Core Viewpoint - Northbound capital saw a net inflow of 10.15 billion yuan in Q4 2025, with the market value of A-shares held increasing slightly from 25,852 billion yuan at the end of Q3 to 25,898 billion yuan at the end of Q4 [1]. Group 1: Top Holdings - The top ten stocks held by northbound capital as of the end of 2025 include CATL, Midea Group, Kweichow Moutai, China Merchants Bank, Zijin Mining, Northern Huachuang, Zhongji Xuchuang, Huichuan Technology, Ping An Insurance, and Luxshare Precision [1]. - New additions to the top 20 holdings include Suyuan Electric and Cambricon, while WuXi AppTec and Lattice Semiconductor exited the top 20 [1]. Group 2: Sector Performance - In Q4, northbound capital increased holdings in sectors such as new energy (CATL, DeYuan Co., Sunshine Power), electronics (Luxshare Precision, Northern Huachuang, Zhaoyi Innovation), non-ferrous metals (Aluminum Corporation of China, Jiangxi Copper, Zhongjin Gold), and large financials (China Merchants Bank, Ping An Insurance) [2][3]. - The sectors with the highest increase in holdings were non-ferrous metals, communication, and basic chemicals [7][8]. Group 3: Net Inflows and Outflows - The stocks with the highest net inflows in Q4 included CATL (12.19 billion yuan), Luxshare Precision (6.1 billion yuan), Weichai Power (4.87 billion yuan), China Merchants Bank (4.26 billion yuan), and Ping An Insurance (3.49 billion yuan) [4]. - Conversely, the stocks with the largest net outflows included Kweichow Moutai (-8.45 billion yuan), WuXi AppTec (-5.32 billion yuan), BYD (-4.98 billion yuan), and Mindray Medical (-4.22 billion yuan) [5]. Group 4: Industry Holdings - The leading industry by market value held by northbound capital is electrical equipment, followed by electronics, non-ferrous metals, banking, and machinery [6]. - The industries with the most significant increase in market value held were non-ferrous metals (51.63 billion yuan), communication (19.48 billion yuan), and basic chemicals (8.86 billion yuan) [8].

Core Insights - The Chinese liquor market shows a mixed trend with six products increasing in price and four decreasing over the past 24 hours, indicating ongoing industry adjustments and a lack of significant improvement in market sentiment [1] Price Movements - The overall price for a package of the top ten liquor products is 8,906 yuan, which is an increase of 31 yuan from the previous day [1] - Among the products that increased in price, Qinghua Lang rose by 14 yuan per bottle, while Xijiu Junpin followed with a 13 yuan increase [1][4] - Other notable increases include Qinghua Fen 20 (up 6 yuan), Yanghe Dream Blue M6+ (up 3 yuan), and Guojiao 1573 and Wuliangye Pu 58th generation (both up 2 yuan) [1][3] Declining Products - Feitian Moutai continues to decline, with a decrease of 4 yuan per bottle, influenced by the "price anchoring" effect from the iMoutai platform [1][3] - Other products that saw a decrease include Boutique Moutai (down 2 yuan), Gujing Gong Gu 20 (down 2 yuan), and Shuijing Jian Nan Chun (down 1 yuan) [1][4]

文 / 蛙小吉 "在i茅台抢了三天，中了两瓶1499的飞天！"最近，不少人在小红书上晒出订单。原价买到正品茅台的兴奋背后，是消费者苦"高价炒作"久矣的无 奈。 过去十几年里， 茅台产品在销售体系之内和体系之外，产生了两个不同的价格，业内把这种现象称为"价格双轨制"。 以53度500毫升的飞天茅台（下称"普茅"）为例：一端是被厂家严控，长期稳定在千元左右的出厂价；另一端则是被层层加码，历史峰值接近3000 元的市场流通价。 巨额利差，导致消费者们想用1499元的官方指导价买到"普茅"，比春运抢票还难。 投机的狂欢，养肥了套利者，却透支了品牌的价值与口碑，压抑了"品鉴、宴饮、收藏"的真实需求。 为了终结这场迷失的盛宴，贵州茅台打出了一系列推进市场化改革的"组合拳"。 在小红书上晒单的消费者们，正是赶上了1月1日"普茅"登陆i茅台的"首班车"。这个动作，曾被外界解读为一次针对黄牛和传统渠道的"战术奇 袭"。 不过，单点爆破并不足以扭转顽固运行了多年的利益格局，更系统的顶层设计随后出炉。1月13日，贵州茅台董事会审议通过《2026年贵州茅台酒 市场化运营方案》（下称"方案"），这标志着茅台的自我革命正式从"战术试探" ...

上市企业：贵州茅台（600519）,五粮液（000858）,洋河股份（002304）,泸州老窖（000568）,山西汾酒 （600809）,古井贡酒（000596）,水井坊（600779）,舍得酒业（600702）,酒鬼酒（000799）,老白干酒 （600559） 相关报告：智研咨询发布的《2026-2032年中国白酒行业市场现状分析及投资前景规划报告》 根据国家统计局数据显示：2025年11月中国白酒(折65度，商品量)产量为31.8万千升，同比下降13.8%； 2025年1-11月中国白酒(折65度，商品量)累计产量为321.5万千升，累计下降11.3%。 2020-2025年1-11月中国白酒(折65度，商品量)产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

投资界人士通过捐赠回馈母校、助力高等教育事业发展已渐成趋势！ 1月16日，睿远基金创始人陈光明携睿远基金、睿远公益基金会向上海交大捐赠1.3亿元，覆盖医疗帮扶、科研创新、前沿人 才培育等领域。自2015年以来。陈光明已累计为上海交大捐赠近2亿元，支持交大事业发展。 陈光明向母校上海交通大学捐赠1.3亿元 据上海交通大学微信公众号，1月16日，交大1996届本科、1999届硕士校友，学校校董，睿远基金创始人陈光明向母校捐赠人 民币1.3亿元，在上海交大建校130周年之际送上了一份沉甸甸的祝福。 根据协议，陈光明此次向母校上海交通大学捐赠人民币1.3亿元，用于支持"睿远青年科技奖"，为年轻科研人铺路搭桥，定向 支持医疗帮扶、商科创新与院系建设。 "我一直觉得自己很幸运：34年前的1992年能够从浙江考入交大，大学阶段是人生最宝贵的青春年华，有机会在母校度过本科 和硕士的七年美好时光。"陈光明在发言中回望在交大的求学岁月，坦言母校给予的不仅是知识，更是人格的塑造与眼界的开 拓，这成为他扎根金融二十余年、坚守长期主义的"底气之源"。 据统计，自2015年至今，陈光明已先后十余次向母校捐赠，累计金额近2亿元，用于人才培 ...

Group 1: Policy Changes and Industry Impact - The Ministry of Finance and the State Taxation Administration announced the cancellation of export tax rebates for photovoltaic products starting April 1, 2026, with battery product rebates gradually phasing out, aimed at curbing low-price competition in overseas markets [1][10] - The photovoltaic industry is currently not profitable, and this policy is expected to directly reduce company revenues, causing short-term pain [1][10] - Experts believe that while the policy may help rationalize overseas market prices, addressing the issue of "involution" requires technological breakthroughs and industry self-discipline [1][10] Group 2: Commodity Price Fluctuations - Recent significant increases in tomato prices across multiple regions in China have been observed, with retail prices ranging from 5 to 18 yuan per pound, and wholesale prices rising over 80% year-on-year [1][11] - The price surge is attributed to continuous rainfall during the summer and autumn seasons, leading to plant damage and reduced yields [1][11] - It is expected that prices will significantly decline by late January as new batches of tomatoes come to market [1][11] Group 3: Market Challenges and Company Responses - Shenzhen's Shui Bei and Cheng Xing Silver Tower have been accused of delivery delays, with some merchants claiming losses exceeding 300,000 yuan, and over 350 people in a rights protection group [1][12] - The past year saw a 214% increase in spot silver prices, leading many silver merchants to adopt a "payment before delivery" model, which has raised credit risks due to market volatility [1][12] - Legal experts advise investors to verify qualifications and clarify delivery and refund terms when signing contracts, emphasizing the importance of preserving evidence [1][12] Group 4: Resource Supply and Industry Development - The first shipment of 200,000 tons of iron ore from the world's largest iron ore project, Simandou, has arrived at Zhejiang Shengsi Port, marking the full integration of its supply chain [1][13] - The project, located in Guinea, has a massive reserve and is expected to supply 120 million tons annually once fully operational, significantly enhancing China's direct supply and security of iron ore resources for the steel industry [1][13] Group 5: Economic Indicators and Trends - China's total electricity consumption is projected to exceed 10 trillion kilowatt-hours for the first time in 2025, reaching 10.4 trillion kilowatt-hours, a 5% year-on-year increase, setting a new global record for a single country [1][14][15] - This milestone reflects the strong resilience and large scale of the Chinese economy, driven by stable macroeconomic conditions, increased electrification, and sustained high temperatures [1][14][15] - Notably, electricity consumption in emerging industries such as new energy vehicles and the digital economy is growing rapidly, while high-energy-consuming industries are experiencing a slowdown, indicating a shift towards high-tech and high-value-added sectors [1][14][15] Group 6: Corporate Financial Health - Bosch, the world's largest automotive supplier, has warned that its operating profit margin will fall below 2% in 2025, significantly lower than its long-term target of 7% [1][4][15] - The company's revenue is approximately 91 billion euros, but actual revenue has declined when excluding acquisition impacts [1][4][15] - The profit reduction is primarily due to restructuring costs of 3.1 billion euros and market challenges, prompting Bosch to initiate layoffs to cope with the pressures of electrification, weak demand, and intense competition [1][4][15]

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 1月15日，茅台2026年度采购与供应链大会以"数智赋能・绿色共生・链创未来"为主题启幕，会场中一款由茅台酒酿造副产物——酒糟制成的笔记本，意 外成为绿色理念的具象表达。 这本特殊的书写载体，将曾经的酿酒残渣从"废料"变为实用好物，与"可种植种子纸"证件、无纸化资料等举措共同构成"零碳开会"场景，既呼应了新年伊 始商务部等9部委《关于实施绿色消费推进行动的通知》中"减量—回收 —再利用"的核心要求，更揭开了茅台深耕全链条绿色实践的一角。 文 | 今时品牌实验室 面对未来，茅台集团党委副书记、总经理王莉在本次采供大会上表示，茅台要以绿色化为发展底色，提高绿色化的能力，建立健全绿色发展的体制机制， 并通过绿色服务共享平台，积极推动绿色认证落地、碳足迹测算、绿电覆盖，全力推进绿色转型升级，以标杆带动产业链的减排。 1 包装焕新：在经典传承里融入绿色理念 丽娅 大会提出"从一粒高粱到一瓶酒，全程绿色可溯源，ESG不是口号，是每个环节"的理念，这正是茅台绿色实践的核心共识。从会议场景的环保创新，到产 品包装的迭代升级，再到供应链的生态协同，茅台正以"精打细算"的 ...

Core Viewpoint - The article discusses the significant transformation in the Chinese liquor industry initiated by Moutai's new policies in January 2026, emphasizing a return to consumer-centric practices and a comprehensive reform of the entire industry chain [1][30]. Group 1: Moutai's New Policies - On January 1, 2026, Moutai launched its 53-degree 500ml Flying Moutai at a price of 1499 yuan per bottle, allowing each user to purchase up to 12 bottles, marking a significant shift towards direct consumer access [4][1]. - The launch of the iMoutai app facilitated a seamless connection between Moutai and its consumers, allowing for a more transparent and accessible purchasing process [4][1]. - Moutai established Guizhou Ai Moutai Digital Technology Co., Ltd. with a registered capital of 600 million yuan to accelerate its direct sales system and digital marketing efforts [4][1]. Group 2: Quality and Safety Focus - Moutai's leadership emphasized the importance of quality control in production, ensuring that every bottle meets high standards to maintain consumer trust [5][14]. - The company is focusing on enhancing its supply chain and logistics to ensure safe and timely delivery of products, which is crucial for improving consumer experience [8][10]. Group 3: Cultural and Brand Development - Moutai introduced the 2026 annual traditional color "Qi Zi" to connect with cultural heritage and appeal to younger consumers, indicating a shift from merely selling products to selling culture and identity [11][13]. - The company aims to build a narrative that resonates with modern consumers while maintaining its high-end image, thus broadening its brand value [32][33]. Group 4: Market Strategy and Consumer Focus - Moutai's new strategy emphasizes a dual-channel approach where online platforms manage efficiency and reach, while offline channels focus on conversion and service [22][24]. - The company is restructuring its product hierarchy to better align with market demands, moving away from a one-size-fits-all approach to a more dynamic pricing and distribution strategy [22][24]. Group 5: ESG and Social Responsibility - Moutai is actively building its ESG framework, focusing on quality, social responsibility, and community engagement through its philanthropic initiatives [20][28]. - The establishment of the Guizhou Moutai Public Welfare Foundation has led to significant contributions to social projects, benefiting over 5.5 million people [20][28]. Group 6: Future Outlook - The reforms initiated by Moutai signal a shift in the liquor industry towards a consumer-centric model, moving away from traditional channel-driven growth [30][32]. - Moutai's leadership is committed to long-term sustainable growth, prioritizing quality and consumer relationships over short-term performance metrics [31][30].

大家好，我是银行螺丝钉，欢迎来到这期的螺丝钉带你读书。 「螺丝钉带你读书」也陪伴大家度过了三百多期，为大家讲解了很多有趣、经典的书籍和故事，比如《三十 几岁，财务自由》、《如何读一本书》、《战胜拖延症》等等。 还为大家详细介绍了几位投资大师：股神巴菲特、他的好搭档查理·芒格和指数基金之父约翰·博格。分享了 他们的人生经历、投资生涯和投资的理念。 大家可以点击下面链接查看部分螺丝钉带你读书合集： 《 世界读书日，螺丝钉送你121本私藏经典好书 》 巴菲特的护城河理论，在于确定一家企业的竞争优势。 因为这种竞争优势的存在，企业的产品和服务，可以长期、源源不断的获得丰厚的利 润，最终给投资者带来回报。 这种护城河理论，适合的是进入到 "成长价值" 阶段的企业。 到了这个阶段，往往企业已经从竞争中胜出，并且有可观、稳定的盈利。 符合这些特点的企业，并不是创业阶段、或发展早期的企业。 往期回顾 第一篇：《 巴菲特的护城河理论：企业长期盈利的秘密 》 巴菲特的"护城河"理论 这一期螺丝钉带你读书，咱们介绍的，是一本2025年底，新出的投资书籍，《 投资的护城河 》。 这本书是晨星公司，围绕巴菲特的护城河投资理念，做的相应 ...

【酒食日报】1月17日 星期六 1、茅台与习酒交流座谈 2、西凤酒与赛夫集团战略合作 3、川酒集团赴水 井坊考察学习 4、歪马送酒门店突破2200家 5、汾阳政校企共建杏花村学院 6、2025年11月中国酒业指 数发布 7、遵义白酒2025年出口超6495万元 8、泸州老窖申请智能摘酒专利 赛夫集团董事长左玉洁在致辞中指出，西凤酒凭借深厚文化底蕴、卓越品质及独特凤香白酒文化筑牢品 牌根基，京东集团以强大供应链体系与广泛渠道覆盖力为消费市场赋能，赛夫集团则在大消费领域深耕 多年，尤其在酒类版块积淀了丰富运营经验与资源，此次合作正是"品质基石、渠道引擎、运营动能"的 精准契合与完美融合。三方将聚焦产品创新、渠道拓展、用户精细化运营发力，以优势互补构建全新合 作模式，助力西凤酒实现焕新增长、为白酒行业高质量发展注入新活力。 川酒集团赴水井坊考察学习 1月15日，川酒集团党委书记、董事长曹勇，总经理、总工程师杨官荣率考察组赴水井坊邛崃全产业链 基地考察学习。考察组一行深入水井坊邛崃全产业链基地酿造车间，实地考察学习水井坊在安全生产管 理、标准化作业流程（SOP）及智能化生产等方面的先进经验。曹勇表示，水井坊将智能化酿 ...