Group 1 - A-shares experienced significant market activity on January 29, with 86 stocks hitting the daily limit up and 35 stocks hitting the limit down [1] - The liquor sector was notably active, with stocks like Wuliangye and Shanxi Fenjiu reaching the limit up [1] - Precious metals showed strength, with Silver Nonferrous achieving 8 consecutive limit ups, Zhaojin Gold reaching 7 limit ups in 9 days, and Western Gold achieving 4 limit ups in 7 days [1] Group 2 - The liquor sector also saw gains, with stocks such as Kweichow Moutai and Guyue Longshan hitting the limit up [1] - Among the continuous limit up stocks, Tiandi Online achieved 5 limit ups in 9 days, and Intercontinental Oil and Yu Guang Jin Lead both reached 5 limit ups [1] - Conversely, *ST Aowei faced a continuous decline with 15 consecutive limit downs, while *ST Wan Fang and *ST Dongjing experienced 13 and 3 consecutive limit downs, respectively [1]

Group 1 - The core logic behind the current market speculation on the liquor sector is the positive expectations for sales during the upcoming Spring Festival and the highlighted value of industry bottom configurations [2][4] - As the Spring Festival approaches, traditional consumption scenarios for liquor are recovering, and institutional research reports are optimistic about the industry's recovery trend, leading to capital inflows into undervalued liquor stocks [2][4] - Various local regions have introduced supportive policies, reinforcing market confidence in the long-term development of the liquor industry [2][4] Group 2 - Some Moutai distributors have sold out their quotas for January and February, driven by pre-holiday stocking and Moutai's volume control strategy, which may lead to price increases [3] - The price of Moutai has seen a rise, with the original box price increasing by 20 yuan to 1610 yuan per bottle, while the price for loose bottles remains around 1570 yuan [3] - Citic Securities reports that the liquor industry is set to enter a marketing phase for the Spring Festival, focusing on market cultivation and consumer education to promote sales [4] Group 3 - High-end liquor brands are expected to benefit from the recovery of consumption scenarios such as business banquets and gift-giving during the Spring Festival, leading to a rebound in wholesale prices and sales [5] - Regional liquor companies are leveraging local market advantages and adjusting channel strategies to break through in a competitive environment, with some launching affordable products to meet consumer demand [5] - Service providers in liquor production areas are likely to see growth opportunities as regions promote digital transformation and cultural integration, enhancing production efficiency and brand value [5]

1月26日，麦格米特发布了定增报告书。根据报告书显示，麦格米特本次发行价格为85.01元/股，为发 行底价70.3元/股的1.21倍；发行股数为3132.59万股，募集资金总额为26.63亿元。 此次定增的发行对象最终确定为10名，包含易方达基金、财通基金、国投瑞银等公募，以及UBS AG、 中汇人寿保险等外资和险资机构。其中，易方达基金获配金额最多，为16.29亿元，共计获配1916.61万 股。 值得一提的是，私募大佬葛卫东也出现在定增申购名单中，申购金额高达24亿元，但未中标。 实际上，葛卫东对麦格米特的关注早就有迹可循。根据麦格米特2025年半年报，王萍新进成为麦格米特 的第十大股东。随后通过不断增持，已在三季度末跃升为第四大股东，持股数量为1148.82万股，持股 占比为2.09%。与此同时，葛贵莲也新进成为麦格米特的第九大股东，持股占比为1.1%。 有报道称，王萍系葛卫东亲属，常常一起现身A股上市公司的股东名单；而葛贵莲与葛卫东均为混沌投 资的股东。 从持仓布局来看，葛卫东及关联人近年多聚焦于科技和消费零售领域，其名字多次出现在兆易创新、移 远通信、江淮汽车、会稽山等公司股东名单中。甚至，葛卫东及 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 会稽山绍兴酒股份有限公司（以下简称公司）于2026年1月24日召开第十一届第六次职工代表大会，经 公司职工代表民主选举，会议一致同意选举刘扬先生（简历详见附件）为公司第七届董事会职工代表董 事，刘扬先生将与公司2026年第一次临时股东会选举产生的10名董事共同组成公司第七届董事会，任期 自公司本次职工代表大会决议通过之日起至第七届董事会任期届满之日止。 证券代码：601579 证券简称：会稽山 公告编号：2026-009 会稽山绍兴酒股份有限公司 关于选举职工代表董事的公告 刘扬先生，汉族，中国国籍，1982年12月出生，中国人民大学人力资源管理硕士。历任五星电器山东分 公司人力资源专员，青岛啤酒股份有限公司人力资源主管，青岛金欧利营销有限公司人力资源总监。现 任会稽山绍兴酒股份有限公司人力资源总监。 刘扬先生与公司其他董事、高级管理人员及持有本公司百分之五以上股份的股东、实际控制人之间不存 在关联关系，未持有本公司股份，不存在《公司法》《上交所股票上市规则》和《公司章程》 ...

Market Overview - The non-white liquor sector experienced a decline of 0.31% compared to the previous trading day, with *ST Lanhuang leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Stock Performance - Notable gainers in the non-white liquor sector included: - Guyue Longshan (600059) with a closing price of 9.72, up 3.96% and a trading volume of 481,300 shares [1] - ST Xifa (000752) closed at 11.35, up 3.56% with a trading volume of 65,300 shares [1] - Huaiqian Beer (600573) closed at 12.07, down 0.74% with a trading volume of 62,800 shares [2] - The overall trading volume and turnover for the non-white liquor sector were significant, with major stocks showing varied performance [1][2] Capital Flow - The non-white liquor sector saw a net outflow of 91.04 million yuan from institutional investors, while retail investors contributed a net inflow of 16.87 million yuan [2] - The capital flow for specific stocks indicated: - Guyue Longshan had a net inflow of 21.72 million yuan from institutional investors [3] - *ST Lanhuang experienced a net outflow of 6.46 million yuan from institutional investors [3] Summary of Key Stocks - The following stocks had notable capital movements: - Guyue Longshan (600059): Institutional net inflow of 21.72 million yuan, retail net outflow of 49.43 million yuan [3] - *ST Lanhuang (000929): Institutional net outflow of 6.46 million yuan, retail net inflow of 7.77 million yuan [3] - ST Xifa (000752): Minor institutional net inflow of 0.48 million yuan, with retail investors showing a slight net inflow [3]

会稽山绍兴酒股份有限公司（以下简称公司）于 2026 年 1 月 24 日召开第十 一届第六次职工代表大会，经公司职工代表民主选举，会议一致同意选举刘扬先 生（简历详见附件）为公司第七届董事会职工代表董事，刘扬先生将与公司 2026 年第一次临时股东会选举产生的 10 名董事共同组成公司第七届董事会，任期自 公司本次职工代表大会决议通过之日起至第七届董事会任期届满之日止。 刘扬先生担任公司职工代表董事后，公司董事会中兼任公司高级管理人员职 务的董事以及由职工代表担任的董事人数总计未超过公司董事总数的二分之一， 符合相关法律法规及规范性文件及《公司章程》的要求。 特此公告。 会稽山绍兴酒股份有限公司董事会 证券代码：601579 证券简称：会稽山 公告编号：2026-009 会稽山绍兴酒股份有限公司 关于选举职工代表董事的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 附件，职工代表董事简历如下： 刘扬先生，汉族，中国国籍，1982 年 12 月出生，中国人民大学人力资源管 理硕士。历任五星电器山东分公司人力资源专员 ...

Investment Rating - The report maintains a "Recommendation" rating for the yellow wine industry, expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [17]. Core Insights - The yellow wine industry is entering a strategic opportunity period for revival, with companies like Kuaijishan achieving significant product innovation and market expansion, resulting in a stock price increase of over 85% in the year [5]. - The report highlights three key questions regarding the revival of yellow wine: 1. **High-end Product Development**: There has been a successful upgrade in product structure and pricing, with Kuaijishan and Guyuelongshan implementing price increases in April 2025, leading to improved dealer payment prices and expected growth rates exceeding 50% for key products [5]. 2. **Youth Market Engagement**: New product launches aimed at younger consumers have generated interest, but the repurchase rate remains low, indicating a need for further product optimization [5]. 3. **National Expansion**: The report notes that while regional expansion efforts are underway, particularly in Zhejiang and Jiangsu, the overall market penetration outside traditional areas remains slow [5]. - For 2026, both Kuaijishan and Guyuelongshan are expected to lead the industry with clear growth strategies, targeting double-digit growth and focusing on marketing and product optimization [5]. Summary by Sections Industry Basic Data - The yellow wine industry consists of 10 listed companies with a total market value of 752.55 billion and a circulating market value of 678.81 billion [2]. Relative Index Performance - The absolute performance over the last 12 months shows an increase of 11.2%, while the relative performance indicates a decline of 12.5% compared to the benchmark [3]. Research Reports - The report references a previous in-depth study on the yellow wine industry, emphasizing the strategic opportunities for revival and the positive feedback from market channels [5].

证 券 研 究 报 告 食品饮料行业周报（20260119-20260125） 推荐（维持） 白酒减仓至历史底部，餐饮链及节庆食品迎催化 行业研究 食品饮料 2026 年 01 月 26 日 华创证券研究所 证券分析师：欧阳予 邮箱：ouyangyu@hcyjs.com 执业编号：S0360520070001 证券分析师：范子盼 联系人：王培培 邮箱：fanzipan@hcyjs.com 执业编号：S0360520090001 证券分析师：田晨曦 邮箱：tianchenxi@hcyjs.com 执业编号：S0360522090005 证券分析师：刘旭德 邮箱：liuxude@hcyjs.com 执业编号：S0360523080010 证券分析师：严文炀 邮箱：yanwenyang@hcyjs.com 执业编号：S0360525070006 证券分析师：董广阳 邮箱：dongguangyang@hcyjs.com 执业编号：S0360518040001 邮箱：wangpeipei@hcyjs.com 联系人：寸特彬 邮箱：cuntebin@hcyjs.com 行业基本数据 | | | 占比% | | --- | ...

Group 1 - The company is preparing for the election of the seventh board of directors, with the current board's term ending soon [1][2] - The board has nominated six candidates for non-independent directors and four candidates for independent directors, pending approval from the Shanghai Stock Exchange [2][3] - The independent director candidates' qualifications will be reviewed by the Shanghai Stock Exchange before being submitted for shareholder voting [2][3] Group 2 - The sixth board of directors has been recognized for their diligence and contributions to the company's development during their term [4] - The company will hold its first extraordinary general meeting of 2026 on February 9, 2026, to vote on the proposed board candidates and other matters [24][36] - The voting will utilize a cumulative voting system for the election of directors [40][52] Group 3 - The company is adjusting its business scope to include the operation and storage of hazardous chemicals, in addition to its existing operations [14][18] - The amendments to the company's articles of association will reflect these changes and will also be submitted for shareholder approval [14][18] Group 4 - The company has provided detailed resumes of the nominated candidates for both non-independent and independent director positions, highlighting their qualifications and lack of conflicts of interest [5][10][33] - The candidates include individuals with extensive experience in finance, management, and industry-specific expertise [5][10][33]

Group 1 - The company Kweichow Moutai announced that its sixth board meeting was held on January 23, 2026, via telecommunication voting, where it reviewed proposals to adjust its business scope and amend the company’s articles of association [1] Group 2 - Local state-owned assets are beginning to "bottom out" by purchasing auctioned properties, acquiring over 60 units in the Nansha District of Guangzhou at prices around 6,000 to 7,000 yuan per unit, while the average listing price for second-hand homes in the same community exceeds 20,000 yuan [1]