上市企业：贵州茅台（600519）,五粮液（000858）,洋河股份（002304）,泸州老窖（000568）,山西汾酒 （600809）,古井贡酒（000596）,水井坊（600779）,舍得酒业（600702）,酒鬼酒（000799）,老白干酒 （600559） 相关报告：智研咨询发布的《2025-2031年中国白酒行业市场现状分析及投资前景规划报告》 根据国家统计局数据显示：2025年4月中国白酒(折65度，商品量)产量为28.1万千升，同比下降13.8%； 2025年1-4月中国白酒(折65度，商品量)累计产量为130.8万千升，累计下降7.8%。 2020-2025年1-4月中国白酒(折65度，商品量)产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

行业研究 证 券 研 究 报 告 食品饮料行业 2025 年三季报前瞻 推荐（维持） 白酒加速出清，大众逐渐改善 华创证券研究所 证券分析师：欧阳予 邮箱：ouyangyu@hcyjs.com 执业编号：S0360520070001 证券分析师：范子盼 邮箱：fanzipan@hcyjs.com 执业编号：S0360520090001 证券分析师：田晨曦 邮箱：tianchenxi@hcyjs.com 执业编号：S0360522090005 证券分析师：刘旭德 邮箱：liuxude@hcyjs.com 执业编号：S0360523080010 证券分析师：严文炀 邮箱：yanwenyang@hcyjs.com 执业编号：S0360525070006 证券分析师：董广阳 邮箱：dongguangyang@hcyjs.com 执业编号：S0360518040001 联系人：王培培 邮箱：wangpeipei@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 126 | 0.02 | | 总市值(亿元) | 46,653.82 | 3.99 | ...

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 ...

Group 1 - The food ETF (515710) showed stable performance with a price increase of 0.16% and a trading volume of 11.51 million yuan, bringing the fund's latest scale to 1.313 billion yuan [1] - Key performing stocks included Yunnan Energy Investment, Luzhou Laojiao, and New Dairy Industry, with increases of 1.8%, 1.25%, and 1.11% respectively [1] - Conversely, Yanjing Beer, New Nuo Wei, and Miao Ke Lan Duo experienced declines of 4.56%, 2.32%, and 1.64% respectively [1] Group 2 - Data from the double festival period indicated strong liquor consumption, with JD Seven Fresh reporting a 109% year-on-year increase in liquor sales, and Douyin's liquor sales up 58% month-on-month [1] - The release of the twelve fragrance standard sample aims to further standardize the industry's quality system [1] - Guizhou Moutai is enhancing brand experience through a wine tourism integration project, promoting innovation in consumption scenarios [1] Group 3 - According to Guotai Junan, the food and beverage industry is primarily driven by growth, with beverage leaders maintaining structural prosperity under the influence of major products [1] - The white liquor industry is experiencing a "low expectation, weak reality" state, with the third-quarter reports being a crucial observation window [1] - As external factors diminish and liquor companies adjust strategies, the industry may enter a substantial destocking cycle, with channel confidence expected to improve [1] Group 4 - According to招商证券, Q3 white liquor sales improved month-on-month, but the financial reports continue to show clearing, with government and business demand under pressure [2] - The performance of consumer goods is mixed, with snacks, beverages, pets, and health products showing good momentum, while traditional consumer goods like dairy, condiments, and beer remain flat [2] - The cost side shows a continued decline in raw material prices, although the rate of decrease is narrowing, while packaging prices have increased month-on-month [2] Group 5 - The food ETF (515710) and its linked funds passively track a segmented food index, with the top ten weighted stocks including Wuliangye, Guizhou Moutai, Yili, Luzhou Laojiao, Shanxi Fenjiu, Haitian Flavoring, Dongpeng Beverage, Yanghe, Jinshiyuan, and Gujing Gongjiu [2]

当理性消费成为共识，当人工智能深刻颠覆产业逻辑，当国际化之路机遇与挑战并存，中国酒业正站在 一个"冰与火"交织的历史十字路口——一边是存量竞争下的寒意凛冽，一边是价值重构带来的生机灼 热。 10月17日，由中国酒业协会主办、中国安徽古井集团有限责任公司协办的"世界名酒·共享荣耀"世界名 酒价值大会在武汉举行。这场思想盛宴，直面行业的核心命题：在全新的时代语境下，名酒的价值应由 什么重新定义？消费变革如何倒逼产业从"规模扩张"转向"价值创造"？酒企如何从"交易"走向"共鸣"， 以体验与价值重构增长逻辑？中国酒业的全球化，又该如何跨越文化边界，实现从"产品出海"到"价值 共鸣"的升维？ 回应并求解这些时代之问，让本次大会超越了一场普通的思想碰撞。它因危机而谋变，不仅是新蓝图的 绘制，更是一次引导中国酒业实现价值升维的战略总动员。 新周期下的博弈：酒业的深度重构与价值重塑 当前，全球酒类产业正处于结构性变迁的关键阶段，呈现出多维度的战略转向与价值重构。烈酒板块表 现尤为突出，高端及奢侈细分市场以10.3%的年均复合增长率引领全球增长浪潮，亚太地区成为驱动该 增长的核心引擎。与此同时，中国白酒市场保持稳健扩容，年复合 ...

证券日报网讯古井贡酒（000596）10月20日在互动平台回答投资者提问时表示，截至2025年10月10日， 公司的股东人数为50，425户。 ...

南方财经10月20日电，南财投研通数据显示，10月13日至10月17日，券商给予上市公司目标价共81次， 按最新收盘价计算，目标价涨幅排名居前的公司有古井贡酒、星宇股份、康辰药业，目标价涨幅分别为 92.55%、70.15%、68.67%。评级调低方面，10月13日至10月17日，券商调低上市公司评级为5家次，最 新数据包括了中信建投证券对国际医学的评级从"买入"调低至"增持"，太平洋证券对长江证券的评级 从"买入"调低至"增持"，中信证券对牧高笛的评级从"买入"调低至"增持"。查看原文：古井贡酒目标价 涨幅超92%，5股评级被调低丨券商评级观察刚刚 ...

Wind数据显示，10月17日，共有34只个股获券商买入评级，其中11只个股公布了目标价格。按最高目 标价计算，古井贡酒、星宇股份、福耀玻璃目标涨幅排名居前，涨幅分别达92.55%、70.15%、 54.71%。 从获买入评级个股所属Wind行业来看，半导体与半导体生产设备、汽车与汽车零部件、材料Ⅱ买入评 级个股数量最多，分别有6只、5只、4只。 从评级调整方向来看，28只个股评级维持不变，6只个股为首次评级。此外，有5只个股获多家券商关 注，海光信息、小商品城、高能环境获评级数量居前，分别有3家、2家、2家券商给予评级。 ...

Core Viewpoint - The liquor sector experienced a decline of 1.79% on October 17, with the leading stock, Jiu Gui Jiu, falling significantly. The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1]. Group 1: Stock Performance - The liquor sector stocks showed varied performance, with notable declines in several key companies: - Zhi Si Cha (000799) closed at 62.22, down 3.20% with a trading volume of 106,600 shares and a transaction value of 671 million yuan - ST Yan Shi (600696) closed at 5.50, down 2.65% with a trading volume of 37,600 shares and a transaction value of 2.08 million yuan - She De Jiu Ye (600702) closed at 61.87, down 2.57% with a trading volume of 74,200 shares and a transaction value of 463 million yuan - Huang Tai Jiu Ye (000995) closed at 13.47, down 2.46% with a trading volume of 38,300 shares and a transaction value of 5.22 million yuan - Gu Li Gong Jiu (000596) closed at 155.80, down 2.02% with a trading volume of 22,100 shares and a transaction value of 348 million yuan - Kweichow Moutai (600519) closed at 1455.00, down 2.01% with a trading volume of 38,100 shares and a transaction value of 5.595 billion yuan - Shui Jing Fang (600779) closed at 42.10, down 1.98% with a trading volume of 20,700 shares and a transaction value of 87.98 million yuan - Jin Zhong Zi Jiu (661009) closed at 10.20, down 1.92% with a trading volume of 66,900 shares and a transaction value of 68.80 million yuan - Yi Li Te (600197) closed at 15.22, down 1.81% with a trading volume of 44,500 shares and a transaction value of 68.22 million yuan - Lao Bai Gan Jiu (600559) closed at 16.89, down 1.75% with a trading volume of 116,000 shares and a transaction value of 197 million yuan [1]. Group 2: Capital Flow - On the same day, the liquor sector saw a net outflow of 1.173 billion yuan from main funds, while retail funds experienced a net inflow of 488.5 million yuan and speculative funds saw a net inflow of 688 million yuan [2].

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry, expecting the industry index to outperform the market index by over 10% in the next six months [56]. Core Viewpoints - Market sentiment is marginally improving, with a focus on the performance feedback from the third-quarter reports. The liquor sector is under pressure due to ongoing constraints in consumption scenarios, particularly in government and business banquets, leading to a subdued performance in the second quarter. The market is currently engaged in left-side speculation regarding a reversal of industry difficulties, while long-term assessments will depend on economic recovery and distributor confidence [6][51]. - The food and beverage industry index rose by 2.26% from October 9 to October 16, 2025, outperforming the CSI 300 index by approximately 2.74 percentage points during the same period [13][14]. - Approximately 69% of stocks in the industry recorded positive returns during the same period, with notable gainers including Kweichow Moutai (+21.10%) and Baba Food (+11.73%) [18]. Summary by Sections Market Review - The SW food and beverage industry index outperformed the CSI 300 index, with a rise of 2.26% from October 9 to October 16, 2025, ranking seventh among Shenwan's primary industry sectors [13]. - Most sub-sectors outperformed the CSI 300 index, with the other liquor sector showing the highest increase at 5.69%, while the soft drink sector had the largest decline at -1.17% [14]. Industry Data Tracking - **Liquor Sector**: The price of Feitian Moutai remained stable at 1760 RMB/bottle, while the prices of Wuliangye and Guojiao 1573 increased by 10 RMB/bottle to 850 RMB/bottle [24]. - **Condiment Sector**: Prices for soybean meal and white sugar increased, with soybean meal at 3010 RMB/ton and white sugar at 5790 RMB/ton [27]. - **Beer Sector**: The average price of barley was 2232.50 RMB/ton, with glass prices at 15.70 RMB/square meter [32]. - **Dairy Sector**: The average price of fresh milk remained unchanged at 3.04 RMB/kg [39]. - **Meat Products Sector**: The average wholesale price of pork decreased to 18.02 RMB/kg, down 1.29 RMB/kg from the previous month [41]. Important News - In the first eight months of 2025, Jiangsu Province's liquor production decreased by 17.6% [44]. - The national liquor price index showed a slight decline in September, with a total index of 99.63, down 0.37% [45]. - Sales of liquor on Douyin increased by 58% month-on-month in September [46]. Company Announcements - **Wuliangye**: Announced the completion of a stock buyback plan, acquiring 627.33 million shares [49]. - **Qiaqia Food**: Reported progress on its share repurchase plan, buying back 105.52 million shares [50]. Industry Weekly Perspective - The report suggests focusing on high-certainty stocks such as Kweichow Moutai and other regional liquors like Shanxi Fenjiu and Guojiao [51][52].