E 官 作者 1/6 8月19日，贵州茅台酒（黄小西吃晚饭）系列文创产品正式上线i茅台，分为52%vol 500ml和52%vol 100ml，共有"黄、小、西、吃、晚、饭"六款。其中，500ml规格售价2499元/瓶，100ml规格售价429元/ 瓶，上线5分钟内均已售罄。 ¥2499 53%vol 500ml贵州茅台酒 (D-DL-2025001) | 规格 | 53%vol 500ml 贵州茅台酒 | 53%vol 100ml 贵州茅台酒 | | | --- | --- | --- | --- | | | 黄小西吃晚饭-黄 | | 黄小西吃晚饭-小 | | 系列 | 黄小西吃晚饭-西 | | 黄小西吃晚饭-赤 | | | 黄小西吃晚饭-万 | | 黄小西吃晚饭-梵 | ...

《投资者网》张伟 8月18日晚间，洋河股份（下称"公司"，002304.SZ）发布2025年半年报。报告显示，公司今年上半年实现营收147.96亿元，实现归母净利润43.44亿元。 洋河股份表示，面对复杂的外部环境和市场竞争形势，公司立足长远发展和理性发展，聚焦主责主业，持续开展产品提质、品牌提升、渠道拓展、基础管理 等提升工作，进一步积蓄可持续发展动能。 坚持"四个聚焦"，开启深度转型 目前，白酒行业景气度持续承压，存量竞争的格局加速演进，行业集中、分化趋势进一步凸显，同时随着理性消费时代的到来，消费者对更舒适、更具质价 比的白酒产品愈发青睐。 2025年，洋河股份坚持"四个聚焦"，即"聚焦主导品牌、聚焦中端和次高端主价格带，聚焦省内市场和省外高地市场、聚焦白酒主营业务"，采取"六大举 措"， 开启深度转型。 在产品端，洋河构建了"高端树品牌、中端稳基本、大众拓增量"的产品矩阵。高端市场以梦之蓝系列，尤其是梦之蓝手工班和梦之蓝 M9 拉升品牌高度；次 高端市场以梦之蓝M6+和梦之蓝水晶版贡献稳定增量；大众价位带则依靠天之蓝、海之蓝以及新推出的第七代海之蓝和高线光瓶酒稳固市场。 白酒专家肖竹青认为，洋河股份这 ...

北京商报讯（记者 刘一博 冯若男）8月19日尾盘，沪指3727.29点下跌0.02%。白酒板块2300.06点收盘上涨1.52% ，其中20只白酒股上涨，酒鬼酒涨停。 天风证券在其研报中指出，白酒板块PE修复或先于EPS修复，预计2026年二季度板块业绩低基数背景下或迎EPS层面拐点，重视当前板块投资机会。 从个股来看，贵州茅台收盘价达1438.00元/股，上涨0.67%；五粮液收盘价达124.41元/股，上涨0.53%；山西汾酒收盘价达193.73元/股，上涨2.08%；泸州老窖收盘价达126.40元/股， ...

（1）分产品来看，2Q25 系列酒降速明显，茅台酒贡献主要收入。1H25茅台酒、系列酒的营收增速分 别为+10.2%、+4.7%，其中2Q25 营收增速分别为+11.0%、-6.5%。（2）分渠道来看，公司直销渠道营 收占比持续提升，上半年保持较高增速。1H25 传统渠道营收493.4 亿元，同比 +2.8%（2Q25，+1.5%）；直销渠道营收400.1 亿元，同比+18.6%（2Q25，+16.5%），直销渠道营收占 比44.8%，同比提升3.5pct。其中，i 茅台数字营销平台收入107.6 亿元，同比+5.0%。1H25 海外渠道营 收28.9 亿元，同比+31.3%，自2024 年突破50 亿元后，持续保持较高增速。（3）我们判断，上半年茅 台酒实现较快增长，一方面与飞天发货进度加快有关，另一方面，公司加大一升装茅台及非标茅台直营 渠道投放，直营渠道增量贡献营收。 系列酒方面，受去年同期高基数影响（2Q24 系列酒营收增速为+42.5%），叠加市场需求疲软，2Q25 系列酒降速明显。 贵州茅台公告2025 年半年报。1H25 公司实现营收894 亿元，同比+9.1%，归母净利454 亿元，同比 +8 ...

Core Insights - China Resources Beer Holdings Company Limited reported an unaudited revenue of RMB 23.942 billion for the first half of 2025, representing a year-on-year growth of 0.8% [1] - The company's gross profit margin increased by 2.0 percentage points to 48.9%, achieving a historical high due to the ongoing high-end strategy and effective cost control [1] - The unaudited profit before interest and tax reached RMB 7.691 billion, while the profit attributable to shareholders was RMB 5.789 billion, marking year-on-year increases of 20.8% and 23.0% respectively [1] Beer Business Performance - The beer segment achieved a sales volume of approximately 6.487 million kiloliters, a year-on-year increase of 2.2% [1] - High-end products showed significant growth, with mid to high-end beer sales increasing by a mid to high single-digit percentage, and premium and above beer sales growing by over 10% [1] - Specific brands like "Heineken" saw over 20% growth, "Snow" experienced over 70% growth, and "Red Baron" sales doubled, indicating strong product competitiveness [1] Production and Innovation - As of June 30, 2025, the company operated 60 breweries in China with an annual production capacity of approximately 19.2 million kiloliters [2] - The company launched various innovative products, including German-style wheat beer and specialty beers, to meet personalized consumer demands [2] - The high-end product "Ken 14" was introduced, exploring new barley varieties cultivated in China [2] White Spirit Business - The white spirit segment reported an unaudited revenue of RMB 0.781 billion, with a major product contributing nearly 80% of the revenue [2] - The white spirit business maintained a stable gross profit margin, with an unaudited profit before interest, tax, depreciation, and amortization of RMB 0.218 billion [2] Strategic Outlook - The company aims to continue its high-quality and high-end development strategy, enhancing the "beer + white spirit" dual empowerment model [2] - The management expressed commitment to the "decisive victory in high-end and excellent development" strategy, focusing on consumer trends and innovative marketing to enhance competitiveness [2] - The long-term vision is to become a world-class liquor enterprise [2]

智通财经8月19日讯，今日85股涨停，35股炸板，封板率为71%，济民健康4连板，申联生物20cm3连 板，川润股份、汉钟精机、诺德股份、华宏科技、新天药业、科森科技3连板，福瑞股份20cm2连板， 国机精工12天7板，同洲电子7天6板，华胜天成9天6板，海立股份10天6板，腾龙股份5天4板，中电鑫 龙、电子城6天4板，中恒电气、桂发祥7天4板。市场全天冲高回落，三大指数微跌。沪深两市全天成交 额2.59万亿，较上个交易日缩量1758亿，成交额连续5个交易日超2万亿。盘面上，市场热点较为杂乱， 个股涨多跌少，全市场超2900只个股上涨。板块方面，白酒、华为海思、CPO、人形机器人等板块涨幅 居前，保险、军工、证券、游戏等板块跌幅居前。截至收盘，沪指跌0.02%，深成指跌0.12%，创业板 指跌0.17%。 人气及连板股分析 连板晋级率降至38.46%，连板高度降至4连板的济民健康，此前6连板高标大元泵业和4连板的爱丽家居 今日双双断板跌停，令高位人气股整体表现承压，20厘米前期人气龙头上纬新材在内的多股位居跌幅前 列。伴随高位股方向的降温，昨日大涨近7%的北证50指数一度冲高近4%并续创历史新高后也展开回 落 ...

Core Viewpoint - The liquor sector shows resilience with a notable increase in stock prices, indicating potential investment opportunities despite a slight decline in the overall market index [1] Group 1: Market Performance - On August 19, the Shanghai Composite Index closed at 3727.29 points, down 0.02% [1] - The liquor sector index closed at 2300.06 points, up 1.52%, with 20 liquor stocks rising, including a limit-up for JiuGuiJiu [1] Group 2: Individual Stock Performance - Kweichow Moutai closed at 1438.00 CNY per share, up 0.67% [1] - Wuliangye closed at 124.41 CNY per share, up 0.53% [1] - Shanxi Fenjiu closed at 193.73 CNY per share, up 2.08% [1] - Luzhou Laojiao closed at 126.40 CNY per share, up 1.26% [1] - Yanghe Brewery closed at 73.58 CNY per share, up 5.36% [1] Group 3: Analyst Insights - Tianfeng Securities reports that the PE ratio of the liquor sector may recover before EPS, predicting a potential EPS turning point in Q2 2026 due to a low base effect [1] - The report emphasizes the importance of current investment opportunities within the sector [1]

今日（8月19日），A股午后震荡回落，三大股指尾盘悉数翻绿，科创50指数跌超1%，北证50指数逆市活跃；港股亦走弱，两大股指双双下挫。 具体来看，A股三大股指早盘全线上扬，沪指最高攀升至3746.67点，续创阶段新高；创业板指一度涨超1%，北证50指数盘中大涨近4%续创历史新高。截 至收盘，沪指微跌0.02%报3727.29点，深证成指跌0.12%报11821.63点，创业板指跌0.17%报2601.74点，北证50指数涨1.27%，沪深北三市合计成交26413 亿元，较此前一日减少近1700亿元。 场内近3000股飘红，消费类股集体走高，酒鬼酒、李子园、桂发祥等涨停；汽车产业链股拉升，南方精工、拓普集团、明新旭腾等涨停；华为概念崛起， 诚迈科技20%涨停，赛微电子涨近12%；人形机器人概念热度不减，奇德新材大涨15%续创新高，丰立智能、隆盛科技等涨超10%；AI产业链延续强势， 工业富联涨停，市值超9700亿元；寒武纪盘中一度涨超5%突破1000元大关，但午后回落翻绿。创新药概念整体强势，博济医药20%涨停，诺思兰德盘中 创新高；但药明康德、广生堂等午后跳水跌超6%。此外，云南锗业尾盘强势涨停。 港股方面， ...

继贵州茅台之后，寒武纪也在8月19日盘中突破1000元股价大关。无论是百元股还是千元股，都是优质 优价的典型，将会成为未来A股市场的主线逻辑。 贵州茅台作为消费股的代表，其千元股价的背后是品牌稀缺性、产品供不应求及稳定业绩的支撑，具有 品牌加品质的双重保障，良好的业绩及极低的预期风险使其估值始终维持在较高水平，受到投资者的充 分认可。 寒武纪的崛起则展现了科技领域的优质优价逻辑。因产品性能强，投资者对其未来业绩不断增长存在强 烈预期，再加上技术壁垒过硬，引发投资者不断追捧其股价。虽然当前公司的市盈率水平仍然较高，但 是投资者认为其未来的市盈率将有机会大幅下降，这也是寒武纪股价能够上摸千元的底层逻辑。 上述两只股票的共性在于，两者均通过核心竞争优势构建了高壁垒。贵州茅台依靠品牌壁垒，寒武纪则 依托技术壁垒，二者均以优质产品支撑高股价，验证了优质优价的逻辑。 优质优价逻辑的本质，是通过价格信号引导资源向高效领域配置。尤其对于科技型企业而言，当企业研 发投入占比达到一定比例时，其产品性能可能实现质的提升，进而获得溢价能力。这种高投入、高技 术、高股价的链条，也是优质优价的特征之一。 未来随着优质优价逻辑的深化，将推 ...

Core Viewpoint - Gujinggongjiu has launched a new low-alcohol product, "Gujinggongjiu Year Original Light Gu20," with an alcohol content of 26 degrees, targeting urban elites aged 25-35 who seek a lighter drinking experience [2][10]. Product Launch - The new product was introduced on August 19 in Shenyang, featuring a 375ml bottle priced at 375 yuan, which translates to approximately 500 yuan for a 500ml equivalent [2][7]. - The product aims to cover nine drinking scenarios, including solo drinking, couple dates, and gatherings with friends [2]. Pricing Strategy - The pricing of the new low-alcohol product is significantly higher than mainstream low-alcohol beverages and is close to some mid-range high-alcohol products, raising questions about its acceptance among young consumers [2][9]. - The existing 52-degree Gu20 has seen a decline in retail prices, with some channels offering it below 600 yuan, indicating a price sensitivity in the market [3][9]. Market Context - Gujinggongjiu's core product, Gu20, has been a strong performer, contributing to 80% of the company's white liquor revenue, with a reported revenue of 180.86 billion yuan in 2024, up 17.31% year-on-year [10]. - The company faces increasing pressure to find new growth points as its net profit growth has slowed to just over 20% in 2024, down from 46.01% in 2023 [10]. Competitive Landscape - The low-alcohol segment is becoming increasingly competitive, with several major liquor companies, including Shede and Wuliangye, announcing plans to launch their own low-alcohol products [11]. - Gujinggongjiu must navigate challenges such as consumer perception, market education, and price acceptance in a market that is already experiencing sluggish growth [10][11].