Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][15]. Core Views - The food and beverage sector is expected to benefit from a recovery in consumer spending, particularly in the context of the upcoming 2026 fiscal year, with a focus on health innovation and digital supply chains [3][10]. - The report highlights the differentiation in performance across categories, with beverages outperforming food and alcoholic beverages [2][10]. - Key investment opportunities are identified in premium liquor brands, dairy products, and innovative snack foods, with specific recommendations for companies like Guizhou Moutai, Yili, and Eastroc Beverage [2][3][15]. Summary by Relevant Sections Market Overview - The food and beverage sector saw a cumulative decline of 1.52% this week, with A-shares down 1.36% and H-shares down 3.69% [1]. - Notable performers included Nanchao Food (+11.91%) and Yili (+2.65%) [1]. Alcoholic Beverages - The liquor sector is entering a left-side layout phase, with premium brands expected to gain market share [2][10]. - Recommendations include Luzhou Laojiao, Shanxi Fenjiu, and Guizhou Moutai, with a focus on companies that can leverage pricing power and regional advantages [2][10]. Beer - The beer industry is experiencing healthy inventory levels, with expectations for demand recovery [2][11]. - Yanjing Beer is recommended for its strong growth potential and ongoing internal reforms [2][11]. Dairy Products - The dairy sector is seeing a steady recovery in demand, with Yili recommended for its valuation safety margin [2][13]. - The report anticipates improvements in supply-demand dynamics by 2026 [2][13]. Snacks - The report emphasizes the growth potential of konjac snacks, with leading companies like Weilong and Yanjinpuzi showing strong competitive advantages [2][12]. - The snack industry is shifting towards a category-driven growth model, necessitating strong product differentiation [2][12]. Investment Recommendations - The recommended investment portfolio includes Guizhou Moutai, Babi Food, Eastroc Beverage, Weilong, and Luzhou Laojiao, with an average decline of 4.94% this week [3][15]. - The report suggests that the current pricing environment for Moutai presents a favorable investment opportunity, with expectations for revenue growth in the coming years [15][16].

证券简称：贵州茅台 证券代码：600519 编号：临 2025－049 贵州茅台酒股份有限公司关于回购股份事项 前十大股东及前十大无限售条件股东持股情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 6 | 中国工商银行股份有限公司－华泰柏瑞沪深 | 10,694,550 | 0.85 | | --- | --- | --- | --- | | | 交易型开放式指数证券投资基金 300 | | | | 7 | 中央汇金资产管理有限责任公司 | 10,397,104 | 0.83 | | 8 | 中国证券金融股份有限公司 | 8,039,447 | 0.64 | | 9 | 中国建设银行股份有限公司－易方达沪深 300 | 7,696,091 | 0.61 | | | 交易型开放式指数发起式证券投资基金 | | | | 10 | 中国工商银行股份有限公司－华夏沪深 交 300 | 5,760,454 | 0.46 | | | 易型开放式指数证券投资基金 | | | 二、公司前十大无限售条件股东持股情况 公司前十大无限 ...

股价超百元个股中，收盘价最高的是贵州茅台，今日报收1444.65元，下跌0.51%，其次是寒武纪、源杰 科技等，最新收盘价分别为1260.00元、546.51元。 以最新收盘价计算，A股平均股价为13.48元，其中股价超过100元的有141只，相比上一个交易日增加3 只。 市场表现方面，收盘股价超百元股中，今日平均上涨2.27%，跑赢沪指1.40个百分点。今日上涨的有105 只，涨停的有光库科技、天普股份等，下跌的有35只，跌幅居前的有北方长龙、惠泰医疗等。 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25 日收盘，沪指报收3870.02点，上涨0.87%，A股平均股价为13.48元，个股股价分布看，股价超过100元 的有141只，股价在50元至100元的有427只，股价在30元至50元的有752只。 追溯发现，最新百元股近一个月平均下跌3.42%，其间沪指下跌2.03%，涨幅居前的有腾景科技、品茗 科技、天普股份等，涨幅分别为59.26%、39.53%、38.94%，今年以来平均涨幅为110.00%，强于沪指 94.54%，累计涨幅居前的有上纬新材、天普股份、品 ...

北京商报讯（记者刘一博冯若男）11月25日尾盘，沪指3870.02点上涨0.87%。白酒板块2254.47点收盘 上涨0.28%，其中12只白酒股上涨，酒鬼酒1.73%领涨白酒股。 （文章来源：北京商报） 银河证券在其研报中指出，今年白酒行业深度调整，第三季度以来供给端加速出清。展望2026年，研报 预计行业仍处于调整期，但逐渐步入筑底阶段，即动销与批价跌幅收窄+报表端继续出清，股票长期价 值凸显。 从个股来看，贵州茅台收盘价达1444.65元/股，下跌0.51%；五粮液收盘价达118.51元/股，下跌0.01%； 山西汾酒收盘价达192.99元/股，上涨0.31%；泸州老窖收盘价达133.59元/股，上涨0.50%；洋河股份收 盘价达65.71元/股，下跌1.19%。 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][15]. Core Views - The food and beverage sector is expected to perform well in 2026, driven by recovery in consumer demand and the sector's inherent growth potential [3][10]. - The report highlights the differentiation in performance across categories, with beverages outperforming food and alcoholic beverages [2][10]. - Key investment opportunities are identified in premium liquor brands, dairy products, and innovative snack foods, with a focus on companies that demonstrate strong growth potential and market positioning [2][10][15]. Summary by Sections Market Overview - The food and beverage sector experienced a decline of 1.52% this week, with A-shares down 1.36% and H-shares down 3.69%. Notably, South Qiao Food and Yili Co. showed positive performance with increases of 11.91% and 2.65% respectively [1][3]. Alcoholic Beverages - The liquor sector is entering a left-side layout phase, with premium brands like Luzhou Laojiao, Shanxi Fenjiu, and Guizhou Moutai expected to gain market share. The report suggests a focus on companies with pricing power and regional influence [2][10]. - Moutai's price is currently down 26% year-on-year, indicating a potential for recovery in consumer demand during the upcoming festive season [10][15]. Beer - The beer industry is showing healthy inventory levels, with expectations for demand recovery. The report recommends investing in leading brands like Yanjing Beer, which is expected to see profit growth supported by strong market fundamentals [2][11]. Dairy Products - The dairy sector is experiencing a steady recovery in demand, with leading companies like Yili expected to benefit from improved supply-demand dynamics by 2026 [2][13]. Snacks - The report emphasizes the growth potential in the konjac snack category, recommending companies like Weilong and Yanjinpuzi for their competitive advantages and strong growth trajectories [2][12][16]. Investment Recommendations - The recommended investment portfolio includes Guizhou Moutai, Baba Foods, Dongpeng Beverage, Weilong, and Luzhou Laojiao, reflecting a diversified approach across high-potential segments [3][15].

Core Viewpoint - The new tax regulation, effective from October 1, 2025, aims to enhance tax compliance in the traditional liquor industry, particularly targeting the opaque practices of small and medium-sized liquor merchants, leading to a significant industry reshaping and a "transparency revolution" [2][5]. Group 1: Compliance and Survival Pressure - The new regulation connects data reporting between platforms and tax authorities, rendering traditional tax evasion methods ineffective [3]. - The automatic identification of zero or low reporting and private account transactions will trigger tax audits, increasing the tax burden for merchants with monthly sales exceeding 100,000 yuan [5]. - Many small liquor merchants, previously surviving on tax loopholes, now face a critical survival test as their profit margins shrink significantly [5]. Group 2: Price System Reconstruction - The regulation is reshaping the e-commerce pricing system, moving away from the previous chaotic pricing strategies during events like Double 11 [6][7]. - Liquor prices on platforms have become more rational, with brands gaining unprecedented control over distribution channels, leading to a reduction in low-price dumping by unauthorized sellers [8]. Group 3: Channel Value Reassessment - The disappearance of e-commerce tax benefits has led to a renewed appreciation for offline channels, as they offer superior service experiences compared to online platforms [9]. - Traditional liquor stores are experiencing a revival as consumers prefer one-stop services, especially when online and offline prices are comparable [11]. Group 4: Industry Structure Reshaping - The transformation is accelerating the polarization within the liquor industry, benefiting leading brands with strong compliance and brand power while putting immense pressure on smaller players [12]. - The new regulation allows top brands to eliminate long-standing pricing issues and capture the market space left by struggling smaller merchants [12][13]. Group 5: Future Outlook - While the new regulation presents challenges, it is seen as a necessary step towards a more compliant and sustainable industry, marking the end of "wild growth" and the beginning of a "compliance-driven" era [15]. - The long-term competition in the liquor industry will focus on brand strength, service quality, and supply chain efficiency rather than mere price competition [16][17].

Core Viewpoint - The Chinese equity market is expected to perform well due to multiple supporting factors, with a tactical overweight view on A/H shares maintained by Guotai Junan Securities [1] Group 1: Market Performance - On November 25, 2025, the three major A-share indices opened higher, with the CSI A500 index rising by 1.10% [1] - Key stocks such as Huadian Co., Ltd. and Shenzhen South Circuit rose significantly, with Huadian hitting the daily limit and others like Shenghong Technology and Fuhua also seeing substantial gains [1] Group 2: Investment Outlook - Guotai Junan Securities highlights that the recent volatility and panic selling have released micro trading risks, creating a favorable environment for the market to establish new expectations as the 14th Five-Year Plan begins [1] - The firm believes that the regulatory authorities are determined to stabilize the capital market, and factors that previously caused valuation discounts have dissipated, indicating a potential upward trend in valuations [1] Group 3: Index Composition - As of October 31, 2025, the top ten weighted stocks in the CSI A500 index include major companies like CATL, Kweichow Moutai, and China Ping An, accounting for a total of 19.36% of the index [1] Group 4: Investment Products - Investors without stock accounts can access the A500 ETF through the A500 ETF Jiashi linked fund, allowing for a one-click investment in the top 500 A-share companies [2]

| 贵州茅台酒(飞天) | 1831/瓶 | -470 | | --- | --- | --- | | 53度/500ml | | | | 贵州茅台酒(精品) | 2369/瓶 | -9元 | | 53度/500ml | | | | 五粮液普五八代 | 868/瓶 | 2元 | | 52度/500ml | | | | 青花汾20 53度/500ml | 396/瓶 | 2元 | | 国窖1573 | 895/瓶 | 670 | | 52度/500ml | | | | 洋河梦之蓝M6+ | 600/瓶 | | | 52度/550ml | | | | 古井贡古20 52度/500ml | 506/瓶 | -7元 | | 郎 | 青花郎 53度/500ml | 730/瓶 | 570- | | --- | --- | --- | --- | | 10.01 | 水晶剑南春 52度/500ml | 421/瓶 | 3元- | | 2 | 习酒君品 53度/500ml | 675/瓶 | 2元- | 新浪财经"酒价内参"过去24小时收集的数据显示，白酒市场十大单品终端零售均价周二延续升势。如果十 大单品各取一瓶整体打包 ...

格隆汇11月25日｜据酒价内参，白酒市场十大单品终端零售均价周二延续升势。如果十大单品各取一瓶 整体打包售卖，今日售价达到9291元，较昨日上涨8元，实现四连涨。多数品牌延续涨势，洋河梦之蓝 M6+表现强劲，单日涨幅达8元/瓶。国窖1573价格上涨6元/瓶。青花郎价格再度上涨5元/瓶，实现连续 五日上涨，领跑全场。水晶剑南春与习酒君品价格分别上涨3元/瓶和2元/瓶，走势稳健。青花汾20价格 上涨2元/瓶。五粮液普五八代价格亦上涨2元/瓶。下跌产品中，精品茅台与古井贡古20价格跌幅稍重， 分别下跌9元/瓶和7元/瓶。飞天茅台价格下跌4元/瓶。 ...

中国银河证券表示，预计白酒行业仍处于调整周期，但逐渐步入筑底阶段。2025年白酒行业深度调整， 25年三季度以来供给端加速出清，头部品牌中仅茅台与汾酒实现正增长。展望2026年，我们预计行业仍 处于调整期，但逐渐步入筑底阶段，即动销与批价跌幅收窄+报表端继续出清，股票长期价值凸显。参 考上一轮调整期（2012-2015年）：第一阶段动销与批价加速下跌，酒企报表端开始出清，股价与估值 大幅下跌；第二阶段动销与批价跌幅收窄，酒企报表端持续出清，但此时市场预期已经较为充分，随着 资金面不断改善，股价在低估值背景下开始修复。 ...