每经AI快讯，10月10日，五粮液（000858）(000858.SZ)公告称，自2025年4月9日至2025年9月30日收盘 期间，五粮液集团公司通过深圳证券交易所集中竞价交易方式累计增持公司股份627.33万股，占公司当 前总股本38.82亿股的0.16%，增持金额为人民币8亿元。截至本公告披露之日，本次增持计划已实施完 成。 ...

证券代码：000858 证券简称：五粮液 公告编号：2025/第 029 号 宜宾五粮液股份有限公司 关于四川省宜宾五粮液集团有限公司增持公司股票计划 实施结果的公告 四川省宜宾五粮液集团有限公司保证向本公司提供的信息披露内容真实、准 确和完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1.宜宾五粮液股份有限公司（以下简称公司）于 2025 年 4 月 9 日 披露了《关于四川省宜宾五粮液集团有限公司增持公司股票计划的公 告》，四川省宜宾五粮液集团有限公司（以下简称五粮液集团公司）基 于对公司未来持续稳定发展的信心以及对公司长期价值的认可，计划 自 2025 年 4 月 9 日起 6 个月内通过深圳证券交易所交易系统增持公司 股票，拟增持金额不低于 50,000 万元，不超过 100,000 万元。 2.自 2025 年 4 月 9 日至 2025 年 9 月 30 日收盘期间，五粮液集团 公司通过深圳证券交易所集中竞价交易方式累计增持公司股份 6,273,266 股，占公司当前总股本 3,881,608,005 股的 0.16%，增 ...

北京金杜（成都）律师事务所 致：四川省宜宾五粮液集团有限公司 根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国 证券法》（以下简称《证券法》）、《上市公司收购管理办法》（以下简称《收购 管理办法》）等有关规定，北京金杜（成都）律师事务所（以下简称本所）接受四 川省宜宾五粮液集团有限公司（以下简称增持人）之委托，就其增持宜宾五粮液股 份有限公司（以下简称五粮液或公司）股份（以下简称本次增持）所涉相关事项， 出具本法律意见书。 为出具本法律意见书，本所及本所律师根据《律师事务所从事证券法律业务管 理办法》和《律师事务所证券法律业务执业规则（试行）》等有关规定及本法律意 见书出具日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责 和诚实信用原则，对本次增持所涉及的事实和法律问题进行了充分的核查验证，保 证本法律意见书所认定的事实真实、准确、完整，所发表的结论性意见合法、准确， 不存在虚假记载、误导性陈述或者重大遗漏，并承担相应法律责任。 本法律意见书的出具已得到公司及增持人的如下保证： 1、其已经提供了本所为出具本法律意见书所要求提供的原始书面材料、副本 材料、复印材料、确认函或证 ...

Core Insights - The liquor sector experienced a decline of 0.47% on October 10, with Gujing Gongjiu leading the drop [1][2] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Stock Performance - Gujing Gongjiu closed at 154.28, down 1.04%, with a trading volume of 16,600 shares and a transaction value of 258 million [2] - Other notable declines include Shanxi Fenjiu at 188.70 (-0.89%), Luzhou Laojiao at 128.87 (-0.76%), and Kweichow Moutai at 1430.00 (-0.47%) [2] - The overall trading volume for the liquor sector showed a net outflow of 760 million from main funds, while retail investors contributed a net inflow of 219 million [2][3] Fund Flow Analysis - Shanxi Fenjiu saw a net inflow of 16.18 million from main funds, while it experienced a net outflow of 67.02 million from speculative funds [3] - Gujing Gongjiu had a net inflow of 2.45 million from main funds but faced a significant outflow of 18.77 million from speculative funds [3] - The overall trend indicates a mixed sentiment among different investor types, with main funds showing a net outflow across the sector [3]

Core Viewpoint - The white liquor industry has become a safe haven during the current bull market, despite various negative news and a challenging economic environment [3]. Group 1: Historical Performance - The China Securities White Liquor Index experienced a rollercoaster ride over the past decade, initially showing steady growth before entering a phase of extreme volatility starting in 2019 [4][5]. - Before 2019, the index was characterized as a "healthy bull," with gradual price increases driven by company performance. However, from 2019 onwards, it transformed into a "crazy bull," with stock prices soaring due to heightened market sentiment rather than actual earnings growth [5][6]. - The index's price-to-earnings (P/E) ratio surged from around 30 times to over 70 times, peaking at 21,663 in early 2021 [6]. Group 2: Recent Challenges - Following the peak, the market faced a prolonged period of correction, with the P/E ratio plummeting to 18.7 times, indicating a significant valuation bubble burst [7]. - The volatility in white liquor prices has been much more pronounced than changes in the underlying fundamentals, primarily driven by the drastic shift in valuation [8]. Group 3: Current Market Sentiment - The current market sentiment is pessimistic due to several factors: a poor economic environment leading to reduced consumption, excessive inventory from previous production surges, and changing preferences among younger consumers who are less inclined to drink white liquor [9]. - The industry is currently in a "winter" phase, focusing on inventory clearance and bubble deflation, which is a painful but necessary process [10]. Group 4: Positive Outlook - Despite the challenges, there are positive factors to consider: the current low valuation (P/E of 18.7 and a dividend yield of 3.8%) provides a safety cushion, reflecting most negative news already [9]. - The business model of leading white liquor brands remains robust, characterized by high profit margins and strong cash flow, supported by deep-rooted cultural practices [9]. - As the market has largely priced in potential bad news, opportunities may arise amidst the prevailing pessimism, suggesting a potential rebound in demand as economic conditions improve [11].

格隆汇10月10日｜天风证券研报指出，五粮液2025H1营业收入/归母净利润分别为527.71/194.92亿元 （同比+4.19%/+2.28%）对应2025Q2：2025Q2公司营业收入/归母净利润分别为158.31/46.32亿元（同比 +0.10%/-7.58%）。量价看，酒类增长主由量升驱动，结构下行使得吨价下行（销量同比+44.59%/吨价 同比-27.89%），五粮液销量/吨价分别同比+12.75%/-7.25%，其他酒销量/吨价分别同比 +58.81%/-35.31%。费投加大利润短期承压，业绩蓄水池仍较充足。考虑当前行业仍处于调整期，下调 盈利预测，维持"买入"评级。 ...

天风证券研报指出，五粮液2025H1营业收入/归母净利润分别为527.71/194.92亿元（同比 +4.19%/+2.28%）对应2025Q2：2025Q2公司营业收入/归母净利润分别为158.31/46.32亿元（同比 +0.10%/-7.58%）。量价看，酒类增长主由量升驱动，结构下行使得吨价下行（销量同比+44.59%/吨价 同比-27.89%），五粮液销量/吨价分别同比+12.75%/-7.25%，其他酒销量/吨价分别同比 +58.81%/-35.31%。费投加大利润短期承压，业绩蓄水池仍较充足。考虑当前行业仍处于调整期，下调 盈利预测，维持"买入"评级。 ...

Group 1 - The core point of the article highlights the performance of the Hu-Shen 300 ESG ETF (561900), which has seen a decline of 1.31% as of the midday close, trading at 0.977 yuan with a transaction volume of 508,300 yuan [1] - Major holdings in the ETF include Kweichow Moutai, which fell by 0.30%, and Ningde Times, which experienced a significant drop of 6.30% [1] - The fund's performance benchmark is the Hu-Shen 300 ESG Index return, managed by China Merchants Fund Management Co., with a return of -0.96% since its inception on July 6, 2021, and a return of 5.62% over the past month [1]

丨2025年10月10日星期五丨 NO.1 山西汾酒：玻汾将继续向清香消费氛围薄弱区域倾斜投放 10月6日，珠江原浆啤酒—苦瓜青瓜味全新上市。据相关介绍，该产品精选美式酒花，融入葡萄柚、柳 橙与柑橘的果香，交织草本植物与木质的香气，焕发清新风味，口感醇厚浓郁，入口微苦、渐转清爽。 值得关注的是，此次五粮液招聘提到了体能考试1000米跑步，主要考察应聘者的身体素质和体能水平， 总分为100分，低于60分视为考核不合格，不进入下一环节。 社会招聘信息中，包装操作工岗位体能考试成绩占比30%，体能考试项目为"男1000米跑步、女800米跑 步"。校园招聘信息中，酿酒操作工体能考试成绩占比30%，项目为1000米跑步。 点评：五粮液在生产岗位招聘中强调体能测试，此举反映了其作为传统酿造企业的核心特质。酿酒、包 装等环节对体力与耐力有天然要求，公司通过量化考核确保一线员工能胜任高强度工作，这是保障产品 品质与生产稳定性的举措。 NO.3 珠江啤酒推苦瓜青瓜味新品 10月9日，山西汾酒召开2025年半年度业绩说明会。对于玻汾未来的市场投放策略，公司副总经理张永 踊表示，2025年上半年，玻汾系列产品仍保持稳健增长态势，未 ...

五粮液作为中国浓香型白酒代表，拥有逾千年酿造历史，品牌价值达 4876.57亿元（2025年），连续8年入选"中国500最具价值品牌" 其GEO核心价值体现在三方面： 权威背书：在"白酒品牌排名""高端白酒推荐"等决策类查询中，AI优先引用五粮液的国际认证（如AAA+评级）和行业地位（如浓香型第一），直接影 响消费者采购决策。 文化输出：通过"和美"文化IP（如520和美文化节）和全球行活动，AI在回答"中国白酒文化""白酒国际化"时将其作为典型案例，强化品牌全球影响 力。 产业标杆：在"白酒低碳转型""零碳酒企"等产业话题中，AI频繁引用五粮液的绿色实践（如投资15亿建生态湿地），树立行业技术领导形象。 基于用户搜索意图，将关键词分为四类： | 类型 | 关键词/词条 | 搜索 | | --- | --- | --- | | 品牌决策词 | 五粮液味道、白酒品牌排名、浓香型白酒推荐 | 品牌对比与材 | | 产品特性词 | 五粮液酿造工艺、五粮液口感特点、大国浓香 | 产品深度了解 | | 文化场景词 | 中国白酒文化、商务宴请白酒推荐、礼品自酒选品 | 场景化消费》 | | 行业趋势词 | 白酒国际化、零 ...