在国庆和中秋假期中，中国资产全线走强，纳斯达克金龙指数一周上涨约3.8%。中国资产的暴涨，很 大程度上代表了国际资本对A股和港股的认同水平。那么，中国资产缘何"暴动"，背后的推手是什么？ 在解开中国资产逐渐走强之谜之前，投资者需要先了解下职业投资者是如何评价一项资产的，然后再来 看看中国资产在全球股市中处于何种估值水平。 当然，价值和价格并不总是相匹配，但价格终归会向价值靠拢，这也是近期中国资产走强的原因所在。 如何来衡量投资？ 在现代投资的发展历史当中，一位著名的经济学家对我们考量股票和债券的方式方法，有着非常重要的 影响，他就是耶鲁大学经济学教授欧文·费雪——他著有《利息论》，他对金融学领域所做的重要贡献 就是"股息贴现模型"。 直观地说，欧文·费雪的理论很大程度上区分了职业投资者和业余投资者。 职业投资者考虑的是未来现金流，就如你拥有一片果园，它的价值并不是体现在你所拥有的果树和土地 上，而是体现在果园能够给你带来的收入上；还如一套公寓的价值并不体现在它的价格上，而是体现在 它未来带来的租金收入上。 比如，2020年时，贵州茅台的股利支付率仅为52%，而2024年贵州茅台的股利支付率为75%，该公司 2 ...

进一步统计，近3个月内该股累计发生30笔大宗交易，合计成交金额为3.36亿元。该股近5个交易日累计 下跌0.24%，主力资金合计净流出4.93亿元。 责任编辑：小浪快报 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 9月30日，贵州茅台收跌1.15%，收盘价为1,443.99元，发生1笔大宗交易，合计成交量8000股，成交金 额1155.19万元。 第1笔成交价格为1,443.99元，成交0.80万股，成交金额1,155.19万元，溢价率为0.00%，买方营业部为招 商证券股份有限公司北京景辉街证券营业部，卖方营业部为广发证券股份有限公司总部。 ...

| Par 12-2 man women 1 km LPS-1 交易日期 | 证券商稼 | 证券代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | 卖出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | | 025-09-30 | 贵州茅台 | 600519 | 1443.99 0.8 | 1155.19 | 發動產品質問品 | 公書覽藝般的有限 | Ka | 9月30日，贵州茅台大宗交易成交8000股，成交额1155.19万元，占当日总成交额的0.2%，成交价 1443.99元，较市场收盘价1443.99元持平。 ...

9月24日贵州茅台发生6笔大宗交易，成交金额1816.92万元 截至2025年9月26日收盘，贵州茅台（600519）报收于1435.0元，较上周的1467.97元下跌2.25%。本周，贵州茅台9月22日盘中最高价报1467.97 元。9月26日盘中最低价报1428.01元。贵州茅台当前最新总市值17970.08亿元，在白酒板块市值排名1/20，在两市A股市值排名5/5157。 本周关注点 交易信息汇总：9月24日贵州茅台发生6笔大宗交易，成交金额1816.92万元 交易信息汇总 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

就在此前的8月30日，贵州茅台公告称，茅台集团基于对公司长期价值的认可和未来发展的信心，计划 自增持计划公告发布之日起6个月内，通过集中竞价交易方式增持公司股票，拟增持金额不低于人民币 30亿元（含）且不高于人民币33亿元（含）。 近日，贵州茅台公告，控股股东"茅台集团"已获得中国农业银行股份有限公司贵州省分行出具的贷款承 诺函，农业银行承诺对茅台集团股票增持事项提供贷款支持，贷款额度不高于人民币27亿元。这是继 2023年7月以来，贵州茅台股东再次开展增持计划。 在公布拟增持计划后，贵州茅台9月2日公告，股东茅台集团通过集中竞价交易方式，增持67,821股公司 股票，占公司总股本的0.0054%，增持金额超过1亿元。从首次披露至实施增持，公司行动极为迅速。 60亿元回购额稳居A股首位 近一年时间，作为大盘蓝筹以及大消费的代表，贵州茅台（600519）持续高比例分红的同时，积极回购 增持，"三箭齐发"之下，公司有望在"反内卷"政策中受益。 公布增持计划后火速行动 截至9月23日，贵州茅台最新滚动市盈率约为20倍，高于白酒行业指数，长期保持估值溢价。从历史数 据来看，贵州茅台近5年的最低市盈率19.69倍，平均 ...

智通财经9月22日电，白酒行业深度调整下，网传贵州茅台或下调今年业绩目标。对此，今日智通财经 记者以投资者身份致电贵州茅台，公司证券部人士表示，目前公司未下调年度业绩目标，上半年公司已 按计划完成目标进度；如果公司要调整年度目标任务，会对外进行相应说明。小财注：贵州茅台2025年 业绩目标为力争实现总营收同比增长约9%。（智通财经） 【#贵州茅台否认将下调今年业绩目标# 上半年已按计划完成目标进度】 ...

Group 1 - The core viewpoint is that despite rumors of a performance target adjustment, Guizhou Moutai has confirmed it has not lowered its annual performance goals for the year [1] - The company has completed its target progress for the first half of the year as planned [1] - Guizhou Moutai aims for a total revenue growth of approximately 9% year-on-year by 2025 [1]

Core Viewpoint - Guizhou Moutai's controlling shareholder, Moutai Group, has received a loan commitment of up to 2.7 billion RMB from Agricultural Bank of China to support its stock buyback plan, reflecting confidence in the company's long-term value amidst a challenging industry environment [1][2]. Group 1: Shareholder Actions - Moutai Group plans to increase its stake in Guizhou Moutai using self-owned and self-raised funds, with an investment amount between 3 billion and 3.3 billion RMB [1]. - As of the announcement date, Guizhou Moutai has repurchased 3.9276 million shares, accounting for 0.3127% of the total share capital, with a total expenditure of 6 billion RMB [1]. Group 2: Financial Performance - In the first half of 2025, Guizhou Moutai achieved total revenue of 91.094 billion RMB, representing a year-on-year growth of 9.16% [1]. - The net profit attributable to shareholders reached 45.403 billion RMB, with a year-on-year increase of 8.89% [1]. - As of June 30, 2025, the company had cash and cash equivalents amounting to 142.885 billion RMB [1]. Group 3: Market Perception - Market participants view the controlling shareholder's buyback as a sign of recognition of the company's long-term value, especially as the overall liquor industry faces pressure and many companies experience slowed growth [1]. - The recent buyback and shareholder actions are seen as part of Guizhou Moutai's systematic market value management strategy [2].

Core Viewpoint - Guizhou Moutai Co., Ltd. will hold a half-year performance briefing on September 12, 2025, to provide investors with a comprehensive understanding of the company's operational status [1]. Group 1: Meeting Details - The performance briefing is scheduled for September 12, 2025, from 15:00 to 16:00 [1]. - The meeting will be conducted via a combination of graphic display and online text interaction [1]. - Investors can submit questions to the company’s email by September 10, 2025 [1]. Group 2: Participants - The meeting will feature company representatives including Ms. Wang Li (acting General Manager), Mr. Sheng Leiming (Independent Director), and Ms. Jiang Yan (Vice General Manager and CFO) [1]. Group 3: Participation Method - Investors can participate online through the Shanghai Stock Exchange Roadshow Center during the meeting time [1]. - The company will address commonly asked questions within the scope of information disclosure [1]. Group 4: Contact Information - The contact department for inquiries is the Board Office, with a phone number of 0851-22386002 and an email address of mtdm@moutaichina.com [1]. Group 5: Additional Information - After the briefing, investors can view the meeting's details and main content on the Shanghai Stock Exchange Roadshow Center [1].

Group 1 - The core point of the article is that Kweichow Moutai's controlling shareholder, Moutai Group, has received a loan commitment letter from Agricultural Bank of China for an amount not exceeding 2.7 billion RMB, with a term of 3 years, specifically for the purpose of increasing the company's stock holdings [1] - Moutai Group plans to increase its holdings of the company's stock through centralized bidding within 6 months from the announcement of the buyback plan, with an investment amount not less than 3 billion RMB and not exceeding 3.3 billion RMB [1]