11月21日贵州茅台大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 0.14 | 201.29 | 1437.77 | -1.97 | 国投证券股份有限公司 | 中国银河证券股份有限公司 | | | | | | 重庆解放碑证券营业部 | 北京北四环证券营业部 | （文章来源：证券时报网） 贵州茅台11月21日大宗交易平台出现一笔成交，成交量0.14万股，成交金额201.29万元，大宗交易成交 价为1437.77元，相对今日收盘价折价1.97%。该笔交易的买方营业部为国投证券股份有限公司重庆解放 碑证券营业部，卖方营业部为中国银河证券股份有限公司北京北四环证券营业部。 进一步统计，近3个月内该股累计发生22笔大宗交易，合计成交金额为2.30亿元。 证券时报·数据宝统计显示，贵州茅台今日收盘价为1466.60元，下跌0.03%，日换手率为0.34%，成交额 为62.60亿元， ...

茅台不仅仅是消费品，它有金融属性，还有情绪价值，但是当越来越多的有钱人开始老去， 无法承接这个情绪价值，也没有足够的身体素质敢于持续饮酒的时候，茅台的基本面其实已 经变了。 作者：今纶 日前，段永平在接受雪球方三文的访谈的时候说到，他会一直拿着茅台，茅台股价到2600元的时候，他 没有卖，现在1200元也不会卖。 其实现在茅台的股价是1400元左右，段永平是口误，也可能是较早前录影。段永平说茅台的股价会回到 2600元，这个，我就不好预测了。 ▲段永平 但我个人的看法是茅台的顶峰肯定过了，销量应该很难有特别好的表现。 我知道很多人买了茅台股票，或者收藏了茅台酒，茅台雄风不在，他们很难受，但事实就是事实。 今天早上的消息：2026届全国普通高校毕业生规模预计1270万人，同比增加48万人。就业当如何？比较 难。 既然就业比较难，家里就会帮年轻人，哪怕老人家有比较高的退休金，也不会敞开了花，而是相对节 俭。 这其实是中国很多家庭的现状，无论有钱没钱，先收一收，尽量不花钱。 钱在哪里？存起来了：10月末，本外币存款余额332.92万亿元，同比增长8.3%。月末人民币存款余额 325.55万亿元，同比增长8%。 无论 ...

Core Viewpoint - The food and beverage sector demonstrates resilience amid market corrections, with the food ETF (515710) showing fluctuations in performance, reflecting the overall market sentiment [1][3]. Group 1: Market Performance - The food and beverage sector ranks among the top three in performance across 30 CITIC primary industries, despite a broader market downturn [1]. - The food ETF (515710) experienced a decline of 1.29% by the end of the trading day, after an initial rise [1][2]. - Key stocks such as Yunnan Energy Investment fell by 7.73%, while others like Jiu Gui Jiu and Jin Da Wei dropped over 4%, negatively impacting the sector's overall performance [1][2]. Group 2: Sales and Demand Insights - Recent research indicates that Moutai 1935 has seen over 20% year-on-year sales growth in several markets since Q3, with some areas reporting growth exceeding 30% [1][3]. - High opening rates and positive feedback from distributors suggest strong recognition of the product in both distribution and consumer channels [3]. Group 3: Valuation and Investment Opportunities - The food and beverage sector is currently at a historical low in terms of valuation, presenting a potential opportunity for left-side positioning [3]. - As of November 20, the food ETF's underlying index had a price-to-earnings ratio of 21, placing it in the lower 10.2% percentile over the past decade, indicating favorable long-term investment potential [3]. - Analysts predict that the food and beverage sector will experience a shift from valuation recovery to performance-driven growth starting in 2026, with expectations of improved earnings across various segments [4]. Group 4: Sector Composition and Focus - The food ETF (515710) tracks the CSI sub-index for the food and beverage industry, with approximately 60% of its holdings in leading high-end and mid-range liquor stocks, and nearly 40% in other segments like beverages and dairy [5]. - Key stocks in the ETF include major brands such as Moutai, Wuliangye, and Yili, indicating a strong focus on established market leaders [5].

Core Viewpoint - Douyin is actively combating the sale of counterfeit and low-priced Moutai products on its platform, reflecting a broader effort within the liquor industry and e-commerce platforms to address issues of low pricing, counterfeit goods, and tax evasion [2][3][4]. Group 1: Douyin's Actions - Douyin has banned 600,000 accounts involved in selling counterfeit Moutai and low-priced products this year, and has removed over 2,000 illegal items and expelled 690 merchants in the last three months [2][4][6]. - The platform has initiated a series of announcements and actions targeting false marketing and unauthorized sales, including a warning on November 10 and a follow-up notice on November 11 detailing the focus on low-price gimmicks and false advertising [4][6]. - Douyin's crackdown has led to the disappearance of the previously common 1,499 yuan per bottle Moutai listings, with official flagship stores now listing prices above 1,700 yuan [3][6]. Group 2: Market Impact - The price of the 2024-2025 Moutai has risen to over 1,700 yuan, with older vintages exceeding 2,000 yuan, aligning with offline market prices [7]. - The crackdown has resulted in a shift in the e-commerce landscape for liquor, with authorized stores becoming more prominent and unauthorized sellers being removed from the platform [7][9]. - Other premium liquors, such as Wuliangye and Guojiao, still have products listed below 900 yuan, indicating ongoing pricing discrepancies in the market [7]. Group 3: Regulatory Environment - The implementation of the "E-commerce Tax" regulation on October 1, 2025, aims to combat issues like unreported sales and low-price dumping by requiring platforms to report merchant income [8]. - The liquor industry is witnessing a coordinated effort to establish a transparent and regulated e-commerce environment, with major brands releasing official lists of authorized sellers to guide consumers [9].

进一步统计，近3个月内该股累计发生17笔大宗交易，合计成交金额为2.08亿元。该股近5个交易日累计 上涨0.69%，主力资金合计净流出3.77亿元。 责任编辑：小浪快报 11月21日，贵州茅台收跌0.03%，收盘价为1,466.60元，发生1笔大宗交易，合计成交量1400股，成交金 额201.29万元。 第1笔成交价格为1,437.77元，成交0.14万股，成交金额201.29万元，溢价率为-1.97%，买方营业部为国 投证券股份有限公司重庆解放碑证券营业部，卖方营业部为中国银河证券股份有限公司北京北四环证券 营业部。 ...

11月21日，贵州茅台大宗交易成交1400股，成交额201.29万元，占当日总成交额的0.03%，成交价1437.77元，较市场收盘价1466.6元折价1.97%。 | 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 | | --- | --- | --- | --- | --- | --- | --- | | 2025-11-21 | 贵州茅台 | 61500519 | 1437.77 201.29 0.14 | 国投证券股份有限 | 中国银河证券股份 有限公司北京北四 | | ...

Core Insights - The liquor sector experienced a decline of 0.42% on November 21, with the leading stock, Jiu Gui Jiu, falling the most [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance Summary - Guizhou Moutai closed at 1466.60, with a slight decrease of 0.03% and a trading volume of 42,600 shares, amounting to 6.26 billion [1] - Wuliangye closed at 119.68, down 0.47%, with a trading volume of 205,100 shares, totaling 2.468 billion [1] - Luzhou Laojiao saw a decline of 1.94%, closing at 134.20, with a trading volume of 101,800 shares, amounting to 1.385 billion [1] Capital Flow Analysis - The liquor sector saw a net outflow of 438 million from institutional investors, while retail investors contributed a net inflow of 112 million [2] - The main stocks with significant capital flow included Shanxi Fenjiu, which had a net inflow of 12.5 million from institutional investors, but a net outflow of 23.5 million from retail investors [3] - Tianyoude Liquor experienced a net outflow of 8.74 million from institutional investors, while retail investors contributed a net inflow of 5.63 million [3]

| 茅台飞天 | | | 2025年11月21日 | | --- | --- | --- | --- | | | | | (公众号: 今日酒价) | | 品名 | 规格 | 昨日行情 | 今日行情 | | (2 25年飞天(原) | 53度/500ml | 1690 | 1665 ↓ | | 2 25年飞天(散) | 53度/500ml | 1655 | 1650 ↑ | | 24年飞天(原) | 53度/500ml | 1720 | 1720 | | 24年飞天(散) | 53度/500ml | 1685 | 1685 | | 23年飞天(原) | 53度/500ml | 1950 | 1950 | | 23年飞天(散) | 53度/500ml | 1850 | 1850 | | 公斤茅台(原) | 53度/1L | 2980 | 2980 | | 43度飞天(原) | 43度/500ml | 765 | 765 | | 43度飞天(散) | 43度/500ml | 750 | 750 | | 43度喜宴(红) | 43度/500ml | ୧୧୧ | 655 | | 巽风飞天 | 53度/375ml | 1 ...

Core Insights - The China Securities Regulatory Commission (CSRC) has emphasized the importance of corporate governance and board effectiveness in listed companies, leading to the launch of the "2025 Best Practices for Corporate Boards" initiative, which has recognized 240 best practice cases, 190 excellent cases, and 156 typical cases [1][2]. Group 1: Corporate Governance and Board Effectiveness - The initiative aims to enhance the legal and compliant operation of corporate boards, improving governance effectiveness in response to higher demands from the new "National Nine Articles" and the "1+N" policy framework [1]. - The core role of corporate boards is to drive strategic decision-making, align with national macro policies, and integrate company growth into the modernization of the industrial system [1][2]. - Companies are encouraged to establish robust internal control systems and risk supervision capabilities to support high-quality development in the capital market [1][2]. Group 2: Value Management and Shareholder Returns - Corporate boards are elevating value management to a strategic level, focusing on enhancing intrinsic value, optimizing investor communication, and standardizing information disclosure [2]. - Emphasis on sustainable dividends has become a key aspect of governance, with companies responding to policies for multiple dividends per year and ensuring the continuity and stability of shareholder return policies [2]. - The boards are actively working to improve investor satisfaction and confidence through optimized dividend strategies [2]. Group 3: ESG Integration - Corporate boards are advancing the establishment and practice of Environmental, Social, and Governance (ESG) frameworks, embedding sustainability into strategic planning and performance evaluation [3]. - The ESG strategy focuses on innovation, employee growth, environmental friendliness, and corporate governance, aiming for a sustainable development governance model unique to China [3]. Group 4: Best Practice Case Listings - A comprehensive list of recognized companies for best practices in corporate governance has been compiled, showcasing a diverse range of sectors and industries [4][5][6][7][8][9][10].

Core Viewpoint - The food and beverage sector demonstrates resilience, with the food ETF (515710) showing a slight increase despite market fluctuations, indicating potential investment opportunities in this sector [1][4]. Group 1: Market Performance - As of November 21, the food and beverage sector ranks third among 30 sectors in terms of growth, with the food ETF (515710) reaching a peak intraday price increase of 0.48% and a current increase of 0.16% [1]. - Leading stocks in the liquor segment, such as Shede Liquor, Tianwei Food, and Jinhuijiu, have shown significant gains, with Shede Liquor rising nearly 3% and others like Guizhou Moutai and Wuliangye also experiencing slight increases [1][4]. Group 2: Investment Opportunities - Analysts suggest that the current market conditions may present a favorable opportunity for investment in the food and beverage sector, particularly in high-quality liquor companies that have shown resilience and clear strategies [1][3]. - The food ETF (515710) is noted for its low valuation, with a price-to-earnings ratio of 21, indicating a potential for long-term investment returns [3][4]. Group 3: Regulatory Environment - Douyin has taken measures against black market accounts promoting counterfeit Moutai products, which may impact the market dynamics for high-end liquor brands but ultimately aims to enhance the integrity of the e-commerce ecosystem [3]. - The recent crackdown on low-priced and counterfeit products is expected to have short-term effects on accounts relying on such gray market flows, but it is anticipated to benefit the overall market order in the long run [3]. Group 4: Future Outlook - With ongoing macroeconomic policies aimed at boosting domestic demand, the food and beverage sector is expected to see improvements in both performance and valuation in the medium to long term [4]. - The food ETF is highlighted as a key asset for investors looking to capitalize on the sector's recovery, with a significant portion of its holdings in leading liquor brands and other food-related stocks [4].