禁酒令下，白酒惨烈
<!----><style type="text/css">html{font-size:375%}</style><link href="https://pic.app.58cammp.com/static/publish/css/style.css?v=20240712" rel="stylesheet" position="1" data-qf-origin="/static/publish/css/style.css?v=20240712"><!-- 付费贴--> <div class="preview_article "> <!----> <section style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><img class="rich_pages wxw-img" style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; max-width: 100%; vertical-align: top;" src="https://pic.app.58cammp.com/FlrKHFtsmix1XsyFz4WuLbiaTPw-" /></section><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">如果不是禁酒令，白酒业的出清可能没有这么快。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">2025年上半年：</p><ul class="list-paddingleft-1" style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; display: block; padding-right: 12px; line-height: 1.9; font-size: 15px; padding-left: 30px; list-style-type: disc;"><li style="font-family: Helvetica Neue; margin: 0px 0px 8px; box-sizing: border-box; letter-spacing: 1px;"><section>喝酒的少了，白酒产量连降八年后，再降近6%，即便如此，一瓶酒从生产到卖出平均得花上近三年时间；</section></li><li style="font-family: Helvetica Neue; margin: 0px 0px 8px; box-sizing: border-box; letter-spacing: 1px;"><section>花钱的少了，主力消费带从300～500元下移至100～300元；53度飞天茅台价格近一年跌去快1/3，近两年接近腰斩，和京郊房价跌幅有的一拼；</section></li><li style="font-family: Helvetica Neue; margin: 0px 0px 8px; box-sizing: border-box; letter-spacing: 1px;"><section>赚钱的少了，总利润比去年同期少10%；</section></li><li style="font-family: Helvetica Neue; margin: 0px 0px 8px; box-sizing: border-box; letter-spacing: 1px;"><section>行业玩家少了，又有100多家“关门大吉”；</section></li><li style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;"><section>投资者也少了，机构仅Q2就减仓25%，指数冲4000点，白酒股还留在3000点以下。</section></li></ul><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">一言以蔽之，难。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">当然要考虑到白酒行业整体处于“三期叠加”的深度调整期，但禁酒令的影响才刚展现出来。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">以河南来说，这里既发生了禁酒令的导火索（<span style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; font-size: 15px; line-height: 1.6; color: #666666;">公职人员喝酒致死</span>），又是全国名酒同台竞技的白酒消费大省，最具代表性。禁酒令后，河南一度传出“全省120万公职人员24小时禁酒”，即便被火速辟谣，但耐不住地方上悄悄加码只多不少，“半夜被叫醒吹气不稀奇”。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">所以河南地区6至7月，高端白酒动销直接腰斩，直到8月前后跌势才有所缓和，收窄至20%～30%。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">可以预料到，<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">白酒企业Q3的日子会更难过</strong>。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">更深远的，禁酒令影响了白酒业的底层逻辑。“<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">中国白酒其实是中国社会交易成本的折现</strong>”，过往禁酒令相当于对交易场景、金额做了限制，而这次直接从参与者上做了规范，涉及全国就业人口的10%以上，关联消费估计千亿。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">少有探讨的是，禁酒令其实折射出白酒行业的央地复杂关系。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">头部酒企与地方形成了深度绑定、共生共荣但也蕴含风险的关系；而全国性的政府监管政策（<span style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; font-size: 15px; line-height: 1.6; color: #666666;">如禁酒令</span>）则能瞬间穿透地方保护，重塑行业竞争格局和地方经济结构。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">过往对白酒企业的观察往往落在产品、渠道等具体经营层面，或许理解央地复杂的互动，以及地方经济对白酒的依赖度，同样有助于把握中国白酒行业的脉搏。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.65; font-size: 16px; color: #1e1e1e; padding: 0px 8px; font-weight: bold; text-align: center;"><span style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; display: block; text-align: center;"><span style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; width: 265px !important;"><span style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; display: inline-block; vertical-align: top; background: #ffffff; z-index: 10000; text-align: center; font-size: 16px; line-height: 1.65; max-width: 250px !important;">艰难的上半年</span></span></span></p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">如果说白酒业是块拼图，各家财报反映出的真实问题，是第一块拼图。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">毫无悬念的，白酒消费股今年中报基本上全线暴雷，在20家白酒上市公司中，上半年仅6家维持了营收利润正增长。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">2024年还是二线白酒企业绷不住，今年，<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">寒意已经传导至头部的“茅五汾泸”</strong>。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">二季度，<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">仅贵州茅台一家还能维持个位数增长</strong>，<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">五粮液、山西汾酒</strong>也没能抗住压力，净利分别下降7.58%和13.5%；<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">泸州老窖</strong>则是营收净利同比双下滑；2024年增长“最靓的仔”<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">古井贡酒</strong>净利也降了10%以上；从去年就在出清的<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">洋河股份</strong>仍没止住颓势，Q2的净利同比下滑高达62.66%。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">腰尾部酒企掉队的一大批。除去舍得酒业，其余酒企Q2净利平均下滑中位数在60%左右，<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">顺鑫农业</strong>（<span style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; font-size: 15px; line-height: 1.6; color: #666666;">牛栏山二锅头</span>）、<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">金种子酒</strong>下滑更是达到惊人的291%和408%。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;"><strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">舍得酒业</strong>因为最早“暴雷”，在去年归母净利暴降80.5%的基础上，今年Q2净利增长转正，甚至在A股上收获了涨停，但这也难言成功。</p><table style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; text-align: center; width: 651.007px; table-layout: fixed; border-collapse: collapse; border: 1px solid #999999;"><thead><tr style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; color: #ffffff;"><th style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; white-space: pre-wrap; overflow-wrap: break-word; background-color: #ee2222; border-left: 1px solid #999999; border-top: 1px solid #999999; font-weight: normal; line-height: 18px; font-size: 14px; text-align: center; padding: 8px 0px;"><section>上市白酒企业经营状况（亿元，%）</section></th><th style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; white-space: pre-wrap; overflow-wrap: break-word; background-color: #ee2222; border-left: 1px solid #999999; border-top: 1px solid #999999; font-weight: normal; line-height: 18px; font-size: 14px; text-align: center; padding: 8px 0px;"><section>25Q1营收</section></th><th style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; white-space: pre-wrap; overflow-wrap: break-word; background-color: #ee2222; border-left: 1px solid #999999; border-top: 1px solid #999999; font-weight: normal; line-height: 18px; font-size: 14px; text-align: center; padding: 8px 0px;"><section>25Q2营收</section></th><th style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; white-space: pre-wrap; overflow-wrap: break-word; background-color: #ee2222; border-left: 1px solid #999999; border-top: 1px solid #999999; font-weight: normal; line-height: 18px; font-size: 14px; text-align: center; padding: 8px 0px;"><section>Q1营收同比</section></th><th style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; white-space: pre-wrap; overflow-wrap: break-word; background-color: #ee2222; border-left: 1px solid #999999; border-top: 1px solid #999999; font-weight: normal; line-height: 18px; font-size: 14px; text-align: center; padding: 8px 0px;"><section>Q2营收同比</section></th><th style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; white-space: pre-wrap; overflow-wrap: break-word; background-color: #ee2222; border-left: 1px solid #999999; border-top: 1px solid #999999; font-weight: normal; line-height: 18px; font-size: 14px; text-align: center; padding: 8px 0px;"><section>25Q1净利</section></th><th style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; white-space: pre-wrap; overflow-wrap: break-word; background-color: #ee2222; border-left: 1px solid #999999; border-top: 1px solid #999999; font-weight: normal; line-height: 18px; font-size: 14px; text-align: center; padding: 8px 0px;"><section>25Q2净利</section></th><th style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; white-space: pre-wrap; overflow-wrap: break-word; background-color: #ee2222; border-left: 1px solid #999999; border-top: 1px solid #999999; font-weight: normal; line-height: 18px; font-size: 14px; text-align: center; padding: 8px 0px;"><section>25Q1净利同比</section></th><th style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; white-space: pre-wrap; overflow-wrap: break-word; background-color: #ee2222; border-left: 1px solid #999999; border-top: 1px solid #999999; font-weight: normal; line-height: 18px; font-size: 14px; text-align: center; padding: 8px 0px;"><section>25Q2净利同比</section></th></tr></thead><tbody><tr style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; background-color: #ffffff; color: #000000;"><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>贵州茅台</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>514.43</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>396.5</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>10.67</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>7.26</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>268.47</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>185.55</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>11.56</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>5.25</section></td></tr><tr style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; background-color: #eeeeee; color: #000000;"><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>五粮液</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>369.4</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>158.31</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>6.05</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.1</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>148.6</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>46.32</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>5.8</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>-7.58</section></td></tr><tr style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; background-color: #ffffff; color: #000000;"><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>山西汾酒</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>165.23</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>74.41</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>7.72</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.45</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>66.48</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>18.57</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>6.15</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>-13.5</section></td></tr><tr style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; background-color: #eeeeee; color: #000000;"><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>泸州老窖</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>93.52</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>71.02</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>1.78</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>-7.97</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>45.93</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>30.7</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.41</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>-11.1</section></td></tr><tr style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; background-color: #ffffff; color: #000000;"><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>洋河股份</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>110.66</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>37.29</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>-31.92</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>-43.67</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>36.37</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>7.07</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>-39.93</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>-62.66</section></td></tr><tr style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; background-color: #eeeeee; color: #000000;"><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>古井贡酒</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>91.46</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>47.34</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>10.38</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>-14.23</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>23.3</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>13.32</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>12.78</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>-11.63</section></td></tr><tr style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; background-color: #ffffff; color: #000000;"><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>今世缘</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>50.99</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>18.52</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>9.17</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>-29.69</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>16.44</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>5.85</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>7.27</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>-37.06</section></td></tr><tr style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; background-color: #eeeeee; color: #000000;"><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>迎驾贡酒</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>20.47</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>11.13</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>-12.35</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>-24.13</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>8.29</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>3.02</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>-9.54</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>-35.2</section></td></tr><tr style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; background-color: #ffffff; color: #000000;"><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>顺鑫农业</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>32.58</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>13.34</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>-19.69</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>-18.12</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>2.823</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>-1.095</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>-37.34</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>-290.89</section></td></tr><tr style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; background-color: #eeeeee; color: #000000;"><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>口子窖</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>18.1</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>7.21</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>2.42</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>-48.48</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>6.1</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>1.05</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>3.59</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>-70.91</section></td></tr><tr style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; background-color: #ffffff; color: #000000;"><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>老白干酒</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>11.68</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>13.14</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>3.36</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>-1.95</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>1.52</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>1.68</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>11.91</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.16</section></td></tr><tr style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; background-color: #eeeeee; color: #000000;"><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>舍得酒业</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>15.76</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>11.25</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>-25.14</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>-3.44</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>3.46</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.97</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>-37.1</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>139.48</section></td></tr><tr style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; background-color: #ffffff; color: #000000;"><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>水井坊</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>9.59</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>5.39</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>2.74</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>-31.37</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>1.9</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>-0.85</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>2.15</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>-251.25</section></td></tr><tr style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; background-color: #eeeeee; color: #000000;"><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>皇台酒业</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.39</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.19</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>6.4</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>-34.59</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.031</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>-0.087</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>294.78</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>-79.73</section></td></tr></tbody></table><p style="font-family: Helvetica Neue; margin: -24px auto 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.6; font-size: 12px; color: #666666; padding: 12px 8px 0px; width: 300px; display: block; text-align: center;">数据来源：公司财报</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">禁酒令实际上对中高端白酒的影响会更大，所以还得重点看各家产品结构的变化。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">酒企中只有茅台披露比较详细，其Q2茅台酒的收入同比仍增长10.99%，反而是系列酒同比下滑6.53%，拖了后腿。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">就如妙投之前所说，<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">茅台在高端商务接待中是不可替代的刚需品，近两年茅台开瓶率逆势提高，正是因为价格下降后被新消费者承接住</strong>。</p><section style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;"><img class="rich_pages wxw-img" style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; max-width: 100%; vertical-align: top;" src="https://pic.app.58cammp.com/FkyzEnviTD8eCCpUTereJhsFWHjI" /></section><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">但<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">茅台并非“无所不能”</strong>，每家酒企都有自己的客群、渠道，就算茅台将其他的全部都取代了，又能有多少增量。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">茅台在打造系列酒第二增长曲线上也力有未逮，即便有搭售的影响，以茅台1935为代表的系列酒并没有能成功卡位五粮液。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">向下来看，<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">五粮液</strong>的困境很具有代表性，<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">好的是酒还能卖出去，坏的是要靠量补价</strong>。上半年五粮液多卖12.7%，但均价下降7.2%；系列酒猛冲，销量上涨58.8%，但均价下降35.3%。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">五粮液仍在努力从投放中找市场，去年是首家销售费用破百亿的酒企，今年Q2销售费用同比又上涨9%，只是投放转化效率早在显著下降。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">值得注意的是，五粮液有两个数据变化看起来相互矛盾。一个是其半年合同负债同比增幅高达23.53%，但应收账款却同比下降23.50%。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;"><strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">酒卖得少了，但收到的钱多了</strong>。一种合理的解释是，给经销商的价格优惠力度大，提升了打款动力；但厂家为了保证酒价不剧烈下降，不敢多发货。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">五粮液这次财报最大的疑点在于，前五大经销商收入从正常年份的10%-15%大幅提升至近60%。虽然有今年其进行渠道改革，成立了2个销售平台公司的原因，但大商确实在下行期更有抗压能力。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;"><strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">泸州老窖</strong>与五粮液处境差不多，中高档酒多卖出的量和跌的价相互对冲；但由于其<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">低端酒量价齐跌</strong>，所以过上紧日子，上半年广告宣传费下降了20.31%。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">再顺次往下，<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">洋河</strong>虽然在重点推广高端手工班，还有梦之蓝水晶版与梦之蓝M6+，但上半年中高档酒比普通酒跌势更猛，下降了36.52%。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;"><strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">山西汾酒</strong>一般被认为受禁酒令冲击会最小，因为高端产品如青花26和青花30还在爬坡阶段；不过中高端白酒集体承压，任何酒企往600以上价格带寻求突破，就像逆流而上，都会面临极大挑战。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">山西汾酒优势在于玻汾为代表的大众价格带。今年光瓶酒、低度酒风潮兴起，山西汾酒恰逢其时。但其在复兴纲领中说：<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">玻汾不是主要增长点，要坚决控量</strong>。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">高端产品不强少挣点钱，但基础产品规模不够，是可能被撵下桌子的。虽然汾老大势能在，可更多酒企已经盯上这块市场，竞争必然加剧。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">区域龙头<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">古井贡酒</strong>所在的安徽算得上禁酒令出台初期管控最严格的区域之一，其上半年高端的年份原浆的销量增长10.8%，但营收同比减少27.04%；据市场调研，古20自5月底下滑超 50%；Q2合同负债相比Q1减少了22.5亿元，也是压力山大。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">但区域的土壤只能撑起一个古井贡酒，徽酒另外几朵金花营收净利都大幅下降。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">总体来看，可以将白酒分为3个阵营，高端玩家、区域玩家和被挤压的边缘玩家。禁酒令后，<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">高端玩家尚且有各种方式勉力维持体面</strong>，<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">尾部玩家活着已经不易</strong>。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.65; font-size: 16px; color: #1e1e1e; padding: 0px 8px; font-weight: bold; text-align: center;"><span style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; display: block; text-align: center;"><span style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; width: 265px !important;"><span style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; display: inline-block; vertical-align: top; background: #ffffff; z-index: 10000; text-align: center; font-size: 16px; line-height: 1.65; max-width: 250px !important;">下半年喜忧参半</span></span></span></p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">中报是第一块拼图，当下市场真实状况是另一块。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">禁酒令是5月18日发的，三大央媒的纠偏文是6月下旬发的，仁怀市委副书记、市长是7月初走访的茅台镇，而河南取消酒店蹲点及酒测监督则是在7月下旬。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">叠加白酒消费传统淡季的原因，今年6-7月可能是酒商最为艰难的时刻，动销同比下滑在两位数以上的酒商不在少数。当五星级餐厅都去摆地摊自救了，白酒的大众消费场景有所恢复，但高端餐饮上座率仍然不高。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">主因还是<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">喝酒的人“消失”了</strong>。之前山东处级以上领导出席酒宴就得上茅台，政府接待、商务宴请占高端酒销量的60%以上，现在基本归零。有些地方政府刚开始招商部门还可以喝酒，现在也不行了，只有涉外场合，比如面向外国人的招商才可以喝白酒，毕竟国家倡导白酒走出去。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">白酒市场受禁酒令影响较大的是<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">河南、安徽</strong>等中西部市场，有些酒商甚至连续20天没能卖出一瓶酒；相较之下，<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">贵州四川重庆</strong>是名酒集中地，在白酒管控上相对较宽松；而东部地区的情况也不算乐观，<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">广东</strong>地区最爱办各种宴席，如“谢师宴”“升学宴”，往年暑假期间订单早就排满了，但今年几乎没人敢办。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">以<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">江苏</strong>来说，6-7月白酒动销同比下滑30%-50%，商务宴请和用酒档次降幅超50%，自饮虽然量下滑较少，但主力价格带下移至100-200元。这一情况在8月也仅是略有改善。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">更关键的是，<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">禁酒令加速了人们白酒消费习惯的改变</strong>。曾有种说法，白酒企业最好的待遇是喝酒也算工作，但眼下，以妙投所接触到的多家白酒企业来说，商务宴席上虽然会提供自家品牌的酒，但实际喝的人寥寥。白酒企业的活动尚且如此，别的场合喝酒的人就更少了。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">白酒企业也并非没有应对措施，大致发力点可分为<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">产品侧</strong>和<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">渠道端</strong>。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;"><strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">降“度”谋“突围”</strong>。五粮液先后出了39度五粮液和29度低度白酒；古井贡酒又推出26度低度新品；泸州老窖有38度国窖1573，并宣布已研发出28度国窖1573，同时更低度数的产品正在测试中。</p><section style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px; text-align: center;"><img class="rich_pages wxw-img" style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; max-width: 100%; vertical-align: top;" src="https://pic.app.58cammp.com/FgFQr9LKHvclcwSYXdnVmJrTJ3fs" /></section><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">据中酒协数据，2025年低度酒市场规模将突破740亿元，年复合增长率达25%，这增速对如今的酒企算得上是久旱逢甘霖。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">出低度酒是酒企显然是为了“取悦”年轻消费者，但这到底有多大效果很难说。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">对喝惯高度白酒的70后，低度化难以撼动固有口味习惯；在已经习惯低度饮用的地区，市场份额也难以大幅突破，至少多年前品牌的尝试，未能形成增量消费。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">年轻人可能更偏好10度以内且富有层次的饮品，而非降到二十几度的白酒。玻汾火起来也是因为清香白酒与果汁、雪碧等的搭配毫无违和感，但酱香白酒滴到咖啡里，浓烈酒味就会喧宾夺主。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">更何况，一个白酒业内人士曾对妙投说，“<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">可能年轻人需要的不是29度的白酒，而是29元的白酒</strong>。”</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">这就涉及今年另一大白酒产品热点，<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">光瓶酒</strong>。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">2024年我国光瓶酒市场规模已达1500亿元，未来增速也显著高于白酒业平均水平。于是，传统名酒企业纷纷下场，老玩家山西汾酒预计未来2～3年间，玻汾系列将突破百亿销量；泸州老窖的黑盖也在短期内销量大增。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">这导致新入局者众多。今年8月河南省酒业协会牵头组织，汇聚了仰韶、杜康、宋河、宝丰等12家豫酒集体推出了17款定价40-70元的光瓶酒产品。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;"><strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">光瓶酒也快成另一片红海</strong>。光瓶酒鼻祖顺鑫农业的牛栏山二锅头，上半年产销量分别下降58.63%、33.05%。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">就渠道上，酒企也有在试水<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">即时零售</strong>等。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">传统经销渠道上，目前白酒经销商平均净利从8%降至3%～5%，且快速恶化趋势尚未看到改善迹象，而名酒大单品经销商普遍面临利润腰斩甚至亏损的境地。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">所以酒企和电商平台的互动增加。6月，贵州茅台总经理王莉率队拜访了京东集团和阿里巴巴集团；借助同在宿迁的优势，洋河与京东合作上线独家定制的211ml、618ml光瓶酒新品。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">据报道，“6.18”期间京东平台（<span style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; font-size: 15px; line-height: 1.6; color: #666666;">包括自营＋第三方店铺</span>）的茅台酒销售额同比增长了44.97%。但效果有多大还要观察。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.65; font-size: 16px; color: #1e1e1e; padding: 0px 8px; font-weight: bold; text-align: center;"><span style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; display: block; text-align: center;"><span style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; width: 265px !important;"><span style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; display: inline-block; vertical-align: top; background: #ffffff; z-index: 10000; text-align: center; font-size: 16px; line-height: 1.65; max-width: 250px !important;">从禁酒令看白酒经济依赖度</span></span></span></p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">至此，白酒业还差最后一片拼图，政策。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">有用户曾问财经大V猫笔刀，白酒会不会从此一蹶不振。他的回答是：不，我确信不会，因为白酒的大股东全是各个地方的国资委，而且还都是经济不太发达地区的国资委，白酒业对当地扶贫发展有支柱作用，政府在权衡利弊后肯定不会真的把白酒产业打死。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">确实，<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">我国经济是东强西弱，但白酒地理正好反过来，是西强东弱</strong>。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">所以，传统名酒企业大多是当地经济的重要支柱。有一个形象的说法，四川的公务人员，每发10元，其中有8块都是酒产业链这条大动脉提供的。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">可以测算下白酒企业对地方经济的贡献。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">以贵州茅台为例，其第一大股东为中国贵州茅台酒厂（<span style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; font-size: 15px; line-height: 1.6; color: #666666;">集团</span>）有限责任公司，持股54.07%，后者又被贵州省国资委控股，持股比例为90%；第三大股东是贵州省国有资本运营有限责任公司（<span style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; font-size: 15px; line-height: 1.6; color: #666666;">4.54%</span>）。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">酒企的贡献包括<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">税收、盈利、分红及其他</strong>。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">2024年茅台交了817.4亿元的税，净赚了862.28亿的钱，中期和年度两次分红共646.72亿元。这里面，地方能拿到的是50%增值税+40%企业所得税+城建和附加+50%（<span style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; font-size: 15px; line-height: 1.6; color: #666666;">多</span>）净利+按比例分红。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">简单测算，<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">2024年茅台给贵州省创造的明面上收益超千亿</strong>。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">而去年，贵州省财政债务限额为20361.55亿元，利息支出占税收收入的80%以上，财政自给率为33.26%。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">所以就不能不提<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">“茅台化债”</strong>。2019年和2020年，茅台集团分别将4%的贵州茅台股份无偿划转至贵州省国资运营公司，后者在2020年后合计又套现近千亿。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">仅以上这些就足以显示贵州茅台对贵州的重要性。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">同理还有五粮液等一众酒企。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">有投资者质疑五粮液账上现金类资产多到快可以买下泸州老窖，但每年利率才2%，还不如回购自家股票，这样股息也有4%。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">但很快有人给出不容置疑的答案：五粮液要服务地方财政啊，不存宜宾银行，地方政府怎么办？</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">所以，2024年21家A股白酒上市公司合计分红总额达到1190亿元，创历史新高。上市的白酒企业中2/3为国企，茅台、汾酒是省直管，五粮液、泸州、洋河等是市级直管，它们的分红可以直接充盈地方“小金库”。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">理论上，<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">地方政府越依赖白酒产业，越会有动力推进白酒保护政策</strong>（<span style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; font-size: 15px; line-height: 1.6; color: #666666;">对</span><span style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; font-size: 15px; line-height: 1.6; color: #666666;">禁酒令等政策的纠偏</span>），相对来说也更利酒企发展。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">现实中贵州省也确实更积极。无论是2014年由省政府亲自上阵带白酒品牌全国“卖酒”，还是这次的走访安抚。而洋河虽然对宿迁市很重要，但在江苏省就凸显不出来，所以在今年的苏超中常规操作只赞助了宿迁队，被今世缘“捡漏”。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">但还得考虑全国一盘棋的大方向。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">从国家的角度，<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">当前白酒显然不是重点产业</strong>。不说这次禁酒令，就看过往政策：为了粮食安全，白酒从1998年被列入“限制性目录”直到2000年才“放出来”；为了淘汰低端产能，2001年消费税在从价基础上加征从量税，中低端白酒慢慢被淘汰；为了杜绝资本炒作，2016年金徽酒上市后A白酒板块再无新增，2023年白酒正式成为A股“红灯”行业。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">可见，国家的目的是保护白酒行业供需平衡，健康发展；但要引导资本、资源大力流向科技创新领域。尤其是，白酒的稳定盈利和高分红，可能会分流资金，减少对科技创新的支持，这并非监管层乐见的结果。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">在今年31个省份的政府工作报告中，累计有87次提到了“人工智能”、12次提到“AI”；只有7个省份明确将“酒”产业写入其中，包括四川、贵州、宁夏、陕西、山西、湖北、新疆等。孰轻孰重一眼便知。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">之前某头部酒企想以“科技”为宣传亮点，结果被上级部门驳回，理由是，白酒哪里来的科技。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">从政策层面来看，<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">白酒业的重要性不在星辰大海，而在稳定当下，局部支撑</strong>。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.65; font-size: 16px; color: #1e1e1e; padding: 0px 8px; font-weight: bold; text-align: center;"><span style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; display: block; text-align: center;"><span style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; width: 265px !important;"><span style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; display: inline-block; vertical-align: top; background: #ffffff; z-index: 10000; text-align: center; font-size: 16px; line-height: 1.65; max-width: 250px !important;">白酒投资指数</span></span></span></p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">最后，当拼图完整，就可看出对一家酒企未来发展影响较大的因素有以下6个：</p><ul class="list-paddingleft-1" style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; display: block; padding-right: 12px; line-height: 1.9; font-size: 15px; padding-left: 30px; list-style-type: disc;"><li style="font-family: Helvetica Neue; margin: 0px 0px 8px; box-sizing: border-box; letter-spacing: 1px;"><section>经营层面，白酒企业的品牌力、产品架构、渠道力、管理力是核心；</section></li><li style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;"><section>行业层面，产业政策、地方经济依赖度是关键。</section></li></ul><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">若落到投资层面，白酒板块当下的平均市盈率为20倍左右，在最新的A股行业估值表中处于中下游，远低于半导体的85倍，甚至比光伏还低一点。但已有研究指出，白酒股已经落入低估值的区间，有点像2023年的银行股。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">所以，为了更好评估白酒股的投资价值，再增加一个估值因素。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">为了更简单直观，假设每个因素权重一样，大致可以得出一个<strong style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;">白酒股投资价值公式</strong>，即企业得分 = (品牌力 + 产品架构 + 渠道力 + 管理力 + 产业政策 + 地方经济依赖度+估值) / 7</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">若1表示最强或最有利，0表示最弱或最不利。以茅台来看，</p><ul class="list-paddingleft-1" style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; display: block; padding-right: 12px; line-height: 1.9; font-size: 15px; padding-left: 30px; list-style-type: disc;"><li style="font-family: Helvetica Neue; margin: 0px 0px 8px; box-sizing: border-box; letter-spacing: 1px;"><section>品牌力：1.0</section></li><li style="font-family: Helvetica Neue; margin: 0px 0px 8px; box-sizing: border-box; letter-spacing: 1px;"><section>产品架构：0.9（高端强，中低端弱）</section></li><li style="font-family: Helvetica Neue; margin: 0px 0px 8px; box-sizing: border-box; letter-spacing: 1px;"><section>渠道力：0.9（原经销商强势，i茅台稳定，开拓新电商）</section></li><li style="font-family: Helvetica Neue; margin: 0px 0px 8px; box-sizing: border-box; letter-spacing: 1px;"><section>管理力：0.9（管理层变动快，不出错即可）</section></li><li style="font-family: Helvetica Neue; margin: 0px 0px 8px; box-sizing: border-box; letter-spacing: 1px;"><section>产业政策：0.9（行业整体政策略有不利）</section></li><li style="font-family: Helvetica Neue; margin: 0px 0px 8px; box-sizing: border-box; letter-spacing: 1px;"><section>地方经济依赖度：1.0（高度依赖地方经济）</section></li><li style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px;"><section>估值：0.9（估值20倍左右，略高于板块均值）</section></li></ul><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">得分 = (1.0 + 0.9 + 0.9 + 0.9 + 0.9 + 1.0+0.9) / 7 = 6.5 / 7 ≈ 0.929。</p><p style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; line-height: 1.9; font-size: 15px; color: #1e1e1e; padding: 0px 8px;">将以上指数标准给到DeepSeek，它生成一份上市白酒企业的投资价值得分，仅供参考。</p><table style="font-family: Helvetica Neue; margin: 0px 0px 24px; box-sizing: border-box; letter-spacing: 1px; text-align: center; width: 651.007px; table-layout: fixed; border-collapse: collapse; border: 1px solid #999999;"><thead><tr style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; color: #ffffff;"><th style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; white-space: pre-wrap; overflow-wrap: break-word; background-color: #ee2222; border-left: 1px solid #999999; border-top: 1px solid #999999; font-weight: normal; line-height: 18px; font-size: 14px; text-align: center; padding: 8px 0px;"><section>企业</section></th><th style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; white-space: pre-wrap; overflow-wrap: break-word; background-color: #ee2222; border-left: 1px solid #999999; border-top: 1px solid #999999; font-weight: normal; line-height: 18px; font-size: 14px; text-align: center; padding: 8px 0px;"><section>品牌力</section></th><th style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; white-space: pre-wrap; overflow-wrap: break-word; background-color: #ee2222; border-left: 1px solid #999999; border-top: 1px solid #999999; font-weight: normal; line-height: 18px; font-size: 14px; text-align: center; padding: 8px 0px;"><section>产品架构</section></th><th style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; white-space: pre-wrap; overflow-wrap: break-word; background-color: #ee2222; border-left: 1px solid #999999; border-top: 1px solid #999999; font-weight: normal; line-height: 18px; font-size: 14px; text-align: center; padding: 8px 0px;"><section>渠道力</section></th><th style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; white-space: pre-wrap; overflow-wrap: break-word; background-color: #ee2222; border-left: 1px solid #999999; border-top: 1px solid #999999; font-weight: normal; line-height: 18px; font-size: 14px; text-align: center; padding: 8px 0px;"><section>管理力</section></th><th style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; white-space: pre-wrap; overflow-wrap: break-word; background-color: #ee2222; border-left: 1px solid #999999; border-top: 1px solid #999999; font-weight: normal; line-height: 18px; font-size: 14px; text-align: center; padding: 8px 0px;"><section>产业政策</section></th><th style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; white-space: pre-wrap; overflow-wrap: break-word; background-color: #ee2222; border-left: 1px solid #999999; border-top: 1px solid #999999; font-weight: normal; line-height: 18px; font-size: 14px; text-align: center; padding: 8px 0px;"><section>地方经济依赖度</section></th><th style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; white-space: pre-wrap; overflow-wrap: break-word; background-color: #ee2222; border-left: 1px solid #999999; border-top: 1px solid #999999; font-weight: normal; line-height: 18px; font-size: 14px; text-align: center; padding: 8px 0px;"><section>估值</section></th><th style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; white-space: pre-wrap; overflow-wrap: break-word; background-color: #ee2222; border-left: 1px solid #999999; border-top: 1px solid #999999; font-weight: normal; line-height: 18px; font-size: 14px; text-align: center; padding: 8px 0px;"><section>得分</section></th></tr></thead><tbody><tr style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; background-color: #ffffff; color: #000000;"><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>贵州茅台</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>1</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.9</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.9</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.9</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.9</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>1</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.9</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.929</section></td></tr><tr style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; background-color: #eeeeee; color: #000000;"><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>五粮液</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.95</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.9</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.9</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.85</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.9</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.9</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>1</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.914</section></td></tr><tr style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; background-color: #ffffff; color: #000000;"><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>泸州老窖</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.9</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.9</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.9</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.85</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.9</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.9</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>1</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.907</section></td></tr><tr style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; background-color: #eeeeee; color: #000000;"><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>山西汾酒</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.9</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.85</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.85</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.85</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.9</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.9</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>1</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.893</section></td></tr><tr style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; background-color: #ffffff; color: #000000;"><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>古井贡酒</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.85</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.8</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.85</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.85</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.9</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.85</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.9</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.857</section></td></tr><tr style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; background-color: #eeeeee; color: #000000;"><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>今世缘</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.8</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.8</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.8</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.85</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.9</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.85</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>1</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.857</section></td></tr><tr style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; background-color: #ffffff; color: #000000;"><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>洋河股份</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.85</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.85</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.85</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.85</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.9</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.8</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.85</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.85</section></td></tr><tr style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; background-color: #eeeeee; color: #000000;"><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>水井坊</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.8</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.75</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.75</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.8</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.9</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.85</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>1</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.836</section></td></tr><tr style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; background-color: #ffffff; color: #000000;"><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>口子窖</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.75</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.75</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.75</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.8</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.9</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.85</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>1</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.829</section></td></tr><tr style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; background-color: #eeeeee; color: #000000;"><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>迎驾贡酒</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.75</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.75</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.75</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.8</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.9</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.85</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>1</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.829</section></td></tr><tr style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; background-color: #ffffff; color: #000000;"><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>酒鬼酒</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.8</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.8</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.75</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.8</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.9</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.85</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.85</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.824</section></td></tr><tr style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; background-color: #eeeeee; color: #000000;"><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>金徽酒</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.7</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.7</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.7</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.75</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.9</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.85</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.9</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.786</section></td></tr><tr style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; background-color: #ffffff; color: #000000;"><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>舍得酒业</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.8</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.8</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.8</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.8</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.9</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.85</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.5</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.779</section></td></tr><tr style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; background-color: #eeeeee; color: #000000;"><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>皇台酒业</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.5</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.55</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.5</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.6</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.9</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.8</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.5</section></td><td style="font-family: Helvetica Neue; margin: 0px; box-sizing: border-box; letter-spacing: 1px; line-height: 18px; font-size: 14px; white-space: pre-wrap; overflow-wrap: break-word; border-left: 1px solid #999999; border-top: 1px solid #999999; padding: 8px 0px;"><section>0.621</section></td></tr></tbody></table><section></section><p style="text-align: left;">来源：虎嗅APP</p> <!----></div> 厉害了 朱门酒肉臭路有冻死骨 禁令计划进行中 厉害厉害 禁酒令 原来是这样 好！加油
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