Market Overview - The Shanghai Composite Index experienced slight fluctuations, closing down 0.01% at 3853.3 points, while the Shenzhen Component Index rose by 0.67% to 13445.9 points. The ChiNext Index increased by 1.58% to 3235.76 points, and the STAR Market 50 Index gained 1.24% [1] - The total trading volume across the Shanghai, Shenzhen, and North markets reached 23.92 billion yuan [1] Sector Performance - Sectors such as logistics, real estate, oil, agriculture, banking, liquor, and pharmaceuticals saw declines, while sectors like non-ferrous metals and media showed gains. AI application concepts and controllable nuclear fusion concepts were particularly active [1] Investment Insights - Pacific Securities noted increased volatility and accelerated sector rotation as the holiday approaches. Given the generally poor performance of A-shares before holidays, investors are advised to avoid sectors with high financing ratios. However, the banking sector shows significant bottom support and may be worth monitoring [1] - Yinhua Fund indicated that with the "National Day" holiday approaching, some funds may exit the market. The short-term risk outlook appears stable, with future attention on potential interest rate cuts domestically and U.S. tariff policies towards China. Overall, a bullish market atmosphere is expected to continue, with the market likely to maintain a fluctuating upward trend [1]

新华财经慕尼黑9月25日电（记者马悦然、车云龙）9月的慕尼黑，盛夏余热未消，第190届慕尼黑啤酒 节的狂欢浪潮如期而至。然而，在泡沫翻腾的啤酒中，既有消费者面对高价的无奈，还有酿酒企业承受 的成本阵痛。不过，人们节日热情难消，吸引近670万人次、创收近15.7亿欧元经济价值的啤酒节，体 现独特的文化价值和经济引擎作用。 狂欢下的高价账单 本届慕尼黑啤酒节开幕式遭遇罕见高温，进一步点燃了人们对冰啤的需求。在可容纳数千人的宏大帐篷 内，炙热的空气与冰爽的啤酒相"冲撞"，帐篷内的中心舞台上，巴伐利亚祝酒歌一首接一首，桌上啤酒 一茬接一茬。可一次手持十余只硕大玻璃杯的巴伐利亚酒女郎穿梭于长桌之间，啤酒杯壁上还凝结着水 珠，满面红光的酒客们身着皮裤或Dirndl裙（巴伐利亚传统服饰），举杯相碰，歌声笑语不绝于耳。 走近热烈的节日气氛背后，一张张消费账单悄然攀升。"和两年前比起来，只能用一个词形容——拥 挤。"正在排队等候食物的美国游客简（Jane）和她的丈夫告诉记者，"两年前啤酒12欧元，现在都涨到 15欧了。"同行四人点四杯啤酒（两杯无酒精、两杯含酒精），便轻松花费65欧元（按1欧元兑8.4元人 民币计算，约合546 ...

（原标题：今世缘发生大宗交易 成交折价率10.45%） 两融数据显示，该股最新融资余额为3.73亿元，近5日增加234.82万元，增幅为0.63%。 据天眼查APP显示，江苏今世缘酒业股份有限公司成立于1997年12月23日。注册资本124680.0037万人 民币。（数据宝） 9月24日今世缘大宗交易一览 | 成交 | 成交 | 成交价 | 相对当 日 | | | | --- | --- | --- | --- | --- | --- | | 量 | 金额 | 格 | 收盘折 | 买方营业部 | 卖方营业部 | | （万 | （万 | （元） | 溢价 | | | | 股） | 元） | | | | | | | | | （%） | | | | 6.00 | 213.84 | 35.64 | -10.45 | 华泰证券股份有限公司淮安涟水红 | 华泰证券股份有限公司淮安涟水红 | | | | | | 日大道证券营业部 | 日大道证券营业部 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 今世缘9月24日大宗交易平台出现一笔成交，成交量6.00万股，成交金额213.84万元，大宗交易成交价为 ...

天眼查App显示，近日，古蔺县香天泉佳酿酒业有限公司成立，法定代表人为曾攀，注册资本20万人民 币，经营范围为许可项目：酒类经营；食品销售；烟草制品零售；建设工程施工。（依法须经批准的项 目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）一般项 目：谷物销售；包装服务；包装材料及制品销售；塑料包装箱及容器制造；金属包装容器及材料制造； 金属包装容器及材料销售；粮食收购；食用农产品批发；食用农产品初加工；食用农产品零售；初级农 产品收购；农副产品销售。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

文｜李国锋 北宋熙宁十年（1077年）的冬日清晨，京杭大运河的晨雾中，恩州（原贝州）漕运码头人头攒动。税吏的算盘珠在晨光中噼啪作响，当全年酒税统计定格 在"二十万贯"时，码头顿时爆发出震天欢呼——这个数字相当于东京曲院收入的六成，创下历史记录，见证了当时酿酒业的极盛。虽然史书未能留下这位 时任知州的姓名，但其治下官民共同造就的酿酒繁荣，已深深烙入运河酒脉的历史记忆之中。 旱年奇谋：李绎的酒坊赈灾策略 程昉率领数万民夫，疏导黄河、漳河之水，灌溉万顷良田，将曾经的贫瘠之地变成了"畦垄如绣，禾穗垂金"的膏腴沃野。丞相王安石对此给予了极高评 价，称其功绩"自秦以来，未有及此者"。水利兴而五谷丰，五谷丰则酒业兴。运河上南来北往的漕船，不仅输送着粮食，更成为了酒品与物资交换的流动 市场，奠定了贝州作为北方酒业中心的坚实根基。 诗酒风流：李白与贝州佳酿 唐天宝年间，诗人李白途经沙丘城（今武城），饮罢当地烈酒挥毫写下《沙丘城下寄杜甫》："我来竟何事？高卧沙丘城。城边有古树，日夕连秋声。鲁 酒不可醉，齐歌空复情。思君若汶水，浩荡寄南征。"看似讥讽"鲁酒不可醉"，实则以反语赞叹贝州酒的浓烈。 唐代还有《葛巾歌》咏叹："一片白葛巾 ...

Core Viewpoint - The short-term market fluctuations do not alter the long-term slow bull trend of the stock market, with dividend and technology assets expected to yield excess returns in the long run [1] Group 1: Market Trends - The allocation of residents' assets is gradually increasing in the equity market, which is expected to benefit dividend assets first [1] - Technology assets represent the trend of economic development and have strong long-term growth certainty [1] - The Shanghai Stock Exchange 180 Index follows a barbell strategy with 90% in dividend and 10% in technology, making it a good choice for equity market allocation [1] Group 2: Index Performance - As of September 23, 2025, the Shanghai Stock Exchange 180 Index (000010) decreased by 0.03%, with mixed performance among constituent stocks [1] - Notable gainers include Transsion Holdings (688036) up 4.00%, Industrial Fulian (601138) up 3.70%, and Ningbo Port (601018) up 2.97% [1] - The Shanghai Stock Exchange 180 ETF Index Fund (530280) fell by 0.25%, with the latest price at 1.2 yuan [1] - Over the past two weeks, the Shanghai Stock Exchange 180 ETF Index Fund has increased by 1.44%, ranking 1 out of 9 comparable funds [1] Group 3: Top Holdings - As of August 29, 2025, the top ten weighted stocks in the Shanghai Stock Exchange 180 Index (000010) include Kweichow Moutai (600519), Zijin Mining (601899), and others, accounting for a total of 26.25% [2] - The top ten stocks by weight are as follows: - Kweichow Moutai: -0.52%, 4.92% - Zijin Mining: 1.97%, 2.96% - China Ping An: -0.40%, 2.75% - Hengrui Medicine: 0.07%, 2.62% - China Merchants Bank: -0.29%, 2.62% - Yangtze Power: -0.15%, 2.28% - WuXi AppTec: 0.30%, 1.97% - Industrial Bank: -0.60%, 1.78% - SMIC: -1.10%, 1.67% - Beijing-Shanghai High-Speed Railway: -0.19%, 1.63% [4]

Market Overview - A-shares major indices collectively rose today, with the Shanghai Composite Index up 0.22% closing at 3828.58 points, Shenzhen Component Index up 0.67% at 13157.97 points, ChiNext Index up 0.55% at 3107.89 points, and the STAR Market 50 Index up 3.38% at 1408.64 points [3] - The total trading volume in the Shanghai and Shenzhen markets was 21,215 billion, a decrease of 2,023 billion compared to the previous trading day [3] Broker Influence - Brokers played a crucial role in today's market, reversing the indices from the brink of significant declines at least three times during the day [4] - The broker sector, led by CITIC Securities, rose approximately 1%, ranking among the top gainers [4] Sector Performance - Technology stocks remained the focus, with notable gains in precious metals (up 6.18%), consumer electronics (up 2.79%), semiconductors (up 2.54%), and communication services (up 1.77%) [4] - The banking sector showed a lackluster performance, down 0.95%, while insurance fell slightly by 0.04% [6] Individual Stock Movements - In the Shanghai market, several stocks performed strongly, including Cambrian (up 3.81%), Haiguang Information (up 10%), and Industrial Fulian (up 6.6%) [4] - Conversely, in the Shenzhen market, stocks like Xinyi Technology and Zhongji Xuchuang experienced declines of 2% and 0.8%, respectively [4][5] Market Sentiment and Future Outlook - The market sentiment is mixed, with a significant number of stocks declining despite the overall index rise; the median decline for falling stocks was 0.44% [9] - The current market environment is characterized by narrow fluctuations, with the Shanghai market experiencing a "long-term consolidation" state, which may deplete the momentum of bullish investors [8]

Market Overview - The three major stock indices experienced narrow fluctuations in the morning, followed by a rebound in the afternoon, with the Sci-Tech 50 Index rising significantly [1] - As of the market close, the Shanghai Composite Index increased by 0.22% to 3828.58 points, the Shenzhen Component Index rose by 0.67% to 13157.97 points, and the ChiNext Index gained 0.55% to 3107.89 points [1] - The Sci-Tech 50 Index saw a notable increase of 3.38%, while the total trading volume in the Shanghai and Shenzhen markets reached 21,427 billion [1] Sector Performance - Sectors such as tourism, catering, liquor, food and beverage, media, retail, and banking experienced declines [1] - The semiconductor sector showed strong performance, while brokerage and automotive sectors also saw gains [1] - Consumer electronics and CPO concepts were active in the market [1] Analyst Insights - According to CITIC Securities, the market remains at a high level without a clear trend of topping or retreating [1] - There is an increasing rotation among previously popular sectors, with the overall index in a phase of horizontal consolidation [1] - Historical reference suggests that the final support level may align with the 60-day moving average, indicating a likelihood of continued sector rotation and declines in high-performing stocks [1] - The recommendation is to maintain a horizontal mindset in the short term, focusing on sector rotation and individual stocks rather than the overall index [1]

Group 1 - The "National Rational Drinking Promotion Week" has reached its 10th anniversary, with the number of people influenced increasing from 33 million to 500 million, and the number of covered cities expanding from 354 to 563 [1] - The event focuses on three main missions: "Rational and Civilized Drinking, Refusing Drunk Driving," "Caring for Growth, No Drinking for Minors," and "Moderate Drinking, Happy Living," utilizing innovative methods such as public welfare-themed micro-movies and AI technology [1][2] - The China Alcohol Industry Association has released the first "China Alcohol Industry ESG Development Report" and established the first ESG group standards for the industry, including guidelines for ESG disclosure and evaluation [1] Group 2 - The 2025 National Rational Drinking Promotion Week will officially launch during the Wuhan Wine Expo in October, with new promotional plans including the use of 79 airport screens and various outreach initiatives [2] - The association plans to release the "China Alcohol Industry ESG Index" and invite international organizations to join in promoting rational drinking, thereby enhancing the international influence of the industry's social responsibility [2] - The ESG report disclosure rate for A-share liquor companies reached over 80% in 2023, significantly higher than the A-share market average of 40.29% [3] Group 3 - The alcohol industry has reportedly reduced carbon dioxide emissions by over 4.2 million tons, equivalent to planting 160,000 acres of trees, and has saved water by at least 15 million tons in 2022 [3] - The average proportion of green packaging products in the industry is 55%, with leading companies achieving rates of 90%-100% [3] - The industry is accelerating the introduction of environmental protection devices and processes, phasing out outdated production capacity, and promoting renewable energy projects to drive green development [3]

Market Overview - The Shanghai Composite Index closed at 3831.66 points, down 1.15%, with a trading volume of 13659.62 billion yuan [1] - The Shenzhen Component Index closed at 13075.66 points, down 1.06%, with a trading volume of 17691.95 billion yuan [1] - The ChiNext Index closed at 3095.85 points, down 1.64%, with a trading volume of 8295.09 billion yuan [1] Sector Performance - Sectors such as non-ferrous metals, brokerage, coal, real estate, insurance, oil, banking, and liquor all experienced declines [1] - The tourism and catering sector showed resilience, rising against the market trend [1] - The semiconductor and chip concepts were strong, with AI-related stocks in the CPO sector being particularly active [1]