交破亿元，1802个品牌成交翻倍，破亿品牌数、成交翻倍品牌 数、活跃用户数均超去年同周期。 银河证券表示，10月上旬，市场风格切换下食品饮料指数迎来修复，板块内部零食、啤酒、保健品涨幅 靠前，我们认为后续风格切换趋势有望 ...

北京商报讯（记者 刘一博 冯若男）10月20日早盘，三大指数集体上涨，沪指3866.09点上涨0.69%。白酒板块午盘2272.85点收盘上涨0.6%，14只白酒股上涨。 从个股来看，贵州茅台收盘价达1460.79元/股，上涨0.40%；五粮液收盘价达120.73元/股，下跌0.28%；山西汾酒收盘价达192.60元/股，下跌1.68%；泸州老窖收盘价达133.70元/股， 广发证券在其研报中指出，从经销商回款进度看，预计厂商博弈下多数厂家放松回款要求/不再强制性要求打款，头部品牌表现相对较优。 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Insights - The overall sales of liquor during the Mid-Autumn Festival and National Day are expected to decline by 20%-30%, aligning with pre-festival expectations due to the impact of the "ban on alcohol" in May [2] - High-end liquor brands are showing resilience, while the mass market is under pressure, with a notable shift towards lower-priced products in certain regions [3] - The market is characterized by "overall pressure with regional differentiation," where high-end and regional leading brands perform better compared to mass-market products [3] - The price of high-end liquor is stabilizing after a decline, with notable brands like Moutai and Wuliangye showing recovery in prices [4] Summary by Sections Sales Performance - Sales during the double festival period are under pressure, with a slight recovery in terminal sales observed in September, but overall sales remain constrained [2] - Inventory levels among distributors are high due to sluggish sales, leading to cautious payment collection [2] Regional Analysis - Jiangsu: Stable sales in urban areas, but rural markets are struggling [3] - Henan: Lower-priced products are becoming the main sales drivers due to changing consumer perceptions [3] - Sichuan: Differentiated performance in urban and rural markets, with rural areas showing resilience [3] - Shandong: Sales are influenced by promotional activities, but overall market sentiment is weak [3] Pricing Trends - High-end liquor prices are stabilizing after a decline, with Moutai's price around 1760 yuan [4] - Strong brand power is crucial for performance, with brands like Jiu Gui and Jian Nan Chun showing better resilience [4] Investment Recommendations - The report suggests that with the upcoming Q3 earnings disclosures, risks may be fully released, and the sector could see a recovery in sentiment [5] - Key investment lines include: 1. High elasticity stocks under policy expectations: Jiu Gui, She De, Shui Jing Fang, Lao Jiao, Hua Zhi [5] 2. Stocks benefiting from consumer recovery: Gu Jing Gong Jiu, Ying Jia, Jin Si Yuan [5] 3. Strong alpha stocks: Moutai, Fen Jiu [5]

当前行情若使用"哑铃策略"，可关注的标的有： 白酒龙头股代表：食品饮料ETF（515170），跟踪细分食品指数，聚焦白酒、乳品、调味品等，权重股 涵盖 "茅五泸汾洋"（茅台、五粮液、泸州老窖、山西汾酒、洋河股份）等行业绝对龙头。 格隆汇10月20日｜节后大盘波动显著加大，丰厚的获利盘之下，科技股显著回调，国际金价上周五连涨 攀历史新高，ETF和融资资金的持续净流入表明，资金逢低布局的意愿较强，且布局聚焦两方面"避 险"和"性价比"： 同标的最低费率的黄金ETF、可T+0交易：黄金ETF华夏(518850) ETF市场上周净流入超600亿元，其中"吸金"前三的指数是SGE黄金9999、恒生科技和中证银行，如同 标的最低费率的黄金ETF华夏已经连续10日获资金净申购，净流入额超14亿元。800消费和细分食品指 数上周也罕见"吸金"12亿元，如食品饮料ETF（515170）上周净流入12.1亿元。 四季度能否实现"科技-顺周期"高低切，取决于能否有进一步的政策催化。10月20日开始讨论"十五 五"规划内容，市场关注促内需的政策消息。 招商证券指出，中长期而言，2026年作为中美可能的"经济共振之年"与国内重要的政策 ...