Core Viewpoint - Sichuan Water Well Square Co., Ltd. clarifies that recent media reports about a potential acquisition by another liquor company are untrue, aiming to prevent misinformation from affecting investors and the public [3][4]. Group 1: Company Clarification - The company emphasizes that the reports regarding an acquisition are false and urges investors to make rational investment decisions [4]. - The board of directors guarantees the accuracy and completeness of the announcement, taking legal responsibility for its content [2]. Group 2: Market Reaction - Following the clarification, Water Well Square's stock price surged, reaching a 10% increase and hitting the daily limit on December 25 [5][8]. - Other liquor stocks also experienced gains, with notable increases in shares of Huangtai Liquor and Jiu Gui Liquor, among others [8]. Group 3: Financial Performance - For the first three quarters of the year, the company reported a revenue of 2.348 billion, a year-on-year decrease of 38.01%, and a net profit attributable to shareholders of 326 million, down 71.02% [12][13]. - The company is implementing measures to stabilize its value chain, including reducing promotional activities and managing inventory more effectively [12]. Group 4: Industry Context - The liquor industry is currently undergoing a deep adjustment period, with demand declining and prices dropping, leading to a shift from expansion to competition based on existing market share [14]. - Analysts suggest that the industry is nearing a bottom, with potential for recovery in 2026, particularly for quality companies that adapt to market changes [14].

Group 1 - The stock of Shuijingfang (600779) fell over 3% during trading on the 26th, following a strong surge that led to a limit-up on the previous afternoon [2] - The company issued a clarification on the evening of the 25th regarding media reports suggesting that "a certain liquor company intends to acquire Shuijingfang," stating that these reports are untrue [2][3] - The company urged investors to make rational investment decisions and to be aware of risks [3]

Core Insights - The article highlights the continuous upward trend in the retail prices of China's top ten liquor products, with a total price reaching 9,250 yuan, an increase of 49 yuan from the previous day, marking a new high in the past month [1][7]. Price Trends - The market is driven by the leading products from Guizhou Moutai, with most brands experiencing price increases, showing a strong structure of eight rising, one stable, and one declining [1][7]. - The price of Guizhou Moutai (premium) rose by 28 yuan per bottle, achieving a cumulative increase of over 110 yuan over three days [1][7]. - Guizhou Moutai (Feitian) saw a stable increase of 2 yuan per bottle [1][7]. - Other notable price increases include: - Guqingong Gu20: +7 yuan - Qinghualang: +5 yuan - Xijiu Junpin: +4 yuan - Yanghe Dream Blue M6+: +3 yuan - Guojiao 1573 and Qinghualang 20: +2 yuan each - The only product with a price decline was Wuliangye Pu 58th generation, which fell by 4 yuan [1][7][9]. Market Data Collection - The data for the "Liquor Price Reference" is sourced from approximately 200 collection points across various regions, including designated distributors, social distributors, mainstream e-commerce platforms, and retail outlets, aiming to provide objective and traceable market price data [2][8]. Industry News - On the afternoon of the 25th, the A-share liquor sector saw a rise, with Shuijingfang hitting the limit, attracting investor attention due to rumors of Jiananspring planning to acquire Shuijingfang. However, both parties denied any acquisition discussions, and Shuijingfang confirmed its operations are normal [9]. - A broker analyst suggested that the collective rise in the liquor sector may be related to year-end capital rotation [9].

NO.1 水井坊涨停带领白酒行业集体反弹 12月25日，水井坊股价异动涨停，随后皇台酒业、金徽酒、酒鬼酒等个股均出现大幅反弹。开源证券分 析指出，食品饮料行业作为必选消费核心赛道，有望直接受益于内需提振战略。行业健康化、品质化成 为核心趋势，叠加成本端压力缓解，头部企业盈利韧性凸显。目前白酒板块磨底阶段或已现，品牌力 强、多价格带布局的龙头标的估值修复可期。 点评：此次板块异动或是白酒行业磨底阶段的明确信号，估值修复具备坚实的逻辑支撑，但短期股价反 弹能否转化为趋势性行情，主要看春节旺季的备货情况与库存去化进度。当前行业平均存货周转天数仍 处于高位，若终端动销未能实质改善，反弹可能面临回调压力。对于投资者而言，可重点关注两条主 线，一是品牌力强、成本控制能力突出的头部龙头，二是具备区域壁垒、受益于国资整合的优质区域酒 企。 该项目通过BIM技术深化设计，预先优化管线布局与设备安装方案，有效化解交叉施工难题；严格执行 标准化工艺流程和三级检验制度，对176个储酒罐配套管线、自动化阀阵系统等关键部位实施精细化实 测实量，确保安装精度；针对食品级设备特殊要求，细化施工防护流程，保障无油压缩设备、多级酒泵 等核心设施 ...

Group 1: Industry Trends and Price Movements - The current spot prices for storage products, including DDR4 and DDR5, are on the rise, with a slight reduction in the rate of increase, attributed to middle traders releasing more inventory for year-end accounting rather than a supply shortage [1][8] - Kingston, a leading module supplier, has significantly raised DRAM prices, indicating that overall spot prices remain strong [1][8] - The NAND Flash spot market is experiencing bullish sentiment due to expectations of rising contract prices, leading suppliers to adopt a withholding strategy, tightening market liquidity and pushing wafer prices higher [1][8] - Despite rising prices, demand from buyers is being suppressed, and the overall market remains firm due to ongoing cost increases and expectations of further price hikes in the supply chain [2][8] Group 2: Company Announcements - Water Margin (水井坊) announced that reports of a potential acquisition by another liquor company are untrue, clarifying the misinformation [3][9] - The company issued a statement urging investors to make rational investment decisions [4][10] Group 3: Macroeconomic and Market Analysis - The U.S. government is adjusting energy policies to reduce reliance on Chinese supply chains in the battery sector, with recent reports indicating a push for subsidies to support domestic battery manufacturing [5][11] - The Biden administration's previous funding for battery manufacturing has been revived, with the Department of Energy recently announcing up to $500 million for battery materials and recycling projects [5][11] - Analysts estimate that U.S. manufacturers will need at least five years to produce sufficient lithium iron phosphate batteries to meet domestic demand, with longer timelines required to establish related supply chains [5][11] Group 4: Market Performance and Commodity Prices - Spot gold prices fell below $4,480 per ounce, while New York futures rose above $4,540 per ounce, indicating mixed performance in precious metals [6][12] - Domestic commodity futures show silver contracts rising by 5% to 18,045.00 yuan, while nickel contracts increased by 2% to 127,630.00 yuan [6][12]

Group 1 - The core point of the news is the significant stock price movement of Shui Jing Fang (600779), which surged to a limit-up price of 39.8 yuan amid rumors of a potential acquisition by another liquor company [1] - Shui Jing Fang issued a clarification on December 25, stating that the reports regarding a potential acquisition were untrue and urged investors to make rational investment decisions [1] - The rumored acquirer mentioned in the market speculation is Jian Nan Chun, which also denied receiving any acquisition information when contacted [5] Group 2 - Shui Jing Fang specializes in the production and sales of liquor products, with two main brands: "Shui Jing Fang" and "Di Yi Fang" [5] - The "Shui Jing Fang" brand includes various product lines such as Shui Jing Fang Jing Tai series, Shui Jing Fang Jing Tai Zhen Cang (Dragon and Phoenix), and Shui Jing Fang Zhen Niang No. 8, while "Di Yi Fang" includes products like Yuan Ming Qing and Di Yi Fang [5] - Core products of the company include Di Yi Fang, Shui Jing Fang Jing Tai, and Shui Jing Fang Zhen Niang No. 8, which cater to different consumer segments [5]

21世纪经济报道记者肖夏 12月25日晚间，水井坊披露澄清公告，直接否认了所谓被剑南春收购的传言。 "今日，四川水井坊股份有限公司关注到有媒体报道称'某酒企拟收购水井坊'，为避免相关市场传闻对社会各界和投资者造成误 导，现予以澄清说明：经公司核查，上述报道不属实。"水井坊公告表示。 12月25日下午一点多，水井坊股价突然拉升，后直接以涨停收官，领涨整个白酒板块。市面上出现"剑南春拟收购水井坊"的传 言，源头不明。 21世纪经济报道记者25日下午向水井坊方面求证，不同部门人士均表示并未听说。一位水井坊人士向记者发来一个"一脸懵 逼"的表情。 水井坊上市多年，跨国酒企帝亚吉欧早在2000年代初便通过间接持股入局，2018年至2019年左右通过发起全面要约收购进一步 增持，目前通过旗下主体持有水井坊约63%的股份。 水井坊2024年营收突破50亿元，是其历年最好表现，但在帝亚吉欧全球收入中贡献并不大，仅有个位数占比。 然而水井坊长期被帝亚吉欧视为在中国市场的战略性布局。 2016年至今，A股已经多年没有白酒生产企业成功上市，不少酒企转战港股。2023年初进一步传出消息，主管部门文件将白酒列 入IPO"禁止类产业"。 ...

Core Viewpoint - Water Jiufang (600779) issued a clarification announcement after its stock price hit the daily limit, denying media reports about a potential acquisition by another liquor company [3][9]. Group 1: Company Announcement - On the evening of December 25, Water Jiufang announced that it had noticed media reports claiming "a certain liquor company intends to acquire Water Jiufang," and clarified that these reports are untrue [3][9]. - The company urged investors to make rational investment decisions and to be aware of risks [3][9]. Group 2: Stock Performance - On the same afternoon, the stock of Water Jiufang experienced significant movement, with its price rising sharply to hit the daily limit, closing at 39.8 yuan, resulting in a total market capitalization of 194 billion yuan [4][10]. Group 3: Company Profile - Water Jiufang specializes in the production and sales of liquor products, owning two major brands: "Water Jiufang" and "First Fang" [6][12]. - The "Water Jiufang" brand includes various product lines such as Water Jiufang Jingtai series, Water Jiufang Jingtai Collection (Dragon and Phoenix), and Water Jiufang Zhenniang No. 8, while the "First Fang" brand includes products like Yuanmingqing and First Fang [6][12]. - The company aims to meet the differentiated needs of various consumer groups with its product offerings, with key products being First Fang, Water Jiufang Jingtai, and Water Jiufang Zhenniang No. 8 [6][12].

Group 1 - The core point of the article is that Water Well Square has clarified media reports regarding a potential acquisition, stating that these reports are untrue to prevent misleading investors and the public [3] - Following the announcement, Water Well Square's stock price surged to a limit increase, closing at 39.8 yuan, with a total market value of 19.4 billion yuan [3] Group 2 - Water Well Square specializes in the production and sales of liquor products, with two main brands: "Water Well Square" and "First Square" [5] - The "Water Well Square" brand includes various product lines such as Water Well Square Well Platform Series, Water Well Square Well Platform Collection (Dragon and Phoenix), and Water Well Square Zhen Niang No. 8, while "First Square" includes products like Yuan Ming Qing and First Square [5] - The company aims to meet the diverse needs of different consumer groups with its product offerings, with core products being First Square, Water Well Square Well Platform, and Water Well Square Zhen Niang No. 8 [5]

Core Viewpoint - Water Jiufang issued a clarification announcement to address media reports about a potential acquisition, stating that the reports are untrue to prevent misleading investors [2][7]. Group 1: Company Announcement - On the evening of December 25, Water Jiufang announced it was aware of media reports claiming "a certain liquor company intends to acquire Water Jiufang," and clarified that these reports are not true [2][7]. - The company urged investors to make rational investment decisions and to be aware of risks [2][7]. Group 2: Stock Performance - On the same afternoon, the stock of Water Jiufang experienced significant movement, with its price rising sharply to hit the daily limit, closing at 39.8 yuan, resulting in a total market capitalization of 194 billion yuan [3][8]. Group 3: Company Profile - Water Jiufang specializes in the production and sale of liquor products, owning two major brands: "Water Jiufang" and "First Fang" [5][9]. - The "Water Jiufang" brand includes various product lines such as Water Jiufang Well Series, Water Jiufang Well Collection (Dragon and Phoenix), and Water Jiufang Zhenniang No. 8, while the "First Fang" brand includes products like Yuanmingqing and First Fang [5][9]. - The company has launched products like Tianhao Chen, Small Water Jiufang, and Water Jiufang Fu to meet the diverse needs of different consumer groups, with First Fang, Water Jiufang Well Series, and Water Jiufang Zhenniang No. 8 being its core products [5][9].