Core Insights - The Chinese wine industry is projected to see a production increase of 6.7% year-on-year by December 2025, reaching a total production of 16,000 kiloliters [1] - However, the cumulative production for the year 2025 is expected to decline by 17.1%, totaling 97,000 kiloliters [1] Company Insights - Listed companies in the Chinese wine sector include Zhangyu A (000869), Weilang Co., Ltd. (603779), Zhongpu Co., Ltd. (600084), ST Tongpu (600365), Xibu Chuangye (000557), and Huangtai Wine Industry (000995) [1] - The report by Zhiyan Consulting highlights the investment potential in the Chinese wine market from 2026 to 2032 [1]

（企业公告） 近日，张裕A发布关于股东回馈活动的自愿性披露公告。披露为回馈广大 A 股、B 股股东长期以来对公 司的支持与厚爱，加强公司与全体股东的互动交流，进一步提升公司"长尾猫"系列产品的品牌认知度， 结合新春消费场景，公司特面向 2025 年 11 月 26 日下午（本公司 2025 年第三次临时股东会股权登记 日）收市后在中国证券登记结算有限责任公司深圳分公司登记在册的公司股东，开展"长尾猫"新品尝鲜 大转盘抽奖及视频发布激励活动。 ...

Group 1 - Tuo Pai announced that Liu Xiaoqing and Yang Yuguang will serve as "Tuo Pai Special Mouthpieces" for the Spring Festival, aiming to enhance brand engagement during the holiday season [1] - Liu Xiaoqing's broad appeal across all age groups and Yang Yuguang's comedic style align well with the emotional value sought by young consumers in the liquor market, reinforcing the brand's connection to festive gatherings [1] - This strategic move is expected to boost sales during the Spring Festival and solidify Tuo Pai's position in the mass liquor market [1] Group 2 - The government of Zunyi City has set a target for the liquor industry to reach an output value of 150 billion yuan by 2026, with initiatives to stabilize production, adjust structure, and expand markets [2] - The city aims to attract 200 projects with over 100 million yuan in investment and achieve a fixed asset investment growth rate of around 4% [2] - Zunyi's focus on innovative consumption models and tourism experiences reflects a strategic upgrade for the liquor industry during a period of adjustment, providing a model for transformation through regional empowerment and channel innovation [2] Group 3 - Zhang Yu A announced a promotional event for shareholders featuring a "Long Tail Cat" product tasting and a lottery, aimed at engaging shareholders and promoting new products [3] - The event includes a 100% winning lottery for tasting the new product and encourages social media sharing to enhance market visibility [3] - This initiative is designed to strengthen the connection between the capital market and consumer market, boosting shareholder confidence while leveraging their social networks for product promotion [3]

Core Viewpoint - The company is launching a promotional event to reward shareholders of A-shares and B-shares, enhancing brand recognition for its "Long Tail Cat" product series through a lottery and video publishing incentive activity [1][9]. Group 1: Event Details - The event is open to shareholders registered by the close of trading on November 26, 2025, allowing individual participation for natural persons and up to five designated representatives for corporate shareholders [1][6]. - The overall event period is from January 27, 2026, to February 10, 2026, with specific participation times for the lottery and video submissions [1][6]. - The lottery will guarantee a 100% winning rate for all participants, with prizes distributed based on a random draw [3][4]. Group 2: Participation and Rewards - Shareholders can participate in the lottery by accessing the "Zhangyu Quality Life+" mini-program without needing to verify their identity if they see the promotional poster [2][3]. - The video publishing incentive requires participants to create and share original videos featuring the "Long Tail Cat" products, with specific requirements for content and hashtags [4][5]. - Three levels of rewards are available for video submissions based on engagement metrics, with the highest tier offering a total of 12 boxes of products over the year [4][5]. Group 3: Communication and Support - The company will utilize a mini-program and targeted SMS notifications to ensure shareholders are informed about the event [2][3]. - Any inquiries regarding the event can be directed to the company's designated consultation channels during specified hours [8].

Group 1 - The company Zhangyu A (000869.SZ) is launching a promotional event to reward A-share and B-share shareholders, enhancing interaction and brand recognition for its "Long Tail Cat" product series [1] - The event will run from January 27, 2026, to February 10, 2026, with a lottery draw taking place from January 27, 2026, 9:00 AM to January 30, 2026, 11:59 PM [1] - Shareholders must register by the close of trading on November 26, 2025, to participate in the lottery and video publishing incentive activities [1] Group 2 - Participants in the lottery must complete their entries within the specified time frame, as late entries will be considered forfeited [1] - Video publishing and reward application must be completed by February 10, 2026, at 6:00 PM to be eligible for incentives [1] - Prize redemption for the lottery will follow the same timeline as the overall event, with unclaimed prizes automatically expiring after the deadline [1]

证券代码：000869、200869 证券简称：张裕 A、张裕 B 公告编号：2026－临 01 烟台张裕葡萄酿酒股份有限公司 关于股东回馈活动的自愿性披露公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 （三）活动推广触达方式 为了让各位符合条件的股东都能及时了解活动详情，公司会通过以下 两种方式同步信息。 为回馈广大 A 股、B 股股东长期以来对公司的支持与厚爱，加强公司与 全体股东的互动交流，进一步提升公司"长尾猫"系列产品的品牌认知度， 结合新春消费场景，公司特面向 2025 年 11 月 26 日下午（本公司 2025 年 第三次临时股东会股权登记日）收市后在中国证券登记结算有限责任公司 深圳分公司登记在册的公司股东，开展"长尾猫"新品尝鲜大转盘抽奖及 视频发布激励活动。现将本次活动相关事宜公告如下： 一、本次回馈股东活动的主要内容 （一）参加活动股东范围 截至 2025 年 11 月 26 日下午（本公司 2025 年第三次临时股东会股权 登记日）收市后在中国证券登记结算有限责任公司深圳分公司登记在册的 公司股东，可以参与本次活动。自然人股东仅 ...

Core Viewpoint - The company aims to reward shareholders and enhance the recognition of its "Long Tail Cat" products through an upcoming promotional event scheduled from January 27 to February 10, 2026, targeting shareholders registered by the close of business on November 26, 2025 [1] Group 1 - The promotional event will include a prize wheel with a 100% winning rate and video publishing incentives [1] - The prize wheel will feature five levels of redeemable coupons, while video publishing incentives will be categorized into three levels based on likes, comments, and topic rankings [1] - Prizes will include gift cards for Long Tail Cat products, with video publishing incentive prizes to be reviewed and distributed within 15 working days after the event concludes [1]

Core Viewpoint - The non-liquor sector experienced a slight increase of 0.18% on January 23, with *ST Lanhuang leading the gains, while the overall market indices also showed positive movement [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4136.16, up by 0.33% [1]. - The Shenzhen Component Index closed at 14439.66, up by 0.79% [1]. - The non-liquor sector stocks showed varied performance, with *ST Lanhuang rising by 2.72% to a closing price of 10.96 [1]. Group 2: Stock Performance - The top performers in the non-liquor sector included: - *ST Lanhuang: 10.96, +2.72%, trading volume of 49,400 shares, turnover of 54.08 million [1]. - Zhongxin Niya: 6.34, +1.44%, trading volume of 87,300 shares, turnover of 54.87 million [1]. - Huijuan Beer: 12.16, +0.16%, trading volume of 51,800 shares, turnover of 62.91 million [1]. - Conversely, stocks like Weilang Co. and ST Xifa saw declines of 2.12% and 1.88%, respectively [2]. Group 3: Capital Flow - The non-liquor sector experienced a net outflow of 23.53 million from institutional funds and 36.39 million from speculative funds, while retail investors contributed a net inflow of 59.92 million [2]. - Notable capital flows included: - Qingdao Beer: -35.13 million from institutional funds, with a retail outflow of -49.91 million [3]. - *ST Yedao: +5.45 million from institutional funds, with a retail inflow of +1.50 million [3].

Core Viewpoint - The non-baijiu sector experienced a 0.72% increase on January 22, with Weilong Co., Ltd. leading the gains, while the Shanghai Composite Index rose by 0.14% and the Shenzhen Component Index increased by 0.5% [1] Group 1: Market Performance - The closing price of Weilong Co., Ltd. was 7.07, with a rise of 6.00% and a trading volume of 181,700 shares, amounting to a transaction value of 127 million yuan [1] - Other notable performers included CITIC Neya with a closing price of 6.25, up 5.57%, and Mogaoguan Co. at 5.84, up 1.92% [1] - The overall trading volume in the non-baijiu sector showed varied performance, with some stocks like Feike Beer and Jinfeng Wine also recording positive gains [1] Group 2: Capital Flow - The non-baijiu sector saw a net outflow of 18.218 million yuan from institutional investors and 35.8685 million yuan from retail investors, while there was a net inflow of 54.0864 million yuan from individual investors [2] - The capital flow data indicates that while institutional and speculative funds withdrew, retail investors were actively buying into the sector [2] Group 3: Individual Stock Analysis - Chongqing Beer experienced a net outflow of 16.9419 million yuan from institutional investors, while retail investors contributed a net inflow of 1.2597 million yuan [3] - Weilong Co., Ltd. had a net inflow of 14.4287 million yuan from institutional investors, but faced a net outflow of 1.19562 million yuan from retail investors [3] - Qingdao Beer saw a net inflow of 11.5279 million yuan from institutional investors, indicating strong institutional interest despite retail outflows [3]

Market Performance - The non-liquor sector increased by 1.82% compared to the previous trading day, with *ST Lanhua leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] Stock Highlights - The top-performing stocks in the non-liquor sector included: - *ST Lanhua: Closed at 10.56, up 3.53% with a trading volume of 85,700 shares and a turnover of 90.20 million yuan [1] - Zhirun Co.: Closed at 22.30, up 3.19% with a trading volume of 115,800 shares and a turnover of 258 million yuan [1] - ST Xifa: Closed at 11.34, up 3.18% with a trading volume of 55,600 shares and a turnover of 62.75 million yuan [1] Capital Flow - The non-liquor sector saw a net inflow of 19.12 million yuan from institutional investors, while retail investors contributed a net inflow of 25.07 million yuan [1] - Retail investors experienced a net outflow of 44.20 million yuan from speculative funds [1] Individual Stock Capital Flow - Key stocks with significant capital flow included: - Huaiqi Mountain: Net inflow of 13.72 million yuan from institutional investors, with a net outflow of 15.01 million yuan from speculative funds [2] - Xianjing Beer: Net inflow of 13.16 million yuan from institutional investors, with a net outflow of 29.92 million yuan from speculative funds [2] - ST Xifa: Net inflow of 12.87 million yuan from institutional investors, with a net outflow of 5.68 million yuan from speculative funds [2]