Market Performance - The non-liquor sector increased by 1.68% on August 29, with Kuaijishan 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] Stock Highlights - Kuaijishan (601579) closed at 24.44, up 9.99% with a trading volume of 244,500 shares and a turnover of 591 million yuan [1] - Guyue Longshan (600059) closed at 10.40, up 3.69% with a trading volume of 298,500 shares and a turnover of 309 million yuan [1] - Jinfeng Wine Industry (600616) closed at 5.90, up 1.90% with a trading volume of 242,100 shares and a turnover of 143 million yuan [1] Capital Flow - The non-liquor sector saw a net inflow of 222 million yuan from institutional investors, while retail investors experienced a net outflow of approximately 99.17 million yuan [2] - Kuaijishan had a net inflow of 241 million yuan from institutional investors, representing 40.78% of its total trading volume [3] - Other notable stocks included Qingdao Beer (600600) with a net inflow of 26.99 million yuan from institutional investors [3]

| U KVJE | U 447 | Wind热门概念指数 | Wind中国行业指数 | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 激 | 高等居 | 锂电负极 | 稀土 | 动力电池 | 稀有金属 | CRO | 电工电网 | 汽车 | 生物科技 | 6.98% | 4.77% | 3.76% | 3.15% | 2.78% | 2.52% | 2.33% | 4.54% | 3.91% | 2.48% | | 精细化工 | 保险 | 锂电池 | 固态电池 | 磷酸铁锂电池 | 锂电正极 | 反内卷 | 软饮料 | 基本金属 | 制药 | 3.55% | 3.42% | 3.28% | 3.26% | 2.17% | 3.14% | 2.16% | 1.86% | 1.80% | 1.58% | | IDC(算力租赁) | 林木 | 发电设备 ...

Core Viewpoint - The A-share market experienced a high-level fluctuation on August 29, with the Shanghai Composite Index rising by 0.37%, the Shenzhen Component Index by 0.99%, and the ChiNext Index by 2.23. The surge was driven by solid performance in the solid-state battery and robotics sectors, while the semiconductor sector faced a collective pullback [1]. Group 1: Solid-State Battery Sector - The solid-state battery concept saw significant gains, with Ningde Times rising over 10% and companies like Xian Dao Intelligent, Jie Bang Technology, and Hang Ke Technology hitting the 20% daily limit [1][3]. - Xian Dao Intelligent reported a 14.92% year-on-year increase in revenue and a 61.19% increase in net profit for the first half of the year, with a remarkable 456.29% growth in net profit for the second quarter alone [3]. - The solid-state battery market is expected to experience explosive demand in emerging fields such as eVTOL and humanoid robots, driven by both policy and market factors [3]. Group 2: Robotics Sector - Robotics stocks saw a rally, with Rong Tai Co. and Jie Chang Drive both hitting the daily limit, alongside other companies like Hao En Qi Dian and Dongshan Precision [5]. - The recent government policy aimed at promoting the development of smart connected vehicles and intelligent robots is expected to boost the robotics sector [5]. Group 3: Consumer Sector - The consumer sector, particularly food and beverage stocks, experienced a rise, with Kuaijishan hitting the daily limit and Jin Hui Jiu increasing over 7% [7]. - Central Huijin has been increasing its holdings in various industry ETFs, indicating a positive outlook for the beverage sector as inventory pressures ease [7]. Group 4: Market Outlook - Analysts from Dongfang Securities predict a short-term market adjustment without significant downturns, with strong support in the 3700-3750 point range, suggesting a return to a "slow bull" market atmosphere [2][10]. - Citic Securities notes that market sentiment is improving, and while some indicators are high, the overall conditions do not warrant a bearish outlook, with a focus on sectors like communication, computing, and new energy [9].

21世纪经济报道记者肖夏 实习生侯朝霞 8月28日下午，会稽山举行了2025年上半年业绩说明会，总经理杨刚、董事会秘书傅哲宇等出席，就投 资者关心的业绩表现、费用投入、加大分红、气泡黄酒产品等话题给予了回应。 由于今年热度出圈、股价连续涨停，此次会稽山业绩说明会也获得了更高的关注。全程一个小时的交流 中，管理层回答了18个问题。21世纪经济报道记者也以投资者身份向管理层提问并获得答复。 今年上半年，会稽山再次因为气泡黄酒"一日一熏"热卖出圈，并且带动股价连续涨停，年内股价翻 倍。"618"大促期间，会稽山全网GMV(商品交易总额)突破5000万元，同比增长400%。 不过这一创新产品目前尚未对收入产生决定性影响。半年报显示，会稽山上半年营收8.17亿元，同比增 长11.03%，但以气泡黄酒为主的"其他酒"收入刚过7000万元，占比仅为个位数。 线下渠道的拓展对会稽山至关重要。财报显示，今年上半年的批发代理销售收入占总销售收入的81%。 而其电商业务仍处于投入期，两家主要电商子公司上半年均录得亏损。 对于最受关注的气泡黄酒，会稽山此前曾透露已筹备开展线下招商，当前进展如何？ 会稽山回应21世纪经济报道记者称：" ...

会稽山在2025年上半年业绩说明会上表示，将优化费用投入策略，推动气泡黄酒线下招商进程。总经理 杨刚指出，公司计划以2025年为线下突破起始之年，目前已在年轻群体为主的渠道取得显著进展。尽管 气泡黄酒在营收中占比不大，但其增长速度显著，成为年轻化战略的核心产品。上半年销售费用大幅增 长，公司将根据市场表现优化费用分配。与此同时，会稽山全国化布局初见成效，多个区域业务增速明 显。对于最受关注的气泡黄酒，会稽山此前曾透露已筹备开展线下招商，当前进展如何？会稽山回应记 者称："公司已经制定了气泡黄酒的线下招商政策和策略，并把2025年作为线下突破的起始之年。从七 月份开始，我们在线下渠道招商方面已经取得了显著进展，主要关注年轻群体为主的渠道。"(21世纪经 济报道) ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000929 | *ST兰黄 | 8.76 | 5.04% | 9.76万 | 8485.25万 | | 002461 | 珠江啤酒 | 10.59 | 0.28% | 7.43万 | 7814.36万 | | 000752 | ST西发 | 10.74 | -0.28% | 5.05万 | 5413.44万 | | 600573 | 惠泉啤酒 | 12.10 | -0.33% | 4.98万 | 5998.97万 | | 002568 | 百润股份 | 27.85 | -0.36% | 14.56万 | 4.03亿 | | 600132 | 重庆啤酒 | 55.06 | -0.43% | 6.48万 | 3.56亿 | | 600543 | 莫高股份 | 6.12 | -0.49% | 9.51万 | 5793.61万 | | 600059 | 古越龙山 | 10.03 | -0.59% | 15.24万 | 1.53亿 | | 600600 | ...

从基金十大重仓股角度 数据显示，兴银基金旗下1只基金重仓会稽山。兴银消费新趋势灵活配置A（004456）二季度持有股数 3.06万股，占基金净值比例为3.14%，位居第十大重仓股。根据测算，今日浮亏损失约3.58万元。 兴银消费新趋势灵活配置A（004456）成立日期2017年6月15日，最新规模983.79万。今年以来收益 30.17%，同类排名1874/8190；近一年收益69.48%，同类排名1066/7966；成立以来收益72.01%。 兴银消费新趋势灵活配置A（004456）基金经理为乔华国。 8月28日，会稽山跌5.03%，截至发稿，报22.11元/股，成交2.98亿元，换手率2.75%，总市值106.01亿 元。 资料显示，会稽山绍兴酒股份有限公司位于浙江省绍兴市柯桥区湖塘街道杨绍路2579号，成立日期1993 年10月18日，上市日期2014年8月25日，公司主营业务涉及绍兴黄酒、黄酒的生产、销售和研发。主营 业务收入构成为：黄酒75.67%，其他24.33%。 截至发稿，乔华国累计任职时间1年294天，现任基金资产总规模1.18亿元，任职期间最佳基金回报 57.79%， 任职期间最差基金回报 ...

Market Overview - On August 27, the non-liquor sector declined by 1.7% compared to the previous trading day, with *ST Lanhuang leading the decline [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Stock Performance - Key stocks in the non-liquor sector showed varied performance, with 会稽山 (Kuaijishan) increasing by 0.78% to close at 23.28, while *ST Lanhuang (Lanhuang) fell by 4.47% to close at 8.34 [1][2] - Other notable declines included 重庆啤酒 (Chongqing Beer) down 1.07%, 张裕A (Zhangyu A) down 1.14%, and *ST 椰岛 (Yedao) down 1.45% [1][2] Trading Volume and Capital Flow - The non-liquor sector experienced a net outflow of 283 million yuan from institutional investors, while retail investors saw a net inflow of 298 million yuan [2] - The trading volume for 会稽山 was 338,600 hands with a transaction value of 779 million yuan, while *ST 兰黄 had a trading volume of 57,300 hands and a transaction value of 48.47 million yuan [1][2] Capital Inflow Analysis - In terms of capital inflow, 张裕A had a net inflow of 5.04 million yuan from institutional investors, while *ST 兰黄 saw a significant net outflow of 10.63 million yuan [3] - The data indicates that retail investors were more active in the market, with notable inflows into stocks like *ST 椰岛 and 珠江啤酒 (Zhujiang Beer) [3]

Core Viewpoint - The company reported a stable revenue growth in the first half of 2025, driven by innovative marketing strategies and product upgrades, particularly in the high-end yellow wine segment [1][2][3] Revenue Performance - In H1 2025, the company achieved revenue of 820 million yuan, a year-on-year increase of 11.0%, and a net profit attributable to shareholders of 90 million yuan, up 3.3% year-on-year [1] - In Q2 2025, the company generated revenue of 340 million yuan, a year-on-year increase of 12.4%, with a net profit of 134,000 yuan, recovering from a loss of 1.397 million yuan in the same period last year [1] - Revenue from mid-to-high-end yellow wine, ordinary wine, and other wines in H1 2025 was 520 million yuan, 200 million yuan, and 70 million yuan respectively, with year-on-year growth rates of 7.2%, 2.5%, and 60.5% [1] Market and Product Strategy - The company focused on online business during the off-season, promoting its sparkling yellow wine products through collaborations with popular influencers and celebrities, targeting the younger demographic [1] - Revenue by region in H1 2025 showed significant growth in Zhejiang (520 million yuan, +19.3%) while other regions like Jiangsu and Shanghai experienced declines [1] Profitability and Cash Flow - The gross margin in H1 2025 increased by 5.4 percentage points to 55.4%, attributed to the rising proportion of mid-to-high-end yellow wine [2] - The overall expense ratio rose by 3.7 percentage points to 34.5%, with sales expense ratio increasing due to heightened brand investment [2] - Cash flow remained stable, with cash receipts in Q2 2025 amounting to 900 million yuan, a year-on-year increase of 22.1% [2] Industry Outlook - The yellow wine industry is witnessing a trend towards brand premiumization and product structure upgrades, presenting historical opportunities for brand and value recovery [3] - The company is leveraging cultural elements of yellow wine and pursuing breakthroughs in both youth-oriented and high-end markets, aiming for sustained growth [3] - Profit forecasts for the company indicate net profits of 240 million yuan, 300 million yuan, and 380 million yuan for 2025-2027, with corresponding dynamic P/E ratios of 42x, 33x, and 27x [3]

Group 1 - Core conclusion for 汇顶科技 (603160.SH): The company is a global leader in fingerprint sensors, with strong growth potential across its four core businesses: sensing, AI computing, connectivity, and security. Revenue projections for 2025-2027 are 55.24 billion, 65.8 billion, and 78.4 billion CNY, with net profits of 8.56 billion, 10.78 billion, and 12.68 billion CNY respectively [1][9] - In the first half of 2025, 汇顶科技 achieved revenue of 22.51 billion CNY, a slight decrease of 0.2% year-on-year, while net profit increased by 35.7% to 4.31 billion CNY. The gross margin was 43.3% and net margin was 19.1% [6][7] - The company launched several new products, including a new light sensor and enhanced NFC solutions, which are expected to drive growth during the upcoming consumer electronics peak season [8][9] Group 2 - Core conclusion for 聚辰股份 (688123.SH): The company is experiencing significant growth in its DDR5 SPD and automotive-grade EEPROM products, with revenue projections for 2025-2027 at 13.09 billion, 17.95 billion, and 24.03 billion CNY, and net profits of 4.42 billion, 6.32 billion, and 8.67 billion CNY respectively [2][13] - In the first half of 2025, 聚辰股份 reported revenue of 5.75 billion CNY, an increase of 11.69% year-on-year, and net profit of 2.05 billion CNY, up 43.50%. The gross margin improved to 60.25% [11][12] Group 3 - Core conclusion for 芒果超媒 (300413.SZ): The company maintains stable performance in its 芒果 TV platform, with revenue projections for 2025-2027 at 14.47 billion, 15.10 billion, and 18.95 billion CNY, reflecting year-on-year growth of 6%, 4%, and 25% respectively [3][16] - In the first half of 2025, 芒果超媒 achieved revenue of 59.64 billion CNY, a decrease of 14.31% year-on-year, with net profit of 7.63 billion CNY, down 28.31%. The company is focusing on content investment to enhance user engagement [15][16] Group 4 - Core conclusion for 特宝生物 (688278.SH): The company is experiencing high growth in its product pipeline, particularly with 派格宾, and is actively expanding its early-stage innovative pipeline. Revenue projections for 2025-2027 are 36.96 billion, 49.38 billion, and 64.70 billion CNY, with net profits of 10.91 billion, 14.42 billion, and 18.98 billion CNY respectively [4][20] - In the first half of 2025, 特宝生物 reported revenue of 15.1 billion CNY, a growth of 27.0%, and net profit of 4.3 billion CNY, up 40.6% [18][19] Group 5 - Core conclusion for 华峰化学 (002064.SZ): The company is projected to achieve stable long-term growth despite a decline in revenue in the first half of 2025. Revenue projections for 2025-2027 are 277.84 billion, 293.43 billion, and 305.67 billion CNY, with net profits of 21.33 billion, 28.64 billion, and 31.46 billion CNY respectively [29][31] - In the first half of 2025, 华峰化学 reported revenue of 121.37 billion CNY, a decrease of 11.70%, and net profit of 9.83 billion CNY, down 35.23% [29][30]