Wind数据显示，8月28日，共有389只个股获券商买入评级，其中81只个股公布了目标价格。按最高目标价计算，五粮液、泰凌微、陕西煤业目标涨幅排名居前，涨幅分别达71.36%、61.4%、 从评级调整方向来看，380只个股评级维持不变，3只个股评级获调高，6只个股为首次评级。此外，有69只个股获多家券商关注，五粮液、陕西煤业、双环传动获评级数量居前，分别有9家、5 从获买入评级个股所属Wind行业来看，资本货物、材料Ⅱ、食品、饮料与烟草买入评级个股数量最多，分别有71只、62只、41只。 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！ ...

免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经AI快讯，海通国际8月29日发布研报称，给予五粮液（000858.SZ，最新价：125.47元）优于大市评 级。评级理由主要包括：1）量增价缓特征显著，东部市场增速亮眼；2）2025Q2盈利能力小幅下滑， 资金周转效率显著提升；3）2025年紧扣核心战略定位，三大维度应对行业调整。风险提示：食品安全 风险，市场竞争加剧，经营策略成效不及预期。 每经头条（nbdtoutiao）——申请超2万份，已开出41家，加盟海底捞，你要准备多少钱？1000万元不算 多，真实"账单"公布 （记者 王晓波） ...

Group 1 - The report highlights a sustained strengthening of GMV inflection points, indicating optimism for long-term growth in the education sector, particularly for Oriental Selection [4][5] - The report notes a significant increase in the dividend payout ratio to 60% for Excellence Education Group, which may support revenue growth in the second half of 2025 [10][11] - Shanghai Film's performance is under short-term pressure, but the release of "Wang Wang Mountain Little Monster" is expected to provide performance elasticity [13][15] Group 2 - Huabei Mining's revenue for H1 2025 decreased by 45% year-on-year, but cost control measures are expected to enhance future performance as quality projects are gradually put into production [19][21] - The report indicates that the pet ecosystem construction by Reap Bio is becoming increasingly comprehensive, with a notable increase in revenue and net profit in H1 2025 [24][25] - Silver Wheel's revenue and net profit showed significant growth in Q2 2025, driven by dual engines of "server liquid cooling + robotic joints" [27][29] Group 3 - Shaanxi Coal's production and sales volumes remained stable, with a slight increase in coal production in H1 2025, despite a decrease in revenue [31][33] - China Ruyi's net profit turned from loss to profit in H1 2025, driven by game publishing and content investment [36][37] - Light Media's animation production capacity continues to improve, with IP operations expected to become a new growth point [40][42] Group 4 - Cambrian's revenue for H1 2025 saw an extraordinary increase of 4347.82% year-on-year, with net profit also experiencing substantial growth [46]

本报记者 梁傲男 白酒行业正经历一轮深度调整，没有企业能够独善其身。Wind数据显示，截至8月28日，A股共有13家 白酒上市公司披露了2025年半年报，相比2024年同期数据，反映出当前白酒行业仍未走出周期。 据记者梳理，13家白酒上市公司上半年实现营业收入合计为1768.76亿元，同比下降1.01%；归母净利润 合计为741.37亿元，同比下降0.76%；经营活动产生的现金流量净额合计为457.64亿元，同比下降 14.94%。 中国酒业协会有关人士认为，场景多元化演进、情感价值诉求升级、需求分层加速、渠道生态重构、存 量博弈白热化等，正在深度重塑白酒产业格局。 纷纷实施"控量保价" 上述13家白酒上市公司中，上半年营收、归母净利润均实现同比增长的仅有贵州茅台酒股份有限公司 （以下简称"贵州茅台"）、宜宾五粮液股份有限公司（以下简称"五粮液"）和金徽酒股份有限公司（以 下简称"金徽酒"）3家。 头部企业中，贵州茅台和五粮液仍保持增长态势，上半年分别实现归母净利润454.03亿元和194.92亿 元，同比增速分别为8.89%和2.28%，但增速较上年同期的15.88%和11.86%均有所放缓。江苏洋河酒厂 ...

以最新收盘价计算，A股平均股价为13.39元，其中股价超过100元的有148只，相比上一个交易日增加10 只。 百元股作为判定市场热度的信号之一，历来受到投资者关注。证券时报·数据宝统计显示，截至8月28日 收盘，沪指报收3843.60点，上涨1.14%，A股平均股价为13.39元，个股股价分布看，股价超过100元的 有148只，股价在50元至100元的有469只，股价在30元至50元的有765只。 市场表现方面，收盘股价超百元股中，今日平均上涨3.93%，跑赢沪指2.79个百分点。今日上涨的有110 只，涨停的有深南电路、天孚通信等，下跌的有38只，跌幅居前的有托普云农、星宇股份等。 追溯发现，最新百元股近一个月平均上涨31.18%，其间沪指上涨6.96%，涨幅居前的有东芯股份、思泉 新材、寒武纪等，涨幅分别为215.93%、160.09%、135.84%，今年以来平均涨幅为77.51%，强于沪指 62.83%，累计涨幅居前的有胜宏科技、东芯股份、北方长龙等，涨幅分别为517.85%、373.90%、 356.68%。 股价超百元个股中，收盘价最高的是寒武纪，今日报收1587.91元，上涨15.73%，其次 ...

Core Viewpoint - The article highlights the resilient growth of Wuliangye during a period of deep adjustment in the liquor industry, emphasizing its ability to maintain stable performance despite a slowdown in growth rates compared to previous years [3][4]. Financial Performance - In the first half of 2025, Wuliangye achieved revenue of 52.77 billion yuan, a year-on-year increase of 4.19%, and a net profit attributable to shareholders of 19.49 billion yuan, up 2.28% year-on-year [3][4]. - The company's growth rate is noted to be the first single-digit growth in nearly a decade, indicating a significant slowdown compared to past performance [4]. Product Performance - Wuliangye's main product line generated revenue of 40.99 billion yuan, growing by 4.57%, while other liquor products contributed 8.12 billion yuan, with a growth of 2.73% [5]. - The overall price per ton of liquor decreased by 27.89% to 433,600 yuan/ton, with a slight decline in gross margin to 82.2% [5]. Production and Sales - The production volume of Wuliangye products increased by 11.56% to 25,559 tons, with sales rising by 12.75% to 27,278 tons. In contrast, the production of series liquor surged by 60.15% to 76,650 tons, with sales increasing by 58.81% to 86,005 tons [6][7]. Channel Strategy - Wuliangye is focusing on enhancing direct sales and improving the profitability of distributors. Direct sales generated revenue of 21.20 billion yuan, up 8.6%, accounting for 43.15% of total revenue [7][8]. - The company has reduced the number of distributors to 2,510, while increasing the number of Wuliangye's own distributors to 1,077 [8]. New Product Launches - Wuliangye is targeting younger consumers with the launch of a new low-alcohol product, "Yijian Qingxin," and a new craft beer, "Fenghuolun," aiming to capture the growing low-alcohol market [9][13][15]. - The low-alcohol market in China is projected to exceed 74 billion yuan by 2025, with a compound annual growth rate of 25%, indicating strong growth potential [13]. Market Position - As of August 28, Wuliangye's stock price was 125.47 yuan, with a market capitalization of approximately 487 billion yuan, reflecting its strong position in the market [15][16].

2025 年 08 月 28 日 公司研究 评级：买入(维持) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 刘洁铭 S0350521110006 | | | | liujm@ghzq.com.cn | | 证券分析师： | | 胡家东 S0350525080001 | | | | hujd@ghzq.com.cn | | 联系人 | ： | 郝天宇 S0350124060016 | | | | haoty@ghzq.com.cn | [Table_Title] 业绩韧性彰显，渠道改革精进 ——五粮液（000858）2025 年中报点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/08/28 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 五粮液 | 1.1% | 1.4% | 15.2% | | 沪深 300 | 7.9% | 16.4% | 35.8% | | 市场数据 | | | 2025/08/28 | | 当前价格（元） | | | 125.47 | | 52 周价格区间（元） ...

Group 1 - The food and beverage sector continues to experience a pullback, with the Food ETF (515710) showing a decline of 0.31% at the close after a drop of nearly 2% during the day [1][3] - Major consumer goods stocks, particularly leading liquor brands, have also performed poorly, with companies like Qianhe Flavor, Miaokelando, and others dropping over 3% [3] - The launch of three Moutai cultural experience centers in Xinjiang and Zhengzhou is seen as a strategic move to deepen market penetration in the northwest and central regions, enhancing consumer engagement and cultural marketing [3] Group 2 - The current valuation of the food and beverage sector is considered low, with the food index's price-to-earnings ratio at 20.8 times, indicating a favorable long-term investment opportunity [4] - Analysts from Ping An Securities suggest that the liquor sector is stabilizing, with expectations for increased consumption during the upcoming Mid-Autumn Festival and National Day [5] - Huashang Securities notes that the liquor demand has been under pressure since the second quarter, but the marginal impact of policies is expected to diminish, setting a foundation for recovery [5] Group 3 - The Food ETF (515710) is recommended for investment, with approximately 60% of its portfolio allocated to leading high-end and mid-range liquor stocks, and nearly 40% in other beverage and dairy segments [5] - The top ten weighted stocks in the ETF include major brands like Moutai, Wuliangye, and Yili, indicating a strong focus on established market leaders [5]

五粮液 Wuliangye Yibin (000858 CH) 五粮液 2025 年中期业绩点评：业绩整体符合预期，稳健增长彰显韧性 Overall Performance Met Expectations, with Steady Growth Demonstrating Resilience [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 Rmb125.47 目标价 Rmb164.00 HTI ESG 1.4-1.3-2.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 义利评级 AA- 来源 : 盟浪 . Reproduced by permission; no further distribution 市值 Rmb487.01bn / US$68.00bn 日交易额 (3 个月均值) US$349.54mn 发行股票数目 3,882mn 自由流通股 (%) 100% 1 年股价最 ...

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