中信证券 港股（酒鬼酒股票）
銆愭柊甯告€侊細涓绘澘涓庡垱涓氭澘锛岀帺鐫€闅句互骞宠 鐨勮贩璺锋澘銆?br>娉ㄥ唽鍒舵柊鍒涙澘鍏ㄥぉ寮哄娍璧伴珮锛屾澘鍧楁定骞呰揪22%锛屼粖鏄ヨ偂浠芥定瓒?0%锛涜€佸垱鏉夸腑鍧氱憺娌冧鸡銆佸ぉ灞辩敓鐗╄繛鎷?0%娑ㄥ仠锛岄噾绉戞枃鏄庢按涓嬬獪鍒扮┖涓紝鎸箙19%銆傛父璧勪笌璧屽緬鐨勫紶鐙傝繙瓒呮剰鏂欙紝璞祵涔嬪悗璋佹敹鍓茶皝锛屽皢寰堝揩瑙佸垎鏅撱€?br>鍒涗笟鏉块鐢熸按璧风殑涓€璧凤紝涓绘澘杩欒竟缂鸿缂轰汉姘旓紝鈥滆贩璺锋澘鈥濅竴澶翠笂缈樹竴澶翠笅娌夛紝鏃犳硶鎰夊揩娓哥帺銆備釜鑲¤穼澶氭定灏戯紝鍏ㄤ綋鐘跺喌浣庤糠銆傚敖绠℃勃馃埊浠呰穼0.36%锛屼絾鏁ｆ埛鐨勪簭閽辨晥搴斿嵈寰堟樉鐫€銆?br>瓒嬪娍涓€鏃︽瀯鎴愬氨鏈夋儻鎬э紝杩欑鈥滄柊甯告€佲€濅及閲忚繕灏嗚繛缁€傜儹闂ㄧ█灏戯紝杞姩鏁忔嵎锛岃拷楂樻墦鏉胯穼寰楃棝锛岄挐鍒€鍓茶倝琛€绯婄硦銆傛垨璁哥瓑鎸囨暟鐩樿穼鍒?300鐐归偦杩戯紝鎵嶄細鏈夋柊鐨勫姏姘旀潵骞宠 銆?br>涓€锛氭亽瀹濊偂浠借偂鍚?02030,002083,杩欎袱鍙槸鎴戠殑閲嶄粨鑲°€?br>鎭掑疂鑲′唤锛岀湅鍓嶆湡璧板娍灏辩煡閬撲簡锛屾定鍋滃悗锛岃繕鏈変竴娈垫椂闂寸殑璋冩暣锛岀瓑璋冩暣宸笉澶氬氨鏉€杩涘惂
浜岋細鍗庨槼鑲′唤鑲″惂鍗庨槼鑲′唤2021骞?鏈?8鏃ュ湪鍗婂勾搴﹂檲杩颁腑鍙戣〃锛屽埌2021骞?鏈?0鏃ュ叕鍙歌偂涓滄埛鏁颁负7.89涓囨埛锛岃緝涓婃湡锛?021骞?鏈?1鏃ワ級鍓婂噺1845鎴凤紝鍑忓箙涓?.29%銆?/p>鍗庨槼鑲′唤鑲′笢鎴锋暟楂樹簬鑱屼笟鍧囧寑姘村钩銆備緷鎹瓹hoice鏁版嵁锛屽埌2021骞?鏈?0鏃ョ叅鐐亴涓氫笂甯傚叕鍙稿潎鍖€鑲′笢鎴锋暟涓?.69涓囨埛銆傚叾闂达紝鍏徃鑲′笢鎴锋暟澶勪簬2.5涓噡4.5涓囧尯闂村崰姣旀渶楂橈紝涓?7.78%銆?/p>鐓ょ偔鑱屼笟鑲′笢鎴锋暟鏁ｅ竷鑲′笢鎴锋暟涓庤偂浠?/p>2020骞?鏈?0鏃ヨ嚦浠婏紝鍏徃鑲′笢鎴锋暟鏄庢樉涓嬮檷锛屽尯闂磋穼骞呬负15.55%銆?020骞?鏈?0鏃ヨ嚦2021骞?鏈?0鏃ュ尯闂磋偂浠蜂笂娑?5.83%銆?/p>鑲′笢鎴锋暟鍙婅偂浠?/p>鑲′笢鎴锋暟涓庤偂鏈?/p>鍒?021骞?鏈?0鏃ワ紝鍏徃鏈€鏂版€昏偂鏈负24.05浜胯偂锛屼笖鍧囦负娴佽浆鑲°€傛埛鍧囨寔鏈夋祦杞偂鏁伴噺鐢变笂鏈熺殑2.98涓囪偂涓婂崌鑷?.05涓囪偂锛屾埛鍧囨祦杞競鍊?2.63涓囧厓銆?/p>鎴峰潎鎸佽偂閲戦鍗庨槼鑲′唤鎴峰潎鎸佹湁娴佽浆甯傚€间綆浜庤亴涓氬潎鍖€姘村钩銆備緷鎹瓹hoice鏁版嵁锛屽埌2021骞?鏈?0鏃ワ紝鐓ょ偔鑱屼笟A鑲′笂甯傚叕鍙稿潎鍖€鎴峰潎鎸佹湁娴佽浆鑲″競鍊间负27.61涓囧厓銆傚叾闂达紝25.00%鐨勫叕鍙告埛鍧囨寔鏈夋祦杞偂甯傚€煎湪13.5涓噡19涓囧尯闂村唴銆?/p>鐓ょ偔鑱屼笟鎴峰潎娴佽浆甯傚€兼暎甯?/p>娌偂閫氭寔鑲?/p>2021骞?鏈?0鏃ワ紝娌偂閫氭寔鏈夊崕闃宠偂浠界殑鑲′唤鏁伴噺涓?627.36涓囪偂锛屽崰娴佽浆鑲℃湰鐨?.58%锛岃緝涓婃湡锛?021骞?鏈?1鏃ワ級鐨?518.27涓囪偂涓婂崌56.34%銆?/p>娌偂閫氭寔鑲″浘鍏嶈矗澹版槑锛氭湰鏂囨牴鎹ぇ鏁版嵁鍑轰骇锛屼粎渚涘弬鑰冿紝涓嶆瀯鎴愪换浣曞嚭璧勪富寮狅紝鎹鎿嶄綔鍗遍櫓鑷媴銆?/p>
涓夛細寰￠摱鑲′唤鑲″惂銆€骞垮窞寰￠摱绉戞妧鑲′唤鏈夐檺鍏徃鏄潰鍚戦噾铻嶈亴涓氫緵缁欒嚜鍔╅摱琛岃澶囧拰鍏ㄤ綋瑙ｅ喅鏂规鐨勯珮鏂版妧鏈紒涓氾紝鍏朵富瀵间骇鍝佹槸鑷富鐮斿埗銆佸嚭浜с€佸嚭鍞€佽繍钀INGTELLER绯诲垪閾惰瀛樺彇娆炬満鍙婁富鏈哄挩璇㈡湇鍔★紝鍏徃鐜板湪宸叉瀯鎴愬勾浜ч噺4800鍙扮殑鍑轰骇鑳藉姏锛屼骇鑳藉拰鍑哄敭瑙勫垝鍦ㄥ浗浜TM鍒堕€犲巶鍟嗕腑浣嶅眳鍓嶅垪锛屼竴璧蜂篃鏄浗鍐匒TM鍗忎綔杩愯惀褰㈠紡鐨勫紑鎷撹€咃紝杩愯惀浜у搧鍦ㄥ浗鍐匒TM杩愯惀鏈嶅姟鍟嗕腑鍚嶅垪绗竴銆?007骞?1鏈堬紝鍦ㄦ繁浜ゆ墍鎸傜墝涓婂競骞舵彮闇插彂琛岃偂绁ㄣ€? 銆€銆€鑷?001骞达紝寰￠摱宸茬粡鎴愪负寤鸿鎬昏銆佸啘琛屾€昏銆侀偖鏀挎€诲眬鐨勫叆鍥存敹璐晢锛涗竴璧峰彇寰椾腑鍥藉啘涓氶摱琛岄摱绌虹數瀛愬绁ㄦ満鐨勬壒閲忔敹璐鍗曞拰鍗楄竟鑸┖鍏徃鐨勮嚜鍔╁€兼満璁㈠崟锛涘苟鎴愪负骞垮彂銆佹繁鍙戙€佸叴涓氥€侀摱鑱斻€佸晢琛屻€佸啘淇°€佸煄淇＄瓑閾惰鎵€淇′换鐨勫鎴枫€傚湪ATM鐨勫崗浣滆惀杩愬競鍦轰笂寰￠摱澶勪簬棰嗗厛鍦颁綅锛屾槸鈥滃浗鍐呴甯瑼TM杩愯惀鍟嗏€濄€備竴璧凤紝寰￠摱ATM宸叉壒閲忓嚭鍙ｄ笢鍗椾簹鍙婂寳娆т竴浜涘浗瀹躲€
浜岋細鍗庨槼鑲′唤鑲″惂鍗庨槼鑲′唤2021骞?鏈?8鏃ュ湪鍗婂勾搴﹂檲杩颁腑鍙戣〃锛屽埌2021骞?鏈?0鏃ュ叕鍙歌偂涓滄埛鏁颁负7.89涓囨埛锛岃緝涓婃湡锛?021骞?鏈?1鏃ワ級鍓婂噺1845鎴凤紝鍑忓箙涓?.29%銆?/p>鍗庨槼鑲′唤鑲′笢鎴锋暟楂樹簬鑱屼笟鍧囧寑姘村钩銆備緷鎹瓹hoice鏁版嵁锛屽埌2021骞?鏈?0鏃ョ叅鐐亴涓氫笂甯傚叕鍙稿潎鍖€鑲′笢鎴锋暟涓?.69涓囨埛銆傚叾闂达紝鍏徃鑲′笢鎴锋暟澶勪簬2.5涓噡4.5涓囧尯闂村崰姣旀渶楂橈紝涓?7.78%銆?/p>鐓ょ偔鑱屼笟鑲′笢鎴锋暟鏁ｅ竷鑲′笢鎴锋暟涓庤偂浠?/p>2020骞?鏈?0鏃ヨ嚦浠婏紝鍏徃鑲′笢鎴锋暟鏄庢樉涓嬮檷锛屽尯闂磋穼骞呬负15.55%銆?020骞?鏈?0鏃ヨ嚦2021骞?鏈?0鏃ュ尯闂磋偂浠蜂笂娑?5.83%銆?/p>鑲′笢鎴锋暟鍙婅偂浠?/p>鑲′笢鎴锋暟涓庤偂鏈?/p>鍒?021骞?鏈?0鏃ワ紝鍏徃鏈€鏂版€昏偂鏈负24.05浜胯偂锛屼笖鍧囦负娴佽浆鑲°€傛埛鍧囨寔鏈夋祦杞偂鏁伴噺鐢变笂鏈熺殑2.98涓囪偂涓婂崌鑷?.05涓囪偂锛屾埛鍧囨祦杞競鍊?2.63涓囧厓銆?/p>鎴峰潎鎸佽偂閲戦鍗庨槼鑲′唤鎴峰潎鎸佹湁娴佽浆甯傚€间綆浜庤亴涓氬潎鍖€姘村钩銆備緷鎹瓹hoice鏁版嵁锛屽埌2021骞?鏈?0鏃ワ紝鐓ょ偔鑱屼笟A鑲′笂甯傚叕鍙稿潎鍖€鎴峰潎鎸佹湁娴佽浆鑲″競鍊间负27.61涓囧厓銆傚叾闂达紝25.00%鐨勫叕鍙告埛鍧囨寔鏈夋祦杞偂甯傚€煎湪13.5涓噡19涓囧尯闂村唴銆?/p>鐓ょ偔鑱屼笟鎴峰潎娴佽浆甯傚€兼暎甯?/p>娌偂閫氭寔鑲?/p>2021骞?鏈?0鏃ワ紝娌偂閫氭寔鏈夊崕闃宠偂浠界殑鑲′唤鏁伴噺涓?627.36涓囪偂锛屽崰娴佽浆鑲℃湰鐨?.58%锛岃緝涓婃湡锛?021骞?鏈?1鏃ワ級鐨?518.27涓囪偂涓婂崌56.34%銆?/p>娌偂閫氭寔鑲″浘鍏嶈矗澹版槑锛氭湰鏂囨牴鎹ぇ鏁版嵁鍑轰骇锛屼粎渚涘弬鑰冿紝涓嶆瀯鎴愪换浣曞嚭璧勪富寮狅紝鎹鎿嶄綔鍗遍櫓鑷媴銆?/p>
涓夛細寰￠摱鑲′唤鑲″惂銆€骞垮窞寰￠摱绉戞妧鑲′唤鏈夐檺鍏徃鏄潰鍚戦噾铻嶈亴涓氫緵缁欒嚜鍔╅摱琛岃澶囧拰鍏ㄤ綋瑙ｅ喅鏂规鐨勯珮鏂版妧鏈紒涓氾紝鍏朵富瀵间骇鍝佹槸鑷富鐮斿埗銆佸嚭浜с€佸嚭鍞€佽繍钀INGTELLER绯诲垪閾惰瀛樺彇娆炬満鍙婁富鏈哄挩璇㈡湇鍔★紝鍏徃鐜板湪宸叉瀯鎴愬勾浜ч噺4800鍙扮殑鍑轰骇鑳藉姏锛屼骇鑳藉拰鍑哄敭瑙勫垝鍦ㄥ浗浜TM鍒堕€犲巶鍟嗕腑浣嶅眳鍓嶅垪锛屼竴璧蜂篃鏄浗鍐匒TM鍗忎綔杩愯惀褰㈠紡鐨勫紑鎷撹€咃紝杩愯惀浜у搧鍦ㄥ浗鍐匒TM杩愯惀鏈嶅姟鍟嗕腑鍚嶅垪绗竴銆?007骞?1鏈堬紝鍦ㄦ繁浜ゆ墍鎸傜墝涓婂競骞舵彮闇插彂琛岃偂绁ㄣ€? 銆€銆€鑷?001骞达紝寰￠摱宸茬粡鎴愪负寤鸿鎬昏銆佸啘琛屾€昏銆侀偖鏀挎€诲眬鐨勫叆鍥存敹璐晢锛涗竴璧峰彇寰椾腑鍥藉啘涓氶摱琛岄摱绌虹數瀛愬绁ㄦ満鐨勬壒閲忔敹璐鍗曞拰鍗楄竟鑸┖鍏徃鐨勮嚜鍔╁€兼満璁㈠崟锛涘苟鎴愪负骞垮彂銆佹繁鍙戙€佸叴涓氥€侀摱鑱斻€佸晢琛屻€佸啘淇°€佸煄淇＄瓑閾惰鎵€淇′换鐨勫鎴枫€傚湪ATM鐨勫崗浣滆惀杩愬競鍦轰笂寰￠摱澶勪簬棰嗗厛鍦颁綅锛屾槸鈥滃浗鍐呴甯瑼TM杩愯惀鍟嗏€濄€備竴璧凤紝寰￠摱ATM宸叉壒閲忓嚭鍙ｄ笢鍗椾簹鍙婂寳娆т竴浜涘浗瀹躲€