金十图示：2025年05月28日（周三）富时中国A50指数成分股今日收盘行情一览：石油、煤炭板块全天飘红，银行、汽车板块午 后继续涨跌互现 @ JIN10.COM 金十数据 | 一个交易工具 JIN10.COM 电力行业 互联网服务 长江电力 88 中国核电 1982.76亿市值 东方财富 a 2018-02-1 7470.15亿市值 3239.83亿市值 16.37亿成交额 5.55亿成交额 27.20亿成交额 30.53 9.64 20.50 +0.27(+0.89%) -0.01(-0.10%) -0.19(-0.92%) 食品饮料 证券 中信证券 国泰海通 海天味业 (D 3037.60亿市值 3767.38亿市值 2523.96亿市值 9.03亿成交额 3.13亿成交额 6.16亿成交额 25.42 17.23 45.39 -0.09(-0.35%) -0.10(-0.58%) +0.87(+1.95%) 消费电子 化学制药 工业富联 立讯精密 個瑞医药 3689.78亿市值 2202.50亿市值 3582.41亿市值 20.24亿成交额 6.16亿成交额 19.44亿成交额 18.58 30.39 ...

近期，茅台、五粮液、汾酒、洋河、泸州老窖、古井贡酒等头部上市酒企相继召开了2024年度业绩说明 会。 综合来看，TOP6上市酒企通过业绩说明会，不仅披露了企业自身的经营状况，更勾勒出行业变革图 谱。当头部酒企集体切换至低速发展模式，这一结构性变化将如何影响行业走势?而它们的一系列战略 调整，又将为中小酒企带来哪些发展启示? 毋庸讳言，在外部经济环境冲击、消费市场转型、行业存量调整等多重因素影响下，降速发展已成为整 个白酒行业不争的事实。而这，在TOP6上市酒企的财报中体现得较为明显。 数据显示，今年一季度，TOP6上市酒企业绩增速显著放缓。其中，茅台、古井贡酒营收、净利润虽维 持两位数增长，但同比增速明显回落;五粮液、汾酒、泸州老窖三家酒企营收与净利润增速均降至个位 数区间;洋河业绩下滑最为严重，营收与净利润同比降幅双双超过30%。 而另一组数据也进一步凸显了当前形势的严峻性。根据日前国家统计局统计结果，2025年1-4月，全国 规模以上白酒企业累计白酒产量为130.8万千升，同比减少7.8%。若后续不能有效扭转生产颓势，行业 将迎来连续第八个年度产量下滑。 中国酒业协会日前发布的数据显示，今年一季度，全国规 ...

今年西博会上，五粮液深度参与各项活动，并在欢迎会上，展示中国传统酿造技艺的深厚底蕴，以一杯"大国浓香"架起中国与世界美美与共的交流桥梁。与此同时，五粮液还创新展陈方式，"从 "五粮液的展馆内不仅能闻到浓浓酒香，感受到千年酒文化，而且让人惊叹的是，一个根植于传统农耕文明的企业，正以开放的胸襟，积极拥抱科学技术，在产业链上的多个环节创新突破，助推 五粮液展厅位于西博城5号馆，展厅以"守正创新·和美共生"为展陈理念，围绕五粮液"从一粒种子的播种，到一瓶美酒的诞生，再到产业配套和全球流通"的过程，以沉浸式线性动线引导观众， 步入五粮液主题展厅，中心位置陈列着经典五粮液10、第八代五粮液、五粮液1618、五粮液·紫气东来、低度五粮液等核心产品，精美的酒瓶包装，让人瞬间感受到"大国浓香"的魅力；四周精 可以看到，种植环节，五粮液从高粱、大米、糯米、小麦、玉米种子开始，承载大自然的馈赠，展现北纬30°黄金酿酒带，好粮酿好酒的味蕾密码；酿造环节，通过五粮液利川永、长发升、全恒 从一粒孕育于土地的种子开始，五粮液历经精心种植、匠心酿造、精致包装、高效物流，最终化作人们餐桌上的美酒，融入千家万户的美好生活之中。而从产业来看，五粮 ...

Core Viewpoint - The consumer sector is expected to improve due to increased domestic demand policies and declining upstream raw material prices, leading to a potential recovery in the food and beverage industry [2]. Group 1: Market Performance - As of May 28, 2025, the CSI Major Consumer Index (000932) rose by 0.52%, with significant gains in constituent stocks such as BaiRun Co. (002568) up 5.42% and Dongpeng Beverage (605499) up 3.59% [1]. - The Major Consumer ETF (159672) also increased by 0.52%, with the latest price at 0.78 yuan [1]. Group 2: Industry Insights - The white liquor industry is currently in a destocking phase, with a potential recovery in business demand expected in 2025 due to economic stimulus policies. This includes a rebound in wedding banquets and graduation celebrations, which may alleviate inventory pressure [2]. - In the mass food sector, demand recovery and cost reductions are anticipated, with the restaurant industry's revival likely to boost the demand for the food supply chain. Certain sub-sectors are experiencing declining raw material costs, benefiting profit margins and overall performance [2]. Group 3: ETF Performance and Valuation - The Major Consumer ETF has recorded a maximum monthly return of 24.35% since its inception, with an average return of 5.36% during rising months [3]. - As of May 27, 2025, the ETF's maximum drawdown this year was 5.57%, with a management fee of 0.50% and a custody fee of 0.10%, making it one of the lowest in its category [3]. - The latest price-to-earnings ratio (PE-TTM) for the CSI Major Consumer Index is 19.72, indicating it is at a historical low, below 95.63% of the past year [3]. Group 4: Top Holdings - As of April 30, 2025, the top ten weighted stocks in the CSI Major Consumer Index accounted for 67.16% of the index, including Yili Co. (600887) and Kweichow Moutai (600519) [3].

五粮液5月27日在互动平台表示，目前经销商库存保持正常较低水平。 ...

Investment Rating - The report assigns an "Overweight" rating for the food and beverage industry, indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [1][58]. Core Insights - The food and beverage sector experienced a decline of 1.27% last week, underperforming the CSI 300 index by 1.09 percentage points, ranking 22nd among 31 sectors [4][10]. - The report highlights that the liquor industry is at a bottom valuation level, with expectations for demand recovery driven by policy support [4][5]. - The dairy sector is anticipated to stabilize in 2025 due to adjustments in production capacity and favorable policies [4]. Summary by Sections 1. Market Performance - The food and beverage sector's performance was down 1.27%, with pre-processed foods showing a positive increase of 3.41% [4][10]. - Top-performing stocks included Kweichow Moutai, Wuliangye, and others, while stocks like Western Pastoral and Shanxi Fenjiu faced significant declines [4][10]. 2. Key Consumption and Raw Material Prices - Liquor prices showed slight declines, with Moutai's retail price at 2080 RMB for scattered bottles, down 10 RMB from the previous month [22]. - Beer production in April 2025 reached 289.60 million hectoliters, a year-on-year increase of 4.8% [28]. - Dairy prices are stabilizing, with fresh milk priced at 12.15 RMB per liter, showing a slight decrease [30]. 3. Industry Dynamics - The report notes a significant increase in beer exports from Putian, Fujian, with a 28.6% rise in volume [54]. - The liquor production for the first four months of 2025 was 130.8 million hectoliters, reflecting a year-on-year decrease of 7.8% [55]. 4. Core Company Developments - Kweichow Moutai is focusing on five key areas for development, including strengthening its core business and enhancing brand culture [4]. - Qingdao Beer is optimizing its resource allocation in southern markets and expanding its online retail capabilities [4].

随着白酒产量的持续下滑，行业整体踏入存量竞争阶段。有白酒上市公司5月就公开表示：酒类消费供 需结构出现了转移和分化，酒类消费市场进入到存量期；舍得酒业（600702.SH）也在近期提及"行业挤 压式存量竞争不断加剧"。 国家统计局最新数据显示，2025年1-4月，全国规模以上企业白酒（折65度，商品量）产量130.8万千 升，同比下降7.8%。其中，4月产量28.1万千升，同比下降13.8%。 记者注意到，2016年以来，白酒产量逐年下滑。据国家统计局数据，我国白酒产量在2016年达到1358.4 万千升的高点，此后便开启逐年下滑模式，2024年我国白酒产量为414.5万千升。 一位白酒上市公司高管表示："行业调整短期会增加企业经营难度，导致行业竞争加剧，但对于行业健 康度提升也有积极作用。" 白酒产量逐年下滑，中小酒企"存量厮杀"加剧 国家统计局数据显示，2024年，全国规模以上企业累计白酒产量（折65度，商品量）414.5万千升,同比 下降1.8%；2024年12月,规模以上企业白酒（折65度）产量47.4万千升,同比下降7.6%。 来源于东莞证券研究所 这是白酒产量持续下滑的第八个年头。产量收缩的原因， ...

以科技创新为驱动，五粮液在传统产业转型升级上持续探索，以品质为基石，五粮液在选种育种、固态 发酵、菌种研究、风味科学、检测检验、工业设计、品质安全、智能酿造、资源利用等酿酒全产业链上 开展科研创新，将科研创新成果转化为现实生产力。五粮液旗下的四川省宜宾普什集团有限公司深耕现 代包装与高端装备两大产业，以智慧包装与精密模具赋能产品品质；四川省宜宾环球集团以前沿技术和 严苛标准打造高品质玻璃产品体系；四川省宜宾丽彩集团用绿色印刷与纸质包装践行可持续发展理念， 掌握30余项行业关键技术、核心工艺和有效专利；四川安吉物流集团有限公司通过完善现代物流服务体 系、优化供应链运营、强化数字化赋能，助力五粮液实现从生产到消费的高效、智能、绿色全链路管 理。 业内人士认为，五粮液构建起"从一粒种子到一瓶美酒，一瓶美酒到美好生活"的全产业链脉络，是全产 业链创新的生动实践，将成为企业高质量发展重要引擎。 五粮液相关负责人表示，将以西博会这一国际盛会为平台，积极融入国际产业链、供应链，助力四川省 建圈强链，为构建新发展格局、高质量共建"一带一路"贡献"和美"力量。（赵思思） 五粮液主题展区以"守正创新·和美共生"为展陈理念，将"一 ...

Investment Rating - The report assigns an "Overweight" rating for the food and beverage industry, indicating a positive outlook compared to the broader market index [1][58]. Core Insights - The food and beverage sector experienced a decline of 1.27% last week, underperforming the CSI 300 index by 1.09 percentage points, ranking 22nd among 31 sectors [4][10]. - The report highlights that the liquor industry is expected to stabilize, with major companies focusing on strategic initiatives to enhance brand value and market presence [4][5]. - The beer segment shows signs of improvement as the peak demand season approaches, with a year-on-year production increase of 4.8% in April 2025 [28]. - The snack food sector is characterized by high growth potential, driven by strong product categories and new distribution channels [4]. - The dairy industry is anticipated to see demand growth due to favorable policies, with milk prices expected to stabilize as supply-demand dynamics improve [4]. Summary by Sections 1. Market Performance - The food and beverage sector's performance last week was a decline of 1.27%, with pre-processed foods showing a positive trend, increasing by 3.41% [4][10]. - Top-performing stocks included Kweichow Moutai and Wuliangye, while the worst performers were Western Pastoral and Shanxi Fenjiu [4][10]. 2. Key Consumption and Raw Material Prices - Liquor prices have shown fluctuations, with Moutai's retail price at 2080 RMB for scattered bottles, down 10 RMB from the previous week [22]. - Beer production in April reached 289.60 million hectoliters, reflecting a 4.8% year-on-year increase [28]. - Dairy prices as of May 16, 2025, include fresh milk at 12.15 RMB per liter, with a slight decrease compared to the previous week [30]. 3. Industry Dynamics - The report notes a 28.6% increase in beer exports from Putian, Fujian, indicating a growing international demand [54]. - The liquor production for the first four months of 2025 was 130.8 million hectoliters, down 7.8% year-on-year, with a significant drop in April [55]. 4. Core Company Developments - Major liquor companies are focusing on strategic initiatives to enhance brand strength and market stability, with Moutai emphasizing internationalization and youth engagement [4][5]. - Qingdao Beer is optimizing resource allocation in southern markets, aiming for growth above the company average [4].