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 ...

新浪财经"酒价内参"过去24小时收集的数据显示，白酒业九大企业大单品全国市场的终端零售均价周五出现回 落。如果十大单品各取一瓶整体打包售卖，今日售价为9246元，较昨日下跌8元。近期市场经历双十一后供应 调整与平台治理等多重因素影响，已逐步进入价格整固阶段。青花郎成为当日亮点，价格逆势上涨3元/瓶。水 晶剑南春和青花汾20延续涨势，价格较昨日均上涨2元/瓶。五粮液普五八代的价格上涨了1元/瓶。古井贡古20 和习酒君品的跌幅领先，均环比下跌5元/瓶。贵州茅台飞天价格环比微跌1元/瓶，精品茅台价格下跌3元/瓶。 洋河梦之蓝M6+价格微跌2元/瓶。国窖1573价格较昨日持平。整体市场呈窄幅整理态势。 5、本表单数据采集点包括但不限于酒企指定经销商、社会经销 商、主流电商平台和零售网点等。未在T9业已公布的官方授权销 售渠道中的市场流转点的数据不予采纳。 | 贵州茅台酒(飞天) | 1839/瓶 | -1元 | | --- | --- | --- | | 53度/500ml | | | | 贵州茅台酒(精品) | 2384/瓶 | -3元 | | 53度/500ml | | | | 五粮液普五八代 | 861/瓶 | ...

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]

北京商报讯(记者刘一博冯若男)11月20日尾盘，沪指3931.05点下跌0.4%。白酒板块以2292.87点收盘下 跌0.78%，其中11只白酒股下跌。 从个股来看，贵州茅台（600519）收盘价达1467.11元/股，下跌0.27%；五粮液（000858）收盘价达 120.25元/股，上涨0.3%；山西汾酒（600809）收盘价达193.4元/股，下跌0.97%；泸州老窖（000568） 收盘价达136.85元/股，下跌0.21%；洋河股份（002304）收盘价达68.26元/股，下跌0.32%。 天风证券（601162）在其研报中表示，2025年"双11"期间，白酒行业呈现"量增价跌"分化态势。其中， 传统电商平台名酒价格击穿底线，主因经销商库存压力下的抛货行为与平台补贴引流；而即时零售、抖 音等新兴渠道逆势增长，反映消费场景向"即买即饮"转变。酒企密集启动打假行动，通过公布授权"白 名单"与非授权"黑名单"维稳价盘，旨在平衡线上流量与线下渠道利益。中长期看，行业需从价格战转 向价值重塑，聚焦高质价比产品与渠道精细化运营。 ...

环球市场动态 文 本 分 析 视 角 下 的 美 国 政 企 关 税 博 弈 与 投 资 影 响 股 票 A 股周三情绪回暖，沪指创业板成 功上涨；港股继续下跌，科技股整 体偏弱；欧洲股市小幅走低，市场 在明显回调后处于观望；美股在科 技股带动下反弹，英伟达 (NVDA US) 盘后公布业绩超预期带动盘 后继续上涨。 外 汇 / 商 品 美国官方数据显示成品油库存增 加，特朗普政府再度推动俄乌停战， 周三国际油价下跌超 2%；美联储 降息预期降温，美元指数升穿 100 水平；日元领跌 G-10 货币。国际 金价企稳。 固 定 收 益 美国国债小幅下跌，因美股回升, 加上美联储会议纪要显示多数人认 为 12 月适合维持利率不变。周四 将发布 9 月非农数据。亚洲债市相 对平衡，市场情绪有所改善。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2025 年 11 月 20 日 ▪ 关税对美国宏观经济的影响需要考虑企业微观行为与传导机制，我们通过自然语言处理技术及 DeepSeek 工 具，对美国上市企业财报与电话会文本进行辅助分析，试图寻找关税影响 ...

新浪财经"酒价内参"过去24小时收集的数据显示，白酒业九大企业大单品全国市场的终端零售均价周四温和回 落。昨日名酒价格全线普涨。如果十大单品各取一瓶整体打包售卖，今日售价将达9254元，较昨日下跌7元。 贵州茅台飞天和精品酒的价格环比均上涨1元/瓶。今日价格涨幅领先的是国窖1573，较昨日上涨5元/瓶，为连 续第二天上涨。贵州茅台飞天和精品之外，洋河梦之蓝M6+的价格也上涨1元/瓶，实现强劲的六连阳。此前有 酒业分析人士指出，某款名酒价格如果连续上涨或与双十一后的短时缺货有关。周四跌幅较重的是五粮液普五 八代和古井贡古20，两者均环比下跌5元/瓶。青花郎的价格下跌3元/瓶，此前连续两天上扬的涨势告终。青花 汾20和习酒君品的价格均回落1元/瓶，昨日这两款酒的价格均强势领涨。 价格说明 1、酒价内参系新浪财经推出的国内第一款关于中国知名白酒企业 大单品的市场终端价表单。每日上午9点前后公布一次。 2、本表单的设立旨在为社会各界提供一份关于中国知名白酒市场 价格的客观、真实、科学、全程可追溯数据,更好地促进白酒市 场、行业和厂商的健康可持续发展。 3、首期表单的入选酒品为中国白酒业T9(茅台、五粮液、汾酒、 泸州 ...

| 成交 | 成交金 | 成交价 | 相对当 日 | | | | --- | --- | --- | --- | --- | --- | | 量 | 额 | 格 | 收盘折 | 买方营业部 | 卖方营业部 | | （万 股） | （万 元） | （元） | 溢价 | | | | | | | （%） | | | | 24.60 | 4515.82 | 183.57 | -6.00 | 机构专用 | 国泰海通证券股份有限公司深圳滨 | | | | | | | 河大道证券营业部 | | 20.40 | 3744.83 | 183.57 | -6.00 | 机构专用 | 国泰海通证券股份有限公司深圳滨 | | | | | | | 河大道证券营业部 | | 11.10 | 2037.63 | 183.57 | -6.00 | 中信建投证券股份有限公司总部 | 国泰海通证券股份有限公司深圳滨 | | | | | | | 河大道证券营业部 | | 10.25 | 1881.59 | 183.57 | -6.00 | 中国银河证券股份有限公司兰州东 | 国泰海通证券股份有限公司深圳滨 | | | | | | 岗西路证券营业部 ...

Core Viewpoint - The white liquor industry is experiencing a phase of bottoming out, which aligns with market expectations and is seen as a foundation for future recovery [1] Industry Summary - The Shanghai Composite Index closed at 3972.03 points, down 0.46% on November 17, while the white liquor sector closed at 2351.84 points, up 0.21% [1] - The performance of individual white liquor stocks varied, with Kweichow Moutai closing at 1471.00 CNY per share, up 0.99%, and Wuliangye closing at 120.15 CNY per share, down 0.05% [1] - Shanxi Fenjiu closed at 198.99 CNY per share, up 1.23%, while Luzhou Laojiao closed at 140.00 CNY per share, up 0.27% [1] - Yanghe Brewery closed at 68.46 CNY per share, down 2.03% [1] Company Summary - Dongwu Securities released a report indicating that the white liquor industry is accelerating its bottoming process, which is expected by the market [1] - The current stage of the white liquor market is beneficial for alleviating previous overly pessimistic sentiments, laying the groundwork for future recovery [1]

Investment Rating - The report maintains an investment rating of "Recommended" for the food and beverage industry [3][8]. Core Insights - The food and beverage industry experienced a slight revenue increase of 0.17% year-on-year in the first three quarters of 2025, but the net profit attributable to shareholders declined by 4.58% [3][15]. - The third quarter of 2025 saw a significant decline in both revenue and profit, with revenues dropping by 4.75% year-on-year and net profits decreasing by 14.61% [3][15]. - The report highlights that the macroeconomic policies aimed at boosting domestic demand are expected to lead to a recovery in performance and valuation for the food and beverage sector [16]. Summary by Sections 1. Industry Overview - The food and beverage sector's overall revenue for the first three quarters of 2025 was CNY 8309.16 billion, with a net profit of CNY 1711.64 billion [3][15]. - The third quarter alone generated revenue of CNY 2500.62 billion, with a net profit of CNY 434.96 billion [3][15]. 2. Subsector Performance 2.1 Baijiu (Chinese liquor) - The baijiu sector faced significant pressure, with revenues and net profits declining in the third quarter of 2025 [24]. - Major brands like Moutai and Fenjiu performed relatively well despite the overall downturn [24]. - The report notes a 20%-30% decline in sales during traditional festive periods, with regional variations in performance [24]. 2.2 Beer - The beer sector maintained steady demand, achieving a revenue of CNY 620.52 billion in the first three quarters, up 2.02% year-on-year, and a net profit of CNY 94.84 billion, up 11.82% [29]. - The third quarter saw revenues of CNY 203.20 billion, with a net profit increase of 11.30% [29]. 2.3 Snacks - The snack sector showed positive growth, with revenues and net profits increasing in the third quarter [3][29]. 2.4 Soft Drinks - The soft drink sector experienced a strong performance, particularly in the third quarter, with leading companies showing significant growth [3][29]. 2.5 Dairy Products - The dairy sector continued to face demand challenges, but there were signs of marginal improvement as raw milk prices stabilized [4][29]. 2.6 Condiments - The condiment sector is undergoing intense competition, but leading companies are outperforming the overall market [4][29]. 3. Investment Recommendations - The report suggests focusing on resilient companies with strong growth potential, such as Dongpeng Beverage, Yili, and Moutai, among others [8][24].

今日(11月19日)A股共48只个股发生大宗交易，总成交18.67亿元，其中联影医疗、山西汾酒、博拓生物 成交额居前，成交额依次为9.87亿元、1.55亿元、1.15亿元。 机构专用席位卖出：万达信息(705万元)。 成交价方面，共3只股票平价成交，1只股票溢价成交，44只股票折价成交；ST东尼溢价成交，溢价率 为0.96%；一诺威、颖泰生物、仟源医药折价率居前，折价率依次为29.76%、29.26%、17.32%。 机构专用席位买入额排名：山西汾酒(9178.5万元)、博拓生物(8635.02万元)、中际旭创(3310.37万元)、 三棵树(2937.07万元)、三丰智能(2929.5万元)、微芯生物(1255.5万元)、赛伍技术(1002.2万元)、四川双 马(940.5万元)、宏远股份(890.4万元)、咸亨国际(752.88万元)、泰永长征(726.98万元)、福龙马(455.22万 元)、德明利(307.88万元)、西陇科学(229.5万元)。 ...