证券之星消息，9月17日白酒板块较上一交易日下跌0.62%，金徽酒领跌。当日上证指数报收于3876.34， 上涨0.37%。深证成指报收于13215.46，上涨1.16%。白酒板块个股涨跌见下表： 从资金流向上来看，当日白酒板块主力资金净流出15.51亿元，游资资金净流入5.6亿元，散户资金净流入 9.9亿元。白酒板块个股资金流向见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603589 | □子窖 | 9363.61万 | 15.59% | -4275.91万 | -7.12% | -5087.70万 | -8.47% | | 600197 | 伊力特 | -471.03万 | -7.25% | 64.88万 | 1.00% | 406.15万 | 6.26% | | 600696 | *ST岩石 | -719.67万 | -19.62% | -185.78万 | -5.06% | - 905.45 ...

Group 1 - The core idea of the article is to enhance investor relations management quality and effectiveness for listed companies, promoting rational, value, and long-term investment in the market [1] - The event "I am a Shareholder" organized by Jinhui Wine Co., Ltd. and Guotai Junan Securities Gansu Branch took place from September 12 to 14, 2025, attracting professional investors and institutional representatives [1][5] - The theme of the event was "Understanding Quality Brewing," allowing participants to gain insights into Jinhui Wine's production processes and quality control standards [1][3] Group 2 - During the event, the company's board secretary and staff provided detailed explanations, showcasing the traditional brewing techniques and modern production management [3] - Investors were impressed by the integration of traditional craftsmanship and modern quality control, enhancing their understanding of the company's strength and future prospects [5] - Jinhui Wine aims to continue hosting such exchange activities to promote rational, value, and long-term investment concepts, fostering collaboration with investors [7]

Group 1 - The food and beverage sector experienced a volatile pullback on September 17, with the Food ETF (515710) opening lower and maintaining a downward trend throughout the day, closing down 0.31% [1][2] - Several liquor stocks, particularly Kweichow Moutai, faced significant declines, with Jinhuijiu down 3%, and others like Jiu Gui Jiu and She De Jiu Ye dropping over 2% [1][3] - The overall sentiment in the liquor market is affected by recent clarifications from Kweichow Moutai regarding false promotional activities, emphasizing the stability of their distribution channels [1][3] Group 2 - Pacific Securities noted that the liquor sector is at a "fundamental bottom and low valuation" phase, with potential for weak recovery in demand as the Mid-Autumn Festival approaches [3][4] - The food and beverage sector is seeing mixed performance, with meat products and liquor leading gains, while snacks and beer are experiencing declines [3][4] - Current valuations in the food and beverage sector are at low levels, suggesting a favorable time for investment, with the Food ETF's price-to-earnings ratio at 21.12, marking a low point in the last decade [3][4] Group 3 - Everbright Securities indicated that the liquor sector is undergoing adjustments due to policy impacts, with a noticeable decline in demand, but a potential recovery is expected in the latter half of the year [4][5] - Xiangcai Securities highlighted the low valuation levels in the sector, suggesting opportunities for alpha generation through high-quality stocks [4][5] - The focus should be on companies with stable demand and strong risk resistance, as well as those innovating in new products and channels [5]

Group 1 - The manufacturing industry is undergoing a strategic transformation from scale expansion to quality and efficiency, driven by the implementation of "dual carbon" goals and the conclusion of the 14th Five-Year Plan [1] - Jinhuijiu, a well-known brand in the Chinese liquor industry, is participating as a strategic sponsor in the "2025 Sustainable Development Innovation Summit for Manufacturing" to promote industry communication and value co-creation [1][2] - Jinhuijiu aims to become one of the top ten Chinese liquor brands and establish a large-scale liquor production base in China, following a development path of "layout nationwide, deepening in the northwest, and key breakthroughs" [2] Group 2 - Jinhuijiu has a mission of "brewing ecological liquor and conveying positive energy," adhering to the corporate spirit of "being honest and doing things seriously" [2] - The company emphasizes quality through its unique "three low methods" in the brewing process, ensuring that each bottle reflects a commitment to quality [2] - At the summit, Jinhuijiu will provide high-quality beverage services and create communication bridges through its products and cultural presentations [2]

天风证券研报指出，金徽酒25Q2营业收入/归母净利润/扣非归母净利润分别为6.51/0.64/0.58亿元 （yoy:-4.02%/-12.78%/-27.25%）。年份系列引领下，结构持续升级。公司注重"用户工程"，加大企业用 户开拓力度，通过消费者互动做好团购渠道以拉动年份系列持续向上增长。"禁酒令"影响下，公司在合 理控制驱动库存、维护价盘稳定性的情况下，合理控制营收释放节奏。考虑到行业大环境情况，该行适 度下调公司盈利预测，预计公司25-27年归母净利润别为3.75/4.01/4.55亿元（前值4.10/4.52/5.21亿元）， 维持"买入"评级。 ...

业绩： 25Q2 公司营业收入/归母净利润/扣非归母净利润分别为6.51/0.64/0.58 亿元 （yoy:-4.02%/-12.78%/-27.25%）。 年份系列引领下，结构持续升级。 25Q2 公司300 元以上/100-300 元/100 元以下产品收入分别为1.36/3.40/1.45 亿元 （yoy:+11.32%/+0.31%/-26.61%）；占比分别同比变动+3.35/+3.31/-6.65pct 至21.84%/54.77%/23.39%。 公司注重"用户工程"，加大企业用户开拓力度，通过消费者互动做好团购渠道以拉动年份系列持续向上 增长。 省内降幅较小，单商规模同比提升。 1.市场方面：25Q2 省内/省外营收分别为4.76/1.44 亿元（-4.77%/-8.81%），占比分别同比变动 +0.78/-0.78 个百分点至76.75%/23.25%。2.渠道方面： 25Q2 公司经销/直销（含团购）/互联网销售收入分别为5.86/0.15/0.20 亿元 （-7.62%/+18.60%/+70.32%），互联网销售收入提升较为明显；25Q2 公司经销商数量同比减少65 个至 960 个 ...

Group 1 - The food and beverage sector experienced a pullback on September 12, with the Food ETF (515710) declining by 1.23% by the end of the trading day [1] - Key stocks in the sector, such as liquor and dairy products, saw significant declines, with Guizhou Moutai dropping 5.28% and Shede Liquor down 3.09% [1] - The overall market sentiment is influenced by recent consumption stimulus policies introduced in various regions, which are expected to boost domestic consumption during the Mid-Autumn Festival and National Day [3][5] Group 2 - Analysts from Dongxing Securities are optimistic about the recovery of the consumer sector in the second half of the year, particularly in the restaurant industry, driven by tourism and sports economies [3] - The Food ETF manager noted that the current low valuation of the food and beverage sector presents a good investment opportunity, with a price-to-earnings ratio of 21.52, which is at the 11.76% percentile of the past decade [4] - The white liquor sector is expected to see a recovery as multiple policies are anticipated to improve demand, especially during the upcoming holidays [5][6] Group 3 - The white liquor sector faced significant challenges in the second quarter due to policy impacts, but there are signs of recovery as consumer scenarios improve [6] - The Food ETF (515710) is strategically positioned with approximately 60% of its holdings in leading high-end and mid-range liquor stocks, and nearly 40% in other beverage and dairy segments [6]

Core Viewpoint - Jinhuijiu leverages its unique geographical advantages and ecological endowments in the Qinling Mountains to produce high-quality liquor, integrating expert quality control and traditional brewing techniques [1][10]. Group 1: Geographical and Environmental Advantages - The Qinling Mountains serve as a natural barrier, creating a unique climate that supports the growth of rare animals and protected plant species, contributing to the ecological environment of Jinhuijiu [3]. - Jinhuijiu's production facility is located in the ecological region of Longnan Huixian, covering over 3,000 acres and surrounded by 150 square kilometers of lush forest, which has been recognized as a "World Famous Wine Specialty Region" by the China Liquor Association in 2024 [3][6]. Group 2: Brewing Techniques - The average annual temperature in the region is 15.8°C, providing an ideal environment for brewing microorganisms, allowing for year-round production [6]. - Jinhuijiu employs a "Three Low" brewing technique, which includes low-temperature fermentation and distillation, resulting in a unique flavor profile characterized by a sweet aftertaste and a smooth drinking experience [6][10]. Group 3: Expert Team - Jinhuijiu boasts a professional team consisting of one chief liquor taster, seven national-level liquor judges, and over 1,000 brewing technicians, ensuring high standards in product quality [8][10]. - The selection process for top liquor tasters in China is rigorous, with a low pass rate, highlighting the expertise and quality of the team behind Jinhuijiu [8].

点评：舍得酒业国际化战略成效显著，海外布局覆盖40个国家及地区，免税店与零售终端数量稳步提 升，东南亚市场表现尤为突出。此举将优化公司收入结构，提升品牌全球影响力。白酒行业加速出海或 成趋势，相关企业或积极跟进。 NO.1 珍酒李渡：通过大珍联盟商权益支付计划，兑现"加盟送股票"承诺 9月10日晚间，珍酒李渡发布公告称，公司通过全资附属公司珍酒商贸采纳联盟商权益支付计划，旨在 激励合资格联盟商，促进公司长期可持续增长及发展。而这一支付计划，对应的正是大珍万商联盟项 目。据悉，支付股份来源于控股股东捐赠和二级市场购买。 公告显示，该权益支付计划不时授出的单位股份来源有两种方式——控股股东以无偿捐赠方式捐赠的股 份；信托受托人不时于二级市场购买的股份。拟捐赠或购买现有的股份总数初步设定合计不超过1.69亿 股，该限额可由董事会在适当考虑公司需求与市场状况后全权酌情决定予以调高。联盟商权益支付计划 自采纳之日起生效，有效期为五年，期限届满后不得根据联盟权益支付计划进一步授出。 点评：珍酒李渡推出联盟商权益支付计划，通过控股股东捐赠与二级市场购买股份激励联盟商，推动长 期可持续发展。此举有望优化渠道结构，增强厂商合作 ...

证券日报网讯 9月11日晚间，金徽酒发布公告称，公司于2025年9月11日召开职工代表大会，选举王宁 先生担任公司第五届董事会职工代表董事。 （文章来源：证券日报） ...