据贵州茅台官微报道，10月18日，茅台集团召开2026年度生产·质量大会。这是茅台冠以2026年度的第一个重量级大会，因为对于酿造企业茅台而言，无论 是生产，还是接下来的市场工作会，都已在为2026年度做布局统筹。 信号一：2025年度持续保持"优质稳产"，重申质量是不能触碰的底线 大会消息显示，过去一年，茅台上下始终坚守"质量是生命之魂"，扎实推进生产质量各项工作，圆满完成既定目标任务，持续保持"优质稳产"。 这也意味着茅台的生产基本盘非常稳定，对于消费者而言也是一份"品质保证书"，只有在生产和质量"稳"的前提下，茅台才能深入推进发展战略。 茅台集团党委书记、董事长张德芹在讲话中，将"政治意识"置于首位。这并非套话，而是将产品质量提升到了前所未有的战略高度。 "政治意识"意味着稳定性和可靠性。作为国有企业和民族品牌，茅台的品质容不得半点闪失，将其视为"政治任务"，等于向消费者下了"军令状"：保证每一 瓶出厂的酒都符合最高标准，让消费者放心。 此外，张德芹还强调"质量意识"和"底线意识"。"茅台的今天靠的是一代代茅台人把'质量'刻在骨子里的坚守"。在竞争日益激烈的市场中，茅台清醒地认识 到，只有质量稳定，才能 ...

截至2025年10月20日 09:52，中证A500指数强势上涨1.03%，成分股士兰微10cm涨停，思源电气上涨9.54%，中际旭创上涨8.90%，天孚通信、多氟多等个股 跟涨。A500ETF嘉实(159351)上涨0.95%。拉长时间看，截至2025年10月17日，A500ETF嘉实近3月累计上涨13.24%。 数据显示，截至2025年9月30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、新易盛、中际旭创、美的集 团、东方财富、长江电力，前十大权重股合计占比19%。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 600519 | 贵州茅台 | 0.62% | 3.87% | | 300750 | 宁德时代 | 2.03% | 2.89% | | 601318 | 中国平安 | 0.93% | 2.60% | | 600036 | 招商银行 | -0.10% | 2.47% | | 601166 | 兴业银行 | -0.54% | 1.69% | | 600900 | 长江电力 | -0.78% | 1 ...

Core Points - The company has launched a date selection service for the Year of the Snake commemorative liquor starting from October 20, allowing consumers to choose specific production dates for their purchases [1] - This service offers two options: purchasing products with production dates from January 1, 2025, onwards, or pre-ordering products with production dates from the current date to the end of the next month [1] - The commemorative liquor has been popular in both the collectible and gift markets, and the new service provides more options for consumers who value the significance of the date [1] - Previous limited edition products, such as the 70th anniversary commemorative liquor, saw significant price increases in the secondary market due to their limited availability [1]

Core Viewpoint - The market experienced a correction last week, but certain stocks within the brand index showed resilience, indicating potential investment opportunities in sectors like electronics, new energy, new consumption, and real estate as uncertainties ease [1][4]. Market Performance - The market indices saw declines: Shanghai Composite Index down 1.47%, Shenzhen Component down 4.99%, ChiNext down 5.71%, and CSI 300 down 2.22%. The brand index fell 3.58% to 1956.62 points [2]. - Notable gainers in the brand index included Shanghai Jahwa up 9.42%, Changbai Mountain up 7.19%, and Darentang up 5.34%. Other stocks like Luzhou Laojiao and Yiling Pharmaceutical also saw gains exceeding 4% [2]. Stock Performance Since H2 - Since the beginning of the second half of the year, Zhongji Xuchuang has surged 156.40%, leading the gains, followed by Sunshine Power at 114.27%. Other significant performers include Lanke Technology and Yiwei Lithium Energy, both up over 60% [3]. Market Outlook - Looking ahead, the market is expected to maintain upward momentum as uncertainties gradually diminish. Liquidity is anticipated to remain supportive, with domestic interest rates low and overseas liquidity remaining loose, encouraging investment in Chinese equity assets [4][5]. - The current market environment is characterized by a shift in investment styles, with a focus on sectors that offer higher investment certainty, particularly in electronics, new energy, new consumption, and real estate [5].

南京糖酒会调研总结及三季报前瞻 20251019 摘要 糖酒会直播现象突出，反映白酒行业对即时零售等新兴渠道的渗透。百 元以内光瓶酒保持热度，显示大众消费稳健及消费升级趋势。 中秋国庆期间白酒行业表现略超预期，名酒批价表现良好，洋河金水源 销售额同比增长显著，但宴席单场开瓶数量下降，整体传统渠道及线上 即时零售表现良好。 白酒行业见底共识度提高，但回升预期谨慎。需求端受禁酒令和经济影 响，供给端进入去库存阶段，需等待需求改善。茅台价格稳定，经销商 库存较低。 茅台节后批价优于预期，原箱价格稳定，经销商库存健康。五粮液面临 价格倒挂和补贴压力，渠道结构变化，老窖也面临压力，两者处境艰难。 2025 年三季度，茅台预计保持中高个位数增长，五粮液收入或双位数 增长但利润幅度更大，老窖收入和利润双位数增长，汾酒下滑，古井贡 酒下滑幅度较大，洋河报表端下滑，今世缘延续调整节奏。 白酒行业处于基本面底部，二季度至明年一季度或为调整期，估值具性 价比。推荐茅台、汾酒、古井贡、今世缘等龙头及五粮液、泸州老窖、 洋河等分红保障企业，关注弹性标的针灸李度。 2025 年三季度饮料行业稳健增长，茶饮、中式养生水、电解质水、椰 子水 ...

Summary of Key Points from Conference Call Records Industry Overview 1. Baijiu Industry - The Baijiu industry experienced a seasonal sales decline of approximately 20% during the Mid-Autumn Festival, with high-end brands like Moutai, Wuliangye, and Fenjiu performing relatively well. Inventory levels have not significantly decreased, and a slight upward trend is expected in the future [1][3][4] - Strong brand power and good sales performance are crucial for companies in this sector, with companies like Moutai and Wuliangye maintaining advantages. Companies with flexible operations, such as Zhenjiu and Laojiao, are also worth monitoring [5] 2. Consumer Goods - The consumer goods sector saw a slowdown in growth during Q3 2025, with beverage and dairy products showing improvement from a low base, while condiments maintained steady growth. Leading companies like Dongpeng, Nongfu Spring, and Yanjing Beer performed well and are recommended for investment [1][6] 3. Beauty Industry - The beauty industry showed overall good performance with no significant slowdown in growth. Some companies even exceeded their Q2 growth rates. High-growth companies like Ruoyuchen and Shanghai Jahwa are recommended for investment [1][7] 4. Gold and Jewelry Sector - Leading companies in the gold and jewelry sector continued to grow rapidly, benefiting from rising gold prices and price increase strategies. Companies like Laofengxiang and Zhouliufu reported impressive growth, with Laofengxiang's single-store revenue reaching up to 200% growth in September [1][8] 5. Trendy Toys and Supermarket Reform - In the trendy toy sector, Pop Mart remains in a high growth phase, while Miniso's Q3 report showed promising data. In the supermarket reform sector, companies like Bubugao and Huijia Times are experiencing performance releases, and ATO's rapid growth in bedding products is noteworthy [1][9] 6. Pork Industry - Pork prices saw a slight decline this week, but demand for secondary fattening is increasing, stabilizing prices at the bottom. Companies with cost advantages, such as Wens Foodstuffs and Muyuan, are expected to seize more opportunities as breeding sow capacity continues to decrease [1][18][17] Home Appliance Sector - The home appliance sector faced challenges in Q3 due to the gradual withdrawal of subsidies, leading to a less optimistic outlook for domestic demand. However, white goods showed stable performance, with leading companies like Haier and Midea expected to achieve near double-digit revenue growth [2][13] Other Notable Trends - The light industry, particularly the paper industry, is expected to see a turning point in Q4, with potential price increases in packaging and cultural paper [14] - The agricultural sector is focusing on the pork industry, with ongoing capacity reduction impacting future supply and price trends [17] - The pet sector is showing strong growth, with companies like Zhongchong and Guibao Pet expected to perform well [20] This summary encapsulates the key insights and trends across various industries as discussed in the conference call records, highlighting potential investment opportunities and risks.

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [10][59]. Core Insights - The feedback from the recent Nanjing Autumn Sugar Fair was relatively flat, with major liquor companies showing low enthusiasm for participation. The focus is shifting towards consumer engagement through live streaming and other sales models [6][57]. - The white liquor sector is experiencing a demand bottoming phase, with inventory levels still relatively high. The report suggests focusing on high-dividend leaders like Kweichow Moutai, Wuliangye, and Luzhou Laojiao, as well as flexible stocks that have corrected to appropriate levels [6][57]. - The consumer sector is rebounding, driven by market sentiment towards domestic demand policies amid U.S.-China tariff impacts. Companies in the snack food sector, such as Yanjin and Weidong, are benefiting from increased market penetration and revenue growth [7][58]. Summary by Sections Industry News - From January to August, the export value of Zunyi liquor increased by 776.17% year-on-year. In September, liquor prices fell by 1.3% year-on-year, and the Hubei liquor market reached a scale of 35 billion yuan [5][17][19]. Company News - Kweichow Moutai reported a significant recovery in terminal sales for its sauce-flavored liquor in September. Luzhou Laojiao held a 110th anniversary event, continuing to lead the vintage liquor market [19]. Key Company Feedback - The report highlights the performance of key companies, with a focus on their stock price movements and earnings forecasts. For instance, Kweichow Moutai's stock price is at 1455.00 yuan, with an EPS forecast of 68.64 for 2024 [60]. Industry Data Trends - The white liquor industry saw a cumulative production of 4.145 million tons in 2024, a decrease of 7.72% year-on-year, while industry revenue reached 796.4 billion yuan, an increase of 5.3% year-on-year [34][36]. Investment Strategy - The report emphasizes the importance of focusing on companies with long-term value and high dividends in the white liquor sector, while also highlighting the potential in the snack food and beverage sectors due to changing consumer preferences and market dynamics [58][59].

Market Overview - The Shanghai Composite Index fell by 1.47% this week, with only four industries showing gains, led by the banking and coal sectors, which rose by 4.89% and 4.17% respectively [1] - The food and beverage industry ranked third in terms of weekly gains [1] Fund Flow Analysis - Total net outflow of main funds from both markets reached 301.749 billion yuan this week, with only two industries experiencing net inflows: banking (24.19 billion yuan) and coal (2.67 billion yuan) [1] - The electronic industry saw the largest net outflow, totaling 70.079 billion yuan, followed by the power equipment sector with a net outflow of 41.692 billion yuan [1] Industry Performance - The food and beverage sector increased by 0.86% this week, despite a net outflow of 378 million yuan in main funds [3] - Within the food and beverage sector, 49 out of 124 stocks rose, with notable increases from Kweichow Moutai (11.08%), Miaokelando (8.52%), and Guifaxiang (6.90%) [3] - Conversely, 71 stocks declined, with Jinzi Ham, Yangyuan Beverage, and Zhuangyuan Pasture experiencing significant drops of 17.80%, 16.56%, and 14.06% respectively [3] Top Stocks in Food and Beverage - Kweichow Moutai led the net inflow with 680 million yuan, followed by Luzhou Laojiao (204 million yuan) and Wuliangye (198 million yuan) [3] - The top outflow stocks included Jinzi Ham (-186 million yuan), Yangyuan Beverage (-171 million yuan), and Zhuangyuan Pasture (-135 million yuan) [4]

证券研究报告 | 2025年10月19日 行情回顾：本周食品饮料（A 股和 H 股）累计上涨 0.66%，其中 A 股食品饮 料（申万食品饮料指数）上涨 0.85%，跑赢沪深 300 约 3.07pct，反映防御 性配置需求；H 股食品饮料（恒生港股通食品饮料）下跌 1.92%，跑输恒生 指数 0.54pct。本周食品饮料板块涨幅前五分别为会稽山(11.08%)、妙可蓝 多(8.52%)、桂发祥(6.90%)、晨光生物(6.50%)和金达威(5.36%)。本周投资 组合平均上涨 2.15%，跑赢食品饮料（申万）指数 1.31pct。 品类基本面延续分化，饮料＞食品＞酒类。（1）酒类。白酒：三季报预计 加速出清，关注政策催化，贵州茅台有望迎来重估。继续优先推荐战略复利 优势、产品增长抓手较多、渠道改革领先行业的泸州老窖；推荐飞天动销改 善、伴随流动性改善价值重估空间打开的贵州茅台。啤酒：行业库存良性， 静待需求回暖。继续优先推荐大单品快速增长、内部改革持续深化、业绩成 长性强的燕京啤酒，推荐啤酒业务竞争优势突出、估值逐步修复的华润啤酒。 （2）饮料。乳制品：需求平稳复苏，供给渐进出清，布局 2025 年供需改善 ...

茅台、五粮液、洋河、汾酒、泸州老窖、剑南春等中国酒业龙头企业悉数到场 编辑：代婧怡 10月18日，第二十三届中国国际酒业博览会（以下简称"酒博会"）在武汉国际博览中心 举行。这是酒博会首次来到武汉，全球酒业商企云集武汉。茅台、五粮液、洋河、汾酒、泸 州老窖等中国酒业龙头企业悉数到场。现场举办的鸡尾酒调酒大赛也吸引了众多调酒师在擂 台上一较高下。 现场举办的鸡尾酒调酒大赛也吸引了众多调酒师在擂台上一较高下 ...