9月29日，五粮液发布2025年下半年校园招聘及社会招聘公告，报名时间截止到本月底。此次分为校园招聘和社会招聘，分别招聘109人和32人。岗位包括 软件开发、医生、经济运行管理、人事专员和供应链管理等，各岗位考核项目包括综合笔试、专业笔试、面审考试、体能考试和面试。 近段时间正是白酒行业的秋招季，各大酒企陆续启动了招聘工作。前不久，有人惊奇地发现，社交平台和电商平台上，各大酒企的招聘真题被公然兜售， 价格从几元到几十元不等，成套出售，资料内容覆盖真题题库、企业文化、专业知识、时政热点、行测技巧、职业性格测试、公共基础等多个模块。 《每日经济新闻·将进酒》记者以应聘者身份对此进行了调查。调查中发现，不到30元购买到的两套"五粮液考试资料"，就像一本正式的公务员考试真题 集。这些所谓的真题到底从哪里来？ 图片来源：社交平台截图 笔试真题被线上叫卖？十几元就能买到 《每日经济新闻·将进酒》记者在社交平台随机选择两家店铺，分别以14元和15元的价格购买了两套五粮液考试真题及学习资料，两套资料均为电子文 档，文件大小超过1G。而标价15元的店铺，额外赠送了茅台与习酒的试题资料，文件大小超过3G。 文件里，考试题之外，还 ...

每经记者｜熊嘉楠 每经编辑｜陈柯名 肖芮冬 9月29日，五粮液发布2025年下半年校园招聘及社会招聘公告，报名时间截止到本月底。此次分为校园招聘和社会招聘，分别招聘109人和32人。岗位包括 软件开发、医生、经济运行管理、人事专员和供应链管理等，各岗位考核项目包括综合笔试、专业笔试、面审考试、体能考试和面试。 近段时间正是白酒行业的秋招季，各大酒企陆续启动了招聘工作。前不久，有人惊奇地发现，社交平台和电商平台上，各大酒企的招聘真题被公然兜售， 价格从几元到几十元不等，成套出售，资料内容覆盖真题题库、企业文化、专业知识、时政热点、行测技巧、职业性格测试、公共基础等多个模块。 《每日经济新闻·将进酒》记者以应聘者身份对此进行了调查。调查中发现，不到30元购买到的两套"五粮液考试资料"，就像一本正式的公务员考试真题 集。这些所谓的真题到底从哪里来？ 图片来源：社交平台截图 笔试真题被线上叫卖？ 十几元就能买到 《每日经济新闻·将进酒》记者在社交平台随机选择两家店铺，分别以14元和15元的价格购买了两套五粮液考试真题及学习资料，两套资料均为电子文 档，文件大小超过1G。而标价15元的店铺，额外赠送了茅台与习酒的试题资 ...

9月29日，五粮液发布2025年下半年校园招聘及社会招聘公告，报名时间截止到本月底。此次分为校园招聘和社会招聘，分别招聘109人和32人。岗位包括软 件开发、医生、经济运行管理、人事专员和供应链管理等，各岗位考核项目包括综合笔试、专业笔试、面审考试、体能考试和面试。 近段时间正是白酒行业的秋招季，各大酒企陆续启动了招聘工作。前不久，有人惊奇地发现，社交平台和电商平台上，各大酒企的招聘真题被公然兜售，价 格从几元到几十元不等，成套出售，资料内容覆盖真题题库、企业文化、专业知识、时政热点、行测技巧、职业性格测试、公共基础等多个模块。 《每日经济新闻·将进酒》记者以应聘者身份对此进行了调查。调查中发现，不到30元购买到的两套"五粮液考试资料"，恍若一本正式的公务员考试真题 集。这些真题到底从哪里来？ 《每日经济新闻·将进酒》记者在社交平台随机选择两家店铺，分别以14元和15元的价格购买了两套五粮液考试真题及学习资料，两套资料均为电子文档， 文件大小超过1G。而标价15元的店铺，额外赠送了茅台与习酒的试题资料，文件大小超过3G。 文件里，考试题之外，还包含了不少相关资料，例如企业文化、专业知识、时政热点、行测技巧、职 ...

Core Viewpoint - The Shenzhen State-Owned Enterprises ESGR Index (470055) closed at 1633.26 points, up 1.39%, with a trading volume of 40.107 billion yuan and a turnover rate of 1.08% on October 29 [1] Group 1: Index Performance - The ESGR Index had 30 constituent stocks rising, with Zhongtung High-tech leading at a 10.0% increase, while 16 stocks declined, with Tianhong Co. leading the decline at 3.74% [1] - The top ten constituent stocks of the ESGR Index include Hikvision, BOE Technology Group, and Wuliangye, with respective weights of 9.64%, 9.31%, and 8.62% [1] Group 2: Market Capitalization and Sector Breakdown - Hikvision has a market capitalization of 305.648 billion yuan, while BOE Technology Group and Wuliangye have market capitalizations of 152.274 billion yuan and 461.251 billion yuan, respectively [1] - The sectors represented in the top ten stocks include Computer, Electronics, Food & Beverage, Automotive, Defense, Non-Bank Financials, Nonferrous Metals, Pharmaceutical & Biotechnology, and Real Estate [1] Group 3: Capital Flow - The net outflow of main funds from the ESGR Index constituents totaled 282 million yuan, while retail investors saw a net inflow of 365 million yuan [1] - Notable net inflows from retail investors were observed in stocks like Langchao Information and Shunwan Hongyuan, while significant outflows were noted in stocks like Zhongtung High-tech and Deep Technology [2]

Core Points - The State-Owned Enterprise Reform Index (399974) closed at 1930.82 points, up 0.92%, with a trading volume of 1640.27 billion yuan and a turnover rate of 0.79% [1] - Among the index constituents, 70 stocks rose, with Western Superconducting leading with a 9.34% increase, while 27 stocks fell, with Postal Savings Bank leading the decline at 2.14% [1] Index Constituents Summary - The top ten constituents of the State-Owned Enterprise Reform Index include: - Zijin Mining: 3.46% weight, latest price 30.96, up 3.75%, market cap 8228.42 billion yuan [1] - Northern Huachuang: 3.02% weight, latest price 423.62, down 0.56%, market cap 3067.38 billion yuan [1] - CITIC Securities: 2.94% weight, latest price 30.30, up 1.00%, market cap 4490.63 billion yuan [1] - Changjiang Electric Power: 2.80% weight, latest price 28.29, down 0.60%, market cap 6922.06 billion yuan [1] - Taihai Co.: 2.80% weight, latest price 19.43, up 3.19%, market cap 3425.30 billion yuan [1] - China Merchants Bank: 2.75% weight, latest price 40.77, down 2.00%, market cap 10282.13 billion yuan [1] - Wuliangye: 2.72% weight, latest price 118.83, down 1.06%, market cap 4612.51 billion yuan [1] - Zhongke Shuguang: 2.69% weight, latest price 114.33, up 0.73%, market cap 1672.78 billion yuan [1] - Industrial Bank: 2.67% weight, latest price 20.01, down 2.01%, market cap 4234.69 billion yuan [1] - China Shipbuilding: 2.41% weight, latest price 36.73, up 0.30%, market cap 2764.16 billion yuan [1] Capital Flow Summary - The net capital flow for the index constituents showed a total net outflow of 3.6 billion yuan from main funds and 7.45 billion yuan from speculative funds, while retail investors had a net inflow of 11.05 billion yuan [3] - Key capital flow details include: - Zijin Mining: Main net inflow of 9.96 million yuan, speculative net outflow of 3.35 million yuan, retail net outflow of 6.61 million yuan [3] - Inspur Information: Main net inflow of 4.27 million yuan, speculative net outflow of 1.33 million yuan, retail net outflow of 2.94 million yuan [3] - China Aluminum: Main net inflow of 3.83 million yuan, speculative net outflow of 1.05 million yuan, retail net outflow of 2.78 million yuan [3] - TCL Zhonghuan: Main net inflow of 3.17 million yuan, speculative net outflow of 1.27 million yuan, retail net outflow of 1.91 million yuan [3]

Market Overview - The Shanghai Composite Index rose by 0.70% on October 29, with 24 out of 28 sectors experiencing gains, led by the power equipment and non-ferrous metals sectors, which increased by 4.79% and 4.28% respectively [1] - The banking and food & beverage sectors were the biggest losers, declining by 1.98% and 0.56% respectively [1] Capital Flow Analysis - The net inflow of capital in the two markets was 5.406 billion yuan, with 12 sectors seeing net inflows [1] - The power equipment sector had the highest net inflow of 16.132 billion yuan, while the non-ferrous metals sector followed with a net inflow of 5.997 billion yuan [1] - Conversely, 19 sectors experienced net outflows, with the electronics sector leading at a net outflow of 6.540 billion yuan, followed by the communications sector with 4.736 billion yuan [1] Food & Beverage Sector Performance - The food & beverage sector declined by 0.56% with a net outflow of 1.952 billion yuan [2] - Out of 124 stocks in this sector, 37 rose while 82 fell [2] - The top three stocks with net inflows were汤臣倍健 (Tao Chen Bei Jian) with 21.505 million yuan, 贝因美 (Bei Yin Mei) with 18.4737 million yuan, and 三元股份 (San Yuan) with 12.2605 million yuan [2] Food & Beverage Sector Outflow Details - The top three stocks with the highest net outflows were 贵州茅台 (Kweichow Moutai) with -679.3826 million yuan, 五粮液 (Wuliangye) with -555.1196 million yuan, and 泸州老窖 (Luzhou Laojiao) with -87.9085 million yuan [4] - Other notable outflows included 伊利股份 (Yili) with -39.2080 million yuan and 洋河股份 (Yanghe) with -20.6408 million yuan [4]

Core Insights - The 2024 FCF Top 99 list was released on October 28, highlighting the free cash flow generation capabilities of A-share listed companies in China [1] - The report series, including CVA Top 50 and EVA Top 99, aims to reveal the shareholder value creation abilities of these companies [1] - The focus on free cash flow generation has led to the introduction of various index products linked to free cash flow by index companies [1] FCF Top 99 Summary - Guizhou Moutai (600519) and Focus Media (002027) share the highest net asset free cash flow return rate (FCFOE) at 0.361, up from 0.277 in 2023 [3] - Among the 16 companies listed continuously from 2016 to 2024, five are in the liquor sector, and two are in home appliances [3] - Gree Electric (000651) has seen a decline in ranking from a three-time champion to 8th place [3] Company Ownership Structure - The 2024 list includes 35 state-controlled companies, a decrease of 11 from the previous year, while non-state-controlled companies increased to 64, surpassing 60% [4] - The pharmaceutical manufacturing industry leads with 15 companies, followed by the beverage and refined tea manufacturing, and electrical machinery and equipment manufacturing with 12 each [4] CVA Top 50 Summary - The CVA Top 50 report indicates that only companies generating net profits or free cash flow exceeding the cost of equity capital create true shareholder value [5] - Among the 11 companies consistently listed from 2016 to 2024, five are in the liquor sector [5] - The number of state-controlled companies on the list decreased to 18, while non-state-controlled companies rose to 32, making up 64% [5] EVA Top 99 Summary - The EVA Top 99 list emphasizes that economic value added (EVA) reflects the true shareholder value creation by accounting for the cost of equity capital [6] - Chongqing Beer (600132) topped the list with an EVA return rate (EVAOE) of 0.297, while Guizhou Moutai ranked second at 0.235 [8] - The liquor industry dominates the top three positions in the EVA rankings [8] Long-term Trends - From 2016 to 2024, the liquor sector maintained a strong presence with six companies consistently listed, while the number of state-controlled companies decreased to 27 [9] - Non-state-controlled companies increased to 72, representing 72% of the total [9]

Core Viewpoint - The overall market showed a collective increase, while the liquor sector experienced a decline, indicating mixed performance within the industry [1] Market Performance - The three major indices collectively rose, with the Shanghai Composite Index reaching 4002.83 points, an increase of 0.37% [1] - The liquor sector closed at 2246.58 points, down 0.89%, with 19 liquor stocks declining [1] Individual Stock Performance - Kweichow Moutai closed at 1431.58 CNY per share, down 0.93% [1] - Wuliangye closed at 118.58 CNY per share, down 1.27% [1] - Shanxi Fenjiu closed at 186.00 CNY per share, down 0.69% [1] - Luzhou Laojiao closed at 129.30 CNY per share, down 0.91% [1] - Yanghe Brewery closed at 69.19 CNY per share, down 0.63% [1] Industry Outlook - Dongxing Securities noted that short-term price fluctuations do not affect the recovery process of the industry [1] - Leading companies, particularly Kweichow Moutai, are showing strong performance that can withstand economic cycles, with signs of bottoming out becoming more evident [1]

Core Viewpoint - The investment opportunities in the liquor sector are currently characterized by market divergence, with expectations of a significant decline in performance for liquor companies in Q3 2025, while both valuation and holdings are at low levels, and positive factors on both supply and demand sides are gradually increasing [1] Group 1: Market Dynamics - The industry demand is expected to recover on a month-on-month basis, particularly during the dual festivals, leading to a more optimistic market outlook regarding performance and price expectations, which will likely result in valuation recovery as demand improves [1] - The first phase of recovery is driven by dividend yield pricing, while the second phase will see a return to long-term confidence in liquor assets as supply-demand relationships improve and performance indicators are realized [1] Group 2: Historical Performance Analysis - Historical data indicates that the majority of liquor companies confirmed their stock price bottoms between Q4 2013 and Q1 2014, despite a continued decline in performance and market conditions [2] - The stock price performance remained relatively stable after the third quarter of 2013, with most companies generating absolute returns within one month post earnings report, attributed to the market's sufficient digestion of performance decline expectations [2] Group 3: Business Strategies of Liquor Companies - Liquor companies are leveraging channels to amplify brand and product advantages, signaling changes in supply-side dynamics during the adjustment phase [3] - High-end liquor brands are focusing on maintaining brand strength, with companies like Moutai and Wuliangye adapting their strategies to enhance channel management and product offerings [3] - Regional leaders are concentrating on their base markets while expanding into lower-tier markets, with companies like Yanghe and Gujing enhancing their presence in these areas [3]

Core Insights - The 2025 Sichuan Top 100 Enterprises list highlights significant trends and changes in the province's corporate landscape, with a focus on the emergence of new leaders and the performance of established companies [1][3]. Group 1: Top Enterprises - The number of billion-dollar enterprises in Sichuan has increased from 4 in 2021 to 8 in 2025, indicating robust growth among leading companies [1][3]. - The top five companies by revenue are: 1. Tongwei Group Co., Ltd. - 24,137,998 million CNY 2. Sichuan Yibin Wuliangye Group Co., Ltd. - 19,529,677 million CNY 3. Sichuan Changhong Electric Holding Group Co., Ltd. - 15,267,474 million CNY 4. Sichuan Energy Development Group Co., Ltd. - 11,745,767.72 million CNY 5. Qiya Group Co., Ltd. - 11,035,872.53 million CNY [4][5]. - Qiya Group made its debut in the top rankings, showcasing rapid growth and a diverse industrial portfolio [3][5]. Group 2: Industry Trends - In 2025, billion-dollar enterprises accounted for 32.63% of total revenue, serving as a stabilizing force in the complex economic environment [3]. - New entrants in the hundred-million revenue category reflect a shift towards emerging industries such as renewable energy, smart manufacturing, and finance [11][13]. - The list features over ten new hundred-million revenue companies, indicating a dynamic shift in industry focus and growth potential [11][13]. Group 3: Regional Distribution - Chengdu remains the dominant city, with 64 enterprises listed in 2025, although there is a notable increase in companies from Mianyang and Luzhou [22][26]. - The concentration of top enterprises in Chengdu highlights regional economic disparities, prompting calls for differentiated development strategies across cities [26][28]. Group 4: Ownership Structure - State-owned enterprises dominate the list, comprising over 70% of the top companies, while private enterprises, though fewer, show strong market vitality with revenues exceeding 10 billion CNY [28]. - The shift towards high-quality development in the private sector emphasizes the need for efficiency and innovation [28].