茶酒融合："微 醺经济"的双向 奔赴_南方+_南 方plus 近日，贵州省商 务厅发布《关于 进一步推动"卖 酒"向"卖生活方 式"转变的指导 意见（征求意见 稿）》（下 称"征求意见 稿"）。征求意 见稿指出，要要 深入实施"白酒 +"产品融合行 动，发挥酒咖、 酒茶组合优势， 拓展跨界消费市 场。 | 贵州省商务厅 请输入关键字搜索 Coulzhou C | | | | | Ci | | --- | --- | --- | --- | --- | --- | | 贵州省商务厅:政务 贵州电子口岸,政务 | | | | | | | 首 页 新闻中心 互动交流 法制在线 | 政务公开 | | 政务服务 | 公共服务 | 数据开放 | | ● 您现在的位置: 首页 » 意见征集 | | | | | | | 省南务厅关于公开征求《关于进一步推动"龙酒"向"卖生活方式"转变的隘导意见(征求意见顺)》意见融议的公告 | | | | | | | 征集部门:贵州省商务厅 征集状态: 田园 开始时间:2025-11-03 结束时间:2025-12-03 | | | | | | | 为阿贴透应白酒周书方式的深刻变化,发挥影州 ...

行业处于调整期，区域酒企的经营压力正逐步从市场端传导至组织内部。 近日，一张关于宣酒全员降薪的内部通知截图在网络流传。通知称，宣酒决定自2025年10月1日起调整 全体员工薪资，以实发工资（即五险一金缴纳后税前工资）为基数降低10%，落款为"安徽宣酒集团股 份有限公司"。 一名接近宣酒员工的人士向时代财经证实了上述消息的真实性。据其透露，内部员工对公司降薪决定反 响不一。"有员工认为，高管的主要收入并不依赖工资，降薪10%的影响有限，甚至被质疑有炒作嫌 疑。" 11月5日，时代财经多次致电宣酒品牌部门，电话均处于占线状态，招商人员表示不便接受采访。 白酒行业分析师肖竹青向时代财经表示，据其近期调研，多家中小型区域酒厂已经开始降薪或裁员，或 者将固定待遇的员工改为灵活用工。 "酒厂开始有'过紧日子'的感觉。"肖竹青说。 "几乎每个酒厂都在强调降本增效" "白酒行业整体经历了持续调整，但作为地方支柱产业和民生产业，酒企长期以来在员工薪酬和税收方 面表现良好。"蔡学飞指出，宣酒此举打破了行业维持已久的"底线平衡"，"如果引发连锁效应，可能对 整个产业生态形成负面示范。" 他进一步分析，对于区域品牌而言，本身品牌知名 ...

本报讯(记者袁传玺)天眼查工商信息显示，近日，泸州老窖（000568）资本控股有限责任公司发生工商 变更，注册资本由约15.3亿元增至约20.3亿元。 ...

证券研究报告 | 2025年11月05日 食品饮料周报（25 年第 40 周） 优于大市 酒类渠道包袱加速去化，大众品品类表现分化 行情回顾：本周食品饮料（A 股和 H 股）累计下跌 0.40%，其中 A 股食品饮 料（申万食品饮料指数）下跌 0.29%，跑赢沪深 300 约 0.14pct；H 股食品饮 料（恒生港股通食品饮料）下跌 1.97%，跑赢恒生消费指数 1.97pct。本周 食品饮料板块涨幅前五分别为日辰股份(17.79%)、有友食品(10.47%)、盐津 铺子(7.72%)、宝立食品(7.01%)和迎驾贡酒(6.46%)。本周投资组合平均涨 幅-0.21%，跑赢食品饮料（申万）指数 0.08pct。 品类基本面延续分化，饮料＞食品＞酒类。（1）酒类。三季报业绩降幅扩 大，渠道包袱加速去化。当前板块进入左侧布局阶段，具备价位、区域话语 权的优质公司有望获取更大增长空间，推荐泸州老窖/山西汾酒（稳健释放 包袱，全国化空间较大）、贵州茅台（稳健穿越、长期定价权）、迎驾贡酒 （出清较快、份额提升），也建议关注五粮液/洋河股份/舍得酒业的改革节 奏。啤酒：行业库存良性，静待需求回暖。继续优先推荐大单品快速 ...

01 说个不一样的发现。 虽然券商的统计显示，主动基金在三季度继续减仓白酒。 但这可能是基于市值维度的数据，三季度中证白酒涨了7.75%，跑输沪深300指数10个点，跑输"偏股混合型基金指数"18个点，白酒跑输较多，导致白酒 在公募基金持仓中的占比被动下降。 | | 25Q3 环比 | 2503 | 2502 | 2501 | 24Q4 | 2403 | 2402 | 2401 | 2304 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 食品饮料 | -1.45 pct | 4.17% | 5.62% | 7.39% | 7.51% | 8.16% | 8.64% | 12.28% | 12.31% | | 自酒 | -0.77 pct | 3.21% | 3.98% | 5.95% | 5.73% | 6.97% | 7.53% | 10.59% | 10.47% | | 啤酒 | -0.22 pct | 0.16% | 0.38% | 0.40% | 0.48% | 0.35% | 0.36% | 0.61% | 0.5 ...

Core Viewpoint - Luzhou Laojiao's revenue and net profit have declined for the first time in 10 years, with significant drops in sales of mid-to-high-end liquor products, particularly the flagship Guojiao 1573 [2][3]. Financial Performance - In the third quarter, Luzhou Laojiao reported a revenue of 6.674 billion yuan, a year-on-year decrease of 9.80%, and a net profit of 3.099 billion yuan, down 13.07% [2]. - For the first three quarters, total revenue was 23.127 billion yuan, a decline of 4.84%, while net profit reached 10.762 billion yuan, down 7.17% [2]. Product Performance - Sales of mid-to-high-end liquor, represented by Guojiao 1573, amounted to 24,119.09 tons, a year-on-year decline of 10.2%, with sales revenue of approximately 21.12 billion yuan, down 1.1% [4]. - Conversely, low-end liquor sales increased to 24,798.63 tons, a growth of 17.3%, with sales revenue of about 1.89 billion yuan, up 16.8% [4]. Strategic Response - Luzhou Laojiao is actively seeking changes in response to shifting consumer preferences, particularly among younger demographics who favor personalized, lower-alcohol, and more casual drinking experiences [4]. - The company plans to continue developing 38-degree products and is researching plans for even lower-alcohol options [4].

Group 1 - Jia Yuan Technology signed a cooperation framework agreement with CATL to expand their business relationship and establish a long-term partnership for the supply and development of copper foil products for new battery applications [3] - Beizhi Technology's application for issuing shares and cash to acquire 100% equity of Suzhou Suike Intelligent Technology Co., Ltd. has been accepted by the Shanghai Stock Exchange [4] - Haiqi Group's general manager Ma Chao resigned due to personal career planning, and the company will expedite the election and appointment of new directors and a general manager [5] Group 2 - Hengyuan Coal Power plans to use 4.4 billion yuan to acquire 100% equity of two companies and assume 1.137 billion yuan in debts, with the transaction approved by the board [6] - *ST Xingguang's stock price deviated significantly, prompting a warning about delisting risks due to underperformance in 2024 [7] - Jishi Media's main business includes smart broadcasting, data services, and digital innovation services, with a reminder for investors to be cautious [8] Group 3 - Luzhou Laojiao plans to invest approximately 1.478 billion yuan in the construction of a historical culture industrial park and museum [9] - Aerospace Hongtu has been suspended from military procurement activities for three years due to alleged violations in a project [11] - Triangle Defense signed a gas turbine project development agreement with Siemens Energy, which is expected to enhance its international market presence [12] Group 4 - Zhenghong Technology reported a significant decrease in sales revenue from live pigs in October 2025, with a 58.93% month-on-month decline [14] - *ST Tianshan achieved a 354.15% year-on-year increase in live livestock sales in October 2025 [15] - Jindi Group's contract signing amount in October 2025 dropped by 65.78% year-on-year [16] Group 5 - Muyuan Foods reported a 22.28% year-on-year decrease in sales revenue from commodity pigs in October 2025 [17] - King Long Automobile's bus production and sales data for October 2025 showed mixed results, with production down slightly but cumulative production up [18] - Wens Foodstuff Group sold 128 million meat chickens in October 2025, with a revenue of 3.633 billion yuan [19] Group 6 - Yongji Co., Ltd. repurchased 0.1278% of its shares for a total of 5.0856 million yuan [21] - Tianzheng Electric's actual controller reduced their shareholding to 40.55% after a 1.29% decrease [22] - Hualan Co. plans to increase its shareholding by 2% through a buyback plan [23] Group 7 - Xiang Teng New Materials' shareholders terminated their share reduction plan early, having reduced 2.91% of shares [24] - Anbiping's shareholders plan to reduce their holdings by up to 1% starting from November 28, 2025 [25] - Jinshiyuan's controlling shareholder increased their stake to 46% through a buyback of 5.4 billion yuan [26] - Sanjiang Shopping's major shareholder plans to reduce their stake by up to 3% due to business arrangements [27]

Core Points - The Shenzhen State-Owned Enterprises Shareholder Return Index (470064) closed at 2257.45 points, down 0.32%, with a trading volume of 24.053 billion yuan and a turnover rate of 0.97% [1] - Among the index constituents, 27 stocks rose while 22 stocks fell, with Beixin Building Materials leading the gainers at 2.45% and Yun Aluminum leading the decliners at 3.0% [1] Index Constituents Summary - The top ten constituents of the Shenzhen State-Owned Enterprises Shareholder Return Index include: - BOE Technology Group (9.31% weight, latest price 4.00 yuan, market cap 149.656 billion yuan) in the electronics sector - Hikvision (7.97% weight, latest price 31.50 yuan, market cap 288.693 billion yuan) in the computer sector - Wuliangye Yibin (7.71% weight, latest price 116.18 yuan, market cap 450.965 billion yuan) in the food and beverage sector - Luzhou Laojiao (6.59% weight, latest price 132.17 yuan, market cap 194.548 billion yuan) in the food and beverage sector - Xugong Machinery (5.75% weight, latest price 10.79 yuan, market cap 126.815 billion yuan) in the machinery equipment sector - Changan Automobile (3.88% weight, latest price 12.28 yuan, market cap 121.745 billion yuan) in the automotive sector - Shenwan Hongyuan (3.84% weight, latest price 5.45 yuan, market cap 136.468 billion yuan) in the non-banking financial sector - Yun Aluminum (3.81% weight, latest price 22.96 yuan, market cap 79.624 billion yuan) in the non-ferrous metals sector - Yanghe Brewery (3.37% weight, latest price 69.81 yuan, market cap 105.165 billion yuan) in the food and beverage sector - Tongling Nonferrous Metals (3.18% weight, latest price 5.11 yuan, market cap 68.522 billion yuan) in the non-ferrous metals sector [1] Capital Flow Summary - The net outflow of main funds from the index constituents totaled 1.125 billion yuan, while speculative funds saw a net inflow of 243 million yuan and retail investors saw a net inflow of 882 million yuan [3] - Detailed capital flow for selected stocks includes: - Tongling Nonferrous Metals: main net inflow of 88.024 million yuan, speculative net outflow of 53.924 million yuan, retail net outflow of 34.100 million yuan - Luzhou Laojiao: main net inflow of 57.790 million yuan, speculative net outflow of 22.566 million yuan, retail net outflow of 35.224 million yuan - Beixin Building Materials: main net inflow of 56.578 million yuan, speculative net outflow of 24.593 million yuan, retail net outflow of 31.985 million yuan [3]

Market Overview - The Investment Clock Index (399391) closed at 3348.13 points, up 0.03%, with a trading volume of 78.792 billion yuan and a turnover rate of 0.81% [1] - Among the index constituents, 71 stocks rose while 28 stocks fell, with Guocheng Mining leading the gainers at a 9.42% increase and Dalian Shengya leading the decliners at a 9.99% decrease [1] Top Constituents - The top ten constituents of the Investment Clock Index are as follows: - Kweichow Moutai (sh600519) holds a weight of 16.68% and closed at 1420.08 yuan, down 0.62% with a market cap of 1778.324 billion yuan [1] - China Merchants Bank (sh600036) has a weight of 15.74%, closing at 42.80 yuan, down 0.49% with a market cap of 1079.409 billion yuan [1] - Yunnan Tin Company (sh601899) has a weight of 7.34%, closing at 29.01 yuan, up 0.80% with a market cap of 771.015 billion yuan [1] - Wuliangye Yibin (sz000858) has a weight of 5.26%, closing at 116.18 yuan, down 0.84% with a market cap of 450.965 billion yuan [1] - Hengrui Medicine (sh600276) has a weight of 4.84%, closing at 61.96 yuan, up 0.06% with a market cap of 411.241 billion yuan [1] - Gree Electric Appliances (sz000651) has a weight of 4.03%, closing at 39.72 yuan, up 0.03% with a market cap of 222.488 billion yuan [1] - Yili Industrial Group (sh600887) has a weight of 3.04%, closing at 27.25 yuan, up 0.66% with a market cap of 172.366 billion yuan [1] - Northern Rare Earth (sh600111) has a weight of 2.49%, closing at 47.77 yuan, down 2.71% with a market cap of 172.692 billion yuan [1] - Fuyao Glass (sh600660) has a weight of 2.35%, closing at 67.18 yuan, up 0.77% with a market cap of 175.323 billion yuan [1] - Jilin Chemical (sz000568) has a weight of 2.31%, closing at 132.17 yuan, down 0.70% with a market cap of 194.548 billion yuan [1] Capital Flow - The net outflow of main funds from the index constituents totaled 677 million yuan, while retail investors saw a net inflow of 708 million yuan [3] - Detailed capital flow for selected stocks includes: - China Zhongjin (601888) saw a main fund net inflow of 36.4 million yuan, while retail funds had a net outflow of 93.414 million yuan [3] - Jiangxi Copper (600362) had a main fund net inflow of 18.2 million yuan, with retail funds experiencing a net outflow of 70.3612 million yuan [3] - Weichai Power (000338) had a main fund net inflow of 13.5 million yuan, while retail funds had a net inflow of 1.60758 million yuan [3] - Giant Network (002558) had a main fund net inflow of 11.8 million yuan, with retail funds experiencing a net outflow of 65.0268 million yuan [3] - China Coal Energy (601898) had a main fund net inflow of 11.7 million yuan, while retail funds had a net outflow of 79.0666 million yuan [3]

每经AI快讯，泸州老窖（SZ 000568，收盘价：132.17元）11月5日晚间发布公告称，公司第十一届十七 次董事会会议于2025年11月5日在泸州老窖指挥中心主楼5-1会议室以现场结合视频的方式召开。会议审 议了《关于投资建设泸州老窖历史文化产业园暨四川中国白酒博物馆项目的议案》等文件。 2025年1至6月份，泸州老窖的营业收入构成为：酒类占比99.66%，其他占比0.34%。 截至发稿，泸州老窖市值为1945亿元。 （记者 曾健辉） 每经头条（nbdtoutiao）——36天，美国联邦政府"停摆"创纪录！航空濒临关闭，军饷发放困难，债务 增超6000亿美元...... ...