最近港股新消费龙头泡泡玛特、老铺黄金、蜜雪集团等股价一骑绝尘之际，A股消费板块也出现了一匹黑马——会稽山。 一个月时间，会稽山市值从50亿元，轻松越过100亿元大关，超越古越龙山成为"黄酒一哥"。 5月28日，会稽山再度涨停，报25.81元/股，总市值达124亿元，6个交易日已涨超44%！而古越龙山目前的总市值约100亿元。 | W | 会稽山(601579) | | | | | | --- | --- | --- | --- | --- | --- | | | 闭市 05-28 15:00:03 融 通 | | | | | | 25.81 | 额 14.65亿 股本 4.79亿 | | 市盈 62.6 | 万得 盘口 | | | 2.35 10.02% | 换 12.01% 市值1 124亿 | | 市净 3.25 | | | | 分时 五日 | 周Ｋ | 月K | | 申务 | | | 音加 | | 均价:25.46 | 품■ | 资金 | | | | | 10.02% | 中国 | | | | | | | SE 74 | | | | 23.46 | | 0.00% 买一 | | | | | | | | ...

Group 1 - Dongpeng Beverage, known as the "first stock of energy drinks" in A-shares, saw its stock price rise by 6.3% to 311.47 yuan per share, reaching a historical high and a total market value of 162 billion yuan [1] - In contrast, the traditional liquor brand Yanghe Co. experienced a decline of 1.08%, with its stock price hitting a five-year low and a market value dropping below 100 billion yuan [1] - Year-to-date, Yanghe Co.'s stock price has fallen by 19.14%, ranking among the largest declines in the liquor sector [1] Group 2 - Within the liquor sector, only Shanxi Fenjiu and Kweichow Moutai have recorded increases in stock prices, with gains of 3.44% and 0.85% respectively [2] - As of May 28, only a few companies in the liquor sector, including Kweichow Moutai, Wuliangye, Shanxi Fenjiu, and Luzhou Laojiao, have market values exceeding 100 billion yuan [2] - The rise of Dongpeng Beverage indicates a shift in A-share market dynamics, where traditional consumption is declining while new consumption trends, such as beverage and dairy sectors, are gaining traction [2] Group 3 - The rapid increase in the stock price of Kuaijishan is attributed to innovation, including the launch of youth-oriented products and packaging upgrades [3] - Kuaijishan is actively targeting younger consumers by expanding its product offerings and enhancing consumption scenarios [3] - Gu Yue Long Shan, once the "king of yellow wine," is also focusing on product innovation aimed at younger demographics, with new product lines and themed venues [3]

Core Viewpoint - The yellow wine sector is experiencing significant growth, particularly among younger consumers, leading to strong stock performance for key companies in the industry [1]. Company Performance - Kweichow Moutai's stock price reached a new high of 25.81 yuan per share, with a total market capitalization of 12.34 billion yuan, marking a cumulative increase of over 146% since April 1 [1]. - Other major yellow wine companies, such as Guyue Longshan and Jinfeng Liquor, also saw substantial stock price increases, with Jinfeng Liquor rising over 36% and Guyue Longshan increasing over 33% since April 9 [1]. Market Trends - The yellow wine industry is benefiting from a "new consumption" trend, with increased recognition of its unique taste and nutritional value among consumers, particularly the younger demographic [1]. - The industry is witnessing a shift towards high-end and youth-oriented products, with companies like Guyue Longshan launching premium offerings such as "Guo Niang 1959" and Kweichow Moutai promoting its high-end Lanting series [1]. Pricing Strategies - In response to the high-end trend, Kweichow Moutai and Guyue Longshan have implemented price increases for their products, with Guyue Longshan's price hikes ranging from 2% to 12% for select items [1]. - Both companies believe that these price adjustments will enhance market value recognition [1]. Industry Outlook - With improving fundamentals, brokerage firms are increasing their focus on the yellow wine sector. Huatai Securities anticipates a reconstruction of the volume-price logic in the industry, predicting stabilization and potential growth in the market size [1]. - Huatai Securities has given buy ratings for Kweichow Moutai and Guyue Longshan, with target prices set at 20.8 yuan and 10.87 yuan, respectively [1].

Core Viewpoint - Leading liquor companies are actively reforming and innovating their product offerings to capture market share amidst challenges in the yellow wine industry [1][2][3] Industry Overview - The yellow wine industry is facing overall demand pressure, with sales revenue in 2023 increasing by 2.1% year-on-year to 21 billion yuan, while revenue from large-scale enterprises decreased by 15.9% to 8.5 billion yuan [1] - The main consumption regions for yellow wine are Zhejiang, Shanghai, and Jiangsu, with market sizes of 3.7 billion, 3.1 billion, and 1.3 billion yuan respectively in 2022 [1] - The industry has seen a continuous increase in policy support since 2021, with the Zhejiang provincial government planning further actions in 2024 to enhance industry promotion [1] Company Strategies - Leading liquor companies are focusing on high-end product structure, targeting younger consumer groups, and expanding new promotional channels [2][3] - High-end products are being introduced, such as Gu Yue Long Shan's "Guo Niang 1959" and "Qing Hua Zui" series, and Kuaiji Mountain's "Lan Ting" series, aimed at premium dining scenarios [2] - Companies are optimizing product offerings to include sparkling, fruit-flavored, and sugar-free yellow wines, enhancing their product matrix [2] Market Performance - The market share of the top three companies in the yellow wine sector is 42.8%, with Gu Yue Long Shan, Kuaiji Mountain, and Jin Feng Jiu Ye holding 20.2%, 16.1%, and 6.6% respectively [1] - The revenue compound annual growth rate (CAGR) for the yellow wine sector from 2022 to 2024 is projected to be 9.0%, with Gu Yue Long Shan and Kuaiji Mountain expected to grow at 10.5% and 14.6% respectively [1] Future Outlook - In 2024, the revenue and net profit of listed yellow wine companies are expected to increase by 10.0% and 27.7% year-on-year respectively, driven by product upgrades and price increases [3] - Gu Yue Long Shan plans to launch new products targeting younger consumers, including coffee-flavored yellow wine and fruit-flavored series in 2025 [3] - Kuaiji Mountain continues to implement a strategy focused on high-end, youthful, and national expansion, with strong sales performance expected [3]

在微观层面，据华夏ETF梳理，会稽山创新推出"黄酒红烧肉"综艺营销，将传统酒品植入年轻食尚； 1743系列包装升级、气泡黄酒新品开发，正试图从白酒手中抢夺商务宴请和休闲消费份额。数据显示， 龙头品牌高端产品线已实现60%+的毛利率，与次高端白酒利润率差距正在缩小。 最近港股新消费龙头泡泡玛特、老铺黄金、蜜雪集团等股价一骑绝尘之际，A股消费板块也出现了一匹 黑马——会稽山。 一个月时间，会稽山市值从50亿元，轻松越过100亿元大关，超越古越龙山成为"黄酒一哥"。 5月28日，会稽山再度涨停，报25.81元/股，总市值达124亿元，而古越龙山目前的总市值约100亿元。 针对两家公司之间的竞争，古越龙山总经理马川在今年一季度的业绩说明会上表示，"公司在市场占有 率特别是外围市场占据重要地位，在市场策略的灵活性方面或还有进一步提升的空间，会稽山民营机制 在市场推广和运作上相对灵活。" 黄酒股为何会赢得投资者的青睐？ 华泰证券食品饮料团队认为未来黄酒行业的量价逻辑有望迎来重构。一是从量的弹性看，消费场景稳步 升级，先由江浙沪渗透率提升，后到全国市场的稳步拓展。二是从价的爆发看，竞争格局优化背景下， 龙头合力加强品牌培育 ...

Market Overview - A-shares maintained a narrow fluctuation, while Hong Kong stocks experienced a slight decline, with major indices showing mixed results [1] - The Shanghai Composite Index rose by 0.07% to 3342.93 points, while the Shenzhen Component fell by 0.04% to 10025.31 points, and the ChiNext Index increased by 0.02% to 1992.13 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 667.9 billion yuan [1] Sector Performance - The pharmaceutical, real estate, and brokerage sectors saw declines, with nearly 3500 stocks in the market showing losses [1] - The pet economy concept experienced a pullback, with Tianyuan Pet and Meinong Biological dropping nearly 10% [1] - The unmanned logistics vehicle concept was active, with Debang Logistics hitting the limit up for two consecutive days and Feilida rising over 8% [1][3] - The nuclear power concept surged again, with Rongfa Nuclear Power achieving a limit up for four consecutive days, and Changcheng Electric and Huijin Tong also recording three consecutive limit ups [1][10] Unmanned Vehicle Sector - The low-speed unmanned logistics vehicle market is expanding from closed scenarios to open urban distribution, with a potential replacement market of 2.85 million commercial vehicles and over 10 million existing commercial vehicles [5] - The market for unmanned logistics vehicles is expected to accelerate growth, with projected deliveries reaching tens of thousands by 2025, and a potential market size exceeding 100 billion yuan if penetration in the last-mile delivery market exceeds 17% [5] New Consumption Sector - The "new consumption" stocks continued to perform strongly, with Kuaijishan hitting the limit up and reaching a historical high, having increased approximately 75% over the past eight trading days [7] - Other stocks in the new consumption sector, such as Huanlejia and Junyao Health, also saw significant gains, with Huanlejia hitting a 20% limit up [8] Nuclear Power Sector - The nuclear power sector saw renewed interest, with Tianli Composite rising over 18% and Jiusong Electric increasing over 13% [10] - Rongfa Nuclear Power has achieved four consecutive limit ups, while Changcheng Electric and Huijin Tong have recorded three consecutive limit ups [10][12] - Analysts predict that the demand for natural uranium will increase due to the expansion of nuclear energy in the U.S., leading to a tightening supply-demand balance and a potential long-term price increase for natural uranium [12]

5月26日，会稽山公众号发文称，在会稽山抖音直播间，当晚在线直播观看人数破万，抖音直播酒水 排行榜霸屏，前五名都是会稽山直播间，销售额数据12小时突破1000万，购买人群中18—35岁年轻 人占比超40%。 中国酒业协会近日表示，随着人们生活水平的提高，健康、养生意识的增强，消费者对酒类产品的需 求日益多元化、个性化。黄酒作为低度、健康、养生的酒类代表，其独特的口感和丰富的营养价值， 正逐渐被更多消费者所认可和喜爱。特别是年轻一代消费群体，他们追求品质生活，注重文化体验， 对传统文化有着浓厚的兴趣，这为黄酒开拓年轻市场奠定了坚实的基础。 华泰证券认为，黄酒行业底蕴深厚，近年来行业竞争格局优化，供给驱动向上，龙头引领高端化起 航。投资视角下，未来黄酒行业的量价逻辑有望迎来重构。从量的弹性看，消费场景稳步升级。从价 的爆发看，竞争格局优化背景下，龙头合力加强品牌培育，稳步推进行业高端化。 微信编辑 | 七三 2025.05. 28 本文字数：489，阅读时长大约1分钟 作者 | 一财资讯 5月28日早盘，会稽山再次涨停，录得6天4板，股价再创历史新高，报25.81元，最新市值123亿 元。 澳大利亚出现针对中国公 ...

Core Viewpoint - The stock price of Kuaijishan (601579.SH) reached a historical high, surpassing its competitor Guyue Longshan (600059) in market capitalization, indicating a significant shift in the yellow wine market dynamics [1][2]. Company Performance - Kuaijishan's stock closed at 21.33 yuan per share, with a total market value of 10.23 billion yuan, while Guyue Longshan's market value was 9.73 billion yuan [1][2]. - Kuaijishan's net profit for 2023 and 2024 is projected to be 167 million yuan and 196 million yuan, respectively, reflecting year-on-year growth of 15.11% and 17.74% [1][7]. - In Q1 2024, Kuaijishan reported a net profit of 93.74 million yuan, a year-on-year increase of 1.7% [1][7]. - In contrast, Guyue Longshan's net profit is expected to decline by 48.17% in 2024, with a 4.82% decrease in Q1 2024 [1][6][7]. Market Trends - The yellow wine industry is experiencing a shift towards health-conscious and diverse consumer preferences, with Kuaijishan benefiting from this trend [2][4]. - Both Kuaijishan and Guyue Longshan have implemented price increases on key products, with Kuaijishan raising prices by 4%-9% across various product lines [3][4]. Marketing and Sales Strategy - Kuaijishan has focused on optimizing its product structure and enhancing marketing efforts, leading to a significant increase in sales expenses, which rose by 60.25% to 332 million yuan in 2024 [7][8]. - The company has successfully expanded its online sales, with online revenue from mid-to-high-end yellow wine reaching 173 million yuan, a year-on-year increase of 89.74% [8]. Regional Focus - Kuaijishan's sales remain concentrated in the Jiangsu, Zhejiang, and Shanghai regions, with the Zhejiang region accounting for 62.1% of total sales revenue in 2024 [9].

黄酒行业竞争格局正呈现新的发展态势。近期资本市场对黄酒板块关注度显著提升，会稽山、古越龙 山、金枫酒业等黄酒上市公司股价连续多日攀升。截至5月27日，会稽山市值达112.5亿元，超越古越龙 山，登顶黄酒股市值榜首。 相比过去三年古越龙山的业绩增长波动，会稽山2022年至2024年业绩增长相对稳健。财报显示，过去三 年会稽山实现营收分别为12.27亿元、14.11亿元、16.31亿元，营收增速分别为-1.85%、15%、15.6%； 实现净利润分别为1.45亿元、1.67亿元、1.96亿元。 2025年一季度，古越龙山实现营收5.39亿元，同比下降4.9%，实现净利润5902万元。会稽山实现营收 4.81亿元，同比增长10.1%，实现净利润9374万元。会稽山一季度净利润已实现对古越龙山的反超。 对于行业格局的变化，古越龙山总经理马川在2025年第一季度业绩说明会上表示，一季度收入有所下降 主要是因为市场环境的变化和企业自身的调整期。当前，黄酒市场竞争激烈，行业正处于转型升级的关 键阶段。 持续发力高端化 会稽山奋起直追，面对逐渐落后的局面，古越龙山如何应对？马川表示，高端化始终是公司坚持的发展 战略。 实际上 ...

◎记者 费天元 创新药板块持续活跃 近期，医药板块呈现底部复苏态势，创新药方向持续活跃。作为本轮创新药领涨龙头，三生国健昨日股 价再度触及20%幅度涨停，收盘上涨15.31%，近7个交易日累计上涨115%。此外，贝达药业、益方生 物、荣昌生物等创新药概念股昨日涨超6%。 消息面上，5月20日，三生制药宣布，公司及附属子公司沈阳三生、三生国健与辉瑞签署协议，将向辉 瑞独家授予公司自主研发的PD-1/VEGF双特异性抗体SSGJ-707在全球（不包括中国市场）的开发、生 产、商业化权利。根据协议，三生制药将获得12.5亿美元首付款，刷新国产创新药License-out（对外授 权）的最高首付款纪录。 周二，A股市场延续横盘整理态势，沪指全天窄幅波动，成交量有所萎缩。截至收盘，上证指数报 3340.69点，跌0.18%；深证成指报10029.11点，跌0.61%；创业板指报1991.64点，跌0.68%。沪深两市合 计成交额为9989亿元，终结此前连续23个交易日成交额破万亿元的趋势。 食品饮料板块逆势走强 食品饮料板块昨日逆势走强，申万食品饮料指数收盘上涨0.17%。细分方向上，黄酒股涨势突出，会稽 山、金枫酒业 ...