一、董事会会议召开情况 宜宾五粮液股份有限公司（以下简称公司）第七届董事会 2025 年第 7 次会议，于 2025 年 12 月 5 日以通讯及传阅方式完成对议案的 审议，应参与审议表决董事 10 人，实际参与审议表决董事 10 人。会 议的召开方式符合《公司法》及公司《章程》的规定。 二、董事会会议审议情况 议案一：关于 2025 年投资计划年中调整方案的议案 证券代码：000858 证券简称：五粮液 公告编号：2025/第 033 号 宜宾五粮液股份有限公司 第七届董事会 2025 年第 7 次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 三、备查文件 第七届董事会 2025 年第 7 次会议决议。 为提升公司投资管理计划性，公司拟根据各投资项目本年度实施 预期进行调整，计划投资项目数量由 19 个调整为 22 个，其中取消项 目 1 个，新增项目 4 个（包括四川五粮液文化旅游开发有限公司增资、 四川省宜宾环球格拉斯玻璃制造有限公司无铅水晶玻瓶数智绿色示 范线等项目）；计划投资金额由 25.86 亿元调整为 22.07 亿元。具体 详见 ...

格隆汇12月5日丨五粮液(000858.SZ)公布，为持续提升品牌影响力与竞争力，公司拟与中央广播电视总 台开展2026年"和美好礼"品牌传播项目，包括中央广播电视总台2026年品牌强国工程"强国品牌"合作方 案、《2026年春节联欢晚会》"和美好礼"独家互动合作伙伴、《2026年中秋晚会》"和美好礼"互动合作 伙伴、重大体育赛事合作等IP项目；项目总预算6.3亿元（含税）。 ...

格隆汇12月5日丨五粮液(000858.SZ)在投资者互动平台表示，公司高度重视各价格带的产品布局，目前 在200-800元价位带布局了名门春、12.18、五粮好客等品牌及产品，后续还将持续优化产品矩阵，强化 品牌建设，做好消费者培育，以更好地满足市场需求。 ...

格隆汇12月5日丨五粮液(000858.SZ)在投资者互动平台表示，公司高度重视各价格带的产品布局，目前 在200-800元价位带布局了名门春、12.18、五粮好客等品牌及产品，后续还将持续优化产品矩阵，强化 品牌建设，做好消费者培育，以更好地满足市场需求。 ...

Core Insights - The tea industry is experiencing a historic opportunity for quality enhancement, with technological innovation and industry empowerment being key to breaking through challenges [1] - A strategic cooperation agreement was signed between Wuliangye Group's Chuanhong Tea Industry Group and Anhui Agricultural University, focusing on technology innovation, brand empowerment, cultural heritage, and talent cultivation [3][4] Group 1: Strategic Cooperation - The partnership leverages the strengths of both parties, with Chuanhong Tea Industry Group being a leading player in the tea export sector since 1952 and recognized as a key agricultural enterprise [4] - Anhui Agricultural University has a strong reputation in tea science, housing the only national key laboratory in the field, and has made significant contributions to tea research and standard-setting [4][12] Group 2: Innovation and Development - The collaboration aims to create a comprehensive cooperation system centered on the integration of production, education, and research, addressing key needs for the tea industry's development during the 14th and 15th Five-Year Plans [5][10] - The high-end compressed black tea "Changjiang Hong" is a flagship product of this collaboration, showcasing innovations in both quality and health benefits [7][8] Group 3: Cultural and Brand Empowerment - The partnership will enhance the cultural heritage of Chuanhong tea and improve its brand competitiveness and international influence through a dual circulation model of enterprise challenges and research topics [10] - Talent cultivation mechanisms will be established to ensure a flow of skilled professionals who understand technology, industry, and innovation [10] Group 4: Operational Mechanisms - A structured management system will be implemented to ensure efficient cooperation, including a council and secretariat for decision-making and daily operations [11] - Intellectual property rights and confidentiality measures will be established to protect collaborative outcomes and ensure information security [11] Group 5: Future Outlook - The collaboration is positioned as a response to national strategies that recognize the importance of tea and alcohol industries, aiming to reshape industry value and enhance cultural confidence [12][13] - The partnership is expected to set a benchmark for the tea industry by integrating technology and cultural heritage, promoting the global competitiveness of Chinese black tea [13]

Investment Rating - The report indicates a long-term investment value in the high-end liquor industry, particularly for leading brands like Moutai and Wuliangye, despite short-term challenges [4]. Core Insights - The high-end liquor sector is facing short-term challenges but maintains a strong investment logic due to brand moat, high gross margins (85%+), and stable cash flow [4]. - The report highlights the need for liquor companies to balance online and offline strategies, especially in the context of the growing trend of instant retail [4][6]. - The domestic wine industry is experiencing a "bumper harvest but no profit" situation, primarily due to supply-demand imbalances and competition from imported wines [6]. Industry Trends - High-end liquor industry re-evaluation: The core logic remains unchanged despite short-term challenges, with leading companies still showing long-term investment potential [4]. - Instant retail's impact on the liquor industry: Instant retail is rapidly penetrating the market, but the response from manufacturers is mixed due to high costs and low order volumes [4][6]. - The "liquor+" strategy is emerging, integrating liquor with various cultural and lifestyle elements to enhance consumer engagement and brand value [6]. - The domestic wine industry faces significant challenges, including supply-demand imbalances and high production costs, necessitating a shift towards consumer value and brand differentiation [6]. Top Brand News - Young consumers are shifting their purchasing criteria from "value for money" to "emotional value," with brands like Qingdao White Beer successfully tapping into this trend [13]. - Xijiu is promoting a lifestyle approach through its "Xijiu+" strategy, integrating liquor with local culinary experiences to enhance consumer connection [13][26]. - Jian Nan Chun achieved significant sales during the Double Eleven shopping festival, showcasing the effectiveness of its cultural branding and e-commerce strategies [24].

行业动态 2025年1-10月，广州市规模以上企业累计啤酒产量80.57万千升，同比下降3.2%。其中，2025年10月， 广州市规模以上企业啤酒产量7.44万千升，同比增长10.9%。（中国国际啤酒网） 企业动态 1.茅台公益基金会获评5A级 1.李睿：遵义坚持"稳白酒强非酒" 日前，贵州省委常委、遵义市委书记李睿撰文《奋力谱写中国式现代化遵义篇章坚持走高质量发展新 路》。文中提出，遵义市将聚焦"两坚持一强化一展现"重要要求，全面发力推动高质量发展，推动工业 稳优势、调结构；坚持"稳白酒强非酒"，加快推动白酒产业绿色化、智能化转型，提速发展有色金属、 氟钡化工、装备制造、新型能源、绿色食品加工等特色优势产业，布局培育低空经济、大数据电子信息 等新兴产业和未来产业。（贵州改革微信公众号） 2.仁怀总投资5亿元酱酒物流项目开工 11月30日，仁怀市中通快递现代物流园项目正式开工。据悉，该物流园规划建设4大功能区，分别为酱 酒供应链智能管理中心、酱酒智能仓储中心、酱酒智能集散中心、酱酒电商产业拓展基地，致力于打造 集智能仓储、高效运输与供应链服务于一体的现代化物流平台。项目规划面积77.31亩，总投资约5亿 元。 ...

自由现金流ETF中证全指（561080）业绩比较基准为中证全指自由现金流指数收益率，管理人为华安基 金管理有限公司，基金经理为许之彦、王超，成立（2025-04-23）以来回报为23.58%，近一个月回报为 2.50%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 12月5日，截止午间收盘，自由现金流ETF中证全指（561080）涨0.73%，报1.243元，成交额292.18万 元。自由现金流ETF中证全指（561080）重仓股方面，中国海油截止午盘跌0.89%，美的集团涨0.11%， 格力电器跌0.54%，五粮液涨0.26%，中远海控跌0.40%，洛阳钼业涨2.85%，TCL科技涨2.06%，中国铝 业涨3.95%，顺丰控股涨0.37%，陕西煤业跌0.62%。 来源：新浪基金∞工作室 ...

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 【点击进入酒价内参，查看真实酒价】 新浪财经"酒价内参"过去24小时收集的数据显示，白酒市场十大单品的终端零售均价周五延续回调态 势，整体继续下行。如果十大单品各取一瓶整体打包售卖，今日总售价为9145元，较昨日回落23元，市 场连续第二日呈现弱势调整格局。 "酒价内参"的每日酒价数据源自全国各个大区均有合理分布的约200个采集点，包括但不限于酒企的指 定经销商、社会经销商、主流电商平台和零售网点等，原始取样数据为过去24个小时中各点位经手的真 实成交终端零售价，确保为社会各界提供一份关于知名白酒市场价格的客观、真实、科学、全程可追溯 的数据。 今日市场多数产品仍以下跌为主，但部分产品企稳回升。洋河梦之蓝M6+逆势大涨，价格环比上涨10 元/瓶，扭转昨日大跌走势。青花汾20价格回升3元/瓶。水晶剑南春价格微涨1元/瓶。飞天茅台价格则与 昨日持平。下跌产品中，习酒君品与国窖1573价格各下跌9元/瓶。青花郎结束连涨态势，价格回调5元/ 瓶。古井贡古20与精品茅台价格均回落5元/瓶。五粮液普五八代价格下跌4元/瓶。 【点击进入酒价内参，查看真实酒价】 白酒 ...

| 中国知名白酒大单品 | 市场真实成交终端价 | | | --- | --- | --- | | 品名/规格 | 今日价格(元) | 较昨日(元) | | 贵州茅台酒(飞天) 53度/500ml | 1816/瓶 | 持本 | | 贵州茅台酒(精品) 53度/500ml | 2325/瓶 | -570 | | 五粮液普五八代 52度/500ml | 837/瓶 | -470 | | 青花汾20 53度/500ml | 385/瓶 | | | 国窖1573 | 871/瓶 | -9元 | | 52度/500ml | | | | 2 | 52度/550ml | 571/瓶 | 10元 | | --- | --- | --- | --- | | | 古井贡古20 | 508/瓶 | -5元 | | | 52度/500ml | | | | 2) | 习酒君品 | 661/瓶 | -9元 | | | 53度/500ml | | | | | 青花郎 | 765/瓶 | -570 | | | 53度/500ml | | | | | 水晶剑南春 52度/500ml | 406/瓶 | 1 T | 新浪财经"酒价内参"过去2 ...