■ 证券简称：贵州茅台 证券代码：600519 编号：临2025－049 贵州茅台酒股份有限公司关于回购 股份事项前十大股东及前十大无限售条件股东持股情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 贵州茅台酒股份有限公司（以下简称"公司"）于2025年11月4日召开第四届董事会2025年度第十四次会 议，审议通过《关于以集中竞价交易方式回购公司股份的方案》，具体内容详见公司于2025年11月6日 在上海证券交易所网站披露的《关于以集中竞价交易方式回购公司股份方案的公告》（公告编号：临 2025－044）。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第7号一一回购股份》等相关 规定，现将公司2025年第一次临时股东大会股权登记日（即2025年11月19日）登记在册的前十大股东和 前十大无限售条件股东的名称及持股数量、比例情况公告如下： 一、公司前十大股东持股情况 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 二、公司前十大无限售条件股东持股情况 公司前十大无限售条件股东持股情况与公司 ...

茅台不仅仅是消费品，它有金融属性，还有情绪价值，但是当越来越多的有钱人开始老去， 无法承接这个情绪价值，也没有足够的身体素质敢于持续饮酒的时候，茅台的基本面其实已 经变了。 作者：今纶 日前，段永平在接受雪球方三文的访谈的时候说到，他会一直拿着茅台，茅台股价到2600元的时候，他 没有卖，现在1200元也不会卖。 其实现在茅台的股价是1400元左右，段永平是口误，也可能是较早前录影。段永平说茅台的股价会回到 2600元，这个，我就不好预测了。 ▲段永平 但我个人的看法是茅台的顶峰肯定过了，销量应该很难有特别好的表现。 我知道很多人买了茅台股票，或者收藏了茅台酒，茅台雄风不在，他们很难受，但事实就是事实。 今天早上的消息：2026届全国普通高校毕业生规模预计1270万人，同比增加48万人。就业当如何？比较 难。 既然就业比较难，家里就会帮年轻人，哪怕老人家有比较高的退休金，也不会敞开了花，而是相对节 俭。 这其实是中国很多家庭的现状，无论有钱没钱，先收一收，尽量不花钱。 钱在哪里？存起来了：10月末，本外币存款余额332.92万亿元，同比增长8.3%。月末人民币存款余额 325.55万亿元，同比增长8%。 无论 ...

经过这段时间调整，白酒板块的股价已经处在相对低位。不少机构认为，当前或许是布局吃喝板块的好 时机。有分析师明确表示，白酒行业见底的信号越来越多，那些经营稳健、策略清晰的龙头公司，未来 有望迎来更好的发展。 食品饮料ETF（515170）跟踪中证细分食品饮料产业主题指数，聚焦白酒、饮料乳品、调味发酵品等高 壁垒、强韧性板块，前十大成分股囊括"茅五泸汾洋"，帮助投资者一键配置"吃喝板块"核心资产。相较 于其成分股动辄数万、数十万的最低投资门槛，ETF是小资金参与板块投资的便捷工具。（联接A类： 013125；联接C类：013126）。 贵州茅台三季报显示，今年前三季度公司总收入超过1309亿元，净利润约646亿元，都保持了6%以上的 增长。不过单独看第三季度，收入和利润增速都放缓到了0.3%左右，几乎持平。 业内专家解读称，茅台这次是主动放慢脚步，帮助行业消化库存压力，不强行追求高增长。虽然核心的 茅台酒依然卖得不错，但系列酒和线上平台i茅台确实感受到了市场压力。值得一提的是，茅台作为行 业老大主动调整，也给其他酒企带了个好头。 ...

"联系以后就会引导进行私下交易。"抖音工作人员表示，"违规导流"一直是抖音反作弊治理的重要工 作，除了这类以"高仿""假大牌"吸引用户的假酒、假鞋导流，还有演唱会门票、中奖等多种导流类型， 黑产团伙将用户引导至平台视野范围外交易，平台无法对后续的行为进行合规治理或处置，发生纠纷后 用户也难以维权。"用户还可能遇到付款后被拉黑、以付款不成功为由要求多次转账等诈骗手段。" 今年以来，抖音已经封禁此类违规导流交易账号60万个。抖音提醒，任何形式的购物都请认准正规渠 道，如在平台发现异常行为，可通过站内或邮箱举报。 编辑 杨娟娟 校对 柳宝庆 新京报贝壳财经讯（记者罗亦丹）11月20日，记者获悉，抖音近期在日常治理中发现，部分黑产账号通 过发布茅台酒特写、在直播中展示"高仿茅子货源"等多种方式，吸引目标受众去站外进行违规交易。 据介绍，此类导流黑产通过购买、租用或利用他人信息注册账号等途径操作批量抖音号，他们将头像设 置为茅台酒图片，发布的投稿以商务宴请中茅台特写为主，或直接通过直播展示"高仿货源"，并在其他 热门视频的评论区发布消息，引导用户添加站外联系方式。 ...

据介绍，此类导流黑产通过购买、租用或利用他人信息注册账号等途径操作批量抖音号，他们将头像设 置为茅台酒图片，发布的投稿以商务宴请中茅台特写为主，或直接通过直播展示"高仿货源"，并在其他 热门视频的评论区发布消息，引导用户添加站外联系方式。 抖音工作人员表示，"违规导流"一直是抖音反作弊治理的重要工作，除了这类以"高仿""假大牌"吸引用 户的假酒、假鞋导流，还有演唱会门票、中奖等多种导流类型，黑产团伙将用户引导至平台视野范围外 交易，平台无法对后续的行为进行合规治理或处置，发生纠纷后用户也难以维权。"用户还可能遇到付 款后被拉黑、或以付款不成功为由要求多次转账等诈骗手段。" 北京商报讯（记者 刘一博 冯若男）11月20日，北京商报记者从抖音旗下公众号"抖音黑板报"获悉，近 期抖音平台在日常治理中发现，部分黑产账号通过发布茅台酒特写、在直播中展示"高仿茅子货源"等多 种方式，吸引目标受众去站外进行违规交易。抖音提醒广大用户，请勿轻信此类打着"高仿"名义导流交 易的黑产团伙，不仅容易掉入诈骗陷阱，还可能成为黑产链路的一环，遭受更严重的损失。 ...

Core Viewpoint - The company emphasizes the importance of understanding the current market situation and maintaining confidence in development, leveraging its strong cultural heritage and product quality to achieve higher quality growth through market transformation and consumer-centric strategies [1] Group 1: Market Strategy - The company aims to accurately grasp the current market situation while maintaining confidence and determination [1] - It plans to innovate consumption scenarios and identify target consumer groups to achieve higher quality development during the transformation and upgrading process [1] - The focus will be on strengthening market management and improving the scientific distribution system driven by terminal sales [1] Group 2: Channel Development - The company intends to enhance its channel system by increasing both the breadth and depth of coverage, creating a network that integrates online and offline channels as well as traditional and modern approaches [1] - Product development will align with consumer demands, ensuring precise positioning of product functionality and launching more culturally rich and market-recognized products [1] Group 3: Service Quality and Team Building - There will be a comprehensive enhancement of service quality, with improvements to service standards and systems to gain consumer trust and recognition [1] - The company will strengthen its market team, enhancing the capabilities of marketing personnel and distributors to ensure a robust sales system [1] Group 4: Political Leadership and Integrity - The company emphasizes the importance of strengthening political leadership and integrating party building with business operations [1] - It aims to uphold integrity and create a clean marketing environment to collectively advance sales efforts and contribute to high-quality development [1]

Core Insights - The chairman of Moutai Group, Chen Hua, conducted a research visit to the Moutai liquor sales company to understand the current market situation and sales progress, while gathering suggestions for future work [1] Group 1: Market Strategy - Chen emphasized the importance of recognizing the development situation and maintaining confidence in growth, highlighting Moutai's strong cultural heritage and product quality, as well as its robust brand image and channel resilience [2] - The company aims to accurately grasp the current market landscape, maintain confidence, and actively deepen market transformation by focusing on market orientation and consumer-centric approaches [2] - Moutai plans to innovate consumption scenarios and identify target consumer groups to achieve higher quality development during the transformation and upgrade process [2] Group 2: Operational Focus - The company will focus on market challenges and solidify its development foundation by enhancing market management and improving a scientific distribution system driven by end sales [2] - Strengthening the channel system to enhance coverage and building an integrated online and offline channel network is a priority [2] - Moutai intends to align product development with consumer demands, accurately position product functionality, and launch more culturally rich and market-recognized products [2] Group 3: Service and Team Development - The company aims to comprehensively improve service quality by refining service standards and systems to gain consumer trust and recognition [2] - Strengthening the market team and enhancing the capabilities of marketing personnel and distributors to ensure a vigorous sales system is crucial [2] Group 4: Political and Ethical Leadership - Chen highlighted the need for strong political leadership and the integration of party leadership with business operations, emphasizing the importance of maintaining integrity and creating a clean marketing environment [2] - The goal is to elevate sales efforts to new heights and contribute significantly to Moutai's high-quality development [2]

✦ 关注蓝裕文化，好内容不容错过 ✦ 最近，我多次在手机视频中看到雪球创始人方三文对知名投资人段永平（人称"段神"）的访谈——这是段永平"退休"二十多年后的罕见公开对话。观看访谈 前，网络上不少声音将段永平奉为"神"，称其为"中国的巴菲特"，仿佛是神一般的存在；但看完访谈后，我心中"段神"的光环已然褪去。 访谈中，段永平提到了自己对茅台的几点看法： 不知道大家如何看待这些观点？访谈中，以下几段话给我的印象尤为深刻： 段永平是个"满仓主义者"，他说："我不买个股票拿着，心里就会不舒服。拿着现金是一件很难受的事情，还不如拿着茅台，知道它早晚会回来。" 对于茅 台股票曾从2600元跌至1200元，他表示："一个股票，你要是扛不住跌50%，就不应该买。我觉得这没问题，所以后来我们其实还买了不少——只要有闲 钱，就会一直买。" 从这番话中，我隐约读出：段神早已做好心理预期，茅台股价即便跌到1200元以下，他也能接受。可从2600元跌到1200元，多少普通投资者早已慌了阵脚， 甚至濒临崩溃？而大佬即便经历这样的跌幅，大概率还是盈利的，只是赚得少了些。这正是普通人和大佬的差距——在他们眼中，金钱和股价的波动已掀不 起太大波 ...

Investment Highlights - The report indicates a clear turning point for the food and beverage industry following accelerated clearance, with expectations for leading sectors to initiate recovery [2][7] - The overall revenue for the food and beverage sector showed a slight increase of 0.2% year-on-year, while net profit decreased by 4.6% in the first three quarters of 2025 [18][20] - In Q3 2025, the sector experienced a significant decline, with revenues and net profits dropping by 4.9% and 14.6% respectively [18][20] Sector Review 1. Overall Review - The food and beverage sector faced continuous pressure and adjustments, with traditional consumption accelerating clearance while new consumption trends continued to grow [18][20] - The white liquor segment saw a revenue decline of 18.4% and a net profit decline of 22.2% in Q3 2025, indicating significant pressure on the sector [20][22] - In contrast, sectors like snacks and beverages maintained double-digit growth due to product and channel innovations [20][21] 2. White Liquor - The white liquor industry is undergoing accelerated clearance, with varying rhythms among companies. The demand has weakened, leading to noticeable declines in revenue and net profit for most companies [22][25] - High-end liquor maintained some growth, with Moutai achieving a revenue increase of 0.3% in Q3 2025, while other brands like Wuliangye saw declines exceeding 50% [23][25] - The report emphasizes the importance of supply-demand balance and pricing as key indicators for the industry's recovery [22][23] 3. Low-Alcohol Beverages and Drinks - The beer segment showed stable performance with a revenue increase of 2.0% and a net profit increase of 11.8% in the first three quarters of 2025 [21][22] - The report highlights the potential for recovery in demand for low-alcohol beverages and drinks, driven by health trends and product innovation [22][23] 4. Consumer Goods - The dairy sector is gradually stabilizing, with upstream supply clearing and downstream processing demand increasing, leading to a potential balance in the raw milk cycle [31][33] - The snack sector, particularly the konjac and oat categories, is expected to maintain high growth rates, supported by the expansion of new retail channels [31][36] - The report notes that the overall demand for dining remains weak, but specific segments like Western-style condiments and frozen baking show structural opportunities [31][33] Investment Recommendations - The report suggests focusing on companies that are early in their clearance processes and have strong brand momentum, such as Gujing Gongjiu and Luzhou Laojiao [11][12] - For low-alcohol beverages, attention is drawn to leading companies like Kweichow Moutai and Tsingtao Brewery, which are expected to benefit from demand recovery [11][12] - In the consumer goods sector, companies with strong performance and cost advantages, such as Yili and Modern Dairy, are recommended for investment [11][12]

贵州茅台（600519）最近交出了2025年三季度"成绩单"：前9个月营收1309亿元，净利润高达646.3亿 元，比去年同期分别增长6.3%和6.2%，赚钱能力依然顶流。不过单看三季度，增速明显放缓——营收 398.1亿元增0.3%，净利润192.2亿元增0.5%，相当于"踩了刹车"。 为啥增速慢了？机构这么说： 对于茅台的"降速"，招商证券解释道：这不是公司不行了，而是主动"降速卸包袱"，不硬撑着追求增 长。现在白酒行业整体需求不太好，茅台这份Q3报表就是行业真实情况的写照——核心的茅台酒业务 还算扛打，但系列酒和i茅台渠道确实压力不小。更重要的是，作为行业老大，茅台带头调整，也能让 其他酒企跟着理性应对，这是龙头的担当。 【相关ETF】 食品饮料ETF(515170) 消费30ETF(510630) 而国信证券则给出了好消息：白酒行业已经出现越来越多"筑底"的信号，就像跌到了阶段性底部，接下 来可能要慢慢回暖了。现在整个食品饮料板块(包括白酒)的估值都在低位，正是布局的好时候。 普通投资者该关注啥？ 简单说，现在白酒行业虽然短期承压，但龙头茅台的基本盘没垮，行业也在慢慢筑底。机构建议，大家 可以关注两类 ...