Group 1 - Century Huatong plans to change the use of 1.28 million repurchased shares from equity incentive plans to cancellation, reducing total share capital from 7.428 billion to 7.427 billion shares [2] - Wuliangye adjusts its 2025 investment plan, increasing the number of projects from 19 to 22 and changing the investment amount from 2.586 billion to 2.207 billion yuan [3] - Qingyue Technology is under investigation for suspected financial data fraud, with the possibility of forced delisting if found guilty [4] Group 2 - Kang Enbei's chairman and legal representative resigns due to work adjustments, along with another board member [5] - Tianshan Co. expects a tax payment of approximately 61.86 million yuan to impact its 2025 net profit [6] - Muyuan Foods reports a 20.43% year-on-year decline in November sales revenue from live pigs, totaling 9.39 billion yuan [7] Group 3 - GAC Group's November automobile sales decreased by 9.72% year-on-year, with total sales of 1.797 million vehicles [8] - Western Pastoral's fresh milk production in November increased by 6.3% month-on-month but decreased by 6.47% year-on-year [9] - Gemdale Group's November contracted area fell by 58.50% year-on-year, with a total contracted amount of 1.52 billion yuan [10] Group 4 - Zhenghong Technology reports November sales revenue of 4.5196 million yuan from live pigs, with a year-on-year decline of 21.83% [11] - Wens Foodstuff's November chicken sales reached 118 million birds, generating 3.324 billion yuan in revenue [12] - Meilixin's controlling shareholder plans to increase holdings by no less than 50 million yuan [13] Group 5 - Hongcheng Environment's subsidiary wins an 853 million yuan sewage treatment project [14] - Dongzhu Ecology wins a 397 million yuan environmental project [15] - Xindian Software secures a 54 million yuan project for digital community construction [16] Group 6 - China Chemical announces that its nylon new material project has reached full production [17] - Jiaojian Co. is in discussions regarding overdue payments related to financial products, clarifying that it bears no responsibility for these products [18] - Micron Biotech's product is included in the 2025 National Medical Insurance Directory [19] Group 7 - Yitian Intelligent plans to sell 600 smart computing machines for a total of 1.56 billion yuan [20] - First Venture's subsidiary receives an administrative penalty notice from Jiangsu Securities Regulatory Bureau [21] - China Insurance's vice president is under investigation for serious violations [22] Group 8 - Zhixiang Jintai's monoclonal antibody injection is included in the 2025 National Medical Insurance Directory [23] - Haichuang Pharmaceutical's drug is also included in the National Medical Insurance Directory [24] - Yuanli Co. plans to acquire 49% of Clarimex for 25.56 million USD [25] Group 9 - Betta Pharmaceuticals' products are included in the National Medical Insurance Directory [26] - Tianci Materials' controlling shareholder commits to not reducing holdings for six months [27] - Guanglian Aviation's actual controller has had a detention measure lifted [28] Group 10 - Annie Co. announces a share transfer agreement that will make Shengshi Tianan the controlling shareholder [29] - Double Star New Materials notes uncertainty regarding the sustainability of long-term price increases [30] - ST Tianrui terminates plans for a change in control and resumes trading [31] Group 11 - Guao Technology is planning a change in control, leading to a temporary suspension of its stock [32] - Guangqi Technology's subsidiary signs contracts worth 696 million yuan for the production of metamaterials [33] - Shuoshi Biotech's monkeypox virus detection kit is included in the WHO emergency use list [34]

12月5日晚，借2026世界杯小组赛抽签之势，五粮液美加墨世界杯官方联名产品首发直播在京东平台开 播。作为2026FIFA世界杯官方联名产品合作伙伴，五粮液以"产品+活动"为驱动，奏响"美酒+体育"跨界 融合新乐章，为中国白酒的破圈创新及全球征程注入深厚和美动能。 据介绍，12月1日10时起至12月5日24时，消费者在五粮液京东自营店和五粮液官方旗舰店购买联名产 品，即可参与2026世界杯小组抽签竞猜，成功猜中"任意一个分组编号（除东道主组外）及该组前两档 球队"的用户可获全额退款。此外，所有联名产品均植入"一瓶一码"数字化权益，消费者扫码可验真 伪，更有机会赢取2026年美加墨世界杯观赛门票，实现"喝五粮液，亲临世界杯现场"的梦想。 京东集团副总裁赵煜表示，世界杯是全世界球迷的节日，是热血、激情与梦想的舞台；五粮液，是中国 白酒的瑰宝，是匠心、传承与文化的象征。当顶级赛事遇见顶级美酒，这不仅是一次跨界联名，更是一 次精神共鸣的深度融合——足球的团结拼搏，与五粮液"和合共生，美美与共"的和美精神，在此刻交相 辉映。 五粮液股份公司副总经理陈翀强调，守正创新是五粮液的核心原则。"守正"体现在对千年传承极致匠心 ...

白酒渠道跟踪 20251205 摘要 2025 年白酒市场普遍面临动销下滑和库存积压问题，茅台、五粮液等 高端品牌虽回款尚可，但价格出现松动，库存压力增加，线上平台甚至 出现低于成本价销售现象。 五粮液预计 2026 年销量增长 10%，主要因新任董事长上任及对 2025 年减量补偿，但具体打款价格和补贴政策尚未确定，经销商面临毛利甚 至负毛利挑战。 汾酒在山东市场表现相对稳定，部分区域略有增长，但 20 年汾酒价格 降至历史低点，经销商利润主要依赖返利，2026 年计划增长 10%。 江苏市场高端白酒需求下降，宴会用酒减少，价格下调，库存增加，五 粮液专卖店打款积极性不高，整体销量同比下降 25%-30%。 古井贡酒 2025 年任务完成率预计 80%左右，库存较高，古 20 等产品 价格有所松动，公司加大了渠道下沉力度，但高端产品销量不理想。 山东地区白酒动销整体下滑，水井坊和舍得下滑明显，汾酒持平或略增， 经销商库存偏大，各品牌面临一定压力。 河南地区 2025 年白酒销售额同比减少约 20%，部分酒厂下发减少指令， 导致销量减少，但最终完成了任务，没有再增加销量。 Q&A 最近白酒市场的动销情况如何？ ...

再论白酒周期 20251207 上一轮完整的白酒库存周期可以分为几个阶段：从 2009 年到 2012 年，整个 行业处于加库存阶段，茅台和五粮液等头部企业价格持续上涨，经销商主动囤 货，量价齐升，股价快速上涨。但从 2012 年开始，由于限制三公消费政策影 响，需求下降，但供给端仍在惯性增长，经销商被动加库存。这一阶段虽然报 表业绩不错，但批发价格下跌，股价表现最差。 进入主动去库存阶段后，由于 供给端控制，经销商开始减少囤货，这一过程导致业绩显著下滑，但量价逐步 企稳。例如，在 2014 年春节期间，我们观察到茅台和五粮液量价不跌，这是 判断库存周期转向的重要标志。尽管这一年的业绩很差，但股价已经基本进入 底部震荡区间。 摘要 白酒行业正经历从被动加库存向主动去库存的转变，预计 2026 年上半 年出现量价企稳信号，供给端已呈现收缩迹象，多数酒企对 2025 年目 标设定趋于保守。 2024-2025 年白酒企业供给端逐步收缩，类似于 2013-2014 年市场表 现，预计 2026 年上半年量价企稳，茅台、五粮液价格接近批价底部。 白酒需求与宏观经济高度相关，预计 2026 年市场企稳需宏观经济配合， ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 临近岁末，一则关于白酒行业龙头企业的重大价格动向引发市场高度关注。 有市场消息称，2026年五粮液将对核心单品52度第八代五粮液调整价格 ——在1019元/瓶的出厂价基础上给予折扣，经销商开票直降119元，为900元/瓶； 若叠加费用支持、返利等政策，该单品经销商端实际成本甚至可低至800多元/瓶。 针对此消息，《每日经济新闻・将进酒》记者第一时间联系五粮液方面。公司明确回应，第八代五粮液1019元/瓶的出厂价并未调整，市场所传 "降价"， 实为公司相关补贴支持政策落地后的价格变化。 图片来源：每日经济新闻 资料图 在白酒行业处于结构性调整的关键阶段，龙头酒企的价格与渠道政策变动向来牵一发而动全身。五粮液此次重大营销政策调整，会不会直接影响五粮液 2026年营收？作为白酒头部企业，此举是否会触动其他酒企，引发行业跟进？ 直降119元 第八代五粮液开票价降至900元？ 五粮液方面表示，第八代五粮液出厂价（市场称为打款价）仍为1019元/瓶并未调整。市场消息所谓的降价，是在公司有相关补贴支持政策之后的价格变 化。对于该政策的细节，其并未透露 ...

每经记者｜王帆 每经编辑｜陈柯名 张喜威 胡玲 潘海福 标题点睛： 12月7日，外交部发言人就日方声称中国海军舰载机对日本自卫队战斗机"雷达照射"事答记者问表示：中国军队已就该问题阐明了严正立场。事实真相十 分清楚，日本战斗机对中方正常军事活动频繁抵近侦察干扰才是最大的海空安全风险。中方不接受日方所谓交涉，已当场驳回，并在北京和东京分别提出 反交涉。当前形势下，日方炒作所谓"雷达照射"问题，颠倒黑白、嫁祸于人，渲染紧张局势，误导国际社会，完全是别有用心。中方对此坚决反对。我们 强烈敦促日方立即停止滋扰中方正常演训活动的危险行为，停止一切不负责任的虚假炒作和政治操弄。 12月7日，2025创新药高质量发展大会在广州白云国际会议中心召开。《每日经济新闻》记者在现场了解到，2025年国家医保目录成功新增114种药品，其 中有50种是一类创新药，包括替尔泊肽、国产ADC（抗体偶联药物）芦康沙妥珠单抗等明星药物。商保创新药目录则覆盖了5款国产抗癌药CAR-T（嵌合 抗原受体T细胞免疫疗法）细胞药物、2款进口阿尔茨海默病药物及罕见病药物。据悉，如果自费使用CAR-T疗法，单次治疗费用超过百万元。 1 日方炒作所谓"雷达照 ...

Group 1 - China's foreign exchange reserves increased by $3 billion to $33,464 billion at the end of November, marking a 0.09% rise from the end of October [8] - The People's Bank of China has increased its gold reserves for 13 consecutive months, reaching 7.412 million ounces by the end of November, an increase of 30,000 ounces from the previous month [8] - The National Medical Insurance Directory has added 114 new drugs, including 50 innovative drugs, with five CAR-T therapies included in the commercial insurance list [9] Group 2 - Baidu Group clarified rumors regarding the potential spin-off of its subsidiary Kunlun Chip for independent listing, stating that any such action would require regulatory approval and is not guaranteed [15] - Wuliangye responded to market rumors about a price drop for its flagship product, confirming that the factory price remains unchanged and the reported price changes are due to subsidy policies [16] - First Capital Securities is facing a potential fine of nearly 200 million yuan due to supervisory issues related to a past convertible bond project, highlighting rapid enforcement actions by regulatory bodies [18]

Core Viewpoint - Yibin is leveraging its unique geographical advantages and forward-looking policy layout to diversify its industrial base beyond traditional sectors like liquor and coal, focusing on digital economy and green energy industries, which are expected to drive economic growth and elevate its position in Sichuan province [1][2]. Group 1: Economic Development - Yibin's economic output is projected to exceed 400 billion yuan in 2024, ranking third in Sichuan province, with expectations for further improvement in its ranking [1]. - The city is positioned as a key node in the Western Land-Sea New Corridor, enhancing its logistics capabilities and reducing shipping times for large goods [2]. Group 2: Financial Innovation and Support - Yibin has introduced a collaborative development strategy combining "industrial chain + fund + scenario," establishing a fund matrix exceeding 60 billion yuan [3]. - The city has seen a continuous increase in loan balances, leading the province in growth rates, with annual increments exceeding 100 billion yuan [3]. - Specialized financial products have been developed to cater to the diverse needs of enterprises, including low-interest loans for green projects and innovation financing for tech companies [3]. Group 3: Emerging Industries - Yibin is establishing a modern industrial system with a focus on digital economy and green energy, forming a robust new energy landscape with power batteries, crystalline silicon photovoltaics, and new energy storage [4]. - The city has become a major hub for the power battery industry, with production capacity reaching 180 GWh and significant contributions to the global market [4][6]. - Yibin's new energy storage sector is rapidly developing, with production value expected to rise from 5 billion yuan to over 10 billion yuan [6]. Group 4: Traditional and New Industry Synergy - The traditional liquor industry is successfully integrating with emerging sectors like power batteries and digital economy, creating a mutually beneficial relationship that enhances overall competitiveness [7]. - Yibin's traditional industries are providing foundational support and expertise to new sectors, while innovations in new industries are feeding back into traditional sectors, creating a synergistic effect [7][8]. Group 5: Cultural and Brand Integration - Yibin is working to combine its rich liquor culture with new energy technology to create unique tourism experiences, enhancing brand influence and cultural significance [8][9]. - The city is organizing events that promote cultural integration, such as the "Rose Wedding" and collaborative activities with neighboring cities, fostering community engagement and brand recognition [9].

作为中国白酒行业的领军者与宜宾经济的"压舱石"，它既以千年匠心坚守品质根基，在国际舞台上斩获 权威认可、擦亮中国品牌名片；又以稳健经营穿越行业周期，用实打实的营收利税为地方经济贡献力 量；更以开放姿态布局全球、以创新思维培育动能、以链主担当赋能生态。 从传统酿造技艺的传承到国际化布局的深耕，从产品渠道的革新到全产业链的协同，五粮液用多元实践 诠释着龙头企业的硬核支撑力，成为宜宾产业高质量发展的坚实根基与核心引擎。 营收利税稳健 五粮液持续展现出稳健的经营韧性。 2024年，五粮液集团实现销售收入1952.97亿元、同比增长10.3%；利润总额472.43亿元、同比增长 10.86%；利税总额734.46亿元、同比增长10.13%。 当前的白酒行业，龙头酒企的业绩表现与战略动向始终是行业风向标。五粮液始终以"精准识变、大胆 应变、主动求变"的战略定力应对市场挑战，通过政策倾斜与资源支持帮助经销商稳利润，为后续可持 续增长夯实了基础。 2025年前三季度，五粮液（上市公司）实现营业收入609.45亿元，归母净利润215.11亿元。同时，五粮 液发布2025年中期利润分配预案，拟派发现金红利超100亿元（含税），高 ...

长江首城宜宾，依托独特区位优势与前瞻政策布局，突破白酒、煤炭的"一白一黑"路径依赖，大力拓展数字经济 新蓝海、绿色新能源"一蓝一绿"产业带，为城市产业升级注入全新动能。 2024年，宜宾市经济总量超过4000亿元，位居四川省第三，外界普遍看好宜宾市未来排名将进一步提升。 传统与新兴产业双向奔赴、协同发展，让"中国酒都"加速崛起，迈向动力电池产业的"万亿高地"，在产业变革浪潮 中书写"宜宾方案"。 政策精准滴灌 激活产业发展动能 宜宾坐拥"万里长江第一城"区位，长江航道直达东海，为大件货物运输提供天然优势；作为西部陆海新通道重要 节点，通过铁路、公路与沿海港口无缝衔接，货物出海时间大幅缩短，成为西南内陆连接东南亚的"桥头堡"。 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 证券时报记者 唐强 充分发挥"链主"企业"强磁场"效应，宜宾已累计引进动力电池上下游配套项目120余个，规划产能300GWh，已建 成210GWh，构建起"上游原材料—新能源汽车—电池回收"绿色全产业链闭环，成为全国动力电池产业链最全、配 套能力最强的地区之一。同时，在动力电池检验检测方面，已落户宁德时代宜宾研究院项目，一期已于2 ...