北京商报讯（记者 刘一博 冯若男）12月17日尾盘，沪指3870.28点上涨1.19%。白酒板块2180.07点收盘 下跌0.34%，其中15只白酒股下跌，贵州茅台1433.10元/股收盘。 从个股来看，贵州茅台收盘价达1433.10元/股，上涨0.78%；五粮液收盘价达113.40元/股，上涨0.35%； 山西汾酒收盘价达177.67元/股，下跌0.06%；泸州老窖收盘价达122.11元/股，下跌0.61%；洋河股份收 盘价达62.38元/股，上涨0.00%。 国金证券研报指出，当下至明年春节前是行业价盘最为承压的时期，市场对白酒行业价盘的悲观预期有 望环比修正，进一步夯实市场对白酒行业筑底的认知。考虑到此轮周期的动销底逐步探明，表观业绩压 力正加速释放，动销反馈环比持续改善确定性强、当下正值自上而下政策窗口期，叠加年末资金端有配 置再平衡的诉求，看好白酒板块的配置价值。 ...

Core Insights - The first batch of floating fee rate funds has shown significant performance differentiation, highlighting the varying capabilities of fund managers in terms of positioning, sector allocation, and market judgment [1][9] Performance Overview - As of December 16, 2025, out of 26 funds, 19 achieved positive returns while 7 reported negative returns. The top performer, Huashang Zhiyuan Return A, delivered a remarkable return of 58.90%, followed by Xin'ao Advantage Industry A at 36.86% and E Fund Growth Progress A at 34.98% [2][10] - Other notable performers include Jiashi Growth Win A and Invesco Great Wall Growth, both exceeding 23% returns. Conversely, funds like Guangfa Value Steady A and Yinhua Growth Smart A reported negative returns of -8.32% and -3.35%, respectively [2][10] - The overall distribution of fund returns is characterized by a "middle large, both ends small" pattern, with most funds yielding between -0.1% and 7% [2][10] Fund Size and Performance Relationship - Notably, high-performing funds are not exclusively large. Huashang Zhiyuan Return A, with a size of 2.838 billion yuan, is the largest, while Jiashi Growth Win A, with a size of 406 million yuan, achieved a return of 32.88%, demonstrating the agility of smaller funds in volatile markets [2][10] Investment Strategies - Top-performing funds tend to focus on high-growth sectors. For instance, Huashang Zhiyuan Return A has concentrated holdings in AI computing-related stocks, with significant contributions from stocks like Zhongji Xuchuang and Shijia Photon, which saw increases of 45.39% and 40.17% over the past three months [3][11] - Xin'ao Advantage Industry A has a high concentration in semiconductor storage, with key stocks like Demingli and Jiangbolong rising by 55.43% and 119.02%, respectively. However, this strategy also led to volatility, as some holdings experienced declines of 13% to 21% [5][13] - E Fund Growth Progress A adopts a more balanced approach, diversifying across sectors such as optical communication and consumer electronics, successfully capturing gains from leading stocks [6][15] Underperforming Funds - Underperforming funds often remain focused on traditional industries or deviate from market trends. Guangfa Value Steady A has a significant allocation to liquor stocks, which have generally declined over 10% in the past three months, contrasting sharply with the strong performance of technology sectors [7][16] - Yinhua Growth Smart A is heavily invested in the real estate sector and certain pharmaceutical stocks, with some holdings experiencing declines as steep as 44.58%, indicating a lack of timely adjustments to market shifts [8][17] Conclusion - The short-term performance of the first batch of floating fee rate funds reflects a collision of different investment strategies and market styles in 2025. Funds aligned with the technology growth narrative performed strongly, while those focused on traditional value or balanced strategies lagged behind [9][17]

登录新浪财经APP 搜索【信披】查看更多考评等级 12月16日，中国上市公司协会公布"上市公司2024年报业绩说明会最佳及优秀实践"结果，山西五家上市 公司——山西汾酒、晋西车轴、山煤国际、通宝能源和锦波生物上榜。 其中，山西汾酒上榜"上市公司2024年报业绩说明会最佳实践"名单，晋西车轴、山煤国际、通宝能源和 锦波生物入选"上市公司2024年报业绩说明会优秀实践"榜单。 | 上市 | | --- | 公司2024年报业绩说明会最佳实践部分名单。（图片来源：中国上市公司协会官微截图） 公司2024年报业绩说明会优秀实践部分名单。（图片来源：中国上市公司协会官微截图） （张阳阳 综合整理） 据悉，中国上市公司协会已连续5年开展此项评选工作，旨在助力更多上市公司高质量召开业绩说明 会，提高投资者关系管理能力，提升信息披露有效性和规范运作水平。经征求相关方意见，本次评选最 终确定最佳实践公司116家、优秀实践公司248家。 | 上市 | 公司2024年报业绩说明会优秀实践部分名单。（图片来源：中国上市公司协会官微截图） | | --- | --- | | 上市 | | ...

Market Overview - The Shanghai Composite Index experienced a slight rebound, with significant inflows into consumer ETFs, indicating a positive sentiment in the consumer sector [1] - The Consumer ETF (159928) saw a 0.38% increase, with trading volume exceeding 230 million yuan, and a net subscription of 10 million units during the day [1] Economic Policy Insights - The 2025 Economic Work Conference emphasized expanding domestic demand as a top priority, focusing on boosting consumption and stabilizing the real estate market through targeted measures [3] - The supply side will control new increments and activate existing stock, while the demand side will implement measures to release rigid and improvement needs of residents [3] Sector Performance - The Hong Kong stock market's new consumer sector also showed positive performance, with the Hong Kong Consumer 50 ETF (159268) rising nearly 1% and attracting over 40 million yuan in net inflows over the past five days [3] - Key consumer stocks such as Li Ning and Anta Sports saw gains of over 4%, while others like Haidilao experienced slight increases [3] Investment Strategy - China Galaxy Securities suggests focusing on defensive sectors, high dividends, and consumer recovery themes in December, given the backdrop of important policy meetings and potential interest rate cuts [6] - The market may enter a wide fluctuation phase, with an emphasis on defensive and consumer sectors in the short term, while TMT and advanced manufacturing sectors are recommended for mid-term focus [6] Industry Trends - The food and beverage sector has faced five consecutive years of decline, but historical trends suggest potential for reversal after prolonged downturns [7] - The Consumer ETF (159928) is currently at a TTM P/E ratio of 19.39, indicating a high valuation attractiveness compared to historical levels [8] Future Outlook - Looking ahead to 2026, structural opportunities are expected to arise from channel differentiation and supply upgrades, with a moderate recovery in overall demand [13] - Consumer confidence is gradually improving, with notable growth in specific categories such as electrolyte drinks and health foods, indicating potential growth areas [20] Fund Performance - The food and beverage sector is currently at a historical low in terms of valuation and fund holdings, highlighting its potential investment value [18] - The Consumer ETF (159928) is characterized by its resilience across economic cycles, with significant weight in leading consumer stocks [21]

人民财讯12月17日电，企查查APP显示，近日，汾酒国际贸易(海南)有限责任公司成立，法定代表人为 相里宝宝，注册资本为3000万元，经营范围包含：酒类经营；酒制品生产；食品销售；食品经营管理； 包装装潢印刷品印刷等。企查查股权穿透显示，该公司由山西汾酒（600809）间接全资持股。 ...

Core Viewpoint - The Chinese liquor industry is experiencing a downturn, with major brands like Moutai and Wuliangye facing price drops and declining sales, while Shanxi Fenjiu stands out for its resilience and innovative strategies in adapting to changing consumer preferences [2][4][12]. Industry Overview - The overall liquor market is in a deep adjustment phase, with a collective revenue decline of 5.90% and a net profit drop of 6.93% among 20 listed liquor companies in the first three quarters of 2025 [12]. - The production of liquor has been on a continuous decline, with a significant drop from 1,358.4 million liters in 2016 to an estimated 414.5 million liters in 2024, marking a decrease of nearly 69.5% [13][14]. Company Performance - Fenjiu is one of the few companies to achieve growth, with a revenue increase of 5% and a net profit growth of 0.48% in the first three quarters of 2025, while other major brands like Moutai and Wuliangye reported declines [16][17]. - Moutai's revenue for the first three quarters was 1,309 billion yuan, with a growth rate of 6.32%, but this is a significant slowdown compared to previous years [16]. Strategic Adaptation - Fenjiu has shifted its focus towards e-commerce, achieving the highest online sales growth in the industry, with a 81.8% increase in online sales in 2024 [18][19]. - The company employs a multi-faceted online marketing strategy, including live streaming and local delivery services, to enhance consumer engagement and drive sales [19][20]. Market Dynamics - The high-end liquor market is losing its monetary appeal, and companies must find new growth points to cope with performance pressures [8]. - Changing consumer demographics and preferences, particularly among younger generations, are shifting away from traditional high-end liquor towards lower-alcohol beverages [13][15].

从个股来看，贵州茅台收盘价达1422.00元/股，下跌0.28%；五粮液收盘价达113.00元/股，上涨0.49%； 山西汾酒收盘价达177.77元/股，下跌1.00%；泸州老窖收盘价达122.86元/股，上涨0.04%；洋河股份收 盘价达62.38元/股，上涨0.10%。 华创证券研报指出，年底酒企开始摸排渠道意愿及来年规划，厂商博弈加剧，渠道预期普遍较谨慎，不 愿囤货占用资金。酒企策略也更加务实，减轻渠道资金压力，并给予补贴或调整产品投放结构等保障渠 道利润，来年目标制定上也有望更加理性。 北京商报讯（记者 刘一博 冯若男）12月16日尾盘，三大指数集体下跌，沪指3824.81点下跌1.11%。白 酒板块2187.52点收盘下跌0.86%，其中15只白酒股上涨 ...

Core Insights - The liquor industry is facing significant challenges, with inventory pressures increasing among A-share liquor companies, rising from 148.5 billion yuan at the end of 2023 to 152.7 billion yuan by Q3 2024 [1] - Young consumers are changing their drinking habits, with a potential market of 490 million young drinkers and a market size of 400 billion yuan, but they are harder to engage compared to previous generations [2][3] - The success of brands like Jinjiu, which saw a 50% sales increase in the first half of 2025, highlights the importance of appealing to younger consumers through social media and health-oriented marketing [4][5] Industry Trends - The liquor market is experiencing a shift, with 21.1% of companies increasing investment in youth-oriented products by mid-2025 [12] - The rise of health-conscious drinking is evident, with the new middle-class segment of health-oriented liquor growing at a compound annual growth rate of 19.8% [7] - The demand for low-alcohol and flavored beverages is increasing, with the low-alcohol market expected to exceed 74 billion yuan by 2025, growing at a rate of 25% [26] Consumer Behavior - Young consumers prioritize emotional value and social experiences over traditional drinking norms, leading to a rise in unique drinking environments and DIY cocktail culture [25][28] - The shift in drinking culture is evident, with 84.8% of young people expressing strong aversion to traditional drinking customs [24] - The popularity of health-oriented products, such as those featuring traditional Chinese medicinal ingredients, is on the rise among younger consumers [29] Company Strategies - Major liquor companies are struggling to connect with younger audiences, as seen in the decline of Moutai's ice cream sales and the challenges faced by Wuliangye in maintaining profit growth [21][16] - Jinjiu's strategy of lowering price points and increasing distribution channels has proven effective, achieving a 78% distribution rate in small restaurants and over 90% in convenience stores [11][10] - Companies like Wuliangye are attempting to innovate with new products and marketing strategies, but face challenges in aligning with the genuine needs of younger consumers [22][23]

Core Insights - The article discusses the recent fluctuations in the retail prices of top ten Chinese liquor products, indicating a slight price correction after a significant rebound to recent highs [1][6] - The overall retail price for a bundled sale of the top ten products is reported at 9118 yuan, reflecting a decrease of 25 yuan from the previous day [1][6] Price Trends - Among the top ten products, four saw price increases while six experienced declines, showcasing a distinct structural characteristic in the market [2][7] - Notable price increases include: - Moutai (精品) and Yanghe Dream Blue M6+ both increased by 5 yuan per bottle - Wuliangye (普五八代) rose by 4 yuan per bottle, marking three consecutive days of price increases - Gujinggong (古井贡古20) saw a minor increase of 1 yuan per bottle [2][7] - Products with price declines include: - Xijiu (习酒君品) decreased by 14 yuan per bottle - Qinghualang (青花郎) fell by 10 yuan per bottle - Guojiao 1573 (国窖1573) dropped by 7 yuan per bottle - Qinghua Fen (青花汾20) and Feitian Moutai (飞天茅台) decreased by 4 yuan and 3 yuan respectively [2][7] Market Activity - The market remains active, with trading volumes approximately 50% higher than usual, indicating robust market engagement despite the price adjustments [1][6] - Data collection for the price insights is sourced from around 200 points across various regions, including designated distributors and major retail platforms, ensuring a comprehensive and objective representation of market prices [1][7] Industry Analysis - Dongwu Securities' report highlights a recent meeting among Moutai's provincial distributors to discuss channel strategies for 2026, emphasizing a "quantity control policy" aimed at short-term relief and medium-term structural adjustments [2][7] - The report suggests that Moutai's short-term certainty is improving, with stable investor returns expected, and maintains a "buy" rating for Moutai stock [2][7]

Core Viewpoint - The white liquor market has experienced a slight price adjustment after a significant rebound, with the average retail price of the top ten products decreasing slightly after reaching a recent high [1]. Price Trends - The total price for a bundled sale of the top ten products today is 9118 yuan, down by 25 yuan from yesterday [1]. - The market remains active, with trading volumes approximately 50% higher than usual [1]. - Among the top ten products, four saw price increases while six experienced declines, indicating a structural characteristic in the market [1]. Price Changes of Key Products - Moutai (Premium) and Yanghe Dream Blue M6+ both increased by 5 yuan per bottle, leading the market [1]. - Wuliangye (Pu Wuliangye 8th generation) rose by 4 yuan per bottle, marking three consecutive days of price increases [1]. - Gujing Gong (Gujing Gong 20) saw a slight increase of 1 yuan per bottle [1]. - On the downside, Xijiu Junpin decreased by 14 yuan per bottle, which is a significant adjustment [1]. - Other products like Qinghualang and Guojiao 1573 saw declines of 10 yuan and 7 yuan per bottle, respectively [1][3][4].