02 白酒简介 02-1、白酒类别 不同香型的原料与工艺虽有差异，但高粱如同白酒酿造的 "核心基石"—— 浓香、酱香、清香等主流香型均以高粱为核心原料，12 种香型中仅特香、豉香 不含高粱，且二者市场占比极低。 白酒香型体系的建立始于 1979 年第三次全国评酒会，此次评酒会首次按香型评比，确立了浓香、清香、酱香、米香四大基本香型，如同搭建起香型体系 的 "基础框架"。后续随着生产工艺升级、风味特征分化，在四大基本香型的基础上交融演化出另外八种香型，最终形成十二种香型的完整格局。 | | 清香型 | 液香型 | 酱香型 | 米香型 | | --- | --- | --- | --- | --- | | 原料 | 高梁 | 高梁/多粮混合 | 高梁及小麦 | 大米 | | 生产工艺 | 清蒸清烧、二次清 | 四次投粮、蒸煮、 | 一年制酒、两次投 料、九次蒸煮、八 次发酵、七次取酒, | 固态糖化,半固态 发酵,釜式间接加 | | | | 投曲、发酵 | | | | | | | 窖藏后经过多轮次 | 热蒸馏 | | | | | 勾兑 | | | 发酵设备 | 陶瓷地紅 | 泥窖 | 石窖泥底 | 陶紅 | | ...

进一步统计，近3个月内该股累计发生199笔大宗交易，合计成交金额为28.67亿元。 山西汾酒11月28日大宗交易平台共发生4笔成交，合计成交量4.40万股，成交金额803.60万元。成交价格 均为182.64元，相对今日收盘价折价6.00%。从参与大宗交易营业部来看，机构专用席位共出现在4笔成 交的买方或卖方营业部中，合计成交金额为803.60万元，净买入803.60万元。 两融数据显示，该股最新融资余额为10.17亿元，近5日增加3250.64万元，增幅为3.30%。（数据宝） 11月28日山西汾酒大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 溢价（%） | 业部 | | | 1.10 | 200.90 | 182.64 | -6.00 | 机构专 | 国泰海通证券股份有限公司深圳滨 | | | | | | 用 | 河大道证券营业部 | | 1.10 | 200.90 | 182.64 | -6.00 | 机构专 | 国泰海通证券 ...

Group 1: Economic Indicators and Consumer Trends - The CPI in October showed a slight improvement, with a year-on-year increase of 0.2% and a month-on-month increase of 0.2%, indicating a potential recovery trend that may continue into the first half of next year [6][10] - The retail sales of consumer goods in October reached 46,291 billion yuan, growing by 2.93% year-on-year, with significant improvements in essential consumption categories such as food and beverages [10] - The restaurant sector saw a monthly revenue of 5,199 billion yuan in October, reflecting a year-on-year growth of 3.8%, driven by the National Day and Mid-Autumn Festival holidays [10] Group 2: Frozen and Food Supply Industry - The frozen food and catering industry is witnessing a shift from price wars to product innovation and channel development, with companies focusing on quality and service rather than just price competition [11] - Major players like Anjiyuan and Qianwei Central Kitchen are transitioning their strategies to emphasize product quality and operational efficiency, leading to improved profitability [11][15] - The industry is entering a "hard strength reshuffle period," where companies are expected to enhance their product offerings and service capabilities to maintain competitiveness [11] Group 3: Snack Food Sector - The snack food sector is experiencing a weak recovery, with a clear differentiation in growth among brands and channels, driven by strategic adjustments and product innovations [33][34] - The emergence of the konjac category as a significant growth driver, with market potential expected to reach 300 billion yuan by 2025, indicates a strong consumer demand for healthy snacks [34][40] - Companies like Yummy Foods and Salted Fish are leveraging their core products and channel strategies to achieve substantial growth, with a focus on high-margin products and efficient cost management [34][42] Group 4: Specific Company Strategies - Anjiyuan is focusing on high-margin products and channel expansion, with significant growth in its core offerings like volcanic stone grilled sausages and high-end dumplings [12][13] - Qianwei Central Kitchen is seeing improvements in its direct sales and distribution channels, with a focus on enhancing profitability through strategic adjustments in customer structure and resource allocation [15][18] - Salted Fish is capitalizing on the konjac trend and optimizing its product mix to improve profitability, with a strong emphasis on high-margin products and efficient channel management [40][41]

| 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 | | 类出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-11-28 | 山西湖道 | 608009 | 182.64 | 200.9 | 1.1 | 机构专用 | 期 - | 彩 | | 2025-11-28 | 山西汾酒 | 600809 | 182.64 | 200.9 | 1.1 | 机构专用 | 更新 | Ka | | 2025-11-28 | 山西湖道 | 600809 | 182.64 | 200.9 | 1.1 | 机构专用 | 到了一些 | 185 | | 2025-11-28 | 山西汾酒 | 600809 | 182.64 | 200.9 | 1.1 | 机构专用 | 美国 - 1988 | Ka | 11月28日，山西汾酒大宗交易成交4.4万股，成交额803.6万元，占当日总成交额的1.49%，成交价182.64 元，较市场收盘价194.3元折价6%。 ...

超配（维持） 食品饮料行业双周报（2025/11/14-2025/11/27） 白酒筑底，关注结构性机会 2025 年 11 月 28 日 行 业 周 报 分析师：黄冬祎 SAC 执业证书编号： S0340523020001 电话：0769-22119410 邮箱： huangdongyi@dgzq.com.cn 食品饮料（申万）指数走势 资料来源：同花顺,东莞证券研究所 相关报告 证 券 研 究 报 告 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 食品饮料行业 投资要点： 行 业 研 究 ◼ 行情回顾：2025年11月14日-2025年11月27日，SW食品饮料行业指数整 体下降2.97%，板块涨幅位居申万一级行业第九位，跑赢同期沪深300指 数约1.00个百分点。细分板块中，多数细分板块跑输沪深300指数。 ◼ 行业周观点：白酒筑底，关注结构性机会。白酒板块：在消费弱复苏背 景下，白酒三季度业绩加速出清。结合目前实际需求环境，预计今年四 季度到明年一季度白酒动销仍面临压力，明年二季度基于低基数有望回 暖 ...

Core Viewpoint - Shanxi Province is transforming its economy from a coal-dependent model to a diversified industrial system, leveraging capital markets as a core engine for this transition [3][5]. Group 1: Economic Performance and Capital Market Development - The total number of listed companies in Shanxi reached 41, with a total market capitalization of 839.23 billion yuan, and a profit increase of 91.84% during the "14th Five-Year Plan" period [5]. - Revenue for listed companies in Shanxi grew from 322.27 billion yuan to 561.43 billion yuan, marking a 74.21% increase. Notably, Taiyuan Iron and Steel's revenue surpassed 100 billion yuan, while Shanxi Fenjiu's revenue rose from 13.99 billion yuan in 2020 to 36.01 billion yuan in 2024 [5]. - Shanxi Coal and Chemical Industry Group raised 4.4 billion yuan through equity financing, marking the largest equity refinancing project in the coal sector in nearly a decade [6]. Group 2: Corporate Actions and Mergers - The acquisition of 51% of HaiTu Technology by Keda Control for 209 million yuan marked the largest cash acquisition since the establishment of the Beijing Stock Exchange [8]. - Traditional companies like Northern Copper and Shanxi Expressway are revitalizing through mergers and acquisitions, with Northern Copper's total assets increasing from 1.256 billion yuan in 2020 to 19.471 billion yuan by Q3 2025, a growth of over 14 times [8][9]. Group 3: Market Environment and Regulatory Support - The Shanxi Securities Regulatory Bureau has effectively cleared out inactive private fund managers, with a 23.88% cancellation rate since 2021, contributing to a healthier market environment [11]. - The bond market in Shanxi has maintained a "zero default" record, fostering a stable credit environment for market development [11]. Group 4: Emerging Enterprises and Innovation - Shanxi has seen a rise in "specialized, sophisticated, and innovative" enterprises, with 81.82% of the companies in the pipeline fitting this category. The Shanxi Equity Trading Center has launched a specialized board for these enterprises [14]. - Jinbo Bio, a leading technology firm, set records for the highest issuance price and first-day stock price increase upon its listing on the Beijing Stock Exchange [14]. Group 5: Future Outlook - The Shanxi Securities Regulatory Bureau aims to support high-quality enterprises in the region, focusing on sectors like new energy and materials, and enhancing the overall service capabilities of local securities firms [15].

Core Insights - The article discusses the high-quality development of the capital market in Shanxi Province during the "14th Five-Year Plan" period, emphasizing the transition from a coal-dependent economy to a diversified industrial system [4][5][10]. Group 1: Market Growth and Performance - By the end of Q3 2025, the number of listed companies in Shanxi reached 41, a 5.13% increase from 39 in 2020 [2] - The total market capitalization of these companies was 839.23 billion yuan, reflecting a 9.10% growth since the end of 2020 [2] - The combined operating revenue of Shanxi's listed companies surged to 561.43 billion yuan, a 74.21% increase from 322.27 billion yuan in 2020 [2] - Total profits for these companies reached 57.46 billion yuan, marking a 91.84% increase from 29.95 billion yuan in 2020 [2] Group 2: Capital Market as a Growth Engine - Shanxi aims to integrate the capital market with the industrial economy to support the establishment of a new energy base and a benchmark for high-quality development in Central China [4][5] - The province has seen a rise in strategic emerging industries, with a multi-tiered structure led by major enterprises and followed by innovative companies [5] Group 3: Financing and Investment - Shanxi Coal and Chemical Industry Group raised 4.4 billion yuan through equity financing, the largest in nearly a decade for coal companies [6] - In 2024, listed companies in Shanxi distributed a total of 19.85 billion yuan in cash dividends, with an average of 484 million yuan per household, ranking high nationally [6] - The province's securities institutions have raised 222.53 billion yuan for local enterprises through various financing methods since 2021 [11] Group 4: Mergers and Acquisitions - Traditional companies like North Copper and Huazhong Chemical have undergone significant transformations through mergers and acquisitions, enhancing their operational scale and profitability [8][9] - North Copper's total assets increased from 1.26 billion yuan in 2020 to 19.47 billion yuan by Q3 2025, with revenue rising from 112.5 million yuan to 2.41 billion yuan [8] Group 5: Market Environment and Regulation - The Shanxi Securities Regulatory Bureau has worked to optimize the market environment, successfully deregistering 16 inactive private fund managers since 2021 [10] - The province's bond market has maintained a "zero default" record, contributing to a stable credit environment for market development [10] Group 6: Emerging Enterprises and Innovation - Shanxi has seen the emergence of innovative companies, with 81.82% of the enterprises in the region being specialized and innovative [12] - The establishment of the "specialized and innovative" board has attracted nearly 30% of such enterprises in Shanxi to showcase their capabilities [12]

沪指11月27日上涨0.29%，申万所属行业中，今日上涨的有13个，涨幅居前的行业为轻工制造、基础化 工，涨幅分别为1.09%、1.01%。跌幅居前的行业为综合、传媒，跌幅分别为2.34%、1.40%。食品饮料 行业今日下跌0.06%。 资金面上看，两市主力资金全天净流出218.27亿元，今日有6个行业主力资金净流入，轻工制造行业主 力资金净流入规模居首，该行业今日上涨1.09%，全天净流入资金5.90亿元，其次是电子行业，日涨幅 为0.26%，净流入资金为4.99亿元。 主力资金净流出的行业有25个，计算机行业主力资金净流出规模居首，全天净流出资金40.48亿元，其 次是传媒行业，净流出资金为37.30亿元，净流出资金较多的还有医药生物、通信、电力设备等行业。 食品饮料行业今日下跌0.06%，全天主力资金净流入3.33亿元，该行业所属的个股共124只，今日上涨的 有53只，涨停的有2只；下跌的有67只，跌停的有1只。以资金流向数据进行统计，该行业资金净流入的 个股有51只，其中，净流入资金超3000万元的有5只，净流入资金居首的是贵州茅台，今日净流入资金 2.91亿元，紧随其后的是山西汾酒、海欣食品，净流入 ...

Core Insights - The white liquor market is experiencing a price adjustment, with the average retail price of the top ten products decreasing for the second consecutive day, currently priced at 9188 yuan, down 34 yuan from the previous day [1] - A notable increase in prices was observed for Qinghua Lang, which rose by 2 yuan per bottle, while Feitian Moutai saw a slight increase of 1 yuan per bottle [1] - The chairman of Jinshiyuan expressed optimism about a gradual recovery in the white liquor market next year, despite current challenges such as weak demand and intense competition [1] Price Trends - The average retail price of the top ten white liquor products has decreased, with specific products showing varied price movements: - Feitian Moutai: 1829 yuan, up 1 yuan - Premium Moutai: 2361 yuan, down 4 yuan - Wuliangye: 853 yuan, down 5 yuan - Guojiao 1573: 877 yuan, down 6 yuan - Yanghe Dream Blue M6+: 579 yuan, down 6 yuan - Xijiu Junpin: 669 yuan, down 6 yuan - Qinghua Lang: 720 yuan, up 2 yuan [3][4] Market Outlook - Jinshiyuan's chairman indicated that the company is seeing progress in expanding its market outside the province, which provides some resilience despite a decline in performance in the first three quarters [1] - The industry is believed to be at the bottom of its cycle, with a cautious optimism about future recovery as inventory levels among distributors have peaked [1]

| | 52度/550ml | 579/瓶 | | | --- | --- | --- | --- | | | 古井贡古20 52度/500ml | 510/瓶 | 持不 | | 2 | 习酒君品 53度/500ml | 669/瓶 | -6元 | | | 青花郎 53度/500ml | 720/瓶 | 2元 | | | 水晶剑南春 52度/500ml | 405/瓶 | -570 | | | STOR 打开新浪财经APP | 搜索 酒价内参 Q | | | | 新浪财经客户端 Sina Finance Mobile Version | | | 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四延续回调态势。如 果十大单品各取一瓶整体打包售卖，今日售价为9188元，较昨日回落34元，市场整体连续第二日回调。今 日上涨的酒品中，青花郎价格环比小涨2元/瓶，逆风上扬。飞天茅台价格微涨1元/瓶。古井贡古20的价格 则与昨日持平，近两日的市场表现都较为稳定。多数产品价格延续下行势头，国窖1573价格环比下跌6元/ 瓶。洋河梦之蓝M6+价格下跌6元/瓶。习酒君品亦下跌6元/瓶。五粮液普五八 ...