进一步统计，近3个月内该股累计发生2笔大宗交易，合计成交金额为756.28万元。 山西汾酒8月29日大宗交易平台出现一笔成交，成交量1.80万股，成交金额387.72万元，大宗交易成交价 为215.40元，相对今日收盘价溢价6.62%。该笔交易的买方营业部为东北证券股份有限公司上海北艾路 证券营业部，卖方营业部为粤开证券股份有限公司深圳分公司。 8月29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 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 溢价（%） | | | | 1.80 | 387.72 | 215.40 | 6.62 | 东北证券股份有限公司上海 | 粤开证券股份有限公 | | | | | | 北艾路证券营业部 | 司深圳分公司 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 证券时报·数据宝统计显示，山西汾酒今日收盘价为202.02元，上涨2.23%，日换手率为0.71%，成交额 为17.42亿元，全天主力 ...

Core Insights - A total of 386 stocks received buy ratings from institutions today, with notable upgrades for companies such as Jingwei Hengrun and Lu'an Environmental Energy [1] - The average increase for stocks rated as buy by institutions today was 0.50%, outperforming the Shanghai Composite Index [1][2] - The electronics sector was the most favored, with 47 stocks including BOE Technology Group and Zhongwei Company receiving buy ratings [2] Institutional Ratings - 565 buy rating records were published today, with 174 providing future target prices, indicating a significant interest from institutions [1] - 81 stocks have an upside potential exceeding 20%, with Tunnel Holdings showing the highest potential at 52.25% [1] - 15 stocks received initial attention from institutions, including Anglikang and Oriental Pearl [1] Performance Metrics - The stocks with the highest net profit growth in the first half of the year included Wancheng Group, achieving a staggering 50358.80% year-on-year increase [2] - Other companies with significant profit growth included XGIMI Technology and Lianhua Technology, with increases of 2062.34% and 1481.94% respectively [2] Sector Analysis - The electronics industry was the most favored by institutions, followed by the pharmaceutical and electric equipment sectors, which had 34 and 30 stocks respectively receiving buy ratings [2] - Notable companies in the electronics sector include BOE Technology Group and Zhongwei Company, both of which are highlighted in the buy rating list [2]

Industry Dynamics - From January to July, the beverage and refined tea manufacturing industry achieved revenue of 934.71 billion yuan, a year-on-year increase of 1.8% [4] - In Jiangsu Province, the production of liquor from large-scale enterprises was 93,500 kiloliters, a year-on-year decrease of 17.0% [4] - The city of Renhuai has implemented a trial management method for core production area certification and coding for Chinese sauce-flavored liquor [4] Event Announcements - The 114th National Sugar and Wine Fair will be held from March 26 to 28, 2026, in Chengdu, aiming to broaden the range of exhibits and better connect the industry chain [5] Company Developments - Three new Moutai cultural experience centers opened in Urumqi and Zhengzhou, integrating local cultural elements into their design [7] - Wuliangye launched a new low-alcohol product, 29° Wuliangye, targeting younger consumers, with pre-sales available on multiple platforms [7] - Several liquor companies, including Wuliangye and Luzhou Laojiao, are actively developing low-alcohol products as a strategy to attract younger consumers [7] Financial Performance - Wuliangye reported a revenue of 52.771 billion yuan for the first half of 2025, a year-on-year increase of 4.19% [8] - Shanxi Fenjiu achieved a revenue of 23.964 billion yuan, up 5.35% year-on-year [8] - Jinzhongzi Liquor reported a revenue of 0.484 billion yuan, a decline of 27.47% year-on-year [8] - Other companies, including Yingjia Gongjiu and Jinsiyuan, also reported declines in revenue for the first half of 2025 [8][9] Technological Advancements - Five liquor companies were included in the Ministry of Industry and Information Technology's 5G factory list, indicating advancements in smart manufacturing [10]

8月29日，山西汾酒大宗交易成交1.8万股，成交额387.72万元，占当日总成交额的0.22%，成交价215.4元，较市场收盘价202.02元溢价6.62%。 | 2025-08-29 | 山西汾酒 | 600809 | 215.4 387.72 | 1.8 | 东北证券股份有限 | 粤开证券股份有限 | | --- | --- | --- | --- | --- | --- | --- | | 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 | | 公司上海北艾路证 | 卖出营业部 公司深圳分公司 | ...

2025年，山西汾酒全面启动复兴纲领第二阶段，标志着其全国化战略正式迈入2.0时代。这一阶段的核 心是从规模化扩张转向高质量深耕，通过区域聚焦、渠道下沉和精细化运营，提升单市场贡献率和品牌 深度，实现从量增到质变的战略升级。 山西汾酒表示，公司将持续拓展全国化布局，以战略定力统筹全局，激发市场增长新动能，全力实现公 司的高质量发展。 中证报中证网讯(王珞)8月28日晚，山西汾酒（600809）发布2025年半年度报告，上半年公司营业收入 为239.64亿元，同比增长5.35%；归属于上市公司股东的净利润为85.05亿元，同比增长1.13%；归属于 上市公司股东的扣除非经常性损益的净利润为85.16亿元，同比增长1.27%；基本每股收益为6.9716元。 报告显示，上半年，面对复杂多变的市场环境与行业发展新态势，山西汾酒在治理效能提升、市场布局 拓展、科技赋能升级、文化价值传播等领域协同发力，经营工作稳中有进、质效双升。 2025年上半年，公司全面推进全国化2.0战略，产品销量在长三角、珠三角等潜力区域保持高速增长态 势。从销售渠道来看，山西汾酒代理商渠道实现销售收入225.19亿元，同比增长7.17%；地区分 ...

公司发布2025 年半年报，25H1 总营收/归母净利/扣非净利239.6/85.1/85.2亿， 同比+5.4%/+1.1%/+1.3% ； 25Q2 总营收/ 归母净利/ 扣非净利74.4/18.6/18.6 亿，同比+0.4%/-13.5%/-13.4%。24 年公司圆满完成 汾酒复兴计划的第一阶段，25 年是公司汾酒复兴纲领第二阶段，公司定调"稳健"，上半年也顺利实现 稳健增长，为未来长期发展打下坚实基础。展望全年，产品端公司将坚持四轮驱动；渠道端优化经销商 考核结构；市场端在稳固基地市场基础上，发力全国化市场扩张，经营向上趋势不改。维持"买入"。 25H1 公司毛利率同比持平为76.7%（25Q2 同比-3.2pct 至71.9%），Q2下滑我们预计系产品结构下行所 致。费用端，25H1 销售费用率同比+1.1pct至9.9%（25Q2 同比持平为11.5%）；25H1 管理费用率同 比-0.2pct 至2.6%（25Q2 同比+0.1pct 至4.3%）；25H1 税金及附加比率同比+0.9pct 至16.3%（25Q2 同比 +2.6pct 至22.3%）；最终得25H1 归母净利率35.5%（ ...

Market Performance - The liquor sector rose by 2.52% on August 29, with Jinhuijiu leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Individual Stock Performance - Jinhuijiu (code: 616809) closed at 22.07, up 7.71% with a trading volume of 250,500 shares and a turnover of 551 million yuan [1] - Shede Liquor (code: 600702) closed at 68.38, up 6.02% with a trading volume of 305,100 shares and a turnover of 2.07 billion yuan [1] - Other notable stocks include Zhi Si Li (code: 000799) up 5.26%, Gujing Gongjiu (code: 000596) up 4.45%, and Wuliangye (code: 000858) up 3.24% [1] Capital Flow Analysis - The liquor sector saw a net inflow of 1.886 billion yuan from main funds, while retail funds experienced a net outflow of 833 million yuan [1] - Main funds showed significant net inflows in stocks like Kweichow Moutai (code: 600519) with 61.3 million yuan and Wuliangye (code: 000858) with 486 million yuan [2] - Retail investors had net outflows in several stocks, including Kweichow Moutai and Wuliangye, indicating a shift in investor sentiment [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved a steady revenue and profit growth in the first half of 2025, with total revenue and net profit reaching 23.96 billion and 8.51 billion respectively, representing year-on-year increases of 5.4% and 1.1% [7] - The report indicates that the company is adjusting its growth pace in response to macroeconomic conditions, with expectations for moderate growth in the second half of 2025 [7] - The product mix has impacted gross margin performance, with a noted decline in the second quarter due to changes in product revenue contributions [7] Financial Summary - Total revenue forecast for 2023A is 31.93 billion, with a projected increase to 36.36 billion in 2025E, reflecting a year-on-year growth of 0.97% [1] - The net profit attributable to shareholders is expected to be 12.03 billion in 2025E, showing a slight decline of 1.75% compared to the previous year [1] - The earnings per share (EPS) for 2025E is projected at 9.86 yuan, with a price-to-earnings (P/E) ratio of 20.04 based on the current price [1] Product and Market Analysis - The company has seen balanced growth in both domestic and external markets, with revenue increases of 4.0% and 6.1% respectively in the first half of 2025 [7] - The report highlights the importance of product structure in maintaining revenue stability, particularly for key products like Qinghua and Glass Fen [7] - The company is focusing on the nationwide expansion of its flagship product, Lao Bai Fen, with dedicated resources allocated for market promotion and channel management [7]

Core Viewpoint - The food and beverage industry is experiencing a recovery phase, particularly in the liquor sector, with a focus on high-quality brands like Kweichow Moutai and Wuliangye as potential investment opportunities [2][3][7]. Market Performance - The Shanghai and Shenzhen 300 Index rose by 2.71%, mirroring the increase in the Shenwan Food and Beverage Index during the week of August 25-29, 2025 [1]. Institutional Insights - Dongxing Securities suggests that liquor stocks are at the bottom of their asset pricing cycle, indicating a potential recovery despite a weak overall consumption rebound [2]. - Aijian Securities highlights that with easing policy pressures and consumption promotion measures, there is potential for a weak recovery in liquor demand, recommending investment in leading companies with stable pricing and attractive dividend yields [3]. Macro Events - The State Administration for Market Regulation emphasizes the need for comprehensive food safety oversight, focusing on risk management and the integration of technology in regulatory practices [4]. Consumption Data - Hangzhou's retail sales reached 527.1 billion yuan from January to July 2025, showing a year-on-year growth of 5.1%, driven by consumption policies and a shift towards green and smart consumption [5]. - Shanghai's retail sales totaled 129.14 billion yuan in July 2025, reflecting a 7.8% year-on-year increase, with strong performance in clothing, high-quality food, and communication devices [6]. Industry News - The A-share liquor sector is still in a cyclical downturn, with total revenue of 176.88 billion yuan and a net profit of 74.14 billion yuan for 13 listed companies, both showing slight declines year-on-year [7]. - The average gross margin for the industry has decreased to 64.61%, with inventory levels rising by 11.55% [7]. Company Performance - Wuliangye reported a net profit of 19.5 billion yuan for the first half of 2025, a growth of 2.28%, with total revenue of 52.77 billion yuan, up 4.19% [10]. - Laobaigan achieved a net profit of 321 million yuan, reflecting a growth of 5.4%, with total revenue of 2.481 billion yuan [11]. - Shanxi Fenjiu's revenue reached 23.964 billion yuan, a 5.35% increase, with a net profit of 8.505 billion yuan, growing by 1.1% [12]. Industry Developments - Five liquor companies have been recognized as 5G factories, indicating advancements in technology within the industry [9].

Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company achieved steady growth in the first half of 2025, with total revenue, net profit attributable to the parent, and net profit excluding non-recurring items reaching 239.6 billion, 85.1 billion, and 85.2 billion respectively, representing year-on-year increases of 5.4%, 1.1%, and 1.3% [1][4]. - The company successfully completed the first phase of its revitalization plan for Fenjiu and is now in the second phase, focusing on steady growth and national market expansion [1][4]. - The product structure shows that revenue from Fenjiu and other liquor categories was 233.9 billion and 4.8 billion respectively in the first half of 2025, with year-on-year changes of +5.8% and -10.5% [2][4]. Summary by Sections Financial Performance - In the first half of 2025, the gross profit margin remained stable at 76.7%, while the second quarter saw a decline to 71.9%, attributed to changes in product structure [3][4]. - The company reported a net profit margin of 35.5% for the first half of 2025, down 1.5 percentage points year-on-year [3][4]. Revenue Breakdown - Revenue from domestic and international markets in the first half of 2025 was 87.3 billion and 151.4 billion respectively, with year-on-year growth of 4.0% and 6.1% [2][4]. - The company is focusing on optimizing its distribution channels and enhancing digitalization to improve sales performance [2][4]. Future Outlook - The company has adjusted its revenue forecasts for 2025-2027, now expecting revenues of 375.8 billion, 400.3 billion, and 436.6 billion, with year-on-year growth rates of 4.4%, 6.5%, and 9.1% respectively [4][10]. - The estimated earnings per share (EPS) for 2025-2027 are projected to be 10.15, 10.90, and 11.93 yuan, reflecting a downward adjustment from previous estimates [4][10].