从"四大行"到茅台、五粮液，A股大手笔分红来了。 12月11日，中国银行、建设银行迎来现金红利发放日。另外，工商银行、农业银行、贵州茅台、五粮液 等大手笔分红在即。 据统计，截至12月11日，今年以来，A股上市公司合计分红金额已超过去年全年，再创历史新高。 政策面上，监管部门持续督促和引导上市公司强化回报投资者的意识，更加积极开展现金分红等。市场 人士认为，后续现金分红预期将进一步强化。 "四大行"红包雨来了 12月11日，中国银行、建设银行迎来现金红利发放日。 招商证券预计，今年底和明年初是中期分红派发高峰期，投资者在分红股权登记之前买入对应股票可获 得半年度分红，届时可能会出现部分银行标的中期分红抢筹行情，红利类投资者可以积极关注。 更多大手笔分红在途 除银行股外，还有更多大手笔分红在途。 贵州茅台12月10日晚公告，公司2025年中期利润分配方案已获股东大会通过，将以总股本12.52亿股为 基数，每股派发23.957元现金红利（含税），共计派发300.01亿元（含税）。股权登记日为2025年12月 18日，除权（息）日和现金红利发放日均为2025年12月19日。 五粮液同日公告称，公司召开第七届董事会2 ...

经济观察网 今日，五粮液（000858）官方发布第八代五粮液最新促销政策。即日起至2026年11月25 日，消费者购买八代五粮液开瓶扫描瓶脖处二维码，即有机会获得美加墨世界杯小组赛官方款待票(款 待票抽奖截止日期为3月25日)、旅游名额、52%vol品鉴酒等奖品。 ...

新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 贵州茅台（600519）12月10日晚间公告，公司2025年中期利润分配方案已获股东大会通过，将以总股本 12.52亿股为基数，每股派发23.957元现金红利（含税），共计派发300.01亿元（含税）。股权登记日为 2025年12月18日，除权（息）日和现金红利发放日均为2025年12月19日。本次分派对象为：截至股权登 记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司登记在册的公司全体股 东。 转自：北京日报客户端 | 股份类别 | 股权登记日 | 最后交易日 除权(息)日 现金红利发放日 | | | --- | --- | --- | --- | | A 股 | 2025/12/18 | 2025/12/19 | 2025/12/19 | 同日，五粮液公告称，公司召开第七届董事会2025年第6次会议，审议通过《2025年中期利润分配方 案》，同意以公司现有总股本38.82亿股为基数，向全体股东每10股派现金25.78元（含税），合计分配 100.07亿元（含税），不送红股，不以公积金转增股本。股权登记日为2025年12月17日 ...

Core Viewpoint - The Chinese liquor industry is undergoing a significant value reshaping in 2025, with high-end liquor prices facing downward pressure and a structural reform in supply-side management [1][2]. Industry Overview - The liquor industry is experiencing a deep adjustment driven by fundamental changes in demand, leading to challenges such as inventory buildup, price inversions, and slowing growth indicators [2][8]. - The A-share liquor index has dropped nearly 14% this year, contrasting with the overall market's upward trend, indicating a significant decline in the once "star" sector [2]. Financial Performance - In the first three quarters of 2025, only Kweichow Moutai and Shanxi Fenjiu reported growth in net profit attributable to shareholders, highlighting the financial struggles of many liquor companies [2]. - Major liquor companies, including Kweichow Moutai and Wuliangye, announced over 40 billion yuan in dividends for the mid-2025 period, maintaining a tradition of shareholder returns despite industry challenges [2][3]. Profitability and Market Share - The six major liquor companies (Moutai, Wuliangye, Fenjiu, Yanghe, Luzhou Laojiao, and Gujing Gongjiu) collectively accounted for over 90% of the industry's total revenue and profit, showcasing their strong pricing power and risk resilience [3][4]. - The average net profit margin for these companies exceeds 20%, making them rare quality assets in the A-share market [3]. Market Dynamics - Wuliangye's recent price cuts are seen as a potential catalyst for broader market changes, aimed at reducing inventory and supporting distributors [7][9]. - The industry is in a "proactive destocking" phase, with companies like Moutai controlling shipments to alleviate distributor inventory pressure [8][9]. Future Outlook - Analysts predict that the current industry adjustment may last until spring 2026, with a focus on maintaining channel health and promoting genuine consumption [8][10]. - The industry is expected to undergo a transformation, with a shift towards quality innovation and targeting younger demographics, as well as integrating online and offline marketing strategies [10][11].

今日（12.11），A股大小指数分化，大消费小幅回调，消费ETF（159928）跌0.38%，盘中成交额超2.5亿元！资金面上，消费ETF（159928）盘中再获净流 入1600万份！截至12月10日，消费ETF（159928）最新规模超205亿元，同类断层领先！ 聚焦大消费板块，估值性价比仍极具吸引力。截至12月10日，消费ETF（159928）标的指数市盈率TTM为19.32，处于近10年2.84%分位点，比近10年历史上 超97%的时间便宜，估值性价比更高！ 年底将近，市场风格将如何演绎？信达证券指出，每年Q4存在基于投资者配置思路变化的季节性规律，容易成为风格变化的高发期，特别是12月市场风格 更容易偏向低估值。（来源：信达证券20251109《年底容易成为风格变化的高发期》） 【飞天茅台批价"回归"指导价！白酒迎来新一轮"挤泡沫"？】 在白酒行业深度调整的当下，飞天茅台散瓶批价逼近1499元，五粮液对经销商"变相降价"，再次引发外界对于白酒行业的广泛讨论。飞天茅台和五粮液作为 高端白酒的代表，其价格往往被视为行业的风向标，很大程度上关乎着行业信心。 消息面上，飞天茅台单瓶批发价格跌至指导价。12月1 ...

Core Viewpoint - The food and beverage sector is experiencing a pullback, with the Food ETF (515710) showing a decline of 0.34% as of the latest update, driven by poor performance in consumer staples and certain liquor stocks [1] Group 1: Market Performance - The food and beverage sector has seen significant capital inflow, with over 96 million yuan invested in the Food ETF (515710) over the past five trading days [3] - Major liquor companies, Guizhou Moutai and Wuliangye, announced interim dividend distributions totaling approximately 40 billion yuan, with Moutai distributing 30 billion yuan and Wuliangye distributing 10 billion yuan [3] Group 2: Valuation and Investment Opportunities - The valuation of the food and beverage sector is at a historical low, with the price-to-earnings ratio of the Food ETF's underlying index at 19.99, placing it in the 4.7% percentile of the last decade [4] - Analysts suggest that the current market conditions present a favorable opportunity for left-side positioning in the sector, particularly in high-quality assets like liquor and consumer staples [4] - Recommendations include focusing on leading companies with stable demand and strong risk resilience, as well as those actively developing new products and channels [4] Group 3: ETF Composition - The Food ETF (515710) tracks the CSI Sub-Industry Food and Beverage Index, with approximately 60% of its holdings in high-end and mid-range liquor stocks, and nearly 40% in beverage, dairy, seasoning, and beer sectors [5] - The top ten weighted stocks in the ETF include major brands such as Moutai, Wuliangye, and Yili [5]

采写 | 南都·湾财社记者 张海霞 本文自南都·湾财社。 其中，贵州茅台2025年中期分红方案为：每股派发现金红利23.957元（含税），总股本12.52亿股，共计派发现金红利300.01亿元（含税）。五粮液中期利 润分配方案为：以公司总股本38.82亿股为基数，向全体股东每10股派25.78元现金（含税），合计100.07亿元（含税）。 有行业人士分析认为，头部白酒企业高分红是其稳健的财务状况、积极回馈投资者、投资价值的体现，也应注意到高分红仅是上市公司的单一指标，投资 者需要结合多维度综合考虑投资价值。 来源于五粮液《股东回报规划》 据南都湾财社记者统计，贵州茅台2024年中期分红300亿元、2024年年度分红346.71亿元，合计超600亿元，占茅台2024年净利润862.3亿元的比例为75%； 五粮液2024年中期分红100亿元（含税）叠加2024年度分红123.01亿元（含税），合计223.01亿元，占公司2024年度净利润的比例为70.02%。 | 股份类别 | 股权登记日 | 最后交易日 除权（息）日 现金红利发放日 | | | | --- | --- | --- | --- | --- | | ...

| | | 分朗 多日 1分 5分 15分 30分 60分 日 周 ▼ | | | | | F9 盘前景后 图加 九粒 画球 工具 @ (2) > | | SEETF O | | | | 515710 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.591 | | | | | 515710[食品ETF] 13:41 价 0.586 连跌 -0.002(-0.34%) 均价 0.587 酸交盘 0 IOPV 0.5854 202. | | | 7.519 | 0.586 | | | | -0.002 -0.34% | | | | | | | | | | | SSE CNY 13:41:19 交易中 | | | | 通用之家 # | | 0.590 | | | | | | | | 0.2699 | 净值出数 | | | 灰宜中证相分食品饮料产业主题ET | | | | | | | | | | | | 今年 | | -7.57% 120B | | -1.84% | | 0.588 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5][16] Core Views - The company is facing supply-demand contradictions that are nearing their limits, leading to a necessary adjustment in its operational pace. The report anticipates a stabilization in pricing following a match between supply and actual market demand [5][8] - The core product's price has decreased from 930 to around 800 yuan, particularly with a rapid decline in the third quarter, raising concerns about the sustainability of future growth. However, the report suggests that the risks are gradually being released and that the company is entering a clearing phase in its Q3 performance [5][6] - Due to weak consumer demand, the profit forecasts for 2025-2027 have been revised downwards, with expected net profits of 26.81 billion, 28.09 billion, and 30.36 billion yuan respectively, reflecting year-on-year changes of -15.8%, +4.8%, and +8.1% [5][9] Financial Summary - The company's total revenue for 2025 is projected to be 78.62 billion yuan, a year-on-year decrease of 11.8%. The net profit attributable to the parent company is expected to be 26.81 billion yuan, down 15.8% year-on-year [9][11] - The gross margin is expected to be 75.9% in 2025, with a net margin of 35.7% [9][12] - The company's P/E ratios for 2025, 2026, and 2027 are projected to be 16.6, 15.8, and 14.6 respectively [9][11]

贵州茅台：每股现金红利23.957元（含税），股权登记日为2025-12-18，除息除权日为2025-12-19，数 据来源《贵州茅台：2025年中期权益分派实施公告》；申万一级行业为食品饮料，非红利低波 （H30269.CSI）成分股，是红利质量（931468.CSI）成分股。 红利低波（H30269.CSI）指数，选取50只流动性好、连续分红、红利支付率适中、每股股息正增长以 及股息率高且波动率低的证券作为指数样本，采用股息率加权，截至12月10日，该指数近1年股息率为 4.21%；红利低波ETF基金（159547）是跟踪该指数综合费率最低的ETF，每季度评估可分红。 红利质量（931468.CSI）指数，选取50只连续现金分红、股利支付率较高且兼具较高盈利能力特征的上 市公司证券作为指数样本，截至12月10日，该指数近1年股息率为3.48%；红利质量ETF（159758）是 跟踪该指数的唯一ETF。 五粮液：每10股派25.78元人民币现金（含税），股权登记日为2025-12-17，除息除权日为2025-12-18， 数据来源《五粮液：2025年中期分红派息实施公告》；申万一级行业为食品饮料，非红利低波 ...