Core Insights - A total of 553 stocks in the Shanghai and Shenzhen markets have experienced net outflows of main funds for five consecutive days or more as of December 10 [1] - ST Jinglan has the longest streak of net outflows, with 23 days, followed by Aier Eye Hospital with 22 days [1] - The largest total net outflow amount is from Changcheng Military Industry, which has seen a cumulative outflow of 2.123 billion yuan over 12 days [1] Summary by Category Stocks with Longest Net Outflow Duration - ST Jinglan: 23 days of net outflow [1] - Aier Eye Hospital: 22 days of net outflow [1] - Sairisi: 7 days of net outflow [1] Stocks with Largest Net Outflow Amount - Changcheng Military Industry: 2.123 billion yuan over 12 days [1] - Aier Eye Hospital: 1.706 billion yuan over 22 days [1] - Sairisi: 1.370 billion yuan over 7 days [1] Stocks with Highest Net Outflow Proportion - *ST Zhengping: 26.44% decline over the last 5 days [1] - Aier Eye Hospital: 14.30% decline over 22 days [1] - Sairisi: 11.26% decline over 7 days [1] Additional Notable Stocks - Keda Xunfei: 1.209 billion yuan net outflow over 12 days with a 2.75% decline [1] - Dongfang Precision: 1.171 billion yuan net outflow over 7 days with a 10.92% decline [1] - Huaying Technology: 939 million yuan net outflow over 5 days with a 7.32% decline [1]

Core Viewpoint - The liquor sector shows resilience with a slight increase in stock prices, while the overall market experiences a minor decline, indicating a potential recovery in demand and performance for leading companies in the industry [1] Industry Summary - The Shanghai Composite Index closed at 3900.50 points, down 0.23%, while the liquor sector index closed at 2228.24 points, up 0.78% [1] - Among the liquor stocks, 17 companies saw price increases, with Kweichow Moutai closing at 1402.80 CNY per share, up 0.13% [1] - Other notable stock performances include Wuliangye at 111.62 CNY (up 0.67%), Shanxi Fenjiu at 179.81 CNY (up 0.30%), Luzhou Laojiao at 122.62 CNY (up 0.41%), and Yanghe at 62.98 CNY (up 1.43%) [1] Company Summary - CITIC Securities predicts that with economic data bottoming out and stimulus policies intensifying, the second quarter of 2026 may see a stabilization and recovery in sales and performance for leading liquor companies [1] - The industry is experiencing increased differentiation, with leading companies strengthening their advantages as smaller firms exit the market; over 100 regulated liquor companies have withdrawn from the market in the first half of 2025 [1] - Leading enterprises are leveraging their financial strength and supply chain control to innovate in channels and products, reinforcing a "stronger gets stronger" dynamic that will enhance their long-term competitiveness [1]

今日（12.10），A股探底回升，大消费小幅收涨，消费ETF（159928）收涨0.25%，全天成交额3.99亿元！资金面上，消费ETF（159928）近10日净流入超 1.7亿元！截至12月9日，消费ETF（159928）最新规模超205亿元，同类断层领先！ 消息面上，12月10日，国家统计局公布数据显示，居民消费持续恢复，居民消费价格指数（CPI）环比略降0.1%，同比上涨0.7%，扣除食品和能源价格的核 心CPI同比上涨1.2%。 港股新消费亦小幅收红，港股通消费50ETF（159268）两连阴后反弹收涨0.32%，全天成交额超3000万元！资金面上，全天再度"吸金"500万份，已连续第3 日净流入，规模同类持续领先！港股新消费概念股多数飘红：李宁涨超3%，百胜中国涨超2%，安踏体育涨超1%，泡泡玛特、海尔智家、华润啤酒微涨（成 分股仅做展示，不作为个股推介）。 房地产方面，今日午后地产股异动上涨，某地产龙头冲击涨停，消息面上，房贷有关消息和某地产龙头有关消息近期频繁传出。 白酒方面，茅台回归指导价，25年飞天散瓶批价跌至1500元。今日酒价披露的批发参考价显示，12月10日，25年飞天茅台散瓶较前一日 ...

Group 1 - The global macroeconomic environment has gradually improved since 2025, leading to a steady upward trend in the A-share market, with major indices like the CSI 300 and ChiNext Index rising over 20% [2] - The technology, consumer, and new energy sectors have been the main drivers of this market rally, with daily trading volume increasing by approximately 15% compared to the same period last year [2] - Equity funds have benefited from asset value growth and optimized investment strategies, with average returns for equity mixed funds exceeding 25% this year, and some thematic funds, such as those focused on artificial intelligence and high-end manufacturing, seeing gains over 40% [2] Group 2 - The Dachen Yuexiang Life Mixed A fund, managed by Qi Weizhong, has underperformed despite the bullish market, with a return of -12.18% since its inception on December 10, 2021 [5] - The fund's heavy allocation to traditional consumer sectors like liquor and duty-free has not performed well, as these sectors face demand ceilings, while emerging consumption areas have not been adequately represented in the portfolio [5] - The fund's performance has been negatively impacted by the weakening competitive edge of some leading companies in its holdings, while new consumer brands have rapidly gained market share [5] Group 3 - The Dachen Consumption Selected Stock A fund has also struggled, with a return of -18.82% since its inception on May 24, 2021, and a year-to-date return of 16.55% [18] - The fund has seen a consistent decline in its asset size, with net assets decreasing to 2.69 billion yuan by September 30, 2025, due to ongoing redemptions [30] - The fund's investment strategy has been criticized for not adapting to the significant changes in the consumer industry, necessitating a reassessment of its thematic focus and investment approach [5][30]

Group 1 - The global macroeconomic environment has gradually improved since 2025, with corporate profit expectations and favorable policies driving the A-share market upward, with major indices like the CSI 300 and ChiNext Index showing cumulative gains exceeding 20% [3][42] - The technology, consumer, and new energy sectors have emerged as the main leaders in the market rally, with trading activity significantly increasing, as evidenced by a 15% year-on-year growth in average daily trading volume [3][42] - Equity funds have benefited from asset value growth and optimized investment strategies, with average returns for mixed equity funds surpassing 25% this year, and several thematic funds, such as those focused on artificial intelligence and high-end manufacturing, achieving gains over 40% [3][42] Group 2 - The Dachen Consumer Selected Stock A fund has underperformed, with a cumulative return of -18.82% since its inception, despite the overall bullish market conditions [3][22][61] - The fund's performance has been hindered by a heavy allocation to traditional consumer sectors like liquor and duty-free, which are facing demand ceilings, while emerging consumption areas such as instant retail and experience economy have not been adequately represented in the portfolio [8][47][56] - The fund's holdings in leading companies have seen a weakening of their competitive advantages, while new consumer brands have rapidly gained market share, indicating a need for the fund to reassess its thematic positioning and investment strategy [8][56][58] Group 3 - The Dachen Yuexiang Life Mixed A fund, established on December 10, 2021, has a current net asset value of 146 million yuan, with a unit net value of 0.8782 as of December 5, 2025, reflecting a significant underperformance compared to its peers [8][47][58] - The fund's net asset value has decreased by 5.12% in the latest reporting period, indicating ongoing challenges in attracting new investments, as evidenced by consistent redemptions across multiple quarters [57][58] - The fund's investment strategy has included significant positions in stocks like Kweichow Moutai and Luzhou Laojiao, which have seen substantial price declines during the holding periods, further contributing to the fund's poor performance [10][52][70]

Core Viewpoint - The Chinese liquor market is experiencing a decline in retail prices for major products, ending a brief stabilization period, with the average price of the top ten products dropping to 9148 yuan, a decrease of 12 yuan from the previous day, marking a new low in five days [1]. Price Trends - The market shows significant structural differentiation, with some high-end brands experiencing notable price adjustments. For instance, the price of Wuliangye's Pu Wuliangye 58th generation dropped by 26 yuan per bottle, falling from 1019 yuan to 900 yuan, marking the first decline in ten years [2]. - Other brands such as Guojiao 1573 and Moutai also saw price decreases of 10 yuan and 7 yuan per bottle, respectively. Conversely, Qinghualang's price increased by 14 yuan per bottle, indicating a strong performance [2]. Market Sentiment - Despite a 3.6% decline in the food and beverage sector index since December, which underperformed the CSI 300 index by approximately 5 percentage points, institutional investors remain optimistic. In December, 49 institutions conducted 222 "buy" ratings, covering 185 stocks, with a net inflow of 12.09 billion yuan into the food and beverage sector [2].

Core Viewpoint - The white liquor sector is experiencing a decline, with major stocks showing negative performance, but there is optimism regarding the sector's long-term value due to improving sales dynamics and favorable policy conditions [1]. Market Performance - On December 9, the Shanghai Composite Index closed at 3909.52 points, down 0.37% - The white liquor sector index closed at 2211.04 points, down 0.69%, with 19 stocks in the sector declining [1]. Individual Stock Performance - Kweichow Moutai closed at 1401.01 CNY per share, down 1.21% - Wuliangye closed at 110.88 CNY per share, down 2.11% - Shanxi Fenjiu closed at 179.28 CNY per share, down 0.48% - Luzhou Laojiao closed at 122.12 CNY per share, down 2.60% - Yanghe Brewery closed at 62.09 CNY per share, down 1.05% [1]. Analyst Insights - Guojin Securities reports that the current sales cycle is stabilizing, with performance pressures being released - There is a strong certainty of improving sales feedback on a month-on-month basis - The sector is viewed positively for its allocation value, with short-term negative impacts from price declines being relatively low, as the market is focusing on the long-term bottom value of the sector [1].

《时光知味第四季》系列节目是由新华社品牌工作办公室指导，中国经济信息社监制的微纪录片栏目。节目依托真实史料，聚焦泸州老窖发展历史上 的重大事件和精彩瞬间，在一份份泛黄的报纸里，寻找那些被折叠的时代，细述那些鲜为人知的故事。相关史料均来自中国国家图书馆及泸州老窖博物 馆。 这一期，我们将以 2014 年 5 月 30 日《 21 世纪经济报道》刊发的《顺应市场创新营销模式 泸州老窖推出怀旧产品》为引，回溯 1960 至 1979 年间中国酒业 的发展轨迹，在时代叙事中展现行业奋进图景与品牌奋进力量。 2014年5月30日，《21世纪经济报道》刊发《顺应市场创新营销模式 泸州老窖推出怀旧产品》，记载了泸州老窖特曲60版上市的历史性时刻。文章提 到："泸州老窖特曲60版的主题为'致敬 老县长'。这是泸州老窖历史上有名的'工农牌特曲'，是建国后一票（酒票）难求的珍品……泸州老窖再现60年代泸 州老窖工农牌特曲复古包装，环保节约，低调内敛。" 2014年5月30日，《21世纪经济报道》刊发《顺应市场创新营销模式 泸州老窖推出怀旧产品》 泸州老窖以饱含深意的一瓶美酒，致敬20世纪60年代那段朴实纯真、激情热烈的岁月。在物 ...

吃喝板块今日（12月9日）继续深度回调，反映吃喝板块整体走势的食品ETF（515710）开盘后持续走 弱，截至发稿，场内价格跌1.35%。 成份股方面，白酒跌幅居前。截至发稿，泸州老窖、古井贡酒双双大跌超3%，五粮液、今世缘跌超 2%，贵州茅台、山西汾酒等多股跌超1%。 | | 分时 多日 1分 5分 15分 30分 · | | | | | F9 盘前盘后 盈加 九转 画线 工具 @ 2 > | | | SHETF O | | 515710 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.601 | | | 515710[食品ETF] 13:57 价 0.585 熟跌 -0.000(-1.35%) 均价 0.589 成交量 727 | | | | 1,3596 | E | 0.585 | | -0.008 -1.35% | | 0.597 | | | | | | | 0.6796 | | SSE CNY 13-57-59 D BLUM | | 通用7.4 | | | | | | | | | | | ...

Core Viewpoint - Guizhou Province is implementing measures to promote the sales of liquor, particularly focusing on supporting union members in purchasing liquor and enhancing export strategies for the liquor industry [1][2] Group 1: Policy Measures - The draft policy includes support for union organizations to facilitate discounted liquor purchases for their members [1] - It emphasizes the acceleration of liquor exports by developing supportive policies and cultivating a tier of export enterprises [1] - The strategy aims to leverage international friendships and resources to expand overseas sales channels, particularly targeting Chinese communities abroad [1] Group 2: Market Outlook - Guojin Securities indicates that the current sales cycle is stabilizing, with performance pressures easing and sales feedback showing continuous improvement [1] - The firm believes that the market is shifting to a longer-term perspective on the liquor sector's bottom value, with short-term negative impacts from price declines becoming less significant [1] Group 3: Investment Recommendations - The institution recommends investing in high-end liquor brands with strong brand power and deep moats, such as Kweichow Moutai and Wuliangye, as well as Shanxi Fenjiu, which is benefiting from upward channel momentum [2] - It also suggests considering cyclical stocks with potential catalysts, including national brands like Gujing Gongjiu and Luzhou Laojiao, and innovative companies with new products and channels like Zhenjiu Lidu and Shede Liquor [2]