近日某多百亿补贴活动期间，53度500ml飞天茅台3人拼团价最低1399元每瓶，为全渠道最低。很多人 担心是不是假货，有博主专门买来查验了，是真货，这个价格跟实体店的回收价差不多，不过仍需关注 店铺信誉与正品保障。 那价格还会进一步下跌吗？有网友说，房价回到了十年前，飞天茅台也会回到十年前的八百多一瓶，会 这样吗？观大势，敏于时，我是敏时大观。先说结论，飞天茅台跟房价之间没有必然的关联，短期内有 下行压力，中期会企稳回升，但重回高位的概率极低。 甚长年抱渴，咽如焦釜；于今喜睡，气似奔雷。 购买住宅通常是要贷款的，在前景不明的当下，很难升值不说，工作稍有差池就会给家庭带来财务危 机，因此很多人会望而却步的。而飞天茅台的价格虽然可能会走低，但现在也不过1400元，买来喝了又 如何，买贵了不会有什么灾难性影响。 不要说什么酒是致癌物，脱离剂量谈毒性就是在耍流氓。如果微醺能让你心情愉悦，而快乐本身是可以 防癌的，那又该怎么算呢？拉布布是情绪经济，白酒为什么不是呢？拉布布是小登的情绪经济，白酒是 中登、老登的情绪经济啊。 就连有志青年辛弃疾有一天也会嗜酒如命。他因屡遭弹劾，长期郁郁不得志，以酒解忧，最终打算戒 酒，作了 ...

（文章来源：第一财经） 12月2日，在"未来20·2025 A股上市公司成长力年会"上，中国政法大学教授、博导、商学院前院长刘纪 鹏表示，上市公司不要把精力放在减持上，忽视了高质量发展，大股东要流通可以，得先让股价再上一 个台阶。 ...

Core Viewpoint - The recent market rally has led to an increase in stock prices, yet major shareholders and executives of listed companies are announcing plans to reduce their holdings, raising questions for ordinary investors about the implications of such actions [1] Group 1: Shareholder Actions - Shareholders have the right to reduce their holdings as part of exercising their property rights, provided that the actions adhere to principles of fairness, justice, and transparency [1] - Insider selling by major shareholders or executives may signal a lack of confidence in the company's future or suggest that the current stock price is overvalued [1] Group 2: Company Performance - *ST Fanli, formerly ST Changjiu, has seen its revenue decline, with projected revenue for 2024 expected to be less than 300 million yuan, leading to its designation as "*ST Fanli" [3][5] - The company has struggled to meet performance commitments made during its acquisition of Shanghai Zhongyan Information Technology Co., with completion rates of 52.60%, 43.17%, and 29.04% for the years 2021, 2022, and 2023 respectively [5] Group 3: Financial Metrics - In the first half of 2025, *ST Fanli reported approximately 186 million yuan in revenue, a year-on-year increase of 36.01%, but incurred a net loss of about 33.28 million yuan [6][5] - The company's sales expenses grew significantly, increasing by 100% compared to revenue growth of 36%, raising concerns about whether the company is inflating revenue figures to meet regulatory requirements [5][6] Group 4: Regulatory Issues - The company received a warning from the Jiangxi Securities Regulatory Bureau due to inaccuracies in its financial disclosures, which violated regulations regarding information disclosure [7] - The inaccuracies were related to the estimation of variable consideration in advertising contracts for the first quarter of 2024, leading to a correction in financial data [8]

Core Viewpoint - The recent market rally has led to an increase in stock prices, yet major shareholders and executives of listed companies are announcing plans to reduce their holdings, raising questions about the implications of such actions for ordinary investors [1] Group 1: Shareholder Actions - Shareholders have the right to reduce their holdings as a normal exercise of property rights, provided that the actions are conducted fairly and transparently [1] - Insider selling by major shareholders or executives may signal a lack of confidence in the company's future or suggest that the current stock price is overvalued [1] Group 2: Company Overview - *ST Fanli, formerly known as ST Changjiu, underwent a major asset restructuring in 2020, acquiring 100% of Shanghai Zhongyan Information Technology Co., which operates the e-commerce platform "Fanli.com" [2] - The company has established partnerships with major e-commerce platforms and local service providers, but its overall revenue is currently shrinking, with projected revenue for 2024 expected to be less than 300 million yuan [2] Group 3: Financial Performance - In the first half of 2025, *ST Fanli reported approximately 186 million yuan in revenue, a year-on-year increase of 36.01%, but incurred a net loss of about 33.28 million yuan [4] - The company's sales expenses have significantly outpaced revenue growth, with sales expenses increasing by 100% compared to the revenue growth of 36% [4] Group 4: Regulatory Issues - The company received a warning from the Jiangxi Securities Regulatory Bureau due to inaccuracies in its financial disclosures, which violated regulations regarding information disclosure [5] - The inaccuracies were related to the estimation of variable consideration in advertising contracts for the first quarter of 2024, but the corrections did not affect previously disclosed financial reports for the year [6]

Group 1 - A silent capital harvesting is occurring in the A-share market, with major shareholders of numerous listed companies extracting value, leaving retail investors struggling amid plummeting stock prices [2] - The downfall of ST Pavo, a once-prominent new energy materials company, highlights the harsh reality of the new energy bubble, with losses of 248 million yuan in 2023 and a projected increase to 487 million yuan in 2024, leading to a stock price drop from 38 yuan to 10 yuan, erasing 73% of shareholder wealth [3] - The company’s actual controller, Zhang Bao, faced investigation for fund occupation and information disclosure violations, marking the beginning of the delisting countdown [3] Group 2 - A collective trend of shareholders reducing their stakes is evident, with companies like Changqing Technology and Zhongqi New Materials seeing significant sell-offs shortly after their stock prices surged [5] - For instance, Changqing Technology's shareholders announced a complete sell-off of 5.98% of their shares, cashing out 180 million yuan after a 90% price increase [5] - Other companies, such as Union Medical and EDA leader GeLun Electronics, also witnessed substantial reductions in shareholding, indicating a broader trend of institutional and shareholder exits [5] Group 3 - Certain types of companies are becoming targets for capital abandonment, including technology semiconductors, biopharmaceuticals, new energy vehicles, and chemical materials, as evidenced by significant shareholder reductions in these sectors [7] - The semiconductor sector, represented by companies like Longxin Zhongke and Zhangqu Technology, is facing immense challenges, prompting executives to sell off shares [7] - The biopharmaceutical sector is similarly affected by procurement policies, leading to shareholder exits from companies like Maike Audi and Fudan Zhangjiang [7] Group 4 - Financial risks are closely linked to shareholder reductions, with companies like RenZhi Co. and Youyou Food seeing executives cashing out despite poor performance, signaling potential distress [7] - These companies often share characteristics of tight cash flow, with major shareholders' sell-offs indicating a desperate attempt to salvage their investments [7] Group 5 - The capital game reveals hidden harvesting techniques, with companies like Shengyang Technology and Beijing-Shanghai High-Speed Railway employing methods such as block trading and strategic selling to manipulate stock prices [8] - The comparison between TCL Technology and SMIC illustrates that major shareholder reductions are not inherently negative but can reflect information asymmetry and strategic profit-taking [8] - The overall scenario presents a brutal capital landscape, urging retail investors to remain vigilant and rational in their investment decisions [8]