1月19日，"拼³·2025年度郎酒品牌年会暨年度十大图片发布会"在郎酒庄园热烈启幕，600余位郎酒作家伙 伴、媒体伙伴、经销商、会员、消费者及合作伙伴现场见证郎酒这一年走过的足迹。 年会现场，郎酒庄园"三面墙"获媒体代表"墙裂"推荐——天宝峰青花郎红花郎墙、原产地旗舰店大卖场的郎 牌郎墙、地之阁 63 种原酒墙。这三面墙，是郎酒品牌战略的立体化、空间化表达，生动勾勒出其从原酒到 产品、从产品到品牌的完整价值图景。 2025年度十大图片发布 汪博炜：相信"相信的力量"，郎酒在风雨中蜕变前行 作为年会核心环节，郎酒股份总经理汪博炜现场以一场情感充沛的"年终述职"，如数家珍地将2025年度十 大图片背后的故事、人物与梦想一一道来： 2025年初的全国经销商大会上，3000余名厂商伙伴时隔13年再度全员集结，"坚定信心，敢于胜利"的龙马 狼精神点燃全场；年中大会上"八个坚持""四个确保"的郑重承诺，进一步筑牢了厂商同心的信任根基。 2025年三品节，《中国郎·庄园酱酒蓝皮书》发布，郎酒庄园以"中国庄园白酒开创者"的身份完成体系化定 义，"生长养藏"的全链路布局与30万吨优质酱酒贮存量的突破，构成了品牌最硬核的品质底 ...

1月21日，53%vol 500ml贵州茅台（600519）酒（丙午马年）经典版印刷错误的消息引发广泛关注。 有网友指出马年茅台外包装盒所印制的星宿图中，"昴宿"的 "昴" 字存在印刷错误，被写成了形近字 "昂"。 21日晚，小茅i茅台公众号发文回应，表示经过查证的确是印刷出错了，"昂"字少了一撇。公司已在第一时间联系供应链加班加点修改，并提醒已经提到 货的消费者，如有意调换，可就近前往当地茅台自营店进行更换。同时，茅台还提出设计一个模具，由消费者自己把这一"丿"补上去，如果可行，将第一 时间通知。此外，茅台还顺路科普了一下二十八星宿的知识，并介绍了马年茅台的设计理念。 白酒专家肖竹青以邮票收藏市场为例，中国邮票也曾出现过错版情况，这些错版邮票随后在市场上获得了显著的升值。此次出现错版的马年生肖茅台酒， 也可能因稀缺性与不可复制的特点，在未来拥有一定的升值空间与收藏价值。 视频|孙梦遥 校对 胡妍璐 1月6日上午9时，贵州茅台2026年丙午马年生肖酒正式开售。经典版的官方零售价是1899元每瓶。记者注意到，二手交易平台上已出现了多个"错版马 茅"相关商品，个人卖家晒出下单截图、出库单等正品凭证，并拍照圈出印刷 ...

作者︱懂酒哥 白酒行业的回调期仍在持续，水井坊的业绩崩塌与股权传闻，成为次高端赛道困局与川酒资源整合的典型观察样本。 日前，水井坊披露2025年度业绩预告，公司全年营收同比锐减42%至30.38亿元，归母净利润暴跌71%至3.92亿元，扣非归母净利润也同比下降71%至3.81亿 元。以此数据回看此前的业绩，水井坊将创下2018年以来的净利润最低值。 而比业绩崩塌更牵动行业神经的，是水井坊即将被出售的持续传闻。在白酒行业并购重组的政策东风下，水井坊的股权变局不仅关乎企业自身命运，更成为 川酒资源整合的重要试金石，其背后是次高端赛道的残酷竞争，更是本土白酒产业与外资资本的博弈与抉择。 二十年外资联姻或将陌路 根据业绩预告，水井坊方面表示，2025年白酒行业受宏观经济周期、产业调整周期及政策调整等多重因素影响，进入深度调整阶段，传统商务宴请等消费场 景恢复较缓，行业库存整体处于高位。面对外部环境变化，公司坚持稳中求进的经营方针，围绕"平衡基础、深化调整、夯实发展"三个方向开展主动管理。 主动调整的背后，水井坊早已深陷经营困局。首当其冲的便是现金流与资金链全面承压，2025年前三季度，公司经营活动现金流净额为-8.6 ...

大蓝筹继续弱势，上证50已经五连阴了。 | 名称 | を生 | 本月 | 本周 | 当天 | BIAS25 | | --- | --- | --- | --- | --- | --- | | A股总数量 | 5181 | 5181 | 5183 | 5183 | | | A股上涨数量 | 4454 | 4454 | 3471 | 3372 | | | A股下跌数量 | 711 | 711 | 1670 | 1696 | | | A股零涨幅数量 | 16 | 16 | 42 | 115 | | | 涨幅>10% | 35. 32% | 35.32% | 7.25% | 1.25% | | | 涨幅>5%到10% | 28. 12% | 28. 12% | 14. 97% | 4. 15% | | | 涨幅>0%到5% | 22. 52% | 22. 52% | 44. 74% | 59. 66% | | | 涨幅>-5%到0% | 8. 86% | 8. 86% | 26. 88% | 34.00% | | | 涨幅>-10%到-5% | 3. 32% | 3. 32% | 4. 92% | 0. 89% | ...

Core Viewpoint - The recent printing error on the packaging of the 53% vol 500ml Guizhou Moutai liquor (Year of the Horse edition) has sparked discussions among consumers and social media users, raising questions about the company's quality control and marketing strategies [1][3][5]. Group 1: Error Details - The packaging of the Year of the Horse Moutai liquor incorrectly printed the character "昴" as "昂," which has been confirmed by consumers who purchased the product [1][3]. - This error has been noted on all external boxes of the product, indicating a widespread issue [3][7]. Group 2: Consumer Reactions - Some consumers have speculated that the error reflects a hasty approach by Guizhou Moutai, suggesting it may indicate a lack of attention to detail [5][9]. - Others have humorously compared the situation to misprinted stamps, which can sometimes increase in value, questioning whether the error could be a marketing tactic [5][9]. Group 3: Product Background - The 53% vol 500ml Guizhou Moutai liquor (Year of the Horse edition) is designed around the theme "Star Guardian, Dragon Horse Spirit," integrating traditional Chinese astrology with cultural elements related to the Year of the Horse [5][9]. - The product aims to combine the cultural collectible aspect of Moutai's zodiac liquor series with a representation of the Eastern cosmology concept of "harmony between heaven and humanity" through its star imagery [5][9].

2025年1月22日凌晨，张坤的四季报准时上网，一如既往、不差分毫，恰如他始终如一的投资风格。 但本季度的观点有了更多的"新"内容。 其一、这是近十年来，张坤管理的产品首次在上证指数4100点以上"发声"，面对过去两年间1000点的涨幅和高度分化的行情表现，张坤的看法和应对颇引 人关注。 其二、这是外界印象中，张坤首次提及AI和AI泡沫论，他不仅坦率的讲出了自己的看法，而且也藉由价值投资的逻辑推演，并点评了部分中国企业在AI 大潮中的表现。 其三、这也是张坤罕见的从增量和存量角度分析了未来我们所在国家的经济、消费、房地产等关键要素的走向，很多判断和论述也颇有新意。 当市场在交易当下的热点时，张坤在思考和下注未来的"国运"。 总之，张坤这一季的季报，不容错过。 中期经济增速不会低 经历了市场的回暖后，场内机构观点在2026年初明显趋暖，这也是张坤在过去几个季度里始终坚持、相信并重申的。 但他看的更加长远，张坤在本季报里展示了他对中国未来增速和增长空间的"大级别趋势的预判"。 他说，按照国家"十五五"规划，我国目标在 2035 年人均 GDP 达到中等发达国家水平。而即使以 2024 年国际货币基金组织认定的发达 ...

Group 1 - Several public funds have reduced their holdings in liquor stocks, particularly in high-end brands like Kweichow Moutai and Shanxi Fenjiu, with reductions of 8.08% and 5.14% respectively [2] - The liquor sector experienced a cumulative decline of 11.5% in Q4 2025, contrasting with the overall bullish market, which has contributed to the decision of funds to decrease their positions [2] - The fundamental performance of the liquor industry is also underwhelming, with many companies issuing profit warnings for 2025 [3] Group 2 - Major liquor companies are forecasting significant declines in net profits, with Shui Jing Fang expected to see a 71% drop and Kuozi Jiao anticipating at least a 50% decrease [3] - The ongoing decline in the liquor sector is attributed to multiple factors, including supply-demand imbalances and changes in consumer behavior, indicating a shift from irrational exuberance to a focus on intrinsic value [3] - The consumer sector remains under pressure, with domestic demand facing challenges compared to export-oriented companies, as highlighted by Zhang Kun's analysis [4]

Group 1 - The core point of the news is that Jiuziyuan conducted a block trade on January 22, with a total of 100,000 shares traded, amounting to 3.08 million yuan, which represents 1.21% of the total trading volume for that day [1][2] - The transaction price was 30.8 yuan per share, which is a discount of 9.17% compared to the market closing price of 33.91 yuan [1]

1月22日，贵州茅台大宗交易成交1.58万股，成交额2107.68万元，占当日总成交额的0.26%，成交均价 1333.97元，较市场收盘价1340.06元折价0.45%，其中最高成交价1340.06元，最低成交价1300元。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | | | 类出管业部 | 是否为专场 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-01-22 | 责州茅台 | 600519 | 1340.06 1.34 | 1795.68 | | SHERE PART 场用 | 是最重要的 | | 客 | | 2026-01-22 | 费州房台 | 600519 | 1300 | 312 | 0.24 | 委員正是被馬路區 | 我都能 | | Ka | ...

Core Viewpoint - The article discusses Zhang Kun's insights from his quarterly report, highlighting his long-term optimistic outlook on China's economic growth and the potential impact of AI on investment opportunities [6][9][10]. Economic Growth Predictions - Zhang Kun emphasizes that China's GDP per capita needs to grow at a compound annual growth rate of 5.27% to reach the level of a moderately developed country by 2035, which is higher than the expected global GDP growth rate [9]. - He believes that the economic growth in the coming years will not be low, driven by domestic demand and consumption [10]. Real Estate Market Insights - Zhang Kun suggests that the decline in housing prices in major cities is likely nearing its end, influenced by low-risk interest rates and potential policy support [12]. - He notes that the negative impact of declining wealth on consumer sentiment may improve in the future [13]. Consumer Living Standards - He predicts significant improvements in the living standards and social security levels of the population over the next decade, narrowing the gap with developed countries [14]. - Zhang Kun expresses confidence that the government will prioritize consumption and domestic demand in its policies [15]. AI Industry Perspective - Zhang Kun discusses the importance of a strong domestic market for technological innovation, citing the subscription revenue from AI models as a crucial income source for companies [16]. - He addresses the "AI bubble" debate, asserting that subscription revenues bolster investor confidence in AI companies [17]. Investment Strategy - The article outlines Zhang Kun's stable investment strategy, maintaining positions in high-quality stocks, particularly in the liquor and technology sectors [22]. - Specific stock adjustments include increasing holdings in Tencent, Moutai, and Wuliangye while reducing positions in Alibaba and JD Health [23].