| 代码 | 名称 | | 涨幅%↑ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 000799 | 酒鬼酒 | # | -2.79 | 212亿 | 18.57 | | 600559 | 老白干酒 | | -2.72 | 164亿 | -11.80 | | 600197 | 伊力特 | | -2.48 | 74.29亿 | -6.18 | | 600199 | 金种子酒 | | -2.22 | 72.29亿 | -17.37 | | 600779 | 水井坊 | 美 | -2.16 | 221亿 | -13.24 | | 000596 | 古井贡酒 | 家 | -2.02 | 881亿 | 0.33 | | 002646 | 天佑德酒 | 策 | -1.98 | 47.53亿 | -7.62 | | 000568 | 泸州老窖 | | -1.78 | 1981亿 | 12.82 | | 603589 | 口子窖 | # | -1.71 | 203亿 | -10.15 | | 002304 | 洋河股份 | | -1.67 | 1092亿 ...

金种子酒所属申万行业为：食品饮料-白酒Ⅱ-白酒Ⅲ。所属概念板块包括：白酒、安徽国资、国资改 革、基金重仓、融资融券等。 截至6月30日，金种子酒股东户数12.40万，较上期增加0.16%；人均流通股5303股，较上期减少0.16%。 2025年1月-6月，金种子酒实现营业收入4.84亿元，同比减少27.47%；归母净利润-7219.68万元，同比减 少750.54%。 9月3日，金种子酒盘中下跌2.05%，截至13:05，报11.01元/股，成交1.38亿元，换手率1.87%，总市值 72.42亿元。 资金流向方面，主力资金净流出1554.62万元，特大单买入104.35万元，占比0.76%，卖出0.00元，占比 0.00%；大单买入1966.37万元，占比14.26%，卖出3625.34万元，占比26.29%。 金种子酒今年以来股价跌17.22%，近5个交易日跌0.72%，近20日涨5.06%，近60日涨9.33%。 资料显示，安徽金种子酒业股份有限公司位于安徽省阜阳市清河东路523号金种子研发大楼，成立日期 1998年7月23日，上市日期1998年8月12日，公司主营业务涉及公司主要从事白酒生产;普通货运 ...

来源：五谷财经 近日，山西汾酒发布了2025年半年度报告，收入、利润保持稳健增长态势，货币资金高达139.27亿元，较今年初 62.85亿元相比，增长120%以上，账上现金流充沛，远超机构此前预期。 2025年上半年，山西汾酒实现营业收入239.64亿元，较上年同期增长5.35%；归属于上市公司股东的净利润85.05 亿元，同比增长1.13%，展现出强劲的韧性与高质量发展态势。 山西汾酒方面表示，2025年上半年，面对复杂多变的市场环境与行业发展新态势，公司锚定高质量发展目标，以 战略定力统筹全局，以变革创新破解难题，在治理效能提升、生产根基夯实、市场布局拓展、科技赋能升级、文 化价值传播等领域协同发力，各项经营工作稳中有进、质效双升，为实现全年战略目标奠定了坚实基础。 中国酒业分析师肖竹青则指出，白酒行业已由高速粗放增长进入"深度分化期"，山西汾酒今年上半年仍能实现营 业收入239.64亿元、净利85.05亿元的正增长，体现了其在行业整体降速背景下的"发展韧性"。 市场布局深耕细作，潜力区域保持高速增长态势 当前我国白酒行业集中度持续提升，竞争日趋激烈，白酒市场呈现加速分化趋势，市场逐步向优质品牌集中。 面 ...

Core Viewpoint - The Chinese liquor industry, particularly the baijiu sector, is experiencing a downturn, with many companies reporting declines in revenue and net profit, while other alcoholic beverages like beer and yellow wine are capitalizing on this opportunity to attract younger consumers [1][2][3]. Baijiu Industry Performance - The total revenue of baijiu companies in the first half of 2025 was 241.51 billion yuan, a slight decrease of 0.9% from 2024 [1]. - The net profit attributable to shareholders was 94.56 billion yuan, down 1.2% from the previous year [1]. - Only six out of twenty baijiu companies reported positive revenue growth, with Kweichow Moutai leading at 91.1 billion yuan, a 9% increase [2]. - Thirteen companies experienced declines in both revenue and net profit, indicating a widespread downturn in the baijiu sector [3]. Other Alcoholic Beverages - The beer sector showed positive growth, with most companies reporting revenue increases, particularly Qingdao Beer, which exceeded 20 billion yuan in revenue [5]. - The total revenue of other alcoholic beverages, including beer, yellow wine, and pre-mixed drinks, was 5.3 billion yuan, with net profits totaling 700 million yuan [6]. - Companies like Zhangyu A and Bai Run Holdings dominated the pre-mixed drink market, with revenues close to 1.5 billion yuan each [6]. Market Trends and Consumer Behavior - The liquor market is becoming younger and more diversified, with a trend towards lower alcohol content beverages [1][7]. - Baijiu companies are actively seeking to attract younger consumers through marketing and product innovation, such as smaller packaging and lower alcohol options [7][8]. - Cross-industry collaborations are emerging, with beer companies like China Resources Beer venturing into the baijiu market, and baijiu brands launching beer products [9]. Future Outlook - The baijiu industry is expected to undergo further adjustments, with upcoming festivals like Mid-Autumn and National Day serving as critical indicators for market recovery [3]. - The success of lower alcohol products and cross-industry collaborations remains to be seen, as companies adapt to changing consumer preferences [8][9].

Core Insights - The cash flow performance of major liquor companies in the first half of 2025 shows significant divergence, with over 60% of companies experiencing a year-on-year decline in cash flow from operating activities, and many entering negative territory [1][5] - The cash flow gap between leading companies and smaller enterprises has widened, highlighting the importance of cash management during the industry's adjustment period [1][5] Cash Flow Defense - A clear "three-tier" distribution of cash flow is observed among the industry, with Wuliangye leading at 31.137 billion yuan, followed by Moutai at 13.119 billion yuan, together accounting for over 70% of the total cash flow of the sampled companies [3][4] - Several leading companies, such as Luzhou Laojiao and Shanxi Fenjiu, maintain positive cash flow in the range of 4-5 billion yuan, showcasing operational stability compared to smaller firms [5][6] - Many regional companies, including Kuaizi Jiao and Laobai Gan, report negative cash flow, indicating operational challenges [5][6] Profit and Cash Flow Choices - The unique operating model of liquor companies often results in substantial cash flow, but many firms are now showing negative cash flow despite positive net profits, indicating delayed cash collection or concentrated short-term expenditures [8][10] - For instance, Kuaizi Jiao reported a net profit of 9.47 billion yuan but a cash flow of -0.383 billion yuan due to reduced cash receipts from sales [8][11] Financial Management Trends - The tightening of cash flow is seen as a normal response to industry adjustments and intensified competition, with distributors facing greater challenges than manufacturers [6][14] - Increased cash dividends, such as those from Luzhou Laojiao and Jiu Gui Jiu, further pressure cash flow despite their profitability [6][10] Strategic Adjustments - Companies are focusing on cost control and operational efficiency to improve cash flow, with some reporting significant increases in cash flow due to reduced tax payments and lower sales and management expenses [16][20] - The industry is shifting towards digitalization and refined management practices to enhance cash flow and operational efficiency, with a focus on high-turnover products to mitigate cash flow issues [18][20] Future Outlook - The transition from high-leverage expansion to refined operations is expected to be a painful but necessary process for the industry, with cash management capabilities becoming a key competitive factor [18][20] - The overall cash flow situation is anticipated to stabilize as companies implement strategic measures in production, marketing, and distribution [20]

Group 1 - The CSI All Share Free Cash Flow Index (932365) decreased by 0.41% as of September 3, 2025, with component stocks showing mixed performance [2] - Silver and Nonferrous (601212) led the gains with an increase of 10.09%, while Feiya (000026) experienced the largest decline at 4.58% [2] - The Free Cash Flow ETF (159233) fell by 0.53%, with a latest price of 1.13 yuan, but has seen a cumulative increase of 4.42% over the past two weeks, ranking 3rd out of 13 comparable funds [2] Group 2 - The Free Cash Flow ETF has a turnover rate of 3.95% and a trading volume of 5.0736 million yuan, with an average daily trading volume of 17.5566 million yuan over the past week [2] - The latest net inflow of funds into the Free Cash Flow ETF was 7.9184 million yuan, with a total of 38.3283 million yuan net inflow over the last five trading days [2] Group 3 - Since its inception, the Free Cash Flow ETF has achieved a maximum monthly return of 7.80% and a longest consecutive monthly gain of 3 months, with an average monthly return of 4.07% [3] - The maximum drawdown since inception was 3.28%, with a recovery time of 12 days, indicating a relatively quick recovery compared to comparable funds [3] - The management fee for the Free Cash Flow ETF is 0.50%, and the custody fee is 0.10% [3] Group 4 - As of August 29, 2025, the top ten weighted stocks in the CSI All Share Free Cash Flow Index accounted for 57.03% of the index, including China National Offshore Oil (600938) and Wuliangye (000858) [4] Group 5 - The Free Cash Flow ETF includes various stocks with different weightings, such as Midea Group (000333) at 2.66% and China Shenhua (601088) at 2.64%, with some stocks experiencing slight declines [6]

华泰证券：建议关注集团资产证券化比例较低的电力央企等 市场昨日震荡调整，创业板指领跌。沪深两市全天成交额2.87万亿，较上个交易日放量1250亿。板块方 面，银行、贵金属、机器人、石油等板块涨幅居前，CPO、跨境支付、PCB、半导体等板块跌幅居前。 截至昨日收盘，沪指跌0.45%，深成指跌2.14%，创业板指跌2.85%。 华泰证券认为，在当下的市场环境中，高股息红利公用事业资产的投资范式可能会出现变化。复盘2015 年前后，结合当下财政状况，建议关注集团资产证券化比例较低的电力央企，和当地公用事业资产具有 化债潜力的地方国企。华泰证券认为，资本运作对进一步提升分红比例有正面作用，不是需要过于担忧 的风险，反而可能是现在持股久期较短的模式下的投资机会。 在今天的券商晨会上，中信建投表示，A股盈利确认拐点，新动能主导结构性行情；广发证券指出，白 酒板块进入中周期布局窗口期；华泰证券表示，建议关注集团资产证券化比例较低的电力央企等。 本文转载自智通财经，智通财经编辑：陈筱亦。 中信建投：A股盈利确认拐点，新动能主导结构性行情 中信建投表示，A股盈利确认拐点，步入温和复苏通道，但结构分化远超总量意义，凸显新旧动能加 ...

国际金价再创历史新高，贵金属板块走强，白银有色（601212）3连板。盘初机器人概念股拉升。 9月3日，三大指数集体高开，沪指涨0.19%，深证成指涨0.37%，创业板指涨0.37%。盘初黄金概念、人形机器人概念、国防军工、工程机械、证券等板块 涨幅居前。 港股方面，香港恒生指数开盘涨0.64%，恒生科技指数涨0.99%。热门科技股普遍上涨，蔚来、理想汽车涨超3%。京东集团、泡泡玛特涨超2%。截至发 稿，恒生科技指数涨近1%。 机器人概念继续走强 早盘机器人概念延续强势，浙江荣泰、春兴精工、秦川机床2连板，金固股份、景兴纸业、金发科技、兰剑智能等跟涨。 港股机器人概念股也走强，截至发稿，微创机器人-B涨近12%。 消息面上，9月2日，宇树科技宣布，预计将在2025年10月至12月期间向证券交易所提交上市申请文件，届时公司的相关运营数据将正式披露。宇树科技表 示，以2024年为例，四足机器人、人形机器人和组件产品的销售额分别占约65%、30%和5%。 固态电池概念持续走高，截至发稿，亿纬锂能涨超14%，鹿山新材、德新科技等涨停，派能科技、赢合科技、联得装备等跟涨。 白酒概念走强，截至发稿，会稽山涨停，古越龙山、 ...

2025.09. 03 本文字数：303，阅读时长大约1分钟 作者 | 一财阿驴 （注：我们会对线索进行核实。您的隐私将严格保密。） 浙江荣泰、春兴精工、秦川机床2连板，金固股份、景兴纸业、金发科技、兰剑智能等跟涨。 推荐阅读 | 包称 | 涨幅量。 | 现价 | | --- | --- | --- | | 亿年智能 | +11.4119% | 63.72 | | | +10.01% | 25.61 | | 浙江景区 | +10.00% | 94.90 | | 天永智能 | | 32.12 | | 均胜电子 | +7.13% | 22.54 | | LEGH 分 | +7.11% | 62.26 | | FIFT | +6.88% | 14.85 | | 美湖股份 | +6.43% | 38.44 | | 可是电子 | +5.91% | 33.14 | | 道長技术 | +5.72% | 22.37 | 多地遴选小学教师转岗初中 09:26 A股开盘｜上证指数涨0.19% 黄金板块走强 三 大 股 指 集 体 高 开 ， 上 证 指 数 开 盘 报 3865.29 点 ， 涨 0.19%； 深 成 指 开 盘 ...

白酒概念走强，截至发稿，会稽山涨停，古越龙山、舍得就业、金徽酒等跟涨。 ...