来源：翠鸟资本 净值不上不下，反弹力度有限，持有人开始频繁问一个问题：白酒到底还行不行？ 在很多普通投资者的记忆里，白酒指数曾经是一条清晰而省心的赛道。不用选股，不用判断公司治理， 只要我国消费升级存在，白酒龙头就会走出趋势。 招商中证白酒指数LOF就是这一轮逻辑下的典型代表之一，但是，当时间拉长到最近几年，这种熟悉的 安全感正在被反复消耗。 站在今天回看这只产品的阶段性表现，它并不是突然失效，而是被完整地拖进了一个行业与估值同步消 化的周期里。 下跌时间长 从阶段性数据看，招商中证白酒指数基金A份额的表现给人的第一感受是：乏力。 截至2025年12月26日，产品近3个月下跌5.91%。近1年下跌11.27%，近2年下跌20.14%，近3年下跌 36.15%。 这组数据的特点很清晰：下跌时间长，反弹幅度弱。 即便在近6个月内实现0.72%的微弱正收益，也很难给投资者带来明显的信心修复。 但同时也要看到，这并不是一只出现极端回撤或结构性失控的产品，而是一种典型的行业横盘期指数表 现。 什么情况？ 这意味着可以得出一个非常直接的结论：招商中证白酒指数的表现，本质上就是几家核心白酒公司的加 权组合。 当茅台、五粮液 ...

长江证券研报指出，洋河股份持续去库存，未来有望轻装上阵。受需求端波动的影响，行业整体面临一 定的压力，从历史来看，降低增速预期、维护渠道健康是缓解库存周期波动的正解。当前公司积极协助 经销商去化库存，渠道逐步回归健康良性，未来有望轻装上阵，再度起航。预计公司2025/2026年EPS为 2.25/2.66元，对应最新PE为27/23倍，维持"买入"评级。 ...

Core Insights - The article highlights the recent slight rebound in the retail prices of China's top ten liquor products, indicating a stabilization after a period of decline [1][5]. Price Trends - The overall retail price for the top ten liquor products reached 9081 yuan, an increase of 3 yuan from the previous day, suggesting a potential market recovery [1][5]. - The market exhibited a trend of more price increases than decreases, with notable price rises for several products, including: - Qinghua Lang increased by 10 yuan per bottle, leading the market [6]. - Guojiao 1573 rose by 4 yuan per bottle, marking its fifth consecutive day of price increases [6]. - Qinghua Fen 20 and Wuliangye Pu 58th generation both saw increases of 2 yuan per bottle [6]. - Yanghe Dream Blue M6+ experienced a slight increase of 1 yuan per bottle [6]. - Conversely, some products saw price declines, with: - The price of the premium Moutai dropping by 8 yuan per bottle [6]. - Xijiu Junpin decreased by 5 yuan per bottle [6]. - Feitian Moutai fell by 3 yuan per bottle [6]. Data Collection Methodology - The data for the "Liquor Price Reference" is sourced from approximately 200 collection points across various regions, including designated distributors, social distributors, mainstream e-commerce platforms, and retail outlets, ensuring a comprehensive and objective representation of market prices [2][6]. Industry News - On January 4, Kweichow Moutai Co., Ltd. issued a warning regarding fraudulent recruitment information circulating online, falsely using the Moutai name and claiming direct sales at 1169 yuan, which the company has not authorized [2][6].

Core Insights - The core viewpoint of the news is that the Chinese liquor market, particularly the top ten baijiu products, has shown signs of price stabilization after a period of decline, with a slight rebound in retail prices observed on January 5 [1][5]. Price Trends - The overall retail price for the top ten baijiu products reached 9081 yuan, reflecting a minor increase of 3 yuan compared to the previous day, indicating a potential stabilization after hitting new lows [1][5]. - The market is experiencing a recovery pattern with more products increasing in price than decreasing. Notably, Qinghua Lang saw a significant increase of 10 yuan per bottle, leading the market [6]. - Other products that increased in price include Guojiao 1573 (+4 yuan), Qinghua Fen 20 (+2 yuan), and Wuliangye Pu 58th generation (+2 yuan). Yanghe Dream Blue M6+ saw a slight increase of 1 yuan [6][8]. - Conversely, the prices of some products have decreased, with the premium Moutai dropping by 8 yuan, Xijiu Junpin down by 5 yuan, and Feitian Moutai down by 3 yuan [6][8]. Data Collection Methodology - The data for the "Liquor Price Reference" is sourced from approximately 200 collection points across various regions, including designated distributors, social distributors, mainstream e-commerce platforms, and retail outlets. This aims to provide an objective and traceable representation of the market prices for well-known baijiu [2][6]. Industry News - On January 4, Kweichow Moutai Co., Ltd. issued a warning regarding false recruitment information circulating online, claiming to offer Moutai at 1169 yuan. The company clarified that it has not authorized any such offers and is cooperating with authorities to address the issue [2][6].

Core Insights - The core viewpoint of the news is that the Chinese liquor market, particularly the top ten baijiu products, has shown signs of price stabilization after a period of decline, with a slight rebound in retail prices observed on January 5 [1][5]. Price Trends - The overall retail price for the top ten baijiu products reached 9081 yuan, an increase of 3 yuan from the previous day, indicating a potential stabilization after hitting new lows [1][5]. - The market is experiencing a recovery pattern with more products increasing in price than decreasing. Notably, Qinghua Lang saw a significant increase of 10 yuan per bottle, leading the market [6]. - Other products that increased in price include Guojiao 1573 (+4 yuan), Qinghua Fen 20 (+2 yuan), and Wuliangye Pu 58th generation (+2 yuan). Yanghe Dream Blue M6+ saw a minor increase of 1 yuan [6][8]. - Conversely, products that decreased in price include the premium Moutai, which fell by 8 yuan, Xijiu Junpin by 5 yuan, and Flying Moutai by 3 yuan [6][9]. Data Collection Methodology - The data for the "Liquor Price Reference" is sourced from approximately 200 collection points across various regions, including designated distributors, social distributors, mainstream e-commerce platforms, and retail outlets. The aim is to provide objective and traceable data on the market prices of well-known baijiu [2][6]. Industry News - On January 4, Kweichow Moutai Co., Ltd. issued a warning regarding false recruitment information circulating online, claiming to offer Moutai at 1169 yuan. The company clarified that it has not authorized any such offers and is cooperating with authorities to address the issue [2][6].

Core Viewpoint - The Chinese white liquor market has shown signs of stabilization with a slight rebound in retail prices after a period of decline, indicating a potential recovery in market sentiment [1]. Price Trends - The average retail price of the top ten white liquor products ended a continuous decline on January 5, with a total price of 9081 yuan for a bundled sale, reflecting a 3 yuan increase from the previous day [1]. - The market is experiencing a recovery pattern with more products increasing in price than decreasing, suggesting a structural rebound [1]. Notable Price Changes - Qinghua Lang saw a strong performance with a price increase of 10 yuan per bottle, leading the market [1]. - Guojiao 1573 has increased by 4 yuan per bottle, marking its fifth consecutive day of price increases [1]. - Other products with price increases include Qinghua Fen 20 and Wuliangye Pu 58, both up by 2 yuan per bottle, and Yanghe Dream Blue M6+ with a slight increase of 1 yuan per bottle [1][4]. - Conversely, the price of the premium Moutai has decreased significantly, with the boutique version down by 8 yuan, and the Flying Moutai down by 3 yuan per bottle [1][3].

◎记者 时娜 上市公司的回购增持热潮持续至2026年。2026年1月4日，东诚药业、世纪华通等上市公司发布回购股份 计划，宁德时代、美的集团、潍柴动力、蓝思科技等多家深市龙头公司也披露了回购进展情况，英派斯 等公司披露增持计划实施情况，以"真金白银"传递信心，夯实公司价值投资基础。此外，多家上市公司 近日宣布向投资者派发"大红包"。 股份回购是上市公司优化股权结构、提升股东回报的重要抓手。2026年伊始，便有深市上市公司发布股 份回购计划。 东诚药业1月4日公告，计划以集中竞价交易方式回购股份，金额不低于1亿元（含），不超过2亿元 （含），用于实施股权激励和/或员工持股计划。回购价格不超过18.00元/股。 2025年以来，深市上市公司积极回应号召、立足自身发展，持续掀起"真金白银"的回购、增持、分红热 潮，多措并举提升投资者回报，为资本市场健康发展注入强劲动力。 上市公司下"红包雨" 据上海证券报记者不完全统计，2025年12月31日至2026年1月4日晚，仅深市就有15家公司披露半年度或 三季度分红实施公告，相关分红将于2026年1月陆续到账。 其中，天赐材料公告，公司2025年前三季度利润分配预案已获2 ...

| | | | 2025年中国白酒行业A股上市企业市值排行榜 | | | | --- | --- | --- | --- | --- | --- | | 排名 | 证券代码 | 证券简称 | 市值(亿元) | 上市日期 | 所在地区 | | ਹ | 600519. SH | 贵州茅台 | 17246.01 | 2001-08-27 | 贵州省 | | 2 | 000858. SZ | 五粮液 | 4112. 18 | 1998-04-27 | 四川省 | | 3 | 600809. SH | 山西汾酒 | 2094. 68 | 1994-01-06 | 山西省 | | 4 | 000568. SZ | 泸州老窖 | 1710.69 | 1994-05-09 | 四川省 | | 5 | 002304. SZ | 洋河股份 | 915.01 | 2009-11-06 | 江苏省 | | 6 | 000596. SZ | 古井贡酒 | 700. 92 | 1996-09-27 | 安徽省 | | 7 | 603369. SH | 今世缘 | 433. 64 | 2014-07-03 | 江苏省 | | 8 | 60 ...

数据来源：天眼查APP 数据来源：天眼查APP 证券之星消息，根据天眼查APP数据整理，近日，宿迁市智能制造战新产业母基金（有限合伙）成立， 法定代表人为宿迁产发创业投资有限公司，注册资本150000万元，经营范围包含：一般项目：创业投资 （限投资未上市企业）；股权投资；以私募基金从事股权投资、投资管理、资产管理等活动（须在中国 证券投资基金业协会完成登记备案后方可从事经营活动）（除依法须经批准的项目外，凭营业执照依法 自主开展经营活动）。天眼查APP股权穿透显示，该公司由洋河股份、宿迁产业发展集团有限公司、宿 迁文化旅游发展集团有限公司等共同持股。 证券之星消息，根据天眼查APP数据整理，近日，宿迁市智能制造战新产业母基金（有限合伙）成立， 法定代表人为宿迁产发创业投资有限公司，注册资本150000万元，经营范围包含：一般项目：创业投资 （限投资未上市企业）；股权投资；以私募基金从事股权投资、投资管理、资产管理等活动（须在中国 证券投资基金业协会完成登记备案后方可从事经营活动）（除依法须经批准的项目外，凭营业执照依法 自主开展经营活动）。天眼查APP股权穿透显示，该公司由洋河股份、宿迁产业发展集团有限公司、 ...

| 序号 | | 合伙人名称 | 出资比例 ⇒ | 认缴出资额 ÷ | | --- | --- | --- | --- | --- | | 1 | II D | 宿迁产业发展集团有限公司 市属国企 | 39.9333% | 59900万元 | | | 级 服 | 宿迁市人民政府 | 100% | 450000万元 > | | | 东 | 江苏洋河酒厂股份有限公司 | | | | 2 | + | 市属国企 洋河股份 (002304.SZ) | 20.0000% | 30000万元 | | 3 | | 宿迁市交通产业集团有限公司 | 13.3333% | 20000万元 | | | | 切屋国企 | | | 企查查APP显示，近日，宿迁市智能制造战新产业母基金（有限合伙）成立，出资额15亿元，经营范围包含：创业投资（限投资未上市企业）；股权投资； 以私募基金从事股权投资、投资管理、资产管理等活动。企查查股权穿透显示，该企业由宿迁产业发展集团有限公司、洋河股份（002304）等共同出资。 | 传奇 ド台台 | 宿迁市智能制造战新产业母基金（有限合伙） 全国企业信用查询 | | × 查一下 | | --- | --- ...