贵州茅台（600519）：龙头韧性凸显，配置价值突出

研究报告 Research Report 13 Aug 2025 贵州茅台 Kweichow Moutai (600519 CH) 龙头韧性凸显，配置价值突出 A resilient leader amid industry volatility – prime time to buy [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 Rmb1,420 目标价 Rmb1,972 HTI ESG 1.7-1.6-3.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 义利评级 BBB- 来源 : 盟浪 . Reproduced by permission; no further distribution 市值 Rmb1,784bn / US$248.09bn 日交易额 (3 个月均值) US$629.49mn 发行股票数目 1,256mn 自由流通股 (%) 39% 1 年股价最高最低值 Rmb ...