成份股方面，大众品涨幅居前，部分白酒股亦表现不俗。截至发稿，古井贡酒、天味食品双双大涨超 2%，金徽酒、广州酒家、迎驾贡酒、妙可蓝多等多股跟涨超1%。 吃喝板块今日（11月24日）震荡盘整。反映吃喝板块整体走势的食品ETF（515710）盘中多数时间红盘 震荡，场内价格最高涨0.65%，后有所回落，截至发稿，涨0.16%。 | 分时 多日 1分 5分 15分 30分 60分 ▼ | F9 盘前盘后 盘加 九转 画线 工具 @ 00 | 食品ETF O | 515710 | 5157101食品ETFI 10:33 价 0.512 温庆 0.0010.16%) 均价 0.613 版交量 1732 IDPV | 0.67 | +0.001 +0.16% | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.01 | SSE CNY 10:33:54 ...

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一延续强劲表现，呈普涨 格局。如果十大单品各取一瓶整体打包售卖，今日售价达到9283元，较昨日大幅提升21元，创近期单日涨幅新 高，市场整体表现积极。青花郎以5元/瓶的涨幅领跑市场，实现连续第五日上涨，表现尤为亮眼。习酒君品与 五粮液普五八代紧随其后，价格均上涨4元/瓶，呈现稳健上升势头。第三梯队为洋河梦之蓝M6+与古井贡古 20，价格均上涨3元/瓶。多数产品价格保持稳定或小幅上行，精品茅台价格结束近期跌势，环比上涨1元/瓶。 飞天茅台价格与昨日持平。青花汾20以及水晶剑南春价格均上涨1元/瓶。下跌产品仅有国窖1573，价格环比微 跌1元/瓶。 | 品名/规格 | | 今日价格(元) | 较昨日(元) | | --- | --- | --- | --- | | | 贵州茅台酒(飞天) 53度/500ml | 1835/瓶 | 学本 | | | 贵州茅台酒(精品) 53度/500ml | 2378/瓶 | 1元 | | | 五粮液普五八代 52度/500ml | 866/瓶 | 470 | | | 青花汾20 53度/500ml | ...

2025 年 11 月 23 日 研 白酒筑底配置回暖，大众品细分赛道景气延续 究 报 推荐(维持) 投资要点 分析师：孙山山 S1050521110005 sunss@cfsc.com.cn 联系人：张倩 S1050124070037 zhangqian@cfsc.com.cn 表现 1M 3M 12M 食品饮料(申万) -0.7 -1.8 -3.5 沪深 300 -3.3 1.7 15.2 受益双节效应，板块情绪回暖》 2025-11-16 降幅收窄，餐饮链步入修复通道》 2025-11-10 出清，餐饮链需求承压》2025-11- 03 ▌ 一周新闻速递 行业相对表现 行业新闻：1）1-10 月白酒产量下降 11.5%；2）宋书玉：理 性增长贵在理性，适度调整供需关系、保持价格稳定是不变 的法宝；3）"赤水河谷 中国酱香"区域品牌首批企业矩阵 发布。 公司新闻：1）贵州茅台：茅台酱香酒启动"年会季"；2） 五粮液：五粮液浓香酒推马年生肖新品；3）郎酒：郎酒经销 商聊城出货、回款双过亿。 市场表现 ▌ 投资观点 资料来源：Wind，华鑫证券研究 相关研究 1、《食品饮料行业周报：10 月餐饮 白酒板块：行 ...

2025年10月，A股市场掀起了一场声势浩大的"减持潮"，仅一周时间内就有247家公司发布减持公告，创下年内最高纪录。 而9月刚刚过去三分之一时，已有 超过400家上市公司披露重要股东减持完成公告，累计套现金额高达190亿元。 产业资本正在AI狂欢中悄然撤退，内部人的减持动作比任何分析师报告都更直白地预示估值高点。 中微公司作为市值千亿的半导体设备龙头，最近一个月累计减持超过18.09亿元。 其第一大股东上海创业投资和第二大股东巽鑫（上海）投资在今年已经连 续三次减持，最近一次就在11月13日，单次减持626万股，市值超过16亿元。 山西汾酒这家山西省国资委旗下的千亿白酒龙头，尽管是唯二两家三季报增长的白酒企业之一，仍然被第二大股东华创鑫睿减持611万股，总减持金额超过 17亿元。 化工行业市值龙头万华化学也未能幸免，作为烟台国资委旗下、全球最大的MDI生产商，最近一个月被累计减持超过11亿元。 令人困惑的是，万华化学股 价已经从高位有所回落，在这个并不算高的位置遭遇减持，引发市场种种猜测。 风电行业领军企业金风科技同样遭遇减持，其第四大股东和谐健康保险连续减持，持股从4亿股降至2亿多股，最近一个月累计减持超 ...

Core Insights - The liquor sector experienced a decline of 0.42% on November 21, with the leading stock, Jiu Gui Jiu, falling the most [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance Summary - Guizhou Moutai closed at 1466.60, with a slight decrease of 0.03% and a trading volume of 42,600 shares, amounting to 6.26 billion [1] - Wuliangye closed at 119.68, down 0.47%, with a trading volume of 205,100 shares, totaling 2.468 billion [1] - Luzhou Laojiao saw a decline of 1.94%, closing at 134.20, with a trading volume of 101,800 shares, amounting to 1.385 billion [1] Capital Flow Analysis - The liquor sector saw a net outflow of 438 million from institutional investors, while retail investors contributed a net inflow of 112 million [2] - The main stocks with significant capital flow included Shanxi Fenjiu, which had a net inflow of 12.5 million from institutional investors, but a net outflow of 23.5 million from retail investors [3] - Tianyoude Liquor experienced a net outflow of 8.74 million from institutional investors, while retail investors contributed a net inflow of 5.63 million [3]

11月21日，山西汾酒盘中下跌2.00%，截至10:44，报189.53元/股，成交5.19亿元，换手率0.22%，总市 值2312.20亿元。 资金流向方面，主力资金净流入967.47万元，特大单买入4946.34万元，占比9.54%，卖出5077.64万元， 占比9.79%；大单买入1.06亿元，占比20.48%，卖出9518.65万元，占比18.36%。 截至9月30日，山西汾酒股东户数8.00万，较上期减少23.37%；人均流通股15252股，较上期增加 30.50%。2025年1月-9月，山西汾酒实现营业收入329.24亿元，同比增长5.00%；归母净利润114.05亿 元，同比增长0.48%。 分红方面，山西汾酒A股上市后累计派现243.25亿元。近三年，累计派现167.75亿元。 机构持仓方面，截止2025年9月30日，山西汾酒十大流通股东中，招商中证白酒指数A（161725）位居 第三大流通股东，持股3865.14万股，相比上期增加451.09万股。香港中央结算有限公司位居第四大流通 股东，持股2716.39万股，相比上期减少2183.52万股。易方达蓝筹精选混合（005827）位居第五大流通 ...

Core Insights - The retail prices of major Chinese liquor brands have shown a slight decline, indicating a market adjustment phase following the Double Eleven shopping festival and platform governance changes [1][6] - The overall average price for a packaged set of ten major liquor products is 9,246 yuan, down by 8 yuan from the previous day [1] - Notable price movements include an increase in the price of Qinghua Lang by 3 yuan per bottle, while Guizhou Moutai and other brands experienced minor declines [1][3] Price Movements - Guizhou Moutai (Feitian) price is 1,839 yuan per bottle, down by 1 yuan [3] - Guizhou Moutai (Jingpin) price is 2,384 yuan per bottle, down by 3 yuan [3] - Wuliangye (Pu 58) price is 861 yuan per bottle, up by 1 yuan [3] - Qinghua Fen 20 price is 393 yuan per bottle, up by 2 yuan [3] - Gujing Gong (Gu 20) price is 510 yuan per bottle, down by 5 yuan [4] - Xijiu Junpin price is 666 yuan per bottle, down by 570 yuan [4] - Qinghua Lang price is 710 yuan per bottle, up by 3 yuan [4] - Shuijing Jian Nan Chun price is 412 yuan per bottle, up by 2 yuan [4] Market Trends - The market is currently in a narrow consolidation phase, reflecting adjustments in supply and demand dynamics [1] - The data collection for liquor prices is sourced from approximately 200 points across major regions, ensuring a comprehensive representation of market conditions [6][7] - The price table aims to provide an objective and traceable overview of the Chinese liquor market, promoting sustainable industry development [6]

Core Viewpoint - The white liquor industry is experiencing a "volume increase and price decline" trend during the 2025 "Double 11" shopping festival, driven by inventory pressure and promotional strategies from e-commerce platforms [1] Industry Summary - On November 20, the Shanghai Composite Index closed at 3931.05 points, down 0.4%, while the white liquor sector closed at 2292.87 points, down 0.78% [1] - Among individual stocks, Kweichow Moutai closed at 1467.11 CNY per share, down 0.27%; Wuliangye closed at 120.25 CNY per share, up 0.3%; Shanxi Fenjiu closed at 193.4 CNY per share, down 0.97%; Luzhou Laojiao closed at 136.85 CNY per share, down [1] Company Summary - Tianfeng Securities reported that the price of famous liquor brands on traditional e-commerce platforms has fallen below the bottom line due to the pressure of dealer inventory and promotional activities [1]

Core Viewpoint - The Chinese liquor industry is experiencing a "volume increase and price decline" trend during the 2025 "Double 11" shopping festival, with traditional e-commerce platforms facing significant price drops due to inventory pressures and promotional strategies from distributors [1] Industry Summary - The Shanghai Composite Index closed at 3931.05 points, down 0.4%, with the liquor sector closing at 2292.87 points, down 0.78%, and 11 liquor stocks declining [1] - Major liquor companies showed mixed performance: Kweichow Moutai closed at 1467.11 CNY per share, down 0.27%; Wuliangye closed at 120.25 CNY per share, up 0.3%; Shanxi Fenjiu closed at 193.4 CNY per share, down 0.97%; Luzhou Laojiao closed at 136.85 CNY per share, down 0.21%; Yanghe Brewery closed at 68.26 CNY per share, down 0.32% [1] Market Dynamics - Traditional e-commerce platforms are seeing prices for famous liquor brands drop below acceptable levels due to the pressure from distributor inventory and platform subsidies aimed at attracting customers [1] - Emerging channels like instant retail and Douyin are experiencing growth, indicating a shift in consumer behavior towards "buy now, drink now" scenarios [1] - Liquor companies are actively launching anti-counterfeiting measures by publishing authorized "white lists" and unauthorized "black lists" to stabilize prices and balance online traffic with offline channel interests [1] - The industry is expected to shift from price wars to value reconstruction, focusing on high-quality price-performance products and refined channel operations in the medium to long term [1]

Market Overview - A-shares showed a rebound on Wednesday, with the Shanghai Composite Index rising by 0.18% to 3,946 points, while the ChiNext Index increased by 0.25%[16] - U.S. stocks experienced volatility but closed higher, with the Nasdaq rising by 0.6% and the S&P 500 up by 0.4%[11] - European markets saw slight declines, with the Stoxx 600 index down by 0.03%[11] Economic Indicators - U.S. crude oil inventories increased, leading to a drop in international oil prices by over 2%, with WTI crude at $59.44 per barrel[28] - The U.S. dollar index rose above 100, reflecting a decrease in expectations for a December rate cut by the Federal Reserve[28] - The U.S. trade deficit narrowed in August, with exports slightly up and imports experiencing the largest decline in four months[6] Corporate Performance - Nvidia (NVDA US) reported Q3 revenue of $57 billion, exceeding guidance by 3.5%, with Q4 revenue guidance set at $66.3 billion[9] - Futu Holdings (FUTU US) achieved Q3 revenue of HKD 6.403 billion, a year-on-year increase of 86.3%[9] - Kuaishou (1024 HK) reported Q3 revenue growth of 14.2% to RMB 35.6 billion, with adjusted net profit up 26.3%[15] Sector Performance - In the Hong Kong market, the Hang Seng Tech Index fell by 0.69%, marking a new low since early September[12] - The energy sector showed positive performance, with oil and coal stocks generally rising amid broader market declines[12] - The materials sector in A-shares rose by 2.9%, while the real estate sector declined by 2.2%[17] Future Outlook - The market is expected to remain cautious as companies assess the impact of tariffs and geopolitical tensions, particularly between the U.S. and China[6] - Analysts suggest monitoring government equity participation opportunities as a potential strategy amid ongoing corporate-government conflicts over tariffs[6]