证券之星消息，1月23日白酒板块较上一交易日下跌0.24%，*ST岩石领跌。当日上证指数报收于 4136.16，上涨0.33%。深证成指报收于14439.66，上涨0.79%。白酒板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000799 | 劑思興 | 53.21 | 1.55% | 7.66万 | | 4.05亿 | | 616809 | 全徽酒 | 20.04 | 0.86% | 2.99万 | | 5976.39万 | | 600702 | 舍得漫业 | 54.90 | 0.84% | 4.95万 | | 2.71亿 | | 603198 | 迎驾贡酒 | 39.12 | 0.72% | ﻛ 3.21万 | | 1.25亿 | | 000860 | 顺鑫农业 | 14.80 | 0.61% | 8.59万 | | 1.27亿 | | 600197 | 伊力特 | 13.69 | 0.59% | 3.96万 | | 5416.63万 | | 6855 ...

Core Viewpoint - The public fund holdings in 2025 show a significant shift towards technology growth sectors, moving away from traditional consumer and financial sectors [9][10]. Group 1: Changes in Top Holdings - Ningde Times consistently ranked as the top holding throughout 2025, with a market value of 146.8 billion in Q1, 142.7 billion in Q2, 207.1 billion in Q3, and 181.9 billion in Q4 [3]. - Guizhou Moutai, a traditional consumer staple, saw a decline in its ranking and market value, dropping from second place at the beginning of the year to fifth by Q4 [10]. - Tencent Holdings maintained a relatively stable position, fluctuating between second and fourth place [10]. - Notable rises in rankings were observed for Zhongji Xuchuang and Xinyi Sheng, both of which entered the top ten in Q3 and continued to rise in Q4, indicating a strong interest in AI-related stocks [10]. Group 2: Changes in Industry Holdings - The electronics sector remained the top industry for public fund holdings across all four quarters of 2025, with investment values increasing from 518.9 billion in Q1 to 774.5 billion in Q4 [6]. - The food and beverage sector declined from second place in Q1 to seventh place by Q4, reflecting a shift in investor preference [12]. - The medical and biological sector, which ranked high in the first three quarters, was overtaken by the electric equipment and communication sectors in Q4 [12]. - The electric equipment sector improved its ranking from fourth to second place by Q4, while the communication sector rose from outside the top ten to third place [12]. - Non-bank financial and banking sectors experienced an overall decline in rankings, while the non-ferrous metals sector entered the top six in Q4 [13].

Core Viewpoint - The public fund holdings in 2025 show a significant shift towards technology growth sectors, moving away from traditional consumer and financial sectors, with Ningde Times consistently ranking as the top heavy stock throughout the year [9][10]. Group 1: Changes in Top Holdings - Ningde Times maintained its position as the top heavy stock across all quarters, with a market value of 146.8 billion in Q1, 142.7 billion in Q2, 207.1 billion in Q3, and 181.9 billion in Q4 [3]. - Guizhou Moutai, a traditional consumer staple, saw a decline in its ranking and market value, dropping from second place at the beginning of the year to fifth by Q4 [10]. - Tencent Holdings remained relatively stable, fluctuating between second and fourth positions throughout the year [10]. - Notable rises in rankings were observed for technology stocks such as Zhongji Xuchuang and Xinyi Sheng, which entered the top ten in Q3 and Q4, indicating a strong demand driven by AI computing needs [10]. Group 2: Changes in Industry Holdings - The electronics sector consistently ranked as the top industry for public fund holdings across all four quarters, with investment values increasing from 518.9 billion in Q1 to 774.5 billion in Q4 [6]. - The food and beverage sector declined from second place in Q1 to seventh place by Q4, reflecting a shift in investor preference [12]. - The medical and biological sector maintained a strong presence in the first three quarters but was surpassed by the electric equipment and communication sectors in Q4 [12]. - The electric equipment sector rose from fourth place at the beginning of the year to second place by Q4, while the communication sector made a notable leap from outside the top ten to third place [12]. - Non-bank financial and banking sectors experienced an overall decline in rankings, while the non-ferrous metals sector entered the top six in Q4 [13].

Core Viewpoint - The article discusses the recent launch of the "Maotai Zodiac Wine" and the subsequent market response, highlighting the pricing dynamics and consumer engagement surrounding the product. Group 1: Product Details - The 53% vol 500ml Guizhou Maotai Wine (Bingwu Year) classic version has undergone packaging corrections and is set to resume production on January 23, 2026 [1] - The product features a design that integrates traditional Chinese astrology with the zodiac culture, aiming to enhance its collectible value [3] - The Maotai wine is available in three versions: classic (priced at 1899 yuan), premium (2499 yuan), and gift box (3789 yuan), with the classic version selling out within a minute of its release [3] Group 2: Market Dynamics - The classic version of the Maotai wine has seen a resale price increase, with reports of scalpers offering 2050 yuan for the classic version and up to 3600 yuan for the premium version shortly after launch [3] - On the platform "Dewu App," the classic version's price rose from 1899 yuan to a peak of 2499 yuan, reflecting a 32% premium, while the premium version surged to 6899 yuan, marking a 176% increase [4] - Historical data indicates that the first Maotai Zodiac wine from 2014 has appreciated significantly, with a resale price of 12735 yuan compared to its original price of 849 yuan, representing a 14-fold increase [4]

公募基金2025年四季报披露收官，唯一跟踪白酒指数的招商中证白酒指数基金（以下简称白酒基金）也交出了一份"亏损却跑赢"的成绩单——该基金去年四 季度A类份额、C类份额净值均下跌约9.5%，不过跑赢了同期业绩比较基准。 从重仓配置来看，贵州茅台重回该基金第一大重仓股。此外，申赎情况方面，基金投资者对白酒基金的态度则呈现A类被赎回、C类获加仓的鲜明分化。 这份充满反差的四季报背后，是白酒行业消费复苏不及预期的现实压力，还是头部企业的长期投资价值仍被看好？ 贵州茅台重回白酒基金第一大重仓股 白酒基金2025年四季报显示，报告期内，基金A类份额净值增长率为-9.50%，C类为-9.53%，同期业绩比较基准收益率为-9.78%，两者分别跑赢基准0.28个百 分点、0.25个百分点，跟踪误差控制在基金合同约定范围内。 拉长时间看，过去一年基金A类份额、C类份额净值增长率分别为-12.63%、-12.72%，依次跑赢基准2.68个百分点、2.59个百分点。 | 阶段 | 份额净值增 | 份额净值增 | 业绩比较基 | 业绩比较基 | 1-3 | 2-4 | | --- | --- | --- | --- | --- | - ...

Core Viewpoint - The report highlights the performance of the China Securities White Wine Index Fund, which experienced a decline in net value but outperformed its benchmark during the fourth quarter of 2025, indicating a complex market environment for the white wine industry [1][9]. Fund Performance - The A-class and C-class shares of the white wine fund both saw a net value decrease of approximately 9.5% in Q4 2025, while the benchmark's return was -9.78%, resulting in a slight outperformance of 0.28 and 0.25 percentage points respectively [1][10]. - Over the past year, the A-class and C-class shares recorded net value growth rates of -12.63% and -12.72%, outperforming the benchmark by 2.68 and 2.59 percentage points respectively [1][10]. Fund Holdings - The fund's top holdings include Kweichow Moutai, which regained its position as the largest holding with a 15.38% share, valued at approximately 6.642 billion yuan [3][12]. - The top ten holdings accounted for 84.79% of the fund's net asset value, indicating a significant concentration in leading companies within the white wine sector [3][12]. Market Conditions - The white wine sector faced challenges in Q4 2025 due to slower-than-expected consumer recovery and pressure on terminal sales, leading to an overall downward trend in stock prices [3][11]. - The fund manager noted that the industry is experiencing a phase of adjustment, with head companies exerting pressure on mid-tier firms, complicating the balance of price and volume for wine producers [5][13]. Investor Behavior - There was a notable divergence in investor behavior, with A-class shares experiencing a net redemption of 10.54 billion shares, while C-class shares increased by 15.71 billion shares during the same period [5][16]. - The growth in C-class shares may reflect investor strategies favoring short-term gains, while the redemption of A-class shares suggests a cautious outlook on the industry's recovery [5][16].

Core Viewpoint - The company has acknowledged a packaging error in the classic version of Guizhou Moutai liquor and has implemented corrective measures along with a customer service solution [1]. Group 1: Packaging Correction - The packaging error on the 53% vol 500ml Guizhou Moutai liquor (Bingwu Year) classic version has been corrected, and production has resumed as of January 23, 2026 [1]. - The company expressed gratitude to customers who pointed out the packaging issue, emphasizing the importance of customer feedback for continuous improvement [1]. Group 2: After-Sales Solutions - The first after-sales solution allows customers to exchange the original product for the corrected version at Moutai's self-operated stores until December 31, 2026 [1]. - The second solution involves a "pen tool" that is currently in the prototype stage, aimed at providing an artistic and user-friendly way for customers to address the packaging issue [2].

Core Viewpoint - The company has resolved a printing error on the packaging of the 53%vol 500ml Guizhou Moutai liquor (Bingwu Year) classic edition and has resumed production as of January 23, 2026 [1][4]. Group 1 - A printing error was identified on the packaging of the 53%vol 500ml Guizhou Moutai liquor, where the character "昴" was incorrectly printed as "昂" [3][7]. - The company promptly verified the error and contacted the supply chain to make necessary corrections, ensuring that the issue was addressed quickly [3][7]. - Consumers who have received the incorrect packaging were advised to visit local Moutai stores for exchanges, and the company proposed creating a mold for consumers to fix the error themselves if feasible [3][7].

Core Viewpoint - The "Xiao Mao i Moutai" WeChat account announced that the production of the 53% vol 500ml Guizhou Moutai liquor (Bingwu Year of the Horse) classic version has resumed after two days of intensive collaboration across the entire supply chain, with the outer packaging corrected as of January 23, 2026 [1] Group 1 - The outer packaging of the Guizhou Moutai liquor has been corrected [1] - Production of the classic version of Guizhou Moutai liquor has resumed [1] - The announcement was made on January 23, 2026 [1]

Group 1 - The core viewpoint of the article highlights the performance and adjustments of the fund managed by Zhu Shaoxing, with a net asset value of 22.484 billion yuan as of Q4 2025 [1] - The fund's performance during the reporting period shows a return of 1.12% for both the A/B and D classes, while the C class returned 0.91%, compared to a benchmark return of -0.09% across all classes [1][2] - The top ten holdings of the fund include notable companies such as Ningbo Bank, Jerry Holdings, CATL, and Kweichow Moutai, indicating a diversified investment strategy [1][2] Group 2 - Zhu Shaoxing's recent adjustments in the portfolio include a reversal on Zijin Mining, which was sold off in the first half of 2025 and repurchased in the second half, now ranking as the seventh largest holding [2] - The fund has reduced its exposure to the new energy vehicle sector, with companies like Luxshare Precision exiting the top ten holdings, while increasing its stake in CATL [2] - The analysis indicates that the current monetary policy remains accommodative, and the fiscal policy is actively supporting the market, leading to improved investor risk appetite [3] Group 3 - The A-share market is noted to have seen a significant increase in overall valuations, yet it remains within a reasonable range in a long-term cycle, suggesting continued attractiveness of equity assets [3] - The focus on selecting stocks with strong corporate governance and management is emphasized as a strategy for future value creation, aligning with the fund's growth-oriented investment approach [3]