(责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 盘面上，白酒股全线上涨，酒鬼酒(000799)涨停，舍得酒业(600702)涨超7%，国务院会议强调要抓住关 键着力点做强国内大循环；华为海思概念股持续走强，诚迈科技20CM涨停，四川长虹(600839)涨停封 板，华为重夺二季度中国智能手机市场榜首；CPO概念盘中拉升，兆龙互连涨超16%，意华股份 (002897)、崇达技术(002815)等涨停；创新药板块走强，申联生物、博济医药(300404)20CM涨停；地产 股普涨，华丽家族(600503)、电子城(600658)涨停，国务院会议强调采取有力措施巩固房地产市场止跌 回稳态势。 另外，部分军工装备股走低，烽火电子(000561)、光启技术(002625)跌超5%；券商股回调，中信证券 (600030)、东方财富(300059)等跌超1%。(格隆汇) 格隆汇8月19日｜A ...

Group 1: Market Overview - The A-share market saw mixed performance with the Shanghai Composite Index up by 0.13% and the Shenzhen Component down by 0.13% as of the report time [1] - The innovation drug sector continued to show strength, while the aerospace, gas, and semiconductor equipment sectors experienced declines [1] Group 2: Baijiu Sector Performance - Baijiu stocks collectively surged, with JiuGuiJiu (000799) hitting the daily limit, and other brands like HuangTaiJiuYe (000995), SheDeJiuYe (600702), and YangHeJiuFang (002304) rising over 4% [2][3] - Notable price movements included JiuGuiJiu at 57.70 with a 10.01% increase, and other brands like SheDeJiuYe at 56.75 with a 4.24% increase [3] Group 3: Innovation Drug Sector - The innovation drug sector maintained its upward trend, with companies like ShenLianShengWu and FuRui股份 (300049) reaching a 20% limit up, and others like ShuTaiShen (300204) and GanLiYaoYe (603087) also showing significant gains [5][6] - The biotechnology and pharmaceutical sectors were active, with multiple stocks hitting their daily limits [6]

Core Viewpoint - The liquor sector is experiencing a significant upward movement, with various companies showing strong performance, indicating a stabilization and potential growth in the market [1] Group 1: Market Performance - On the 19th, liquor stocks surged, with notable increases: Jiu Gui Jiu reached the daily limit, She De Jiu Ye rose nearly 7%, Huang Tai Jiu Ye increased about 6%, and Shui Jing Fang and Yang He Guo Fen both rose nearly 5% [1] - The liquor sector is viewed as a high-quality cyclical asset, benefiting from overall market sentiment and showing greater gains among expansion-oriented mid-to-high-end liquor companies [1] Group 2: Institutional Insights - Guo Xin Securities highlights that external positive factors are gradually increasing, with expectations for continued valuation growth in the sector [1] - The upcoming important meetings and policy expectations are likely to further boost the sector's valuation [1] Group 3: Fundamental Analysis - The mid-year report from Moutai indicates that industry demand pressures are gradually affecting leading companies, with upcoming reports from listed companies expected to reveal these challenges [1] - Short-term strategies for liquor companies will focus on inventory reduction and sales promotion, while long-term strategies will emphasize consumer engagement, consumption scenario cultivation, and internationalization and youth-oriented initiatives [1]

Core Viewpoint - The food and beverage sector is experiencing a rally, with the Food ETF (515710) showing a significant increase, particularly driven by the performance of leading liquor stocks [1][3]. Group 1: Market Performance - The Food ETF (515710) opened with a rapid increase, reaching a maximum intraday gain of nearly 1%, and closing up by 0.81% [1]. - Leading liquor stocks such as Guizhou Moutai and others have shown substantial gains, with Guojijiu rising over 9% and several others increasing by more than 2% [1][3]. Group 2: Industry Insights - The introduction of new products by Moutai, specifically the "Huangxiaoxi Dinner Series," aims to enhance the brand's presence in key tourist destinations in Guizhou, reflecting a shift from merely selling liquor to promoting a lifestyle [3]. - Despite recent market rallies, the food and beverage sector remains at a relatively low valuation, with the food ETF's underlying index PE ratio at 20.06, indicating a favorable long-term investment opportunity [3][4]. Group 3: Investment Recommendations - Analysts suggest that the current market conditions present a good opportunity for long-term investment in the liquor sector, as leading companies are expected to recover from recent challenges [4]. - The Food ETF (515710) is highlighted as a core asset for investors looking to gain exposure to the food and beverage sector, with a significant portion of its holdings in high-end liquor stocks [4].

10:04 A股三大指数集体翻绿 沪指下跌翻绿，此前一度涨超0.45%，深证成指跌0.34%，创业板指跌0.23%。 10:04 深证成指失守11800点整数关口 酒鬼酒涨停，皇台酒业、舍得酒业涨超4%，水井坊、泸州老窖等跟涨。 | 名称 | 张幅� | | --- | --- | | 酒鬼酒 | +10.01% | | *ST岩石 | 45.08% | | 皇台酒业 | +4.71% | | 舍得酒业 | +4.48% | | 洋河股份 | +3.99% | | 水井坊 | +3.22% | | 金种子酒 | +3.21% | | 金徽酒 | +2.58% | | 泸州老窖 | +2.46% | | 天佑德酒 | +2.28% | 09:48 沪深两市成交额突破5000亿元 深证成指失守11800点整数关口，跌0.31% 09:59 白酒股拉升 酒鬼酒涨停 ...

Group 1 - The core viewpoint of the article highlights a significant upward movement in the Chinese liquor stocks, particularly with brands like JiuGui Jiu rising over 6% and SheDe JiuYe increasing by more than 3% [1] - Other notable liquor companies such as Shanxi Fen Jiu, WuLiangYe, and Kweichow Moutai also experienced a rise in their stock prices, indicating a broader positive trend in the liquor industry [1]

Investment Rating - The report maintains a rating of "Outperform" for the food and beverage industry [5] Core Insights - The liquor sector is currently in a bottom consolidation phase due to policy and demand recovery pressures, but there are opportunities for bottom-fishing as performance concerns have eased [1][3] - The beverage sector is experiencing good sales momentum, driven by health and functional demand, indicating a potential continuation of industry prosperity [1][3] - The report recommends focusing on ETFs such as the CSI Consumer ETF and the Hang Seng Consumer ETF, which are seen as scarce new consumption targets in the A-share market [1][3] Industry ETF Market Review - During the week of August 11-15, 2025, major food and beverage ETFs saw an overall increase, with the liquor ETF (512690.SH) and consumer ETF (159928.SZ) rising by +1.40% and +0.98% respectively [2][10] - The liquor ETF had a trading volume of 5.736 billion, marking it as the highest in the observed ETFs [2][11] - The total inflow for food and beverage-related ETFs was 1.101 billion, with the liquor ETF experiencing a net inflow of 658 million [11] Industry Sector Performance Review - The Shanghai Composite Index rose by 1.70% while the food and beverage sector only increased by 0.48%, underperforming both the Shanghai Composite and the CSI 300 Index [19] - The liquor sub-sector showed a slight increase of +0.93%, while soft drinks experienced the largest decline at -3.12% [21] - Year-to-date, the food and beverage sector has decreased by 6.11%, significantly underperforming the broader market indices [19][23] Industry News - Market demand remains weak, with prices continuing to decline, reaching new lows for the year [3][26] - Moutai's half-year revenue for 2025 was reported at 91.094 billion, a year-on-year increase of 9.16%, aligning with expectations [3][26] - New packaging specifications for Moutai have been introduced to meet market demand, including adjustments to box sizes and materials [3][60]

舍得酒业股份有限公司 2025 年第一次临时股东大会 会议材料 股票简称：舍得酒业 股票代码：600702 2025 年 8 月 27 日 | 目 | 录 | | --- | --- | | 一、2025 年第一次临时股东大会会议议程 | 1 | | 二、2025 年第一次临时股东大会会议议案 | | | 议案一：《关于选举董事的议案》 | 3 | 舍得酒业 2025 年第一次临时股东大会会议材料 2025 年第一次临时股东大会会议议程 一、本公司董事会拟以现场会议和网络投票相结合的方式召开舍得酒业股份 有限公司 2025 年第一次临时股东大会。 召开地点：公司艺术中心会议室 参会人员：公司股东及股东代表、公司董事、监事、高级管理人员及公司聘 请的律师等。 (二)网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自 2025 年 8 月 27 日至 2025 年 8 月 27 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互 联网投 ...

Core Insights - The article discusses the evolving landscape of the liquor industry, highlighting the cross-industry expansion of traditional liquor brands into the craft beer market, the growth of the bottled liquor segment, and the emergence of new retail channels for liquor sales [2][3][5][8]. Industry Environment - Major liquor brands from Sichuan are entering the craft beer market, leveraging their existing brand and distribution advantages. This move is seen as a strategy to attract younger consumers and expand consumption scenarios [3][4]. - The bottled liquor market has surpassed 150 billion yuan, with expectations to exceed 200 billion yuan by 2025. Competition is intensifying as brands launch new products priced under 60 yuan [5]. - Black Ge Consulting identified nine key insights into the liquor industry, including the rise of local brands and the trend towards lower alcohol content products, emphasizing the need for brands to adapt to changing consumer preferences [5]. - High-end liquor brands are encouraged to adopt strategies from luxury brands like Hermes and Ferrari, focusing on scarcity and emotional resonance rather than just price competition [6][7]. New Retail Channels - New retail formats such as Sam's Club and Hema are reshaping liquor sales, offering competitive pricing and direct sourcing, which is attracting consumers and providing new growth channels for liquor companies [8]. - The recent adjustments to the "ban on alcohol" policy have led to a gradual recovery in dining consumption, particularly in regions like Henan, although high-end dining remains sluggish [9]. - Despite a seasonal slowdown, liquor companies are actively transforming their strategies to focus on consumer engagement and experience, moving from a channel-driven approach to a user-driven model [10]. Craft Beer Market - The craft beer segment is rapidly growing, with over 13,584 related enterprises in China as of July 2023, indicating a vibrant competitive landscape [11]. - Traditional liquor brands are launching lower-alcohol products to appeal to younger consumers, although challenges remain in maintaining flavor and quality [12]. Digital Transformation - The liquor industry is leveraging digital assets for growth, with companies reporting significant increases in sales and inventory turnover through innovative digital strategies [13]. Brand Dynamics - The Guojian brand is focusing on national expansion, emphasizing quality and cultural elements to enhance its market presence [14]. - The Swan Lake winery has successfully marketed its zodiac wines, achieving significant sales figures despite industry challenges [15]. - Changyu's innovative marketing strategies in sports events have successfully engaged consumers and enhanced brand visibility [16]. - The Fenjiu brand is exploring new consumer experiences through immersive cultural events, aiming to connect with younger audiences [17]. Market Challenges - Budweiser APAC reported a 24.4% drop in net profit, primarily due to a sluggish Chinese market and increased competition in both the low and high-end segments [20]. - The liquor industry is undergoing a significant transformation, with companies needing to adapt to changing consumer demands and market dynamics to remain competitive [21][22].

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [9]. Core Views - The report emphasizes the ongoing performance of new consumption sectors, particularly in bottom-tier liquor and leisure snacks, indicating a sustained high demand [6][9]. - The liquor sector is experiencing a rebound, with companies like Kweichow Moutai showing resilience despite market pressures, and the report suggests a focus on cyclical and high-dividend leaders [6][9]. - The new consumption sector is expected to see steady performance driven by strong fundamentals, with specific attention on companies like Tea Baidao and Gu Ming [7][9]. Summary by Sections Industry News - Qingdao Beer production reached 1.1037 million tons in the first half of the year, and liquor prices have decreased by 2.0% year-on-year from January to July [6][19]. - New standards for Dongxiang liquor are in progress, indicating regulatory developments in the industry [6][19]. Company News - Kweichow Moutai reported a revenue of 89.389 billion yuan for H1 2025, a 9% increase year-on-year, with net profit also up by 9% [6][9]. - Anji Yeast's revenue for H1 2025 was 7.899 billion yuan, a 10% increase, driven by reduced costs and improved operational efficiency [7][9]. - Wei Long's revenue for H1 2025 was 3.483 billion yuan, a 19% increase, with expectations for stable sales growth in the second half of the year [7][9]. Key Company Feedback - The report highlights the performance of various companies, with Kweichow Moutai, Wuliangye, and Luzhou Laojiao being recommended for their strong market positions and potential for growth [6][9]. - The report also notes the performance of new consumption brands, indicating a positive outlook for companies like Nai Xue's Tea and other beverage brands [7][9]. Industry Performance - The food and beverage sector has shown varied performance over the past months, with a 0.4% increase over the last month but a 6.9% decrease over the last three months [3][4]. - The liquor sector is highlighted as having a significant rebound potential, with Kweichow Moutai's price stabilizing and expectations for improved performance in the coming quarters [6][9].