11月17日，贵州茅台大宗交易成交1万股，成交额1440万元，占当日总成交额的0.29%，成交价1440 元，较市场收盘价1471元折价2.11%。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | 卖出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | | 025-11-17 | 费州茅台 | 600519 | 1440 1440 | 容曾是多意識品露 | 英語第一 | | KO | ...

以最新收盘价计算，A股平均股价为13.89元，其中股价超过100元的有151只，相比上一个交易日减少3 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17 日收盘，沪指报收3972.03点，下跌0.46%，A股平均股价为13.89元，个股股价分布看，股价超过100元 的有151只，股价在50元至100元的有452只，股价在30元至50元的有783只。 股价超百元个股中，收盘价最高的是贵州茅台，今日报收1471.00元，上涨0.99%，其次是寒武纪、源杰 科技等，最新收盘价分别为1303.10元、527.01元。 市场表现方面，收盘股价超百元股中，今日平均上涨0.42%，跑赢沪指0.88个百分点。今日上涨的有71 只，涨幅居前的有腾景科技、北方长龙等，下跌的有80只，跌幅居前的有骄成超声、迈为股份等。 追溯发现，最新百元股近一个月平均上涨4.78%，其间沪指上涨1.43%，涨幅居前的有华盛锂电、线上 线下、石大胜华等，涨幅分别为218.01%、90.54%、86.44%，今年以来平均涨幅为115.32%，强于沪指 96.81%，累计涨幅居前的有上纬新材、天普股份 ...

（原标题：百元股数量达151只，一日减少3只） 以最新收盘价计算，A股平均股价为13.89元，其中股价超过100元的有151只，相比上一个交易日减少3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17日收盘，沪指报收3972.03点，下跌0.46%， A股平均股价为13.89元，个股股价分布看，股价超过100元的有151只，股价在50元至100元的有452只，股价在30元至50元的有783只。 股价超百元个股中，收盘价最高的是贵州茅台，今日报收1471.00元，上涨0.99%，其次是寒武纪、源杰科技等，最新收盘价分别为1303.10元、 527.01元。 市场表现方面，收盘股价超百元股中，今日平均上涨0.42%，跑赢沪指0.88个百分点。今日上涨的有71只，涨幅居前的有腾景科技、北方长龙等， 下跌的有80只，跌幅居前的有骄成超声、迈为股份等。 追溯发现，最新百元股近一个月平均上涨4.78%，其间沪指上涨1.43%，涨幅居前的有华盛锂电、线上线下、石大胜华等，涨幅分别为218.01%、 90.54%、86.44%，今年以来平均涨幅为115.32%，强于沪指96. ...

证券之星消息，11月17日白酒板块较上一交易日上涨0.58%，山西汾酒领涨。当日上证指数报收于 3972.03，下跌0.46%。深证成指报收于13202.0，下跌0.11%。白酒板块个股涨跌见下表： 从资金流向上来看，当日白酒板块主力资金净流出1.06亿元，游资资金净流出1.45亿元，散户资金净流入 2.52亿元。白酒板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600809 | 山西汾酒 | 198.99 | 1.23% | 7.05万 | 14.03亿 | | 600519 | 贵州茅台 | 1471.00 | 0.99% | 3.45万 | 50.36亿 | | 000995 | 青岛温州 | 13.55 | 0.89% | 5.34万 | 7195.87万 | | 002646 | 天佑德酒 | 9.97 | 0.61% | 4.29万 | 4250.61万 | | 661009 | 第中于酒 | 10.59 | 0.47% | 8.70万 | 9164.12 ...

Core Viewpoint - The article discusses the significant decline in the Chinese liquor industry, particularly focusing on the performance of major brands like Moutai and Wuliangye, highlighting the challenges and potential investment opportunities within the sector [4][11][12]. Industry Overview - As of Q3 2025, the liquor industry experienced a revenue decline of 6%, with a more pronounced drop of 13% when excluding Moutai. Net profit also fell by 7%, with a 18% decline when excluding Moutai [4]. - The industry is entering its first year of performance decline since the peak in July 2021, with Q3 2025 showing a 19% revenue drop and a 22% net profit decline [4][5]. Company Performance - Moutai's revenue growth was 15.71% in 2024, but it dropped to 0.56% in Q3 2025. In contrast, Wuliangye's revenue growth fell sharply to -52.66% in Q3 2025 [5]. - The financial data indicates that the liquor industry is undergoing a significant "performance washout," marking a shift from growth to a more cyclical and dividend-focused investment approach [11][12]. Market Sentiment - Despite the poor performance of Wuliangye's Q3 report, the stock price did not react negatively, suggesting that the market still favors the liquor sector, viewing the report as a sign of proactive adjustments by companies [6]. - Investors are increasingly looking at the liquor sector as a "valuation pit" with high safety margins, especially after a prolonged period of declining valuations [7]. Pricing and Inventory Dynamics - The article notes that the pricing of high-end liquor products has been under pressure, with Moutai's price dropping by approximately 600 yuan annually for two consecutive years [19]. - Inventory levels are not significantly rising, but the structure and distribution of inventory are concerning, as sluggish sales hinder effective turnover [16][17]. Future Outlook - The industry is expected to remain in a downward cycle, with no clear bottom in sight. The resilience of distribution channels is still present, but the adjustment period may be longer than anticipated [22][23]. - The overall market is experiencing a downward shift in price bands, with the main consumption range moving downwards, indicating a contraction in market size [23].

Investment Rating - Investment advice indicates a sector recovery catalyzed by recent CPI data, focusing on growth and supply-demand inflection points [5][16]. Core Views - The report emphasizes the importance of consumer goods growth, particularly in beverages, snacks, and food ingredients, while also highlighting structural opportunities in the baijiu sector [5][16]. - CPI data shows a positive trend with October CPI year-on-year at +0.2% and core CPI at +1.2%, indicating a recovery in domestic demand [6][16]. - The baijiu industry is undergoing accelerated clearing, with expectations for improved sales and inventory adjustments leading into 2026 [7][16]. - Consumer goods are expected to benefit from stabilization and recovery, with a focus on low valuation and high dividend stocks [8][16]. Summary by Sections Investment Recommendations - Recommended baijiu stocks include Shanxi Xinghuacun Fen Wine Factory, Gujing Distillery, and stable targets like Kweichow Moutai and Wuliangye [5][16]. - Beverage growth is highlighted with recommendations for Eastroc Beverage and Nongfu Spring, alongside low valuation stocks like China Foods and Tingyi [5][16]. - Snack and food ingredient stocks recommended include Bailong Chuangyuan, Yankershop Food, and Three Squirrels [5][16]. - Beer recommendations include Yanjing Brewery and Tsingtao Brewery, while condiment stocks like Haitian Flavoring & Food are also suggested [5][16]. Baijiu Sector Insights - The baijiu sector is experiencing a significant adjustment, with industry destocking still in progress and a focus on promotional sales for 2026 [7][16]. - Recent sales data from JD.com shows a +18% year-on-year increase in liquor sales during the Double 11 shopping festival, indicating a positive market response [7][16]. Consumer Goods Outlook - Consumer goods are expected to see growth as the mainline, with structural differentiation evident in beverages, snacks, and health products [8][16]. - The report notes that companies with product innovation and channel expansion will have growth advantages, particularly in the context of recent service and non-food price recoveries [8][16].

Group 1 - The food ETF (515710) showed weak performance with a decline of 0.32% and a trading volume of 54.66 million yuan as of November 17 [1] - Leading stocks in the food sector included Tianwei Food, Lianhua Holdings, and Kweichow Moutai, with increases of 2.06%, 1.37%, and 0.65% respectively [1] - Conversely, Dongpeng Beverage, Yunnan Energy Investment, and Yanghe Distillery experienced declines of 3.02%, 2.34%, and 2.33% respectively [1] Group 2 - The white liquor industry is undergoing a destocking phase, with expectations of recovery in demand and economic revival by Q4 2025 [2] - The trend towards healthier snacks is evident, with categories like konjac continuing to benefit, and leading companies are expected to gain from this trend [2] - The dairy product demand is gradually recovering, with raw milk prices potentially stabilizing [2] Group 3 - The food ETF and its linked funds passively track a segmented food index, with the top ten weighted stocks including Kweichow Moutai, Wuliangye, and Yili [2]

最近，段永平言论火了，先是捐款1500万股茅台股票，后又 捐赠2.2亿元给母校北师大。而更让资本市场关心的是他的 个人经历与投资理念。 关于茅台他提到，持仓茅台近4年已腰斩，但相信茅台一定会回来。可能5年，十年，但如果这个钱不放茅台，必须有地方去。 2021年茅台股价达2600-2700元时，曾因"觉得贵"想减持，但最终因"找不到更好的替代标的"选择持有。 段永平提出"茅台和其他白酒是两个东西"的观点，看重其独特口味与文化壁垒。"喜欢喝茅台的人认这个口味，茅台的稳定性很强。 他认为，茅台还是会有人喝。很多人说年轻人不喝茅台了，可那些不年轻的人还能活很久。其次，年轻人一直不喝茅台，以后谁知道他们会不会喝？喝酒 有害健康，这是真的，但它有情绪价值，所以还是会有人喝。 段永平认为，投资茅台肯定比放银行强。"一个股票若扛不住50%跌幅就不该买，茅台从2600掉到1200时，我反而补了仓，现在股息率能到3%-4%，比放 银行划算。" 在被问及"如果出现可以无缝切换、且未来 自由现金流折现 优于茅台的标的，是否会考虑换仓"时，他毫不犹豫地回答："当然会。" 他举例说明，假如在五年前就看懂了英伟达的发展潜力，而手中只有茅台 ...

新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 文 | 酒讯 子煜 编辑 | 方圆 新一轮渠道变革的序幕，由抖音针对酒水品类启动专项治理拉开。 日前，抖音电商发布《关于打击酒类虚假营销与假冒销售行为的治理通告》称，近三个月平台共处置违规商品超2000个、涉及违规商家690个。 酒企集体发声整顿电商渠道余音尚在，平台方紧跟下场整治低价乱象，一时间商家和消费者都感到猝不及防。这一次，电商渠道能否摆脱低价竞争的老 路，已成为行业关注的焦点。 图片来源：抖音电商安全与信任中心 公众号 01 打击"野蛮生长" | 违规类型 | 违规案例(示例图片) | 平台建议 | | --- | --- | --- | | 未写版本信息 | | 请在直播间中央无遮挡位置写清版本 信息。 | | 直播间展示时用"中英文版" | | 版本信息需要注明"海外版"、"出口 | | 混淆"海外版",或未在直播间 | | 版"、"国内版"，且不能遮挡。 | | 中央画面进行版本信息的清晰 展示 | | | 图片来源：抖音学习中心 在双11大促背景下，平台、酒企与经销商之间的博弈呈现出新动向。 11月10日，抖音电商团队发布《关于酒水版 ...

Core Viewpoint - The article discusses the significant decline in the price of Moutai liquor, transitioning from an investment asset to a consumer product, with many consumers reassessing its intrinsic value [3][10]. Price Decline and Market Reaction - Newly launched cultural series products and the 53-degree Flying Moutai have experienced drastic price drops, with the "Yellow Small Stream Dinner" series falling 30%-40% from its launch price of 2499 yuan to below 1700 yuan [4][5]. - The 375ml version of the "Walk into Five Countries" series has seen its price drop from 1619 yuan to 1050 yuan, while the 700ml version has decreased from 3599 yuan to around 2200 yuan, marking a nearly 40% decline [4][5]. - The price of the 53-degree Flying Moutai has fallen from approximately 2000 yuan at the beginning of the year to around 1600 yuan, a drop of over 50% from its peak of 3500 yuan at the end of 2022 [5][8]. Shift in Consumer Behavior - Consumers are now more cautious and rational in their purchasing decisions, with many no longer hoarding Moutai as an investment, reflecting a shift towards its consumption value [7][10]. - The trend of bulk purchasing for investment purposes has diminished, with consumers typically buying only one or two bottles for personal use [7][8]. Industry Dynamics - The white liquor industry is undergoing a cyclical adjustment, entering a phase of stock competition, with Moutai's strategy focusing on long-term stability and adapting to changing consumer habits [9]. - The decline in Moutai prices has not significantly affected its stock price, indicating a potential disconnect between market sentiment and the company's long-term value [9]. Future Outlook - Analysts suggest that Moutai may continue to experience price fluctuations in the short term, but there is potential for stabilization at current price levels due to the brand's inherent value and demand in gift and banquet markets [9][10].