证券之星消息，10月17日白酒板块较上一交易日下跌1.79%，酒鬼酒领跌。当日上证指数报收于 3839.76，下跌1.95%。深证成指报收于12688.94，下跌3.04%。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11.73亿元，游资资金净流入6.88亿元，散户资金净流 入4.85亿元。白酒板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000799 | 织思察 | 62.22 | -3.20% | 10.66万 | 6.71亿 | | 600696 | *ST岩石 | 5.50 | -2.65% | 3.76万 | 2084.32万 | | 600702 | 舍得酒业 | 61.87 | -2.57% | 7.42万 | 4.63亿 | | 000995 | 皇台酒业 | 13.47 | -2.46% | - 3.8 ...

导语："旺季"餐饮包间预订量明显下降，整桌人"滴酒不沾"；区域市场政务、商务送礼需求几乎消失。 一场旨在 " 共谋未来 " 的经销商大会，难掩舍得酒业 （ 600702.SH ）在当下的 现实寒意。 10月13日，2025舍得酒业华东华南经销商大会在南京举行。 总裁唐珲表示，舍得将坚持 "不变"的战略定力，更通过"求变"来实现创新破局。 与大会上舍得管理层高调释放的 "信心"相比，经销商端的实际情况则显得艰难。 一位经销商透露，今年舍得的全国动销整体疲弱，各地市场普遍出现库存积压。 "有些货不敢多拿，压货太久资金周转不过来。 "他的仓库里堆着的品味舍得和舍之道，已有近四个月没有明显消化，资金回笼压力不小。另一 位经销商则坦言，现在卖一瓶智慧舍得几乎没什么利润，批价在 450元左右， 和电商零售价比还可能倒挂 。 # 最后2日¥432 补贴价¥526> 电视 2017-02-04 已售5.5万+元 | 最后4件 | 官方狂扑107元 | 清200减15平台券 立宴8.5折 满300再减2多... 百亿种品 | 品牌 智慧含得酒藏品10年52度500ml×1 瓶 52度浓香型白酒 20年到21年 买贵双倍酷 累计 ...

资料图。 复星、舍得做酒旅负负能得正？ 徐爱之 对陷入业绩下滑困境的舍得酒业来说，有探索精神是好的，哪怕不能成功。 选择在营收和利润下滑时进入酒旅业，可能是舍得穿越周期活下去的最佳选择，尤其四年前复 星国际的进入，为舍得注入新能量：经验、品牌、资金和资源。 舍得此举，更像是对外宣扬他们其实是有实力来做酒旅的，尽管看起来像是一场豪赌，却也不 乏长远格局。 01. 与其说是豪赌，更像是无路可退 舍得酒业业绩变差不是从去年开始的。 虽然 2024 年对这家川酒六金花之一的酒厂而言，是财报最难看的一年。需要承认的是，白酒市 场进入存量竞争，资源越发集中到头部几个品牌中，茅台、五粮液的日子再不好过，也比腰线 酒企容易得多。消费变级、政策环境影响、年轻群体需求变化，让白酒企业在今日面临比过去 更严重的挑战，全国白酒行业都进入深度调整期。 国家统计局数据显示， 2024 年全国规模以上白酒产量同比下降 1.86% 至 414.5 万千升，连续 8 年下滑，行业产能收缩宏观趋势明显。产量下降、库存压力高企。中国酒业协会 2024 年中期报 告显示， 20 家白酒上市公司存货总额达 1490.95 亿元，同比增长 12% ，超 ...

Market Overview - On October 14, A-shares collectively retreated, with the ChiNext Index and STAR 50 Index dropping approximately 4%, indicating a shift in market style [1] - The Hang Seng Index also fell significantly, with a nearly 2% decline, and the Hang Seng Technology Index dropping close to 4% [1] - Major indices opened higher but experienced volatility, with the Shanghai Composite Index down 0.62% to 3865.23 points and the Shenzhen Component Index down 2.54% to 12895.11 points at the close [1] Sector Performance Semiconductor Sector - The semiconductor sector faced a significant pullback, with stocks like Yandong Micro and Chipone falling over 10%, and Huahong Semiconductor dropping more than 9% [1][10] - AI-related stocks also declined, with Newyeason and Zhongji Xuchuang dropping over 8% [1][10] Insurance and Banking Sectors - The insurance sector saw a strong rally, with New China Life Insurance rising over 5% and China Pacific Insurance increasing by more than 3% [4] - The banking sector also performed well, with Chongqing Bank up nearly 7% and Agricultural Bank of China rising over 3% [4][5] - New China Life Insurance reported a projected net profit of 29.986 billion to 34.122 billion yuan for the first three quarters, representing a year-on-year growth of 45% to 65% [4] Resource Stocks - Resource stocks, including coal, gas, and oil, collectively rose, with Baotailong achieving three consecutive trading limits [1] - The photovoltaic industry saw a resurgence, with Longi Green Energy and JA Solar reaching trading limits during the session [1] Alcohol Sector - The alcohol sector rebounded, with stocks like Kweichow Moutai and Shanxi Fenjiu rising over 2% [7] - The overall consumption environment for the liquor industry has shown signs of improvement, with inventory accumulation marginally easing [8] Investment Insights - Institutions suggest that the insurance sector currently presents significant allocation value due to policy benefits and asset improvements [5] - The banking sector is favored by insurance funds due to its high dividend characteristics, with expectations for increased holdings in bank stocks [4][5] - The alcohol sector is anticipated to experience a valuation shift and recovery as the market adjusts to external disturbances and the importance of domestic demand increases [8]

证券之星消息，10月14日白酒板块较上一交易日上涨2.4%，酒鬼酒领涨。当日上证指数报收于3865.23， 下跌0.62%。深证成指报收于12895.11，下跌2.54%。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 | 四鬼殿 | 63.55 | 6.68% | 27.36万 | | 17.15亿 | | 600702 | 舎得酒业 | 61.85 | 6.27% | 17.96万 | | 10.92亿 | | 616809 | 金徽酒 | 20.36 | 4.30% | 8.99万 | | 1.81亿 | | 000568 | 泸州老窖 | 132.65 | 4.20% | 18.56万 | | 24.41亿 | | 600197 | 伊力特 | 15.55 | 3.05% | 10.62万 | | 1.64亿 | | 000596 | 古井贡酒 | 155.07 | 2.81% | 3.61万 | | 5.59亿 | | 00230 ...

| 001269 | 欧晶科 | 1.73 | 1.46 | 26.08 | 26.46 | 1.46 | | --- | --- | --- | --- | --- | --- | --- | | | 技 | | | | | | | 920395 | 朗鸿科 | 2.18 | 1.41 | 13.85 | 14.05 | 1.43 | | | 技 | | | | | | | 300608 | 思特奇 | 1.54 | 2.78 | 12.34 | 12.51 | 1.40 | | 603318 | 水发燃 | 2.56 | 2.52 | 6.71 | 6.80 | 1.30 | | | 气 | | | | | | | 688569 | 铁科轨 道 | 1.45 | 0.52 | 21.48 | 21.76 | 1.30 | | 601997 | 贵阳银 行 | 1.54 | 1.29 | 5.87 | 5.94 | 1.21 | | 002305 | *ST南置 | 4.93 | 4.21 | 2.10 | 2.13 | 1.19 | | 601528 | 瑞丰银 | 1.50 | 1.09 | 5.37 ...

| 代码 | 名称 | 主力净流出 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 6150009 | 盖州茅台 | -4.91 Z | -7.52% | 4.91 Z | 7.52% | -29.51万 | 0.00% | | 000568 泸州老窖 | | -1.74 Z | -17.58% | 9068.99万 | 9.15% | 8366.21万 | 8.44% | | 000858 | 五粮液 | -1.21 Z | -5.18% | -1238.39万 | -0.53% | 1.34 Z | 5.71% | | 000799 | 酒鬼酒 | -8186.80万 | -13.07% | -469.11万 | -0.75% | 8655.91万 | 13.82% | | 603198 迎驾贡酒 | | -3627.60万 | -15.96% | -637.01万 | -2.80% | 4264.61万 | 18.77% | | 603369 ...

回款进度来看：受"禁酒令"影响，三季度的政商务消费明显承压，中秋国庆双节动销表现平淡，因此白 酒企业的三季度回款均有不同程度的放缓，预计仅贵州茅台回款进度仍能与往年表现相近，其余酒企回 款进度或均相对承压。 动销来看：25Q3白酒动销表现承压，"禁酒令"对6月、7月影响显著，动销或呈大幅下滑的状态，虽然8 月、9月环比有所改善，但预计25Q3行业整体动销仍然承压，茅台等部分酒企动销保持较强韧性。据贵 州茅台官微报道，8月市场终端动销环比增长态势明显，9月以来贵州茅台酒终端动销增长表现更加显 著，环比增长约1倍，同比增长超20%。 库存来看：在25Q1酒企的库存水平略有降低后，25Q2以来受动销大幅放缓影响，白酒行业整体库存有 所累积，预计中秋国庆双节终端库存有所去化、渠道库存或去化并不显著。头部酒企虽库存有所抬升， 但在数字化监控体系成熟的背景下，仍能稳定在安全库存内。 智通财经APP获悉，浙商证券发布研报称，25Q3白酒行业整体回款进度偏慢、库存有所提升、批价表 现较弱。受"禁酒令"影响，三季度的政商务消费明显承压，中秋国庆双节动销表现平淡，因此白酒企业 的三季度回款均有不同程度的放缓，预计仅贵州茅台回款进 ...

文｜王伟设 云酒·中国酒业品牌研究院高级研究员 设问酒道工作室创始人 今年下半年以来众多品牌密集推出低度白酒： 8月19日，古井贡推出26度375ml375元的年份原浆轻度古20。 低端市场口感匹配度低 虽然低度白酒是个发展趋势，但对于一个喝惯了中高度酒的庞大酒民群体来说，要想让理性、悦己的消费观念全民化，让低度风格成为消费主流等 还需要时间。 低度酒的出现符合消费观念和口感偏好的改变，因而它是有发展前景的品类。同时，其成为主流消费及其酿造技术的改进提升是个渐进的过程，不 可能成为短期爆发的风口。 低端市场主要是50元以下的大众消费群体，其对口感风格的需求是度数不能太低，一般在40度以上，入口不能太轻，要有一定的醇厚感，回味不能太净， 要有一点回味且酒体要柔顺。 但是低度白酒一般在30度一下，其酒体单薄，酒分子与水分子失去蒂合度，即便加入调味酒也难以产生消费者需要的口感。如果增加基酒或调味酒必将增 加成本推高价格，偏离大众消费的价格需求。 8月26日，五粮液推出29度500ml399元的一见倾心。 8月30日，舍得推出29度500ml379元的舍得自在。 另据内部消息，国窖1573也将推出26度500ml68 ...

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage sector [9][58]. Core Insights - The report highlights that the white liquor sector is experiencing marginal improvements in sales during the double festival period, although it remains under pressure year-on-year. Channel inventory has slightly decreased but is still at a relatively high level, leading to anticipated pressure on wholesale prices as companies focus on controlling volume to maintain prices [6][56]. - The consumer sector is rebounding, driven by capital switching and favorable data from the National Day holiday. The report notes a significant increase in cross-regional mobility, with an estimated 2.432 billion people traveling during the holiday, a historical high [7][57]. - The beverage sector is performing strongly, with a focus on new consumption opportunities amid retail channel transformations. The report suggests monitoring companies like Heytea, Cha Bai Dao, and others in the tea beverage segment [8][58]. Summary by Sections Industry News - In September, Douyin's liquor sales increased by 58% month-on-month, and JD Seven Fresh reported a 109% year-on-year increase in liquor sales during the double festival period [5][18]. - The report mentions the official release of the twelve fragrance standard sample and various company developments, including Guizhou Moutai's focus on integrating tourism and liquor sales [5][18]. Company Feedback - The report provides insights into the performance of key companies, noting that the white liquor sector is under pressure but suggests focusing on high-dividend leaders like Guizhou Moutai and Wuliangye, as well as more elastic stocks like Jiu Gui Jiu and She De Jiu Ye [6][9]. - The report also emphasizes the importance of the tea beverage sector, particularly during the National Day holiday, and suggests monitoring companies like Mi Xue and Gu Ming [7][58]. Key Company and Profit Forecasts - The report includes a table of key companies with their stock prices, earnings per share (EPS), and price-to-earnings (PE) ratios, recommending a "Buy" rating for all listed companies, including Guizhou Moutai, Wuliangye, and others [59].