每经AI快讯，26日午间五粮液（000858）官宣，五粮液.一见倾心正式上市，已在京东、天猫、唯品 会、抖音官方旗舰店全平台开启预售，并同步官宣产品全球代言人为邓紫棋。五粮液.一见倾心是五粮 液推出的低度白酒产品，酒精度29度。 ...

Group 1 - A-shares experienced a decline in most major indices on August 26, with the Tianhong Food and Beverage ETF (159736) showing a slight increase of 0.13% during trading [1] - The Tianhong Food and Beverage ETF has seen a net inflow of funds for five consecutive days, accumulating 86.54 million yuan, with a net inflow of 9.03 million yuan on the previous day [1] - The ETF closely tracks the CSI Food and Beverage Index, which includes major companies in the beverage, packaged food, and meat sectors, with top holdings including Kweichow Moutai, Yili, and Wuliangye [1] Group 2 - In the first half of 2025, China's retail sales of consumer goods reached 24.55 trillion yuan, a year-on-year increase of 5.0%, with restaurant revenue at 2.75 trillion yuan, up 4.3% [2] - Among 231 listed companies in the food and beverage sector, 82 have reported their first-half 2025 earnings, with total revenue of 550.84 billion yuan, a 7.12% increase year-on-year, and net profit of 82.13 billion yuan, up 15.30% [2] - The overall trend in the food and beverage industry indicates stable growth in both revenue and profit, with a focus on the performance of snack brands and the recovery of consumer confidence [2]

Core Viewpoint - The report from Dongxing Securities indicates that the liquor stocks are on the verge of a bottom recovery in asset pricing, despite a weak recovery in the fundamentals of liquor consumption. The overall trend of improving fundamentals has been confirmed, suggesting a focus on the rebound opportunities in the liquor sector, particularly for companies like Kweichow Moutai (600519) and Wuliangye (000858) that have consistently increased market share during the cycle [1]. Group 1 - Since 2000, the liquor industry has experienced four cycles: 1999-2003, 2008-2009, 2012-2015, and 2022-present. The cycle from 2013 to 2015 was notably deep and similar to the current macroeconomic situation, prompting a review of capital pricing changes during that period to identify potential bottom recovery windows for liquor stocks [2]. - The analysis of the 2013-2015 liquor cycle revealed that liquor stock prices typically bottom out approximately two quarters before the fundamentals confirm a recovery, indicating a lead time in market reactions to fundamental changes [2]. Group 2 - Two key changes in expectations influenced the asset pricing of liquor stocks during the previous cycle: the stabilization of terminal sales around the 2014 Dragon Boat Festival and the improvement in the financial health of liquor companies as indicated by their semi-annual reports. Additionally, the initiation of the Shanghai-Hong Kong Stock Connect reform in 2014 improved liquidity expectations for consumer stocks, attracting long-term capital to the liquor sector [3]. - The current liquor cycle is seen as a combination of the liquor sector's own cycle and the macroeconomic cycle. Positive trends are observed in both demand and liquidity, with the upcoming Mid-Autumn Festival and National Day holidays indicating a clearer upward trend in liquor demand, alongside significant liquidity improvements in the A-share market, which reached a 10-year high in August 2025 [3].

Core Viewpoint - The report from Dongxing Securities indicates that the liquor stocks are on the verge of a bottom recovery in asset pricing, despite a weak recovery in the fundamentals of liquor consumption. The overall trend of improvement in fundamentals has been confirmed, suggesting investment opportunities in the liquor sector, particularly in companies like Kweichow Moutai (600519.SH) and Wuliangye (000858.SZ) that have consistently increased market share during the cycle [1]. Group 1 - Since 2000, the liquor industry has experienced four cycles: 1999-2003, 2008-2009, 2012-2015, and 2022-present. The cycle from 2013 to 2015 was notably deep and similar to the current macroeconomic situation, prompting a review of capital pricing changes during that period to identify potential recovery windows for liquor stocks [2]. - The analysis of the 2013-2015 liquor cycle revealed that liquor stock prices typically bottom out approximately two quarters before the fundamentals, indicating that price reversals occur ahead of confirmed performance [2]. - Two key changes in expectations influenced the asset pricing during the previous cycle: the stabilization of terminal sales around the Dragon Boat Festival in 2014 and the improvement in the balance sheets of liquor companies, alongside the initiation of the Shanghai-Hong Kong Stock Connect reform, which improved liquidity expectations for consumer stocks [3]. Group 2 - The current liquor cycle is characterized by the interplay of the liquor sector's own cycle and the macroeconomic cycle. Positive trends are observed in both demand and liquidity, with the upcoming Mid-Autumn Festival and National Day indicating a clearer upward trend in liquor demand, and the A-share market reaching a 10-year high in August 2025, reflecting significant liquidity improvement [3].

25 August 2025 | 3:47PM HKT China Spirits Tracker: Market sentiment recovering from low, demand still improving gradually; Moutai/Wuliangye wholesale price weakens We have recently observed market sentiment rotation to laggards as investors take a "worst is over" stance on the spirits space (ie. sequential normalization of anti-graft policy impact), with the spirits P/E gap vs. A-share P/E approaching a decade low at c.2-3x (18% premium vs. last decade average at 103%, see Exhibit 1) and Northbound fund flo ...

Group 1 - The food and beverage sector experienced significant gains on August 25, with the Food ETF (515710) rising by 3.32%, reaching a peak intraday increase of 3.48% [1][3] - Major liquor stocks saw substantial increases, with Shede Liquor hitting the daily limit, and others like Shui Jing Fang and Ying Jia Gong Jiu rising over 7% [1][3] - The overall market sentiment for the liquor sector is optimistic, driven by new product launches targeting younger consumers and a focus on innovation [2][3] Group 2 - The liquor industry is responding positively to consumption upgrades and the trend towards younger demographics, with leading companies launching lower-alcohol products [3][4] - The current valuation of the food and beverage sector remains relatively low compared to other sectors, presenting a favorable investment opportunity [3][4] - The Food ETF (515710) tracks a specialized food and beverage index, with approximately 60% of its holdings in high-end liquor stocks and 40% in other beverage and food segments [4]

Group 1 - The Shanghai Composite Index closed at 3883.56 points, up 1.51% on August 25 [1] - The liquor sector index closed at 2409.35 points, increasing by 2.89%, with 20 liquor stocks rising [1] - Kweichow Moutai's stock price reached 1490.33 CNY per share, up 1.80% [1] Group 2 - Wuliangye's stock price closed at 129.93 CNY per share, up 3.29% [1] - Shanxi Fenjiu's stock price closed at 205.68 CNY per share, up 4.65% [1] - Luzhou Laojiao's stock price closed at 138.99 CNY per share [1] Group 3 - Huatai Securities indicated that the liquor market's fundamentals are stabilizing, with a narrowing decline in sales since August [1] - The recovery in consumption is particularly noted in scenarios like graduation banquets and gatherings, especially for liquor priced below 300 CNY [1] - The current recovery in the market is also reflected in the performance of government and business consumption [1]

沪指8月25日上涨1.51%，申万所属行业中，今日上涨的有31个，涨幅居前的行业为通信、有色金属， 涨幅分别为4.85%、4.63%。食品饮料行业今日上涨2.57%。 资金面上看，两市主力资金全天净流出449.29亿元，今日有9个行业主力资金净流入，有色金属行业主 力资金净流入规模居首，该行业今日上涨4.63%，全天净流入资金40.25亿元，其次是食品饮料行业，日 涨幅为2.57%，净流入资金为27.80亿元。 主力资金净流出的行业有22个，电子行业主力资金净流出规模居首，全天净流出资金174.12亿元，其次 是计算机行业，净流出资金为139.22亿元，净流出资金较多的还有非银金融、基础化工、汽车等行业。 食品饮料行业今日上涨2.57%，全天主力资金净流入27.80亿元，该行业所属的个股共124只，今日上涨 的有114只，涨停的有4只；下跌的有9只。以资金流向数据进行统计，该行业资金净流入的个股有77 只，其中，净流入资金超亿元的有7只，净流入资金居首的是五粮液，今日净流入资金6.49亿元，紧随 其后的是泸州老窖、舍得酒业，净流入资金分别为2.72亿元、2.57亿元。食品饮料行业资金净流出个股 中，资金净流出 ...

北京商报讯（记者 刘一博 冯若男）8月25日尾盘，沪指3883.56点上涨1.51%。白酒板块2409.35点收盘 上涨2.89%，其中20只白酒股上涨，贵州茅台1490.33元/股收盘。 华泰证券指出，当前基本面环比企稳，预计8月以来，白酒动销端表现环比降幅收窄，尤其升学宴、亲 朋聚饮等大众宴席场景修复较快，300元以下大众价位白酒产品有所修复；当前，政商务消费仍然有所 承压，但预计未来随政策限制边际收窄，也将稳步恢复。同时，由于前期需求快速下滑，部分渠道和终 端经销商回款和出货更为谨慎。整体看，当前行业基本面表现筑底企稳，中秋旺季将近，期待需求稳步 修复带动行业动销改善。 从个股来看，贵州茅台收盘价达1490.33元/股，上涨1.80%；五粮液收盘价达129.93元/股，上涨3.29%； 山西汾酒收盘价达205.68元/股，上涨4.65%；泸州老窖收盘价达138.99元/股，上涨6.35%；洋河股份收 盘价达74.27元/股，上涨2.92%。 ...

中邮证券研报中提到，2025年下半年，白酒板块将进入动销/报表端的低基数区间，营收利润同比表现 有望改善。从2025年上半年已经披露的酒企数据来看，悲观预期已经消化的相对充分，同时，2025Q2 —2025Q3，各酒企将在报表端陆续释放真实动销/需求压力。 从个股来看，贵州茅台收盘价达1483.93元/股，上涨1.36%；五粮液收盘价达128.96元/股，上涨2.52%； 山西汾酒收盘价达204.02元/股，上涨3.81%；泸州老窖收盘价达135.56元/股，上涨3.73%；洋河股份收 盘价达74.39元/股，上涨3.09%。 北京商报讯 （记者 刘一博 冯若男）8月25日早盘，三大指数集体上涨，沪指3858.59点上涨0.86%。白 酒板块2398.44点收盘上涨2.43%，其中19只白酒股上涨。 ...