证券之星消息，10月21日白酒板块较上一交易日上涨0.14%，*ST岩石领涨。当日上证指数报收于 3916.33，上涨1.36%。深证成指报收于13077.32，上涨2.06%。白酒板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000596 | 古井贡酒 | 156.24 | -1.05% | 2.31万 | 3.63亿 | | 600809 | 山西汾酒 | 189.72 | -0.97% | 4.69万 | 8.95亿 | | 603369 | 今世缘 | 39.21 | -0.33% | 5.44万 | 2.13亿 | | 002304 | 洋河股份 | 69.95 | -0.33% | 1 2.37万 | 1.66亿 | | 616809 | 金徽酒 | 20.28 | -0.15% | 2.82万 | 5699.56万 | | 000799 | 潤鬼澳 | 62.65 | -0.02% | 7.80万 | 4.87 亿 | | 000858 | 五粮液 | 12 ...

Investment Rating - The report maintains a "Positive" investment rating for the liquor industry [1] Core Insights - The report analyzes the adjustment phases of the liquor industry, comparing the current phase with the 2013-2016 period, highlighting that the current adjustment is primarily driven by a decline in business demand, which is less severe than the previous round [3] - It emphasizes that the purchasing power of consumers for high-end liquor has significantly improved compared to the lowest price point in 2014, indicating a potential for market recovery [3] - The report identifies three major changes in the liquor market: increased concentration among top companies, the rise of sauce-flavored liquor, and improved market value management practices among liquor companies [3] Summary by Sections 1. Historical Adjustment Phases - The liquor industry has entered a fifth year of adjustment since 2021, with significant impacts from the 2025 policy aimed at reducing government consumption [8] - The report reviews the historical context of the 2013-2016 adjustment, noting that the current environment is different but shares some similarities [8] 2. Current Adjustment Stage - The report indicates that the liquor industry has been in a downward adjustment since the third quarter of 2024, with expectations for recovery around the second quarter of 2026 [42] - It highlights that the current adjustment is less severe than the previous one, with a maximum revenue decline of 5% and profit decline of 8% compared to the previous maximums of 15% and 30% respectively [50] 3. Market Changes Impacting Investment - The concentration of the top six liquor companies has increased significantly, with their revenue share rising from 18.3% in 2013 to 48.1% in 2024, enhancing industry self-regulation [51] - The report notes that the expansion of sauce-flavored liquor production capacity has not yet translated into revenue share, but it is expected to gain traction in the future [3] - It discusses the evolving market value management strategies among liquor companies, including increased dividend payouts and share buybacks, which are expected to enhance investor returns [3]

来源：环球网 从承载历史与品质的年份金徽系列、金徽老窖系列，到展现独特地域风土的柔和金徽系列、能量金徽系 列，到亲民普适的世纪金徽系列、金奖金徽系列，再到限量文创产品，金徽酒以覆盖各价格带、满足多 元消费场景的完整产品线，为来自世界各地的经销商、专家及消费者提供了零距离、沉浸式体验。 金徽酒经典产品斩获酒博会权威大奖 10月17日，本届酒博会系列活动之一的"2025年度国际烈酒精品大赛"隆重举行，以「百元价格带」作为 核心评选维度，旨在发掘价格亲民且保持卓越品质的烈酒产品，为消费者提供丰富选择。会上，世纪金 徽（四星）、金徽珍品分别荣获中国酒业协会颁发的2025年度国际烈酒精品大赛（百元价格带产品） 银、铜奖。 10月17日—19日，第二十三届中国国际酒业博览会在武汉国际博览中心举行，金徽酒携全系列产品亮 相。 本届酒博会由商务部发起，国家发展改革委、工业和信息化部、农业农村部共同指导，是2025年度"十 城联动 共享美食佳饮"系列促消费活动的展会载体，以"世界名酒 共享荣耀"为主题，串联起味觉盛宴与 消费活力，为酒业市场化转型注入动力。 徽酒全系列产品亮相武汉 为期三天的盛会，金徽酒系列产品悉数亮相。展台设 ...

Core Viewpoint - The company, Jinhui Liquor Co., Ltd., will hold an investor briefing on October 27, 2025, to discuss its third-quarter performance and financial results, allowing for interactive communication with investors [2][3]. Group 1: Meeting Details - The investor briefing is scheduled for October 27, 2025, from 15:00 to 16:00 [4]. - The meeting will take place at the Shanghai Stock Exchange Roadshow Center, accessible online [4]. - The format of the meeting will be an online interactive session, enabling real-time communication with investors [3]. Group 2: Participation Information - Investors can participate in the briefing by logging into the Shanghai Stock Exchange Roadshow Center on the scheduled date [5]. - A pre-question submission period is available from October 20 to October 24, 2025, allowing investors to submit questions via the website or email [5]. - The company will address commonly asked questions during the briefing [5]. Group 3: Attendees - Key attendees will include Chairman and President Mr. Zhou Zhigang, Independent Director Ms. Li Haige, Vice President Mr. Shi Shaojun, Chief Financial Officer Mr. Xie Xiaoqiang, and Secretary of the Board Mr. Ren Suqiang [4].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603919 证券简称：金徽酒 公告编号：临2025-037 金徽酒股份有限公司关于召开2025年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025年10月27日（星期一）下午15:00-16:00 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于2025年10月20日（星期一）至10月24日（星期五）16:00前登录上证路演中心网站首页点 击"提问预征集"栏目或通过公司邮箱（jhj@jinhuijiu.com）进行提问。公司将在2025年第三季度业绩说 明会（简称"业绩说明会"）上对投资者普遍关注的问题进行回答。 金徽酒股份有限公司（简称"公司"）将于2025年10月25日在上海证券交易所网站（www.sse.com.cn）披 露《金徽酒股份有限公司2025年第三季度报告》。为便于广大投资者更全面深 ...

证券代码：603919 证券简称：金徽酒 公告编号：临 2025-037 金徽酒股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 10 月 27 日（星期一）下午 15:00-16:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 10 月 20 日（星期一）至 10 月 24 日（星期五）16:00 前 登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 （jhj@jinhuijiu.com）进行提问。公司将在 2025 年第三季度业绩说明会（简称"业 绩说明会"）上对投资者普遍关注的问题进行回答。 金徽酒股份有限公司（简称"公司"）将于 2025 年 10 月 25 日在上海证券交 ...

Group 1 - The food and beverage sector continues to show strength, with the Food ETF (515710) opening in positive territory and rising by 0.48% as of the report [1] - Major consumer goods stocks are leading the gains, with notable performances from liquor stocks, including a more than 4% increase in Jindaiwei and over 3% in Guyue Longshan [1] - The Food ETF has seen significant capital inflow, with a net subscription of 32.91 million yuan over the last five trading days and over 180 million yuan in total over the past 20 trading days [1][5] Group 2 - Guizhou Moutai's general manager, Wang Li, reported a stable market for Moutai's sauce-flavored liquor from June to August, with a significant recovery in sales in September, particularly for Moutai 1935 [3] - Guizhou Moutai is the second-largest holding in the Food ETF (515710), accounting for 14.61% of the fund's assets as of the second quarter of 2025 [3][4] - The valuation of the food and beverage sector remains low, with the Food ETF's underlying index PE ratio at 20.58, indicating a favorable long-term investment opportunity [4] Group 3 - Analysts from Guoxin Securities are optimistic about the food and beverage sector, highlighting its characteristics of low base, low holdings, and low expectations, which could lead to price increases [5] - CITIC Construction pointed out that government policies promoting quality development could benefit the low-end liquor and dining chains, with Moutai's sales showing signs of recovery [5] - The Food ETF (515710) tracks the CSI segmented food and beverage industry index, with a significant portion of its holdings in leading high-end liquor stocks and other beverage segments [5]

来源：环球网 近日，2025IWSC首届中国区烈性酒大赛在四川邛崃圆满落幕，在这场汇聚了全国约140家酒厂、数千款 世界烈酒的大赛中，金徽酒旗下多款产品斩获多项殊荣。 在激烈的角逐中，金徽秦岭之心不仅荣获2025年国际烈酒大赛(CMB)银奖，还摘得中国区烈性酒大赛 (IWSC)金奖；清雅金徽Q7荣获中国区烈性酒大赛(IWSC)金奖；金徽老窖180、世纪金徽红五星荣获中 国区烈性酒大赛(IWSC)银奖；世纪金徽白五星荣获中国区烈性酒大赛(IWSC)铜奖。此外，金徽酒股份 有限公司还荣膺2025IWSC"中国白酒生产商特别嘉许奖"。这是继2024年、2022年、2018年荣获IWSC、 美国旧金山世界烈酒大赛（SFWSC）、比利时布鲁塞尔国际烈性酒大奖赛后，金徽酒再次斩获国际奖 项，其品质和实力得到了国际权威赛事的认可。 金融酒 正能量 荣获2025年 IWSC中国区烈性酒大赛金奖 c.net . 翁 酒 y 精雅金徽 必 2025 金微圈 正能量 荣获2025年 IWSC中国区烈性酒大赛银奖 世纪金徽红五星 的 中 #dll:500ml C SIIVE . 2025 本次大赛参赛酒款几乎覆盖全国。由白酒行业泰斗 ...

Core Insights - The liquor sector experienced a 2.4% increase on October 14, with Jiu Gui Jiu leading the gains [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Liquor Sector Performance - Jiu Gui Jiu (code: 000799) closed at 63.55, up 6.68% with a trading volume of 273,600 shares and a transaction value of 1.715 billion [1] - She De Jiu Ye (code: 600702) closed at 61.85, up 6.27% with a trading volume of 179,600 shares and a transaction value of 1.092 billion [1] - Jin Hui Jiu (code: 616809) closed at 20.36, up 4.30% with a trading volume of 89,900 shares and a transaction value of 181 million [1] - Lu Zhou Lao Jiao (code: 000568) closed at 132.65, up 4.20% with a trading volume of 185,600 shares and a transaction value of 2.441 billion [1] - Yi Li Te (code: 600197) closed at 15.55, up 3.05% with a trading volume of 106,200 shares and a transaction value of 164 million [1] - Guo Jing Gong Jiu (code: 000596) closed at 155.07, up 2.81% with a trading volume of 36,100 shares and a transaction value of 559 million [1] - Yang He Guo Fen (code: 002304) closed at 68.77, up 2.67% with a trading volume of 87,700 shares and a transaction value of 598 million [1] - Shan Xi Fen Jiu (code: 600809) closed at 191.83, up 2.59% with a trading volume of 69,200 shares and a transaction value of 1.317 billion [1] - Gui Zhou Mao Tai (code: 600519) closed at 1451.02, up 2.24% with a trading volume of 66,700 shares and a transaction value of 9.639 billion [1] - Shui Jing Fang (code: 600779) closed at 42.98, up 2.21% with a trading volume of 41,000 shares and a transaction value of 175 million [1] Capital Flow Analysis - The liquor sector saw a net inflow of 1.129 billion from main funds, while retail funds experienced a net outflow of 664 million [1] - Main fund inflows for Gui Zhou Mao Tai amounted to 529 million, while retail funds saw a net outflow of 382,400 [2] - Main fund inflows for Wu Liang Ye were 326 million, with retail funds experiencing a net outflow of 162 million [2] - She De Jiu Ye had main fund inflows of 85.6 million, while retail funds saw a net outflow of 82.1 million [2] - Lu Zhou Lao Jiao had main fund inflows of 83.7 million, with retail funds experiencing a net outflow of 1.53 billion [2] - Jiu Gui Jiu had main fund inflows of 76.1 million, while retail funds saw a net outflow of 995.3 million [2] - Guo Jing Gong Jiu had main fund inflows of 54.2 million, with retail funds experiencing a net outflow of 612.4 million [2]

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry [1] Core Views - The overall sales of liquor during the recent double festival are weak, with a year-on-year decline of 20%-30%, aligning with previous expectations. High-end brands like Moutai and Wuliangye performed relatively well, while lower-tier brands faced significant pressure [5] - The price stability of liquor during the double festival is noted, with slight increases observed post-festival. The report suggests monitoring price trends as e-commerce promotions begin [5] - The upcoming Sugar and Wine Conference is expected to provide marginal feedback, with the industry showing signs of bottoming out. The report emphasizes the importance of this event for potential recovery opportunities [6][7] Summary by Sections Recent Trends - The food and beverage sector has underperformed the Shanghai Composite Index, with a 0.61% increase compared to the index's 1.80% rise over the past two weeks [14] - The soft drink segment saw the highest increase of 9.98%, while several companies like Zhuangyuan Pasture and Yangyuan Beverage led the gains [14] Key Companies and Earnings Forecast - The report highlights several key companies with their respective earnings per share (EPS) and price-to-earnings (PE) ratios, recommending stocks such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao for investment [25] - The report provides a detailed table of key companies, their stock prices, and projected earnings for 2024, 2025, and 2026, indicating a bullish outlook for several firms [25] Investment Strategy - The report suggests that recent policy changes may improve macroeconomic expectations, potentially enhancing both valuation and performance in the food and beverage sector. The overall valuation remains low, justifying the "Recommended" rating [8][23] - Specific recommendations include high-end liquor brands and popular consumer goods, indicating a diversified investment strategy across different segments of the food and beverage industry [8][23]