| 交易日期 | 证券简称 | 证券代码 | 成交价(元) | | 成交金额(万元) 成交量(*) 买入营业部 | 卖出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-11-26 | R&B= | 600809 | 181.7 | 290.72 | 1.6 | 13 | 물 | | 2025-11-26 | 山西湖潭 | 600809 | 181.7 | 290.72 | 1.6 | 有限公司 | KI | | 2025-11-26 | 山西汾酒 | 600809 | 181.7 | 290.72 | 1.6 | | Ka | | 2025-11-26 | 山西湖道 | 600809 | 181.7 | 290.72 | 1.6 | | 절 | | 2025-11-26 | 山西湖道 | 600809 | 181.7 | 290.72 | 1.6 | | MI | | 2025-11-26 | 山西汾酒 | 600809 | 181.7 | 234.39 | 1.29 | | KO | 11月26日，山西汾酒大宗交易 ...

国投证券发布研报称，25年下半年以来，国家着重强调消费在经济增长中的重要地位，26年消费基本面 有望筑底企稳，食品饮料行业正迎来重要的布局时点。具体来看，酒企报表大幅度出清，供需矛盾缓 解，股价有望领先基本面修复；乳制品行业迎来原奶周期反转关键窗口；软饮料领域功能饮料与包装水 格局变化带来新机遇；零食板块则延续渠道与品类双轮驱动。行业在政策支持与基本面筑底背景下， 2026年有望实现业绩与估值的双重修复。 国投证券主要观点如下： 白酒：周期底部渐明，关注左侧布局机会 乳制品：布局26年原奶周期反转，关注乳制品产业链报表利润弹性 当前板块处于低预期、低持仓、低估值状态，近两个季度白酒报表快速出清，行业供需矛盾缓解，政商 务消费已经大幅下降，居民消费有望逐步复苏，行业基本面持续低于预期的尾部风险不大。复盘历史， 该行认为经济周期和饮酒政策带来的波动是暂时的，白酒商业模式仍然优异，一旦经济预期有所好转， 板块估值有望快速修复。展望2026年，"反内卷"等政策下通胀有望温和回升，有利于白酒行业逐步企稳 复苏，建议加大对白酒板块关注，标的上以茅五泸汾为主。 啤酒：中高端大单品势能延续，成本维持低位 啤酒板块26年仍将以 ...

证券之星消息，11月26日白酒板块较上一交易日上涨0.21%，泸州老窖领涨。当日上证指数报收于 3864.18，下跌0.15%。深证成指报收于12907.83，上涨1.02%。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) | | --- | --- | --- | --- | --- | --- | | 616809 | 金徽酒 | 20.44 | -1.97% | 4.32万 | 8893.52万 | | 000596 | 古井贡酒 | 164.15 | -1.58% | 2.36万 | - 3.88 Z | | 600696 | *ST岩石 | 5.23 | -1.32% | 3.16万 | 1665.07万 | | 603589 | □子窖 | 30.82 | -1.03% | + 4.33万 | 1.34亿 | | 002646 | 天佑德酒 | 9.40 | -0.84% | 4.24万 | 4003.22万 | | 000995 | 三四级别 | 12.63 | -0.79% | 3.52万 | 4476.21万 | | 661009 | ...

来源：酒业内参 | 品名/规格 | | 今日价格(元) | 较昨日(元) | | --- | --- | --- | --- | | 贵州茅台酒(飞天) | 53度/500ml | 1828/瓶 | -3元 | | 贵州茅台酒(精品) | | 2365/瓶 | -470 | | 53度/500ml | | | | | 五粮液普五八代 | | 858/瓶 | -10元▼ | | 52度/500ml | | | | | 青花汾20 | 53度/500ml | 390/瓶 | | | 国窖1573 | 883/瓶 | -12元 | | --- | --- | --- | | 52度/500ml | | | | 洋河梦之蓝M6+ | 585/瓶 | -15元 | | 52度/550ml | | | | 古井贡古20 | 510/瓶 | 4 TT | | 52度/500ml | | | | 习酒君品 | 675/瓶 | 持本 | | 53度/500ml | | | | 青花郎 | 718/瓶 | -12元▼ | | 53度/500ml | | | | 水晶剑南春 | 410/瓶 | -11元▼ | | 52度/500m ...

据公开资料显示，乔宇星1996年进入汾酒销售公司，从基层业务员开启营销生涯，早期在内蒙、陕西市场工作，后又出任河南独立省区经理、山西省区总 经理、汾酒销售公司副总经理等职。 公开资料显示，张永踊于1993年9月参加工作，历任汾酒销售公司广州营销处副经理、山西省区经理，汾酒销售公司党委委员、常务副总经理，汾酒股份 公司总经理助理、汾酒营销中心副主任，山西杏花村竹叶青产业有限责任公司党委书记、执行董事，汾酒股份公司副总经理、汾酒营销中心主任，汾酒销 售公司党委书记、执行董事、总经理，山西汾酒创意定制有限公司董事长，山西杏花村汾酒国际贸易有限责任公司党委书记、执行董事。现任汾酒股份公 司副总经理，汾酒销售公司党委书记、董事长。 全球晋商品牌大展播 CD 星级 · FIKANCIAL CENTER · FINANCIAL 长治IFC @45万方金融综合体 t-114-280m² - 12 - 11 品番5 7家 - 1 - 2 - 太行教師 一宽幕上宅 - 1 - 1 - LOFT公寓 - - 品 - 临街商业群 写字楼 60 - C 0355 3 / © 营销中心 长治市场 Tel. 雁门山·更健康的 高端草本黄酒 ...

（文章来源：证券时报网） 11月25日山西汾酒大宗交易一览 山西汾酒11月25日大宗交易平台共发生2笔成交，合计成交量4.20万股，成交金额761.92万元。成交价格 均为181.41元，相对今日收盘价折价6.00%。 | 成交量 （万 | 成交金额 （万元） | 成交价 格 | 相对当日收盘 折溢价（%） | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | 股） | | （元） | | | | | 3.00 | 544.23 | 181.41 | -6.00 | 国泰海通证券股份有 | 国泰海通证券股份有限公司深 | | | | | | 限公司总部 | 圳滨河大道证券营业部 | | 1.20 | 217.69 | 181.41 | -6.00 | 中国中金财富证券有 | 国泰海通证券股份有限公司深 | | | | | | 限公司深圳分公司 | 圳滨河大道证券营业部 | 进一步统计，近3个月内该股累计发生189笔大宗交易，合计成交金额为28.42亿元。 证券时报·数据宝统计显示，山西汾酒今日收盘价为192.99元，上涨0.31%，日换手率为0.3 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][15]. Core Views - The food and beverage sector is expected to benefit from a recovery in consumer spending, particularly in the context of the upcoming 2026 fiscal year, with a focus on health innovation and digital supply chains [3][10]. - The report highlights the differentiation in performance across categories, with beverages outperforming food and alcoholic beverages [2][10]. - Key investment opportunities are identified in premium liquor brands, dairy products, and innovative snack foods, with specific recommendations for companies like Guizhou Moutai, Yili, and Eastroc Beverage [2][3][15]. Summary by Relevant Sections Market Overview - The food and beverage sector saw a cumulative decline of 1.52% this week, with A-shares down 1.36% and H-shares down 3.69% [1]. - Notable performers included Nanchao Food (+11.91%) and Yili (+2.65%) [1]. Alcoholic Beverages - The liquor sector is entering a left-side layout phase, with premium brands expected to gain market share [2][10]. - Recommendations include Luzhou Laojiao, Shanxi Fenjiu, and Guizhou Moutai, with a focus on companies that can leverage pricing power and regional advantages [2][10]. Beer - The beer industry is experiencing healthy inventory levels, with expectations for demand recovery [2][11]. - Yanjing Beer is recommended for its strong growth potential and ongoing internal reforms [2][11]. Dairy Products - The dairy sector is seeing a steady recovery in demand, with Yili recommended for its valuation safety margin [2][13]. - The report anticipates improvements in supply-demand dynamics by 2026 [2][13]. Snacks - The report emphasizes the growth potential of konjac snacks, with leading companies like Weilong and Yanjinpuzi showing strong competitive advantages [2][12]. - The snack industry is shifting towards a category-driven growth model, necessitating strong product differentiation [2][12]. Investment Recommendations - The recommended investment portfolio includes Guizhou Moutai, Babi Food, Eastroc Beverage, Weilong, and Luzhou Laojiao, with an average decline of 4.94% this week [3][15]. - The report suggests that the current pricing environment for Moutai presents a favorable investment opportunity, with expectations for revenue growth in the coming years [15][16].

【中国白酒网】11月25日晚间，山西汾酒的一份公告显示了公司新的人事变动。 这意味着，张永踊已正式出任汾酒销售公司董事长。 公开资料显示，张永踊自1993年加入汾酒集团后，便长期深耕销售体系，一路晋升。历任山西杏花 村汾酒销售有限责任公司广州营销处副经理、山西省区经理，汾酒销售公司党委委员、常务副总经理， 汾酒股份公司总经理助理、汾酒营销中心副主任，山西杏花村竹叶青产业有限责任公司党委书记、执行 董事。现任汾酒股份公司副总经理、汾酒营销中心主任，汾酒销售公司党委书记、董事长。 今年10月，在山西汾酒2025年上半年业绩说明会上，时任汾酒销售公司总经理的张永踊曾表示，白 酒行业目前正处于深度调整时期。公司积极应对，采取了促动销、降库存等一系列措施。 在他看来，当下酒企业绩大幅放缓的本质是中国白酒产业正经历一场从"规模扩张"到"价值提升"的 深刻转型。从依赖规模扩张的放量增长模式，转向注重效率与创新的结构增长路径。 公司发布的《关于召开2025年第三季度业绩说明会公告》显示，参会管理层包括公司副总经理、总 会计师王怀，公司副总经理、汾酒销售公司党委书记、董事长张永踊，公司董事会秘书许志峰，公司证 券事务代表张弛。 ...

北京商报讯（记者刘一博冯若男）11月25日尾盘，沪指3870.02点上涨0.87%。白酒板块2254.47点收盘 上涨0.28%，其中12只白酒股上涨，酒鬼酒1.73%领涨白酒股。 （文章来源：北京商报） 银河证券在其研报中指出，今年白酒行业深度调整，第三季度以来供给端加速出清。展望2026年，研报 预计行业仍处于调整期，但逐渐步入筑底阶段，即动销与批价跌幅收窄+报表端继续出清，股票长期价 值凸显。 从个股来看，贵州茅台收盘价达1444.65元/股，下跌0.51%；五粮液收盘价达118.51元/股，下跌0.01%； 山西汾酒收盘价达192.99元/股，上涨0.31%；泸州老窖收盘价达133.59元/股，上涨0.50%；洋河股份收 盘价达65.71元/股，下跌1.19%。 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][15]. Core Views - The food and beverage sector is expected to perform well in 2026, driven by recovery in consumer demand and the sector's inherent growth potential [3][10]. - The report highlights the differentiation in performance across categories, with beverages outperforming food and alcoholic beverages [2][10]. - Key investment opportunities are identified in premium liquor brands, dairy products, and innovative snack foods, with a focus on companies that demonstrate strong growth potential and market positioning [2][10][15]. Summary by Sections Market Overview - The food and beverage sector experienced a decline of 1.52% this week, with A-shares down 1.36% and H-shares down 3.69%. Notably, South Qiao Food and Yili Co. showed positive performance with increases of 11.91% and 2.65% respectively [1][3]. Alcoholic Beverages - The liquor sector is entering a left-side layout phase, with premium brands like Luzhou Laojiao, Shanxi Fenjiu, and Guizhou Moutai expected to gain market share. The report suggests a focus on companies with pricing power and regional influence [2][10]. - Moutai's price is currently down 26% year-on-year, indicating a potential for recovery in consumer demand during the upcoming festive season [10][15]. Beer - The beer industry is showing healthy inventory levels, with expectations for demand recovery. The report recommends investing in leading brands like Yanjing Beer, which is expected to see profit growth supported by strong market fundamentals [2][11]. Dairy Products - The dairy sector is experiencing a steady recovery in demand, with leading companies like Yili expected to benefit from improved supply-demand dynamics by 2026 [2][13]. Snacks - The report emphasizes the growth potential in the konjac snack category, recommending companies like Weilong and Yanjinpuzi for their competitive advantages and strong growth trajectories [2][12][16]. Investment Recommendations - The recommended investment portfolio includes Guizhou Moutai, Baba Foods, Dongpeng Beverage, Weilong, and Luzhou Laojiao, reflecting a diversified approach across high-potential segments [3][15].