"双节"终端动销增长 从全国市场到北京区域，茅台酒终端动销的增长态势已通过官方数据明确显现。9月25日晚，贵州茅台 对外披露，从近期各地市场调研及各方反馈数据来看，茅台酒市场整体呈现稳中向好态势。其中，6 月-7月茅台酒有效稳住市场销售基本面；8月起，市场终端动销环比增长态势显著；9月以来，茅台酒终 端动销同比增长超20%。业内认为，这一系列积极变化，既反映出消费端节日需求的增长，也印证了面 对行业周期调整，茅台渠道体系所展现的强劲韧性。 10月5日，在宣武门附近的一家烟酒店内，进店询价、购买的顾客络绎不绝，2025年份53度500毫升飞天 茅台终端价比去年同期更趋理性，进一步刺激了消费需求；而在三里屯附近的一家烟酒超市，终端价在 1888元的飞天茅台已售罄，消费者需等待跨店调货。 大型商超同样如此：在沃尔玛宣武门店，工作人员表示2025年份飞天茅台已无库存，目前仅剩余2023年 份产品，售价2799元，其余品类茅台产品备货充足，可满足多样化消费需求。 位于菜市口的一家贵州茅台专卖店的销售人员也有相同感受："双节期间销售明显优于平日，动销数据 有显著好转"。从核心业绩指标来看，"双节"前后茅台酒在北京全渠道销 ...

Market Strategy - The market has shown a strong performance post-holiday, with the Shanghai Composite Index breaking through the 3900-point mark, reaching 3933.97 points, up 1.32% [5][10] - The overall A-share market saw a rise of 1.31%, closing at 6431.96 points, with the STAR 50 Index leading the gains at 2.93% [9][10] - The market is characterized by a strong performance in large-cap stocks and sectors such as hard technology, while small-cap stocks lagged behind [10][12] Industry Dynamics - The EIA reported an increase in U.S. crude oil inventories, leading to weak international oil prices, with crude oil inventory rising by 3.7 million barrels to 420.3 million barrels [28][29] - The Chinese restaurant industry consumption index showed signs of recovery in August, with a notable increase in consumer demand [33][34] - The China Urban Rail Association reported that approximately 900 kilometers of new urban rail lines are expected to be operational by the end of 2025, with 491.67 kilometers added in the first three quarters of 2025 [36] Company Updates - Mijia Group plans to acquire a 51% stake in the fresh beer brand "Xianpi Fulu Jia" for approximately 285.6 million yuan, enhancing its product portfolio in the beverage sector [30][32] - Aide Biology announced a cash investment of 50 million yuan in Sailu Medical, acquiring a 2.38% stake, focusing on genomic and spatial omics technologies [37][39] - Shennong Group reported sales of 2.1096 million pigs in the first nine months of 2025, generating revenue of 3.48 billion yuan, with a decline in pig prices noted in September [40][41] - Guizhou Moutai's market performance remains stable, with significant improvements in terminal sales driven by seasonal demand [42][44] - Wuxin Tunnel Equipment's merger and acquisition plan has been approved by the Beijing Stock Exchange, with a stock code change effective from October 9 [45] - Ecovacs Robotics announced a share reduction plan by one of its directors, intending to sell up to 300,000 shares [47]

"闪电"辞职近半年后，桂林银行原董事长吴东确认被查，近日，桂林市纪委监委通报8起违反中央八项 规定精神典型问题，文章指出，桂林银行原党委书记、董事长吴东存在严重违纪违法问题，已被开除党 籍、开除公职，涉嫌犯罪问题被移送检察机关依法审查起诉。 "闪电"辞职近半年后，桂林银行原董事长吴东确认被查。 近日，桂林市纪委监委通报8起违反中央八项规定精神典型问题，文章指出，桂林银行原党委书记、董 事长吴东存在严重违纪违法问题，已被开除党籍、开除公职，涉嫌犯罪问题被移送检察机关依法审查起 诉。 今年4月，桂林银行年报曾披露，该行董事长吴东已卸任。 套取公款购买茅台，违规收受礼品礼金 9月30日，桂林市纪委监委为进一步严明纪律要求，强化警示教育，推动党员干部严格落实廉洁自律、 尚俭戒奢过节要求，通报了8起违反中央八项规定精神典型问题。 文章显示，桂林银行原党委书记、董事长吴东存在违规收受礼品礼金，接受可能影响公正执行公务的宴 请，违规借用管理和服务对象车辆等问题。 具体来看，2019年至2025年，吴东多次违规收受下属和私营企业主所送礼金和高档白酒、药材等礼品； 多次接受私营企业主在公司内部食堂安排的"一桌餐"宴请；长期借用 ...

"闪电"辞职近半年后，桂林银行原董事长吴东确认被查。 今年4月，桂林银行年报曾披露，该行董事长吴东已卸任。 套取公款购买茅台，违规收受礼品礼金 9月30日，桂林市纪委监委为进一步严明纪律要求，强化警示教育，推动党员干部严格落实廉洁自律、尚俭戒 奢过节要求，通报了8起违反中央八项规定精神典型问题。 近日，桂林市纪委监委通报8起违反中央八项规定精神典型问题，文章指出，桂林银行原党委书记、董事长吴 东存在严重违纪违法问题，已被开除党籍、开除公职，涉嫌犯罪问题被移送检察机关依法审查起诉。 文章显示，桂林银行原党委书记、董事长吴东存在违规收受礼品礼金，接受可能影响公正执行公务的宴请，违 规借用管理和服务对象车辆等问题。 具体来看，2019年至2025年，吴东多次违规收受下属和私营企业主所送礼金和高档白酒、药材等礼品；多次接 受私营企业主在公司内部食堂安排的"一桌餐"宴请；长期借用私营企业车辆，供其本人和家人使用，相关费用 由私营企业主支付；安排下属虚列开支套取公款购买茅台酒，供单位招待及本人饮用。 据了解，吴东还存在其他严重违纪违法问题，2025年7月，他被开除党籍、开除公职，涉嫌犯罪问题被移送检 察机关依法审查起诉。 ...

最近国际上特朗普突然盯上索罗斯，又是查基金会又是抛重磅罪名，俩人的老矛盾闹得沸沸扬扬。 打开股票软件，A股绿油油的，心里有点慌，再看朋友圈，有人说茅台酒涨到1820一瓶了，想囤又怕 亏，对于普通人来说该如何做呢？ 咱们今天聊的不是要帮谁吹，也不是要给谁挑错，主要是想唠唠国际政坛和国内市场那点事，毕竟这些 事看着远，其实多少都跟咱们有点关系。 首先得说个共性问题：不管是美国那边的政治对抗，还是咱们这儿的股市、白酒价格，都得分清"短期 波动"和"长期价值"，不然很容易看走眼。 美国政坛的长期问题是阵营分裂，A股的长期方向看经济基本面，白酒行业的长期价值得看大家消费能 力能不能上来，抓住长期逻辑，才不会犯糊涂。 不管啥领域，都得区分清楚 就说美国特朗普让司法部查索罗斯的开放社会基金会（OSF）这事，看着挺突然，又是指控欺诈、洗 钱，甚至说跟恐怖主义沾边，但其实俩人早就不对付，今年8月特朗普就说要按收拾黑手党的法案治索 罗斯父子的罪，这次不过是矛盾又升级了。 这就像俩邻居吵架，平时拌嘴不断，这次动静大点，但本质还是老矛盾，属于短期的"激烈波动"，没改 变美国政坛长期分裂的老样子。 咱们国内也一样，A股最近跌了，不少人 ...

Core Insights - The report outlines the development status of listed companies in Guizhou Province, highlighting the need for structural optimization and industrial upgrading as key factors for future growth [1][5]. Group 1: Company Quantity and Progress - As of April 30, 2025, Guizhou Province has 38 listed companies, with 35 on A-shares and 3 overseas [18]. - The number of A-share companies represents only 0.65% of the national total, ranking Guizhou 25th among provinces, which is lower than its GDP ranking of 22nd [23][25]. - The listing speed of Guizhou companies has lagged behind both its historical average and the overall A-share market [1]. Group 2: Regional Distribution - The distribution of A-share companies is concentrated, with 65.71% (23 companies) located in Guiyang, while other cities have significantly fewer [2]. - Only 20.45% of the 88 districts and counties in Guizhou have listed companies, indicating untapped potential in county-level capital markets [2]. Group 3: Market Value and Industry Structure - Kweichow Moutai dominates the market with a valuation of 1,943.34 billion yuan, accounting for 87.78% of the total market value of A-share companies in Guizhou [2]. - The average market value of the remaining 34 companies is only 8.61 billion yuan, with over 70% classified as small-cap companies [2]. Group 4: Industry Distribution - Guizhou's listed companies span 10 industries, with the highest representation in industrial (9 companies) and raw materials (7 companies) sectors [3]. - Despite the tourism sector's significant revenue of 1.46 trillion yuan in 2024, no nationally influential tourism-related listed companies have emerged [3]. Group 5: Operational and Development Capabilities - In 2024, the total revenue of Guizhou's A-share companies was 335.20 billion yuan, with Kweichow Moutai contributing over 50% of the revenue and 92.17% of the net profit [4]. - The average R&D expenditure across listed companies was 6.39 million yuan, below the national average of 7.57 million yuan [4]. Group 6: Capital Operations - In 2024, Guizhou had no new IPOs and only two companies raised 1.75 billion yuan through refinancing, indicating low capital market activity [4]. - The province's bond financing totaled 948.37 billion yuan, representing only 0.33% of the national total [4]. Group 7: Opportunities for Development - The growth of the tourism industry and the "Four Modernizations" strategy present opportunities for capitalizing on local resources and developing new listed entities [5]. - The potential for creating a diversified listing structure exists if Kweichow Moutai leverages its market position to invest in sectors like consumer goods and tourism [5].

总市值超5580亿、主营业务是智能家居等的美的集团9月26日公告，截至2025年9月25日，公司50-100亿A股回购方 案通过回购专用证券账户，以集中竞价交易方式累计回购公司A股股份数量为7167.84万股，占公司A股股本的 1.0193%，最高成交价为77.99元/股，最低成交价为69.91元/股，支付的总金额为52.24亿元。首创证券郭琦在9月25 日发布的研报中表示，美的集团是全球领先的科技集团，ToC业务经营稳健，积极推进DTC变革及OBM渗透率提 升，ToB业务布局高潜力、高成长赛道，海内外市场双轮驱动长期成长。 总市值1.81万亿、主要产品是茅台酒的贵州茅台8月29日公告，公司已完成回购方案，实际回购股数392.76万股， 占总股本的0.3127%，实际回购金额60亿元。华创证券欧阳予等人在9月16日发布的研报中表示，在年轻化方面， 公司围绕"活力、创新、包容"三大关键理念展开，通过内部组织改革和产品创新保持企业内部活力，通过品牌美 誉度触达年轻消费群体，逐步打破"年轻化"壁垒。在国际化方面，持续深化国际市场"六大体系"建设，并通过"茅 台品牌日"和"茅台之夜"活动强化IP文化输出，对海外经销团 ...

Group 1: Macro Perspective on A-shares - The essence of A-shares is cyclical, driven by economic growth, valuation changes, and liquidity [3][6][13] - A-shares experience distinct bull and bear cycles, characterized by short bull markets and prolonged bear markets, necessitating timing strategies for investment [11][5] - Key indicators can help investors determine their current position within the cycle, as extreme market conditions are rare [8][7] Group 2: Industry Cycles - Industry cycles are influenced by supply-demand mismatches, with two main types: demand-driven cycles and supply-driven cycles [22][23] - The perception of stability in certain growth industries often proves misleading, as they too are subject to cyclical fluctuations [22][26] - Understanding the cyclical nature of industries is crucial for making informed investment decisions [24][28] Group 3: Individual Stock Analysis - Analyzing individual stocks involves understanding the company's fundamentals, including its business model, competitive advantages, growth potential, and financial health [45][52] - Different investment strategies apply to various types of companies, emphasizing the importance of aligning analysis with the company's lifecycle stage [46][47] - High-dividend strategies can provide stability in volatile markets, with a focus on companies with strong cash flow and consistent dividend history [56][57] Group 4: Trading Strategies and Tools - Various trading strategies exist, including value investing, growth investing, and high-dividend strategies, each suited to different investor profiles [63][65] - Tools like ETFs and convertible bonds offer unique advantages for investors, allowing for diversified exposure and risk management [66][68] - Understanding the mechanics of options trading can provide investors with leverage and risk management opportunities [70]

| 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 溢价（%） | | | | | | | | 招商证券股份有限公司北京 | 广发证券股份有 | | 0.80 | 1155.19 | 1443.99 | 0.00 | 景辉街证券营业部 | 限公司总部 | 进一步统计，近3个月内该股累计发生31笔大宗交易，合计成交金额为3.39亿元。 （文章来源：证券时报网） 证券时报·数据宝统计显示，贵州茅台今日收盘价为1443.99元，下跌1.15%，日换手率为0.31%，成交额 为56.87亿元，全天主力资金净流出3.21亿元，近5日该股累计下跌0.24%，近5日资金合计净流出999.20 万元。 两融数据显示，该股最新融资余额为176.58亿元，近5日增加2.79亿元，增幅为1.60%。（数据宝） 贵州茅台9月30日大宗交易平台出现一笔成交，成交量0.80万股，成交金额1155.19万元，大宗交易成交 价为1443.99元。该笔交易的买方营业部为招商证券股份 ...

Core Insights - The Chinese liquor industry is experiencing a recovery during the "Golden September and Silver October" season, with major companies like Kweichow Moutai and Wuliangye reporting significant sales growth [2][3] - Despite the expected sales boom during the Mid-Autumn Festival and National Day, the market is characterized by a "calm, indifferent, and rational" consumer behavior, shifting marketing strategies towards sales activation and online channels [2][10] Group 1: Marketing Strategies - Major liquor companies are adopting a sales-driven approach, focusing on direct promotions and product accessibility rather than traditional brand exposure [5][6] - New product launches, such as "Da Zhen·Zhen Jiu" and the first metaverse concept liquor by Guotai, have seen immediate success, indicating a shift towards innovative offerings [3][4] - Companies like Moutai and Fenjiu are implementing promotional activities that cater to diverse consumer needs, emphasizing practical sales over ceremonial marketing [5][6] Group 2: Channel Transformation - The marketing strategies during the double festival have shifted towards localized and online-focused approaches, enhancing consumer engagement and market growth [7][9] - Collaborations with local cultural events and online platforms have been utilized to create immersive consumer experiences, such as the "Jiu Gui Jiu" campaign in Hunan [8][9] - The rise of instant retail partnerships, like that of Tuopai and Meituan, exemplifies the industry's adaptation to new consumer behaviors and preferences [9] Group 3: Consumer Behavior Changes - There is a notable shift towards rational consumption, with consumers preferring to buy based on immediate needs rather than bulk purchasing [10][11] - The popularity of lower-priced and lower-alcohol products reflects changing consumer preferences towards health and personal enjoyment [11] - The industry is undergoing a fundamental transformation from "scale expansion" to "quality enhancement," indicating a long-term shift in the value system and business models within the liquor market [10][12]