东莞证券8月12日发布研报称，给予贵州茅台（600519.SH，最新价：1423.76元）买入评级。评级理由 主要包括：1）公司2025年上半年业绩稳健增长；2）公司茅台酒稳扎稳打，直营与批发渠道协同发展； 3）公司加大费投，上半年净利率略降。风险提示：飞天批价波动，需求恢复不及预期，行业政策变动 等。 （文章来源：每日经济新闻） ...

Group 1 - The 2025 Shante T1 Summit was successfully held in Shanghai, focusing on optimizing organizational structure, product and technology innovation, and flexible sales policy management to support channel development and regional cooperation in a rapidly changing market [2] - Eaton's General Manager for Power Quality Channels in the Asia-Pacific region shared insights on industry dynamics, business conditions of leading companies like Eaton and Shante, and the current opportunities and challenges in the UPS market [3][4] Group 2 - Shante's brand business leader discussed the company's channel construction and business layout, emphasizing a flatter channel structure to quickly respond to market demands and support partners in project operations, particularly in key industries like finance and healthcare [5] - The marketing director of Shante detailed the 2025 channel policies and digital operation models, aiming to establish clear channel rules and incentive systems to create a healthy ecosystem and enhance sales motivation through online and offline promotional activities [6] Group 3 - Shante showcased three major product strategies to enhance competitiveness in the market driven by smart technology and green energy, including upgrading core products and expanding service scenarios [7][8] - The product line director for the Asia-Pacific region introduced Shante and Orland's product matrix, highlighting new solutions for various industries, including renewable energy applications and data center solutions [8] Group 4 - Shante aims to collaborate with channel partners to embrace change and focus on high-quality development, building a strategic blueprint for innovative growth [9] - Shante has over 40 years of experience in China, recognized for its strong R&D capabilities, reliable product quality, and efficient after-sales service across various industries [10]