2025年是"十四五"规划收官之年，也是"十五五"规划谋篇布局之年。当前，中国经济正在加快构建新发 展格局，扩大内需、提振消费成为高质量发展的关键支撑。白酒行业作为国内消费市场的重要组成部 分，正处于"政策调整、消费结构转型、存量竞争"叠加下的深度调整期。同时，2025年也是汾酒复兴迈 入第二阶段的承前启后之年，面对变化的市场格局，如何守住品质底线、激发品牌活力、实现稳健增 长，成为汾酒乃至全行业共同的课题。 为深入探究消费市场动态，探讨白酒行业如何应对复杂挑战、稳健穿越周期与实现高质量发展，山西汾 酒联合新华社品牌工作办公室、半月谈杂志社于11月14日在太原举办"汾酒第二阶段高质量发展战略研 讨会"。本次研讨会以"行稳致远，质领未来"为主题，汇聚政企学研多方智慧，致力于为汾酒找准政策 共振点、夯实战略执行力，为更好实现"全要素、高质量、又好又快扎根中国酒业第一方阵"的阶段目标 建言献策。 研讨会伊始，汾酒集团相关领导致辞表示，多年来，汾酒始终坚守"传承不守旧、创新不离宗"的企业理 念：向内深耕，筑牢清香品质底色；向外开放，秉持"开门办企"初心，积极借助"外脑"、倾听大家的真 知灼见，与各界同仁共探品牌升级、 ...

资料显示，山西杏花村汾酒厂股份有限公司位于山西省汾阳市杏花村，成立日期1985年12月25日，上市 日期1994年1月6日，公司主营业务涉及汾酒、竹叶青酒及其系列酒的生产、销售。主营业务收入构成 为：酒类销售99.63%，其他0.37%。 11月13日，山西汾酒盘中上涨2.00%，截至13:55，报202.50元/股，成交7.53亿元，换手率0.31%，总市 值2470.43亿元。 资金流向方面，主力资金净流入3199.92万元，特大单买入6506.41万元，占比8.64%，卖出5330.02万 元，占比7.08%；大单买入1.91亿元，占比25.35%，卖出1.71亿元，占比22.66%。 山西汾酒今年以来股价涨13.67%，近5个交易日涨7.72%，近20日涨1.86%，近60日涨7.67%。 分红方面，山西汾酒A股上市后累计派现243.25亿元。近三年，累计派现167.75亿元。 机构持仓方面，截止2025年9月30日，山西汾酒十大流通股东中，招商中证白酒指数A（161725）位居 第三大流通股东，持股3865.14万股，相比上期增加451.09万股。香港中央结算有限公司位居第四大流通 股东，持股271 ...

Core Viewpoint - Shanxi Fenjiu's stock price has shown a slight increase, with a year-to-date rise of 6.84%, indicating a stable performance in the market [1] Group 1: Stock Performance - On October 30, Shanxi Fenjiu's stock rose by 2.02%, reaching 190.34 CNY per share, with a trading volume of 397 million CNY and a turnover rate of 0.17% [1] - The total market capitalization of Shanxi Fenjiu is 232.2 billion CNY [1] - Year-to-date, the stock has increased by 6.84%, with a 0.44% rise over the last five trading days, a 2.19% decline over the last 20 days, and a 2.83% increase over the last 60 days [1] Group 2: Financial Performance - For the first half of 2025, Shanxi Fenjiu reported a revenue of 23.964 billion CNY, reflecting a year-on-year growth of 5.35%, and a net profit attributable to shareholders of 8.505 billion CNY, which is a 1.13% increase year-on-year [1] - Since its A-share listing, Shanxi Fenjiu has distributed a total of 24.325 billion CNY in dividends, with 16.775 billion CNY distributed over the past three years [2] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Shanxi Fenjiu reached 104,400, an increase of 52.38% compared to the previous period [1] - The average number of tradable shares per shareholder is 11,687 shares, which is a decrease of 34.38% from the previous period [1] - Major institutional shareholders include Hong Kong Central Clearing Limited, which holds 48.9991 million shares, and other significant shareholders such as China Merchants Index and E Fund Blue Chip Select Mixed Fund [2]

Core Insights - The meeting held on October 28 focused on building communication platforms, deepening industrial collaboration, and promoting high-quality development between Shanxi Provincial Private Economy Promotion Association and Zhuyeqing Industry Company [1] Group 1: Meeting Overview - The meeting was attended by key figures from the Shanxi Provincial Private Economy Promotion Association and Zhuyeqing Industry Company, including leaders and representatives from various sectors [3] - The meeting was hosted by Secretary-General Li Bing, emphasizing the importance of collaboration and resource sharing for mutual growth [3] Group 2: Key Statements - Wang Guohua expressed gratitude towards Zhuyeqing for their hospitality and highlighted the association's role in promoting Shanxi's private economy, noting Zhuyeqing as a significant cultural and economic symbol of the province [5] - Chen Jieming provided an introduction to Zhuyeqing Industry Company, detailing its development history, core advantages, and future plans, showcasing its rich heritage and innovative spirit [7] Group 3: Collaborative Opportunities - Zhu Qianrui acknowledged the significance of the meeting, emphasizing Zhuyeqing's market potential and the importance of resource sharing and collaboration for future development [9] - The free exchange segment allowed entrepreneurs to propose constructive cooperation ideas in areas such as packaging design, marketing, logistics, digital management, and resource recycling, aligning closely with Zhuyeqing's development needs [9] Group 4: Strategic Development - Both parties agreed to leverage their respective resources to deepen cooperation in industrial integration, brand building, and innovative development, aiming for a synergistic effect to boost Shanxi's brand products and private economy [9] - This year is pivotal for the revival of the Zhuyeqing brand, with the company focusing on strategic product development and market planning along three main paths: "liquor transformation, functionality, and fashion" [9] Group 5: Historical Significance - Zhuyeqing liquor has a rich history, being recognized as the first liquor served at state banquets in New China and winning multiple awards, establishing itself as a benchmark in the liquor industry [10] - The brand has gained international recognition, selling in over 60 countries and regions, thus becoming a vibrant representation of Chinese culture [10]

Core Viewpoint - Shanxi Fenjiu's stock price experienced a decline of 2.01% on October 20, 2023, with a trading volume of 7.91 billion yuan and a market capitalization of 234.18 billion yuan [1] Financial Performance - For the first half of 2025, Shanxi Fenjiu reported a revenue of 23.964 billion yuan, reflecting a year-on-year growth of 5.35%, and a net profit attributable to shareholders of 8.505 billion yuan, which is a 1.13% increase year-on-year [2] - Since its A-share listing, Shanxi Fenjiu has distributed a total of 24.325 billion yuan in dividends, with 16.775 billion yuan distributed over the past three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders for Shanxi Fenjiu reached 104,400, an increase of 52.38% compared to the previous period, while the average circulating shares per person decreased by 34.38% to 11,687 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 48.9991 million shares, and other significant shareholders such as China Merchants Index White Wine and E Fund Blue Chip Selected Mixed Fund, with notable increases in their holdings [3] Stock Market Activity - Shanxi Fenjiu's stock has seen a year-to-date increase of 7.75%, a 2.66% rise over the last five trading days, a 6.93% decline over the last 20 days, and a 6.00% increase over the last 60 days [1] - The net outflow of main funds was 11.8376 million yuan, with large orders showing a slight imbalance between buying and selling [1] Company Overview - Shanxi Fenjiu, established on December 25, 1985, and listed on January 6, 1994, primarily engages in the production and sales of Fenjiu and related liquor products, with 99.63% of its revenue coming from liquor sales [1] - The company is categorized under the food and beverage industry, specifically in the white liquor sector, and is associated with concepts such as value growth and state-owned enterprise reform [1]

Core Viewpoint - Shanxi Fenjiu's stock price has shown a positive trend with a year-to-date increase of 10.73%, reflecting investor confidence and market interest in the company [1][2]. Financial Performance - For the first half of 2025, Shanxi Fenjiu reported a revenue of 23.964 billion yuan, representing a year-on-year growth of 5.35% [2]. - The net profit attributable to shareholders for the same period was 8.505 billion yuan, with a slight increase of 1.13% year-on-year [2]. - The company has distributed a total of 24.325 billion yuan in dividends since its A-share listing, with 16.775 billion yuan distributed over the past three years [2]. Stock Market Activity - As of October 16, Shanxi Fenjiu's stock price reached 197.26 yuan per share, with a trading volume of 753 million yuan and a market capitalization of 240.65 billion yuan [1]. - The stock experienced a net inflow of 3.9219 million yuan from main funds, indicating positive market sentiment [1]. - The stock's performance over various time frames includes a 3.61% increase over the last five trading days and a 12.33% increase over the last 60 days [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased to 104,400, a rise of 52.38% compared to the previous period [2]. - The average number of tradable shares per shareholder decreased by 34.38% to 11,687 shares [2]. - Major shareholders include Hong Kong Central Clearing Limited and various mutual funds, indicating a diversified ownership structure [3].

Core Viewpoint - Shanxi Fenjiu's stock price has shown fluctuations with a recent increase of 2.06%, while the company has experienced a net outflow of funds from major investors [1] Group 1: Stock Performance - As of September 29, Shanxi Fenjiu's stock price reached 195.10 CNY per share, with a total market capitalization of 238.015 billion CNY [1] - Year-to-date, the stock price has increased by 9.51%, but it has seen a decline of 0.46% over the last five trading days and 2.74% over the last twenty days [1] - In the last sixty days, the stock price has risen by 13.11% [1] Group 2: Financial Performance - For the first half of 2025, Shanxi Fenjiu reported a revenue of 23.964 billion CNY, reflecting a year-on-year growth of 5.35% [2] - The net profit attributable to shareholders for the same period was 8.505 billion CNY, showing a slight increase of 1.13% year-on-year [2] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Shanxi Fenjiu increased to 104,400, marking a rise of 52.38% [2] - The average number of circulating shares per shareholder decreased by 34.38% to 11,687 shares [2] Group 4: Dividend Distribution - Since its A-share listing, Shanxi Fenjiu has distributed a total of 24.325 billion CNY in dividends, with 16.775 billion CNY distributed over the last three years [3] Group 5: Institutional Holdings - As of June 30, 2025, major institutional shareholders include Hong Kong Central Clearing Limited, which holds 48.9991 million shares, an increase of 2.0136 million shares from the previous period [3] - Other notable institutional shareholders include the China Securities Index White Wine Index A and E Fund Blue Chip Select Mixed Fund, with significant increases in their holdings [3]

姬鸽为华远国际陆港集团有限公司副总经理人选； 樊英华为山西交通控股集团有限公司副总经理人选； 梁建文为山西杏花村汾酒集团有限责任公司副总经理人选。 决定提名免去： 9月28日，山西省人民政府发布人事任免通知，决定提名： 02 樊英华也已于数日前以山西交控集团副总经理身份出席工作会谈。 山西交控集团于2017年11月24日正式挂牌，注册资金500亿元，资产总额超6300亿元，是山西唯一的集科技研发、勘察设计、施工监理、经营管理和资本 运作于一体的交通全产业链集团。经营管理收费公路6000公里（高速5750公里，一级250公里），占全省开通运营高速公路总里程93.3%。 王福宝的华远国际陆港集团有限公司副总经理职务。 01 晋融社注意到，早在今年9月16日，姬鸽就以华远陆港集团党委委员、副总经理的身份出席了公司会议。 华远国际陆港集团是山西省省属国有独资企业，也是全省最大的现代流通企业、山西省国际贸易型总部企业。截至2024年底，集团注册资本金251.3亿 元，资产总额1607.86亿元，拥有二级子公司23户，职工4.2万人，位列"中国物流企业50强"第8位。 而从华远陆港离开的王福宝，已任山西省交通运输厅党组成 ...

Core Viewpoint - Shanxi Fenjiu's stock price has experienced fluctuations, with a recent decline of 2.04% and a year-to-date increase of 7.78%, indicating volatility in the market [1] Financial Performance - As of June 30, 2025, Shanxi Fenjiu reported a revenue of 23.964 billion yuan, representing a year-on-year growth of 5.35%, and a net profit attributable to shareholders of 8.505 billion yuan, with a growth of 1.13% [2] - Cumulative cash dividends since the A-share listing amount to 24.325 billion yuan, with 16.775 billion yuan distributed over the past three years [3] Shareholder Structure - The number of shareholders increased by 52.38% to 104,400 as of June 30, 2025, while the average circulating shares per person decreased by 34.38% to 11,687 shares [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 48.9991 million shares, and other significant institutional investors such as China Merchants Index and E Fund [3]

Group 1 - The core point of the news is that China Resources' subsidiary, Huachuang Xinrui, plans to reduce its stake in Shanxi Fenjiu due to the expiration of related funds, which is considered a routine operation in fund management [2] - As of now, Huachuang Xinrui holds 128 million shares of Shanxi Fenjiu, accounting for 10.50% of the company's total share capital, making it a significant shareholder [2] - Shanxi Fenjiu emphasizes that this reduction will not affect China Resources' confidence in the company's future development and long-term value [2] Group 2 - The Chinese liquor industry is undergoing a significant cyclical adjustment, with overall production, sales, and profits under pressure [3] - Shanxi Fenjiu reported a stable performance in its semi-annual report for 2025, achieving revenue of 23.964 billion yuan, a year-on-year increase of 5.35%, and a net profit of 8.505 billion yuan, up 1.13% [3] - The core product, Fenjiu series, generated revenue of 23.391 billion yuan, accounting for approximately 98% of total revenue, indicating a highly concentrated product structure [3] Group 3 - Shanxi Fenjiu's revenue from outside Shanxi province increased to 63.2% in 2024, reflecting the effectiveness of its national expansion strategy [4] - The company is actively implementing its Nationalization 2.0 strategy, focusing on market development in key regions such as the Yangtze River Delta and Pearl River Delta, which are showing rapid growth [4]