《每日经济新闻·将进酒》记者梳理发现，贵州茅台、五粮液仍然堪称基金在白酒股中的"最爱"，与此同时，易方达、 汇添富等机构也逆势加仓了山西汾酒、泸州老窖等名酒。 每经记者 熊嘉楠 每经编辑 赵云 整体来看，截至一季度末，公募基金持有的前三大重仓股分别为宁德时代、贵州茅台和腾讯控股。共有1861只基金持 有宁德时代，持仓总市值达1467.82亿元；共有1192只基金持有贵州茅台，持仓总市值达1414.93亿元；共有1361只基 金持有腾讯控股，持仓市值约848.95亿元。 具体到酒类明星基金，部分基金白酒股持仓市值环比有所下降，鹏华中证酒ETF、招商中证白酒指数减仓酒类股，包 括五粮液、洋河股份等。 公募基金一季度调仓路径，近日逐步浮出水面。 持仓调整折射出市场对品牌成长性与估值底部的博弈，分歧之下，谁在押注白酒股触底反弹？结构性调仓又暗藏怎样 的逻辑？ 基金小幅减持白酒股，白酒板块估值性价比较高 当下，中国酒类市场面临品类竞争持续加剧、产能过剩隐忧、双理性时代、年轻化趋势等诸多困境和挑战。今年3月 中酒协曾指出，整体上，酒类市场增速和效益明显下滑；业绩强分化，优势强集中；同时，高库存问题突出、价格倒 挂现象严重 ...

2025 年 4 月 21 日 公司董事会近期收到陈鹰先生、余忠良先生的书面辞职报告。陈鹰 先生因内部调任至华润集团，申请辞去第八届董事会董事、副董事长、 董事会战略委员会委员及董事会薪酬与考核委员会委员职务。余忠良先 生因达到法定退休年龄，申请辞去第八届董事会董事及董事会战略委员 会委员职务。上述辞职报告自送达公司董事会之日起生效。 陈鹰先生、余忠良先生在任职期间恪尽职守、勤勉尽责，在提高董 事会决策的科学性、促进公司规范运作和健康发展等方面发挥了积极作 用。公司及董事会对陈鹰先生、余忠良先生在任职期间所作贡献表示衷 心的感谢！ 为完善公司治理结构，公司控股股东山西杏花村汾酒集团有限责任 公司提名武跃飞先生（简历见附件）为第八届董事会董事候选人。公司5% 以上股东华创鑫睿（香港）有限公司提名王彦先生（简历见附件）接替 陈鹰先生担任第八届董事会董事；提名支喆先生（简历见附件）接替余 忠良先生担任第八届董事会董事。公司于2025年4月18日召开第八届董事 会第七十次会议，审议通过了《关于增补第八届董事会董事的议案》， 同意提名武跃飞先生、王彦先生、支喆先生为董事候选人。上述董事候 选人的任职资格已经董事会提名委 ...

4月20日，山西汾酒（600809）公告称，公司董事会收到陈鹰、余忠良的书面辞职报告。其中，陈鹰因 内部调任至华润集团，余忠良达到法定退休年龄。同时，公司控股股东山西杏花村汾酒集团有限责任公 司提名武跃飞为第八届董事会董事候选人。而公司5%以上股东华创鑫睿(香港)有限公司分别提名了王 彦、支喆接替董事。王彦现任华润创业有限公司董事及总裁，支喆现任华润创业有限公司副总裁。 点评：山西汾酒新提名3位董事候选人，系正常的人事变动。武跃飞具备政府与企业管理经验，王彦和 支喆来自华润集团，他们的丰富经验将助力汾酒提升管理与市场竞争力。此次人事变动预计将为公司带 来新动力，增强市场信心。 丨2025年4月21日星期一丨 NO.1武跃飞、王彦、支喆被提名为山西汾酒董事候选人 NO.2茅台1935公示1.935L产品4家年度经销商 4月18日，贵州茅台（600519）酱香酒营销有限公司发布《关于1.935L茅台1935酒(1*2)经销商招募结果 的公示》，江苏赛夫、河南盛林、中酿品致、陕西华鼎四家区域龙头酒商从全国竞争者中突围，成为该 产品的2025年度经销商。该产品是茅台1935大容量产品，从此次入围的四家经销商的区域来看 ...

金融界4月18日消息，A股三大指数收盘涨跌不一，上证180动态指数 (180动态，000123)下跌0.32%，报 5437.78点，成交额459.45亿元。 数据统计显示，上证180动态指数近一个月下跌6.45%，近三个月下跌0.86%，年至今下跌4.17%。 据了解，上证180、380动态和稳定指数分别以上证180和上证380指数样本为样本空间，根据波动率因子 和质量因子计算敏感性评分，选取对宏观环境和经济周期变动具有较高风险敞口的证券作为动态指数样 本，选取具有较低风险敞口的证券构成稳定指数样本，为投资者提供更具多元化风险收益特征的投资标 的。该指数以2002年06月28日为基日，以3299.06点为基点。 从指数持仓来看，上证180动态指数十大权重分别为：中国平安（11.49%）、中信证券（5.23%）、中 芯国际（3.89%）、海光信息（3.05%）、寒武纪（3.01%）、浦发银行（2.69%）、山西汾酒 （2.33%）、赛力斯（2.27%）、中国太保（2.23%）、韦尔股份（2.22%）。 从上证180动态指数持仓的市场板块来看，上海证券交易所占比100.00%。 从上证180动态指数持仓样本的行 ...

从中证主要消费指数持仓样本的行业来看，主要消费占比100.00%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当中证800指数调整样本时，中证800行业指数样本 随之进行相应调整。在样本公司有特殊事件发生，导致其行业归属发生变更时，将对中证800行业指数 样本进行相应调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的 处理，参照计算与维护细则处理。 据了解，为反映中证800指数样本中不同行业公司证券的整体表现，为投资者提供分析工具，将中证800 指数样本按中证行业分类分为11个一级行业与35个二级行业，再以进入各一、二级行业的全部证券作为 样本编制指数，形成中证800行业指数。该指数以2004年12月31日为基日，以1000.0点为基点。 从指数持仓来看，中证主要消费指数十大权重分别为：伊利股份（10.26%）、贵州茅台（10.22%）、 五粮液（9.04%）、牧原股份（7.21%）、山西汾酒（ ...

Investment Rating - The report maintains a "Strong Buy" rating for Shanxi Fenjiu (600809) with a target price of 285 CNY [1]. Core Views - The company has a solid operational foundation, allowing for flexible management strategies. The revenue for Q1 2025 is expected to show a strong start, with a projected double-digit growth for 2024. The company is focusing on maintaining stable inventory and pricing while enhancing product structure assessments [6][7]. - The company aims to strengthen its market presence in both domestic and provincial markets, with a particular focus on expanding its distribution network in East and South China [6][7]. - The report highlights the effectiveness of the "Fen Enjoy" program in managing market dynamics and pricing strategies, which is expected to further enhance sales performance [6][7]. Financial Summary - Total revenue is projected to grow from 31,928 million CNY in 2023 to 46,569 million CNY in 2026, with year-on-year growth rates of 21.8%, 17.3%, 12.9%, and 10.1% respectively [2]. - The net profit attributable to shareholders is expected to increase from 10,438 million CNY in 2023 to 15,799 million CNY in 2026, with growth rates of 28.9%, 19.7%, 13.9%, and 11.0% respectively [2]. - Earnings per share (EPS) are forecasted to rise from 8.56 CNY in 2023 to 12.95 CNY in 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 25 to 16 over the same period [2][10]. Market Positioning - The company has established a leading market share in its home province, with plans to enhance product structure while ensuring a stable growth trajectory. The focus will be on key products like Qing 20 and Lao Bai Fen, which are expected to see significant growth [6][7]. - The report indicates that the company is well-positioned to capitalize on any recovery in external demand, which could lead to a rapid rebound in performance metrics [6][7].

Core Points - The Shanghai and Shenzhen 300 Food and Beverage Index is reported at 24,563.26 points, with a recent one-month increase of 6.60% and a year-to-date increase of 0.73% [1] - The index is composed of 300 sample stocks categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] - The top ten weighted stocks in the index include Kweichow Moutai (51.19%), Wuliangye (13.41%), Yili (9.35%), Shanxi Fenjiu (5.36%), and others [1] Market Composition - The Shanghai Stock Exchange accounts for 75.29% of the holdings in the index, while the Shenzhen Stock Exchange accounts for 24.71% [2] - In terms of industry composition, liquor represents 80.91%, dairy products 9.35%, condiments and cooking oils 4.48%, soft drinks 2.45%, meat products 1.41%, and beer 1.40% [2] Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the Shanghai and Shenzhen 300 Index samples [2] - Special events affecting sample companies may lead to adjustments in the industry index samples, including delisting or corporate actions such as mergers and acquisitions [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated strong sales performance during the 2025 Spring Festival, benefiting from a diverse product range and a nationwide expansion strategy. The innovative marketing efforts targeting younger demographics have also been noteworthy [8] - The company is focusing on enhancing its product structure in the domestic market while expanding its presence in external markets. The aim is to maintain stable growth and improve sales quality [8] - The long-term growth potential of the company is becoming clearer, with adjustments made to profit forecasts for 2024-2026, reflecting a commitment to quality over speed in growth [8] Financial Summary - Total revenue is projected to grow from 31,928 million RMB in 2023 to 46,239 million RMB in 2026, with a compound annual growth rate (CAGR) of approximately 15.06% [1] - Net profit attributable to the parent company is expected to increase from 10,438 million RMB in 2023 to 15,486 million RMB in 2026, reflecting a CAGR of about 15.75% [1] - The latest diluted earnings per share (EPS) are forecasted to rise from 8.56 RMB in 2023 to 12.69 RMB in 2026, indicating a strong growth trajectory [1] Market Positioning - The company is enhancing its brand presence through strategic marketing initiatives, including collaborations with e-commerce platforms and social media campaigns, which have significantly increased brand visibility [8] - The company is also focusing on product innovation and upgrading existing products to cater to a broader audience, particularly in the mid-range segment [8] - The company aims to achieve a market share of nearly 80% in its home province while expanding its market presence in other regions [8]

证券代码：600809 证券简称：山西汾酒 公告编号：临 2025-004 山西杏花村汾酒厂股份有限公司股东 减持股份结果公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 大股东持股的基本情况 本次减持计划实施前，华创鑫睿（香港）有限公司（以下简称"华创鑫睿"） 持有公司股份 134,414,296 股，占公司总股本的比例为 11.02%，为公司持股 5% 以上股东。其中：华润创业有限公司（以下简称"华润创业"）间接持有公司 111,913,697 股；华润创业联和基金一期(有限合伙)(以下简称"联和基金")间 接持有公司 22,500,599 股。 减持计划的实施结果情况 2024 年 11 月 30 日，公司披露了《关于股东通过大宗交易方式转让股份计 划的公告》（公告编号：临 2024-030），华创鑫睿计划以大宗交易方式减持公 司股份合计不超过 6,300,000 股，即不超过公司总股本的 0.52%。 近日，公司收到华创鑫睿出具的《股份减持计划实施完毕告知函》，华创鑫 睿于 2024 年 ...

Summary of Conference Call Records Company and Industry Involved - **Company**: Alibaba Group - **Industry**: E-commerce and Cloud Services Key Points and Arguments E-commerce Industry Maturity - The e-commerce industry has entered a relatively mature stage characterized by an oligopoly, with growth rates set at low levels. Market shares among platforms are fluctuating, and platforms are focusing on both GMV (Gross Merchandise Volume) and monetization rates. Despite intense competition, the market is becoming more rational [2][3] AI and Cloud Business Growth - The intelligent cloud business is expected to benefit from the rapid advancement of AI technologies. Data from North American cloud service providers indicate that revenue growth is accelerating alongside the AI industry's development [2][4] Alibaba's Market Position - Alibaba holds the largest market share in public cloud services in China and possesses advanced AI model capabilities, which are expected to drive significant growth in its intelligent cloud business [3][4] Unique Perspectives on Revenue Growth - The analysis presents a unique viewpoint on Alibaba's revenue growth, focusing on improvements in core membership and the diminishing traffic benefits from platforms like Douyin and Kuaishou. The assessment also reviews the past performance of key figures in Alibaba's e-commerce division [3][4] Strategic Focus and Stability - Alibaba has undergone multiple organizational reforms, establishing a strategic focus on e-commerce, cloud services, and logistics. This focus has led to improved operations, attracting merchants back and retaining core users, resulting in stable revenue and profit growth [4][5] Financial Projections - Revenue projections for Alibaba for fiscal years 2025 to 2027 are estimated at CNY 997.2 billion, CNY 1,068.6 billion, and CNY 1,014.73 billion, with year-on-year growth rates of 6%, 7%, and 7% respectively. Projected net profits for the same period are CNY 145 billion, CNY 156 billion, and CNY 183.2 billion, with growth rates of 82%, 13%, and 11% respectively. The target price based on DCF valuation is set at HKD 1,330.94 per share, maintaining a buy rating [6] Risk Factors - Key risks include the potential for unexpected advancements in WeChat's e-commerce business, higher-than-expected capital expenditures, and risks associated with policy changes [7] Additional Important Insights - The conference also touched on the broader market context, including the performance of convertible bonds and the implications of risk appetite among investors. The discussion highlighted the shift towards high-elasticity products and the performance of technology growth sectors [8][10] - The analysis of the Shanxi Fenjiu liquor market indicated a national expansion phase, with increasing numbers of distributors and a focus on product line diversification to capture market share [15][16][19] This summary encapsulates the essential insights from the conference call, focusing on Alibaba's strategic positioning, market dynamics, financial outlook, and associated risks.