（编辑 王雪儿） 证券日报网讯 1月29日，古越龙山在互动平台回答投资者提问时表示，公司目前存在向欧盟成员国的出 口业务，也在持续推进相关市场的品牌推广与产品销售。公司对欧盟市场的销售目前主要通过直接出口 方式实现，同时以在法国设立的海外品鉴馆作为品牌文化展示与市场拓展的重要窗口，多措并举稳步推 进海外市场的开拓工作，未来公司也将继续依托自身非遗酿造技艺与品牌核心优势，持续优化海外业务 布局，不断深化欧盟等国际市场的运营与拓展。 ...

Market Overview - A-shares showed mixed performance on January 29, with the Shanghai Composite Index up 0.16% to 4157.98 points, while the Shenzhen Component Index fell 0.30% to 14300.08 points, and the ChiNext Index decreased by 0.57% to 3304.51 points [1] - The total trading volume in Shanghai, Shenzhen, and Beijing reached 32,597 billion yuan, an increase of 2,671 billion yuan compared to January 28 [1] - The market experienced volatility, with 1,803 stocks rising and 3,566 stocks declining, indicating significant market divergence [3] Industry Performance - The precious metals, mining, and liquor industries saw significant gains, while sectors such as electronic chemicals, semiconductors, and non-metallic materials faced declines [1] - The liquor sector rebounded strongly, driven by a price increase for Moutai, which rose by 20 yuan to 1,610 yuan per bottle, indicating a potential recovery in the sector [2] - AI applications also performed well, with the K2.5 model from Moonlight Dark Kimi topping global rankings shortly after its launch, and Amazon increasing prices for its AI computing services by 15%, providing a positive stimulus for the sector [2] Company Insights - The company "JiuGuiJiu" (酒鬼酒) saw its stock hit the daily limit, despite reporting a negative earnings per share of -0.03 yuan and a net profit decline of 117.36% year-on-year in its 2025 Q3 report [4] - The company has established a strategic partnership with China Duty Free Group, leveraging its resources in duty-free retail channels across key locations such as Haikou and Sanya [4]

证券日报网讯 1月29日，古越龙山在互动平台回答投资者提问时表示，"无高低"名称源于公司内部创 意，结合产品"无焦糖色、高酒精度、低含糖量"的核心特性，凝练出"人生本无高低，未来全靠拼搏"的 精神内涵，精准契合年轻群体价值观。目前公司暂无拍摄系列励志短剧的明确计划，但高度重视该主题 的文化赋能价值，后续将结合品牌推广节奏，统筹策划相关文化传播活动，持续传递产品价值内涵。 （文章来源：证券日报） ...

1月29日，A股继续慢牛向上，但市场风格发生突变，近期热门题材股多数回调，白酒（核心股）、地产、金融等"老登"股归来。 根据交易所数据，上证指数涨0.16%报4157.98点，深证成指跌0.3%，创业板指跌0.57%，沪深300涨0.76%，科创50跌3.03%，沪深两市1718股上涨，3363股 下跌，104股持平，合计成交额3.23万亿元，较前一交易日放量约2645.99亿元，大盘主力资金净流出904.57亿元。 板块方面，贵金属（核心股）、采掘行业、酿酒行业等板块涨幅居前，其中酿酒行业涨停个股达20余只，19只白酒（核心股）股涨停，原油、白银（核心 股）、王者荣耀游戏概念等板块同样表现亮眼。液态金属、MLCC、中芯概念、半导体等板块跌幅居前，半导体主力资金净流出224.18亿元，在板块资金流 出中位居首位，消费电子、电子元件、有色金属等板块同样面临较大资金流出压力。 针对市场风格变化，资深市场人士徐小明分析，近期提到指数分化，六大指数里最强的中证500指数有分钟线的顶部结构，最弱的上证50指数有日线级别的 底部序列，分别处于小高点和小低点位置。指数分化说明市场有分歧，这里包括近期都没有太大级别的高点或低 ...

分析师：张刚 登记编码：S0730511010001 相关报告 zhanggang@ccnew.com 021-50586990 传媒酿酒行业领涨 A 股小幅上行 《市场分析：煤炭有色行业领涨 A 股小幅上 行》 2026-01-28 《市场分析：金融半导体领涨 A 股小幅上 行 》 2026-01-27 《市场分析：金融有色行业领涨 A 股小幅整 ——市场分析 理 》 2026-01-26 联系人： 李智 电话： 0371-65585629 风险提示：海外超预期衰退，影响国内经济复苏进程；国内政 策及经济复苏进度不及预期；宏观经济超预期扰动；政策超预期 变化；国际关系变化带来经济环境变化；海外宏观流动性超预期 收紧；海外波动加剧。 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共7页 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 证券研究报告-市场分析 发布日期：2026 年 01 月 29 日 投资要点： ◼ A 股市场综述 周四（01 月 29 日）A 股市场先抑后扬、小幅震荡上行，早盘股 ...

（来源：天津日报） "'海河'奶、'迎宾'肉、'王朝'酒、'利达'粮油……如此多老品牌，怎么'百舸争流、奋楫者先'？除了统一 目标、考核标准等传统方法外，我们每次召开集团会，各家企业的座位按照业绩排。谁靠前、谁落后， 全都一目了然，比绩效考核更有效！"赵国荣笑着说，"'十四五'时期集团旗下已有两家百亿级规模企 业，这个数字'十五五'时期还要扩大两倍。"成绩虽好，但他表示还要在科技创新上再加把劲，向更高 附加值赛道进军。这一点，市人大代表，天津渤海化工集团有限责任公司党委书记、董事长王俊明深以 为然。 "渤化可不只是'千年盐业、百年化工'，新的'化学反应'正在发生。"王俊明抛砖引玉，引起了市两会现 场代表们的兴趣，"大家想不到吧，去年上合组织天津峰会所用绿电，一部分就来自我们集团下属长芦 海晶与国家能源投资集团龙源电力联合开发的'盐光互补'项目。" 创新是引领发展的第一动力。王俊明告诉记者，渤化集团注重以科技创新塑造发展新优势，深化与中国 科学院、天津大学等院校合作，去年达成近40项产学研项目，还牵头组建我市绿色石化行业创新联合 体，相关科技重大项目成功立项。"'十五五'期间，我们要持续加大研发投入，在高端材料 ...

Core Viewpoint - The Chinese liquor industry is experiencing a significant decline in production, with key segments such as baijiu, beer, and wine all showing negative growth in 2025, indicating a challenging market environment for the sector [2][12]. Production Data Summary - In 2025, the total production of baijiu was 3.549 million kiloliters, a year-on-year decrease of 12.1% [2][4]. - Beer production reached 35.36 million kiloliters, down 1.1% from the previous year [2][12]. - Wine production was 97,000 kiloliters, reflecting a substantial decline of 17.1% [2][12]. Market Trends - The baijiu industry has been in decline since reaching a peak of 13.584 million kiloliters in 2016, with production dropping below 5 million kiloliters by 2023 and further down to 3.549 million kiloliters in 2025 [4]. - The market is characterized by a structural adjustment influenced by consumption patterns, industry dynamics, policy changes, inventory levels, and competition [8]. Consumer Behavior - The penetration rate of baijiu among consumers under 30 is only 6%, with younger generations preferring lower-alcohol beverages and fruit wines [8]. - The aging population is shrinking the traditional core consumer base for baijiu [8]. Competitive Landscape - Despite the overall market contraction, leading baijiu companies have shown rapid growth in revenue and profit, indicating a "Matthew effect" where stronger firms gain market share at the expense of weaker competitors [8]. - The competition between sauce-flavored and strong-flavored baijiu is intensifying, particularly with the rise of brands like Moutai [10]. Financial Performance - The baijiu sector's performance in the A-share market has been lackluster, with the baijiu index falling 3.29% in January 2026, reflecting a return to levels seen in August and September 2024 [2][12]. - The sector's average inventory turnover days have increased significantly, with some smaller companies facing inventory levels sufficient for nine years of sales [10]. Future Outlook - The forecast for the baijiu industry's revenue growth is bleak, with expected compound annual growth rates of -3.14% for revenue and -1.37% for net profit over the next two years [14][15]. - However, there are indications of potential recovery as inventory levels peak and policy measures are introduced to stimulate domestic demand [16][18].

藏历新年临近，"青稞酒故乡"西藏山南琼结县强钦村内，家家户户重燃灶火，酒香弥漫。村民正遵循千年古法酿造青稞酒，为团圆宴准备风味佳酿。 相传1300多年前，文成公主用内地复式发酵法改良了当地技艺，从此强钦青稞酒声名远扬。其工艺严谨，从精选黑青稞，到清洗、蒸煮、摊晾，再拌入祖 传秘方酒曲，最后陶坛密封发酵，每一道工序都凝聚着代代相传的智慧与匠心。(完） ...

Group 1: Tax Policy and Support for Green Transition - The tax policies implemented by the Ordos Municipal Taxation Bureau focus on supporting enterprises in their innovation and transformation, particularly in green transition efforts [1][2] - The tax incentives are aimed at industries such as coal coking and mineral resource utilization, facilitating a shift towards greener practices through targeted policy support [1] - The tax bureau has established a comprehensive support system to ensure that enterprises understand and can effectively utilize the new tax policies, particularly in the wind power sector [2] Group 2: Innovation in Traditional Industries - Companies like Inner Mongolia Guohua Food Technology Co., Ltd. are leveraging local resources to innovate traditional products, benefiting from tax deductions for R&D expenses [3] - The tax bureau provides tailored guidance to traditional industries, such as the wine industry, to help them adopt smart technologies and benefit from accelerated depreciation on fixed assets [3] - The implementation of automation in traditional processes has led to significant improvements in production efficiency and capacity for companies like Ordos Wangdao Winery [3] Group 3: Support for Emerging Industries - The tax bureau offers comprehensive tax services throughout the project lifecycle for emerging industries, such as new energy and new materials [4] - Companies like Inner Mongolia Silicon Source New Energy Electronic Materials Technology Co., Ltd. are receiving tax consultation and support to optimize their tax costs during project preparation and construction phases [4] - Significant tax deductions for R&D expenses are being utilized by companies in the new energy sector to drive technological advancements [4] Group 4: Tracking and Maximizing Policy Effects - The Ordos High-tech Industrial Development Zone Taxation Bureau has established a system to track the benefits that key enterprises receive from tax incentives, ensuring personalized support [5] - Companies like Jing'ao Solar Technology Co., Ltd. have reported substantial tax savings, which are being reinvested to enhance product performance and competitiveness [5] - The tax bureau plans to further refine the implementation of tax policies and optimize service processes to ensure that benefits reach market entities effectively [5]

Core Viewpoint - The development of "original brands," "time-honored brands," "new brands," and "foreign brands" is crucial for accelerating the construction of a modern industrial system in Henan province [1][2] Group 1: Original and Time-Honored Brands - "Original brands" and "time-honored brands" serve as the historical foundation and unique advantages for building a modern industrial system in Henan [1] - The cultural competitiveness of brands like Dukang liquor and Jun porcelain is essential for injecting unique value into the industry [1] Group 2: New and Foreign Brands - "New brands" focus on strategic emerging industries such as new energy vehicles, biomedicine, and artificial intelligence, which are key to transforming the industry towards high-end and intelligent development [1] - "Foreign brands" leverage platforms like Zhengzhou Airport and the China-Europe Railway Express to attract foreign investment and expand trade, integrating deeply into the global value chain [1] Group 3: Synergy and Future Outlook - The four types of brands are interdependent and work together to form an organic whole, which is vital for Henan's high-quality development during the 14th Five-Year Plan period [2] - By activating existing resources, nurturing new growth, and linking globally, Henan aims to demonstrate greater responsibility in the new journey of modernization [2]