请各位听众升级为见闻最新版APP，以便成功收听以下音频。 华见早安之声 市场概述 要闻 中美经贸中方牵头人、国务院副总理何立峰出席新闻发布会表示，中美达成重要共识，会谈取得实质性进展。 中国4月CPI同比降0.1%、与上月持平，PPI同比降幅扩大至2.7%。 日本首相石破茂重申"零关税"，要求美国全面取消汽车关税。 印巴双方宣布停火后不久，印控克什米尔地区再次传出爆炸声。印度指巴基斯坦违反停火协议，巴方否认。 乌克兰准备无条件停火至少30天，普京提议5月15日恢复俄乌谈判。泽连斯基：乌克兰已做好与俄罗斯举行会谈的准备。 野村：日本寿险美元资产占比过高，一旦减持或对冲，将对美元产生重大压力。 投资者关注贸易会谈进展、消化美联储政策及第一季度财报数据。 美股周五开盘上涨，三大指数大多小幅收跌，全周均下跌。特斯拉一度涨超7.8%，台积电盘初涨约3%后收窄至不足1%，Lyft因扭亏为盈且预订量增长，股 价飙升28%。中概指数全周累计跌1.4%。 10年期美债收益率周五波动不大，全周上涨约7个基点。美元指数一度跌超0.5%后企稳于100上方。黄金终结两连跌，美油盘中涨近2.6%。 中美经贸高层会谈取得了实质性进展，达成 ...

每经记者｜刘明涛 每经编辑｜彭水萍 五一节后首个交易周，A股展开强劲反弹，WIND白酒指数也结束周线四连跌，本周上涨2.06%，迎来反弹。不过细看白酒企业股价表现，2025年一季报净 利润下滑的公司普遍反弹乏力，周涨幅不足1%，跑输白酒指数。 | 证券代码 | | 证券简称 收盘价（元） 周涨跌幅 | | | --- | --- | --- | --- | | 000929.SZ | *ST兰黄 | 6.9 | 14.05 | | 600238.SH | *ST椰岛 | 5 | 8.46 | | 600616.SH | 金枫酒业 | 5.66 | 6.994 | | 600543.SH 莫高股份 | | 5.23 | 6.735 | | 600573.SH | 惠泉啤酒 | 11.91 | 6.434 | | 000752.SZ | ST西发 | 8.69 | 5.718 | | 000995.SZ | 皇台酒业 | 13.32 | 5.13 | | 603198.SH | 迎驾贡酒 | 45.82 | 4.326 | | --- | --- | --- | --- | | 600059.SH | 古越龙山 ...

Core Viewpoint - The revenue growth of Laobai Gan liquor has significantly declined, with a 2024 revenue of 5.36 billion yuan, a mere 1.91% increase year-on-year, raising concerns about the sustainability of profit growth despite a net profit increase of 18.19% [2][4][5] Financial Performance - In 2024, Laobai Gan achieved a total revenue of 5.36 billion yuan, up 1.91% from 2023's 5.26 billion yuan, which had a 12.98% growth [3][4] - The net profit attributable to shareholders was 787 million yuan, reflecting an 18.19% increase compared to 666 million yuan in 2023 [3][4] - The net profit after deducting non-recurring gains and losses was 738 million yuan, a 20.12% increase from 614 million yuan in 2023 [3] Revenue Breakdown - The primary sales region for Laobai Gan remains Hebei, generating 3.12 billion yuan in revenue, a 2.61% increase [5] - Other notable revenue contributions include Hunan at 1.10 billion yuan (12.30% growth), Anhui at 550 million yuan (0.53% growth), and Shandong at 210 million yuan (31.39% growth) [5] Product Performance - The core product line, Laobai Gan series, generated 2.59 billion yuan, accounting for 48% of total revenue, with a growth of 9.96% [8] - The Wuling series saw a revenue of 1.10 billion yuan, up 13.30%, while the Kongfu family series grew by 28.12% to 230 million yuan [8] - High-end products priced above 100 yuan generated 2.70 billion yuan, a 5.29% increase, while products priced at or below 100 yuan generated 2.62 billion yuan, a 7.09% increase [8][9] Strategic Challenges - Laobai Gan's struggle to expand its market presence and high-end product sales is attributed to limited geographical reach and insufficient brand recognition [5][7] - The company faces intense competition not only from leading domestic brands but also from local competitors in Hebei [7] - The high pricing strategy for the 1915 series has not translated into significant market traction, highlighting the challenges of positioning as a premium brand [10] Future Outlook - The company's ability to penetrate the high-end market through targeted marketing and the success of its regional strategies will be critical for future growth [12] - Without achieving a revenue scale of 10 billion yuan within the next 3-5 years, Laobai Gan risks falling out of the second-tier market [12]

喝白酒的朋友，一定听过 "三台一庄"。 "三台"分别是，茅*、国台、钓鱼台，而"一庄"就是怀庄—— 中国十大名酒之一，酱香白酒核心产区，贵州老字号……总之，爱喝酱酒的人一直对它评价颇 高。 去年是怀庄建厂40周年，他们联合景德镇出了个私藏款： 怀庄·东方青瓷。 据说卖得不错，毕竟要颜值有颜值，要品质有品质，既是好酒也是艺术品！ 我虽然没买，但有朋友收藏，让他给我拍了个小视频 以唐代梅瓶为灵感，定制景德镇青花纹样， 身印巨龙腾雾，寓意步步高升 而且不止好看，酒也好喝。 因为这款私藏酒，生产厂家就是怀庄酒业（集团）有限责任公司（怀庄总厂）。 执行标准还是GB/T26760（优级），血脉非常纯正。 不过，我今天推荐这瓶酒，不是因为好看，也不是因为好喝，而是因为品牌终于做活动了： 扫码价799元/瓶的酒，今天跟我买299元/4瓶。 你没看错，不到1折。算下来一瓶只要74.75元，收藏酒直接变口粮酒。 保证正品，假一赔十。 我扫是这个价，你买回去扫也是这个价， 你送人，收到的人扫还是这个价 原箱发货不拆箱，所以一买只能买一箱（4瓶*500ml为一箱，53度） 另外，我还给大家争取到赠送两个礼袋，方便送人。 遵循古法，坚 ...

中国酒业分析师肖竹青指出，当前白酒消费降级趋势明显，高端白酒需求不足，价格倒挂，库存积压。曾经的主流消费群体如房地产、大基建和金融行业 受到冲击，名酒企业开始转型大众民酒赛道，注重极致性价比。同时，一线名酒渠道下沉，给各省市区域酒厂带来了巨大压力。 为了应对行业内卷，头部名白酒企业纷纷发力百元以内的高性价比口粮酒。例如，江苏洋河股份推出了59元和99元的高性价比平民名酒，泸州老窖亮相了 69元的光瓶泸州老窖二曲，古井贡集团则重点推出了80元和45元的平价酒。这些举措进一步挤压了县级小酒厂的生存空间。 酒业正面临着多重挑战，包括国际环境不确定性加剧、国内消费动能转换、存量竞争与产能过剩矛盾凸显以及传统渠道与新兴模式博弈升级等。去年全 年，白酒行业经历了"先热后冷"的过程，春节前期需求旺盛，但随后整体动销放缓。今年上半年，白酒行业整体呈现产量上升、收入增长、利润提升的特 点，但分化明显，消费双理性及存量时代特征显著；下半年则呈现出强集中、强分化的发展态势。 今年的白酒市场似乎笼罩在一层寒意之中，这一趋势在被誉为酒类行业风向标的成都全国春季糖酒会（春糖会）上得到了直观体现。与往届人声鼎沸的场 景不同，今年的春糖会酒 ...

Core Viewpoint - The current adjustment in the liquor industry has entered a "deep water zone," with structural differentiation intensifying, leading to a concentration of advantages in regions, enterprises, and brands, while policy support and demand improvement determine the short-term elasticity of the liquor industry [1] Group 1: Company Performance - In 2024, the company achieved operating revenue of 89.175 billion yuan, a year-on-year increase of 7.09%, and a net profit attributable to shareholders of 31.853 billion yuan, up 5.44% [1] - In the first quarter of this year, the company reported revenue of 36.94 billion yuan, a year-on-year growth of 6.05%, and a net profit of 14.86 billion yuan, increasing by 5.8% [1] Group 2: Sales and Market Strategy - The company's three main products have shown stable growth, particularly benefiting from the recovery of consumption scenarios and policy support post-Spring Festival, with increases in banquet activities, sales volume, and bottle opening scans [2] - The core product, the eighth generation of Wuliangye, has maintained a balance of price and volume, with online sales increasing by 30% on the official flagship store and 21% on platforms like JD and Tmall [2] Group 3: Marketing and Product Development - The company plans to focus on major markets such as Chengdu, Beijing, Shanghai, and Shenzhen for its classic Wuliangye series, enhancing brand value and market recognition through targeted marketing strategies [3] - A young consumer-focused team has been established to develop products like the 29-degree Wuliangye, aiming to attract younger demographics through various innovative approaches [4]

Core Viewpoint - The white liquor industry is experiencing a significant divergence among leading companies, with Fenjiu entering the top three, creating a new competitive landscape of "Mao, Wu, and Fen" [1] Group 1: Company Performance - Yanghe's revenue and net profit for 2024 were 28.876 billion and 6.673 billion respectively, showing declines of 12.83% and 33.37%, with net profit returning to 2017 levels [2] - Gujing Gongjiu reported revenue and net profit of 23.578 billion and 5.517 billion respectively, with year-on-year growth of 16.41% and 20.22%, achieving historical highs [2] - The revenue gap between Yanghe and Gujing Gongjiu has narrowed significantly over five years, with Yanghe's lead in revenue decreasing from 10.809 billion to 5.298 billion and in net profit from 5.627 billion to 1.151 billion [2] Group 2: Product Performance - Yanghe's mid-to-high-end liquor products saw a revenue decline of 14.79%, significantly impacting net profit, which fell more than revenue [4] - Gujing Gongjiu's mid-to-high-end products, particularly the year-round original series, achieved revenue of 18.086 billion, growing by 17.31% and accounting for 76.7% of total revenue [4] Group 3: Market Dynamics - Yanghe's revenue from domestic and external markets fell by 11.43% and 14.35% respectively, indicating pressure in both areas [5] - Gujing Gongjiu maintained strong growth across all regions, with significant increases in Central, North, and South China [7] Group 4: Strategic Positioning - Yanghe claims to be undergoing a "proactive deceleration transformation" for sustainable development, although this has not aligned with market expectations [8] - The competitive landscape is intensifying, with Yanghe facing challenges from both internal and external competitors, particularly in its home market [10][11] Group 5: Channel Effectiveness - Yanghe has the highest number of distributors at 8,866, but its average revenue per distributor is lower than Gujing Gongjiu's, indicating less channel efficiency [12] - Yanghe's distributor count increased by only 77, while Gujing Gongjiu added 448, reflecting a stronger market appeal for Gujing Gongjiu [14] Group 6: Industry Trends - The white liquor industry is shifting towards a new normal of stock competition and volume reduction, with Yanghe's challenges highlighting the need for strategic adjustments [15]

食品饮料 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 一季度环比改善，销售增长中枢下沉 ——泸州老窖(000568)业绩点评 证券研究报告-年报点评 谨慎增持(首次) 市场数据(2025-05-08) | 收盘价(元) | 127.18 | | --- | --- | | 一年内最高/最低(元) | 192.74/100.02 | | 沪深 300 指数 | 3,852.90 | | 市净率(倍) | 3.73 | | 流通市值(亿元) | 1,868.48 | | 基础数据(2025-03-31) | | | 每股净资产(元) | 34.08 | | 每股经营现金流(元) | 2.25 | | 毛利率(%) | 86.51 | | 净资产收益率_摊薄(%) | 9.16 | | 资产负债率(%) | 24.67 | | 总股本/流通股(万股) | 147,195.15/146,916.4 | | | 9 | B 股/H 股(万股) 0.00/0.00 资料来源：中原证券研究所，聚源 相关报告 投资要点： 本报告版权属于中原证券股份有限公司 ...

Group 1 - The core viewpoint of the articles indicates that 17 equity star advisory portfolios collectively reported negative returns over the past month, with only 8 maintaining positive returns in the first four months of the year [1][2] - The top three performing advisory portfolios have shifted their strategies towards defensive positions, increasing allocations in consumer sectors and undervalued assets, reflecting differing responses to market volatility [1][2] - The average return of the 17 equity star advisory portfolios was 0.22%, with the best-performing portfolio, "Yinhua Tianji - Qiaoqiao Ying," leading with a return of 7.65% in the first quarter, focusing on hard technology, medical healthcare, and basic consumer sectors [2][3] Group 2 - The "Yinhua Tianji - Qiaoqiao Ying" portfolio made adjustments in late April, increasing its allocation to consumer sectors while balancing technology categories, and reducing the proportion of index funds [2][3] - The "Jihua Jinqu" portfolio also made adjustments in late April, reducing exposure to bonds and low-volatility assets while increasing investments in undervalued sectors like pharmaceuticals and real estate [3][4] - The "Zhongou Super Stock All-Star Portfolio" conducted a rebalancing in early April, maintaining an overweight position in growth styles while optimizing specific holdings due to macroeconomic uncertainties [4] Group 3 - The global asset direction advisory portfolios showed significant performance divergence, with an average return of approximately -0.62% over the past month, and only 9 out of 27 portfolios reporting gains [4][5] - The "Guotai Jinqi Global Allocation Portfolio" achieved the highest return of 11.84% in the first four months, focusing on the Hong Kong stock market and sectors like innovative pharmaceuticals and gold [5] - The "Time Traveler Portfolio" completed its first rebalancing since 2025 in late April, shifting from high-volatility tech investments to lower-volatility index funds due to anticipated increases in U.S. stock market volatility [5]

相关报告 食品饮料 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 一季度环比改善，销售增长中枢下沉 ——泸州老窖(000568)业绩点评 | 收盘价(元) | 127.18 | | --- | --- | | 一年内最高/最低(元) | 192.74/100.02 | | 沪深 300 指数 | 3,852.90 | | 市净率(倍) | 3.73 | | 流通市值(亿元) | 1,868.48 | | 基础数据(2025-03-31) | | | 每股净资产(元) | 34.08 | | 每股经营现金流(元) | 2.25 | | 毛利率(%) | 86.51 | | 净资产收益率_摊薄(%) | 9.16 | | 资产负债率(%) | 24.67 | | 总股本/流通股(万股) | 147,195.15/146,916.4 | | | 9 | 证券研究报告-年报点评 谨慎增持(首次) B 股/H 股(万股) 0.00/0.00 市场数据(2025-05-08) 资料来源：中原证券研究所，聚源 投资要点： 本报告版权属于中原证券股份有限公司 ...