格隆汇1月27日丨泸州老窖(000568.SZ)在投资者互动平台表示，公司境外收入占比较小，根据公司 《2024年年报》显示，公司2024年境外营收约1.86亿元，占比0.60%。 ...

Core Viewpoint - In 2025, 97% of nearly 4,370 actively managed equity funds achieved positive returns, with the highest return exceeding 230%, although 129 funds experienced a decline in net value, including six funds managed by Wang Mingxu, who significantly underperformed benchmarks [2][4][5]. Group 1: Fund Performance - Wang Mingxu managed eight funds, with six established before 2025 recording negative returns in that year, specifically: -16.31% for Guangfa Domestic Demand Growth A, -15.47% for Guangfa Value Advantage, -14.55% for Guangfa Value Selection A, -13.34% for Guangfa Ruiming Two-Year Holding A, -12.60% for Guangfa Steady Selection Six-Month Holding A, and -12.50% for Guangfa Balanced Selection A [4][7]. - The three-year performance of these six funds significantly lagged behind their benchmarks, with net value growth rates of -15.10% to -16.76%, underperforming benchmarks by 31.68 to 37.91 percentage points [5][7]. Group 2: Investment Strategy and Holdings - The six funds managed by Wang Mingxu exhibited similar investment strategies, primarily focusing on sectors such as real estate, brokerage, high-end liquor, and city commercial banks, with attempts to invest in the internet data center industry [8][9]. - Despite a strategy that included reducing exposure to real estate and increasing stakes in city commercial banks and high-end liquor, the overall performance of these sectors was disappointing, with the liquor index declining by 6.67% in the first three quarters of 2025 [8]. Group 3: Management Scale and Response - Wang Mingxu's management scale has significantly decreased, dropping from 306.52 billion yuan in mid-2021 to 72.65 billion yuan by the end of 2025 [9]. - An inquiry was sent to Guangfa Fund regarding Wang Mingxu's performance and management issues, but no response was received by the time of reporting [10].

格隆汇1月27日丨天佑德酒(002646.SZ)在投资者互动平台表示，公司目前暂无回购注销股票计划。 ...

Core Viewpoint - The IPO plan of Baichuan Mingpin, a leading player in the liquor distribution sector, has come to light following a job posting for a board secretary responsible for the Hong Kong IPO process, despite the company's subsequent denial of any immediate IPO plans [2][4]. Company Overview - Founded in 1997, Baichuan Mingpin has grown into a major liquor distribution company, holding partnerships with top brands like Moutai and Wuliangye, and controlling over 300,000 terminal outlets with a brand value exceeding 60 billion yuan [2][4]. Industry Context - The liquor industry is currently facing a period of adjustment, with leading companies experiencing slowed growth and smaller firms exiting the market. Liquor distribution companies are under pressure from high inventory levels, price inversions, and compliance costs [2][4][6]. - The overall liquor production in the industry is projected to decline by 12.1% year-on-year by 2025, marking a ten-year low, with major listed companies reporting declines in both revenue and net profit [6][10]. Strategic Shift - Baichuan Mingpin is pivoting towards instant retail, launching the "Jiuyizhan" brand in 2023 as a core part of its transformation strategy. This model aims to address the challenges faced by traditional distribution methods [8][10]. - The Jiuyizhan brand has expanded to cover 14 key cities with over 120 direct stores and aims to reach 2,000 stores by 2026 and 5,000 by 2028, leveraging a membership system with over one million users [8][10]. Market Trends - The instant retail market for liquor is expected to exceed 50 billion yuan in 2024, with an annual growth rate of over 35%, and is projected to double to 72 billion yuan by 2025 [10][11]. - The shift towards instant retail aligns with changing consumer behaviors, particularly among younger generations who prefer immediate access to products rather than bulk purchasing for special occasions [11][13]. Competitive Landscape - The competition in the instant retail sector has evolved from logistics speed to a comprehensive competition involving supply chain efficiency, authenticity systems, and digital capabilities [13][14]. - The industry is witnessing a transformation from traditional distribution to a more consumer-centric approach, prompting liquor companies to innovate in product development and supply chain management [14].

资料显示，安徽古井贡酒股份有限公司位于安徽省亳州市古井镇古井产业园，成立日期1999年3月5日， 上市日期1996年9月27日，公司主营业务涉及白酒、啤酒、葡萄酒、酿酒设备、包装材料、玻璃瓶,酒 精、饲料、油脂、饮料,高新技术开发、生物技术开发、农副产品深加工的生产与销售等。主营业务收 入构成为：白酒业务98.27%，其他1.40%，酒店业务0.33%。 1月27日，古井贡酒跌1.53%，截至发稿，报123.30元/股，成交4.69亿元，换手率0.93%，总市值651.76 亿元。古井贡酒股价已经连续5天下跌，区间累计跌幅6.98%。 从基金十大重仓股角度 数据显示，农银汇理基金旗下1只基金重仓古井贡酒。农银消费主题混合（660012）四季度持有股数 8.11万股，占基金净值比例为2.57%，位居第七大重仓股。根据测算，今日浮亏损失约15.57万元。连续 5天下跌期间浮亏损失75.02万元。 农银消费主题混合（660012）成立日期2012年4月24日，最新规模4.18亿。今年以来收益0.98%，同类排 名7690/8861；近一年收益7.07%，同类排名6917/8126；成立以来收益253.92%。 农银 ...

Core Insights - The core viewpoint of the articles highlights Yanghe's resilience and strategic positioning in the white liquor industry amidst a period of adjustment and price competition, showcasing its ability to maintain brand value and market presence [1][2][4]. Industry Overview - The white liquor industry is undergoing a deep adjustment, shifting from "scale expansion" to a focus on value, with consumers becoming more rational in their purchasing decisions [2]. - The industry is experiencing a price inversion dilemma, testing the true strength of enterprises during this adjustment period [2]. Company Strategy - Yanghe has implemented a "combination punch" strategy to navigate the current market challenges, with its flagship product, Dream Blue M6+, serving as a value benchmark in the market [2][4]. - Starting in 2025, Yanghe has enforced strict quota controls on Dream Blue M6+ to prevent low-price dumping, thereby protecting brand value and dealer interests [4]. - The company is refreshing its product matrix to adapt to diversified consumer trends, with a focus on high-quality offerings and innovative products targeting younger demographics [4]. Competitive Advantages - Yanghe possesses unique production and storage advantages, including the largest certified liquor cellar group and a storage capacity of 1 million tons, which supports the quality stability of its high-end products [5]. - The company has chosen to slow down its operations strategically, allowing for channel health maintenance and inventory reduction, which is seen as a wise move during industry downturns [5]. Market Positioning - Yanghe is positioned for a potential market rebound in 2026, with its core product, Dream Blue M6+, nearing a scale of 10 billion yuan, which is expected to drive performance recovery [7]. - The company has demonstrated resilience through its national and global market strategies, achieving growth in overseas markets even during domestic pressures [7]. - Yanghe's channel ecosystem has improved significantly, with effective inventory reduction strategies leading to healthier channel conditions [7]. Investor Sentiment - Confidence in Yanghe is growing among capital market participants, with several institutions recommending "buy" or "hold" ratings, citing the company's unchanged brand value and channel network advantages [8]. - The proactive adjustments made by Yanghe in 2025 are seen as foundational for future growth, with expectations of a strong recovery as market conditions improve [8].

1月27日，今世缘跌2.72%，截至发稿，报32.20元/股，成交3.58亿元，换手率0.89%，总市值401.47亿 元。今世缘股价已经连续5天下跌，区间累计跌幅7.36%。 彭悦累计任职时间168天，现任基金资产总规模40.49亿元，任职期间最佳基金回报0.38%， 任职期间最 差基金回报-6.4%。 资料显示，江苏今世缘酒业股份有限公司位于江苏省淮安市涟水县高沟镇今世缘大道1号，成立日期 1997年12月23日，上市日期2014年7月3日，公司主营业务涉及白酒生产和销售。主营业务收入构成为： 特A+类62.05%，特A类32.78%，A类3.44%，B类1.22%，C类、D类0.48%，其他0.04%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，任何在本文出现的信息（包括但 不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验，因此本文内 容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 ...

当金标牛轻口味白酒从构想步入现实，牛栏山选择了一条不同寻常的路径。这不仅是一次市场策略的抉择，更是多年潜心打磨后，对产品与消 费者之间如何真诚相遇的一次深度重构。我们相信，一切的起点，应回归产品本身。 所有匠心与创新，终须交由市场见证。令人振奋的是，金标牛轻口味白酒自发布会后迅速引爆市场——短短十余日，抖音与京东官方旗舰店狂 销近5000箱，成为抖音电商新晋"网红"爆款，也成为了现象级热销产品与"轻口味白酒"新品类的引领者。 在正式面世前，我们保持了完整的战略静默。没有盛大的招商预告，没有密集的媒体轰炸，也没有提前的渠道铺垫，关于这款新品的一切，在 公众视野中仍是纯粹的留白。直至2025年12月20日，金标牛轻口味白酒悄然登陆牛栏山抖音官方旗舰店，产品详情页成为金标牛递交给消费者 的第一份，也是唯一一份"自我介绍"。我们相信，在这个信息超载、信任稀缺的时代，唯有剥离冗余的装饰，让产品本身成为沟通的全部语 言，才能真正连接那些追求真实的年轻一代。 在零信息背景下上线，初期流量完全依赖店铺自然流量，首批购买者成为至关重要的"种子用户"，他们的开箱体验与第一口品饮感受，构成了 产品最原始、也最珍贵的口碑基石。那份意 ...

新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 责任编辑：李思阳 新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 近日，有投资者在互动平台提问，五粮液公司自上市以来，对小股东的各种意见始终停留在探讨、研究 和论证阶段，而未采取实际行动来重拾他们的信心。请问，公司是不是再过十年也无法研究出个结果？ 如果不是，公司计划何时实施能真正提升小股东信心的具体措施？可以向同行业最优秀的贵州茅台学 习？ 对此，五粮液回应表示，尊敬的投资者，股价涨跌受多因素影响，公司高度重视，一是近年来持续加大 分红，并发布未来三年股东回报规划。2024年，公司披露《2024-2026年股东回报规划》，提出2024- 2026年度分红率不低于70%且分红金额不低于200亿元。2024年度现金分红率70%，同比增长10个百分 点。2025年100亿中期分红也已实施。二是为表示对于公司未来发展的信心，大股东连续两轮增持公司 股票。感谢关注！ 近日，有投资者在互动平台提问，五粮液公司自上市以来，对小股东的各种意见始终停留在探讨、研究 和论证阶段，而未采取实际行动来重拾他们的信心。请问，公司是不是再过十年也无法研究出个结果？ 如 ...

股市风云变幻，众生百态尽显。近日，贵州茅台股价与火热的市场行情背道而驰，形成鲜明对比，引发不 少争议。有人开始质疑价值投资，甚至嘲讽投资大佬段永平。然而，这种简单粗暴的情绪化反应，恰恰暴 露了投资的短视与浮躁。 让我们试着站在段永平的角度思考。拥有超过1800亿人民币身家的他，早已实现了财富自由。对于他来 说，投资早已不是为了快速致富，而是为了财富的保值增值，追求的是长期的确定性，而非短期的高收 益。正如俗话所说，"慢就是快"，稳健才是王道。 更何况，贵州茅台在新掌门陈华的带领下，正积极进行渠道改革，展现出新的增长潜力。对于段永平来 说，此时的茅台更像是一支兼具进攻性的价值股，如同当年200多元的腾讯，极具吸引力。 然而，对于手中只有几万元的散户来说，茅台可能并不是一个理想的选择。一方面，资金量太小，难以配 置较多的茅台股票；另一方面，即使茅台未来翻倍，也难以改变他们的财务状况。他们更渴望的是一夜暴 富的机会，追求的是短期的高收益率，因此往往会选择风险更高的投资标的。 投资策略的选择，取决于投资者的自身情况和风险偏好。对于段永平来说，高确定性远比高收益更重要； 而对于追求快速致富的散户来说，高收益率才是他们的 ...