资料图。 五粮液为何跌到行业第三？ 吴楠 在白酒行业的叙事里，"铁打的茅五，流水的老三"曾是延续多年的共识。多年来，贵州茅台以 绝对优势稳居榜首，五粮液则牢牢守住"千年老二"的位置，至于行业第三的席位，始终在泸州 老窖、山西汾酒等企业间轮换，从未对"茅五"的双寡头格局构成实质冲击。 但随着2025年三季报的披露，这一固化多年的格局悄然生变。根据五粮液披露的数据，今年第 三季度公司实现营业收入81.7亿元，同比大幅下降52.66%；归母净利润仅为20.2亿元，同比骤 降65.62%。这组数据不仅创下近20年来最差的单季业绩表现，更直接改写了行业座次——山西 汾酒以89.6亿元的营收反超， 五粮液首次跌至A股白酒上市公司第三位 。 资本市场一片哗然，毕竟，这不仅是数字上的退步，更象征着一个时代标杆的动摇。 但并非毫无征兆。近年来，五粮液管理层频繁变动导致战略衔接断层，渠道矛盾随着库存高 企、价格倒挂尖锐，核心单品"第八代普五"的竞争力受到竞品冲击……诸多问题早已埋下伏 笔，只是在2025年三季度集中爆发。 如今，市场更关心的是：这场业绩"跳水"，究竟是五粮液为优化渠道、稳定价盘而主动承受的 短期阵痛？还是公司盈利 ...

贵州茅台最新交出的三季度成绩单，再次印证了其作为食品饮料板块定海神针的投资价值。在11月6日 召开的2025年第三季度业绩说明会上，公司董事王莉介绍了茅台酒的市场表现：为维护市场健康，公司 在6月至8月适度控量，此举成功稳住了基本盘。自8月起，终端动销已呈现环比向好、增长明显的积极 态势，最终推动第三季度营收实现7.26%的同比增长。 食品饮料ETF（515170）跟踪中证细分食品饮料产业主题指数，聚焦白酒、饮料乳品、调味发酵品等高 壁垒、强韧性板块，前十大成分股囊括"茅五泸汾洋"，帮助投资者一键配置"吃喝板块"核心资产。相较 于其成分股动辄数万、数十万的最低投资门槛，ETF是小资金参与板块投资的便捷工具。（联接A类： 013125；联接C类：013126）。 展望第四季度，贵州茅台明确将延续"稳"的势头，核心策略是充分尊重市场规律，确保市场有序与稳 定。这份对于市场节奏的精准把控和"稳"字当头的战略定力，在当前的消费环境下尤为珍贵，展示了龙 头企业在复杂市场中穿越周期的能力。 分析认为，茅台通过主动的"控量保价"策略，不仅维护了品牌价值与渠道利润，更确保了基本盘的稳 固。其稳健的业绩增长和清晰的市场策略，为 ...

Group 1: Market Overview - The average transaction price of multi-crystalline silicon N-type raw materials has slightly rebounded to 34,700 yuan/ton, up 0.87% week-on-week [1] - The market for silicon materials shows signs of recovery, with some previously delayed orders being renegotiated at higher-than-expected prices [1][2] - The average price of multi-crystalline silicon has been below the industry average cost for over a year, leading to the shutdown of several companies due to long-term losses [1][5] Group 2: Price Dynamics - InfoLink reports that new single transactions are close to 34,000-36,000 yuan/ton, but actual transactions remain low due to inventory and weak demand [2] - The average transaction prices for N-type single crystal silicon wafers have decreased, with N-type G10L at 0.86 yuan/piece, down 3.37% week-on-week [2] - The decline in silicon wafer prices is attributed to weak demand and pressure from battery manufacturers to lower prices [2][3] Group 3: Future Outlook - The silicon industry association believes that silicon wafer prices are currently below the cash costs of most producers, leading to a strong willingness to maintain prices [3] - Despite potential price stabilization due to production cuts, InfoLink warns of continued downward pressure on prices in the short term due to weak end-demand [3][4] - The overall uncertainty in the market is increasing, with potential for further price declines unless upstream prices can be stabilized [4][6] Group 4: Production and Demand - In June, domestic multi-crystalline silicon production was approximately 102,000 tons, remaining stable and matching demand [5] - The total domestic production for the first half of the year was 596,000 tons, a significant year-on-year decrease of 44.1% [5] - The forecast for global multi-crystalline silicon demand in 2025 is about 1.4 million tons, with domestic demand at approximately 1.3 million tons [5]

Group 1 - The Democratic Republic of Congo (DRC) has extended its temporary ban on cobalt exports for another three months to address oversupply issues in the international market, leading to a nearly 10% increase in spot cobalt prices [1][3] - The DRC holds over 70% of the world's cobalt reserves and produces about 80% of global supply, making it a critical player in the cobalt supply chain [1][2] - China's dependence on DRC for cobalt is significant, with approximately 90% of its cobalt imports coming from the DRC, which is essential for battery production and other applications [2][3] Group 2 - The DRC's export ban is a strategic decision aimed at increasing cobalt prices rather than simply boosting export volumes, contrasting with traditional resource-exporting strategies [4][5] - The DRC government is leveraging the export ban to assert resource sovereignty and negotiate better terms with international mining companies, as dissatisfaction with profit distribution has grown [5][6] - The DRC aims to develop its domestic refining and processing capabilities, moving away from exporting raw materials to capturing more value within the supply chain [5][6] Group 3 - The cobalt market is expected to remain volatile, with prices likely to stay high or even increase further due to the extended export ban, potentially exceeding $60,000 per ton [6][7] - The supply gap created by the DRC's ban cannot be quickly filled, as new mining projects in countries like Indonesia and Australia will take years to ramp up production [6][7] - The high price environment may force battery manufacturers to renegotiate contracts and explore alternative battery technologies to mitigate costs [6][7] Group 4 - The DRC's strategy of controlling supply to maintain prices could accelerate the global shift away from reliance on DRC cobalt, as alternative sources become more viable [7][8] - The export ban is not only a market control measure but also a significant step in the DRC's efforts to gain a stronger position in the global cobalt supply chain [8]