白酒继续“低调”反弹！会稽山市值却缩水近40亿元，到底怎么了？丨酒市周报

每经网2025-07-27

尽管不被公募基金和境外资金看好，已处于低配水平的白酒板块却在悄然“崛起”。凭借低估值、高股息优势，Wind白酒指数已经实现周线6连阳，近6周累计涨幅达到8%。值得关注的是，在白酒板块“低调”反弹之时，上半年凭借气泡黄酒营销赚足眼球的会稽山，却遭遇资金持续出逃。该公司股价周线8连阴，6月以来累计跌幅高达24.5%，总市值从127亿元最高点缩水至91亿元。市场表现突然一蹶不振，会稽山到底怎么了？白酒...

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The market value of Kuaiji Mountain has shrunk by nearly 4 billion yuan. What happened? Wine Market Weekly","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600059":0.9,"600199":0.9,"600519":0.9,"600702":0.9,"600809":0.9,"601579":1,"603198":0.9,"06979":0.9},"content_text":"尽管不被公募基金和境外资金看好，已处于低配水平的白酒板块却在悄然“崛起”。凭借低估值、高股息优势，Wind白酒指数已经实现周线6连阳，近6周累计涨幅达到8%。值得关注的是，在白酒板块“低调”反弹之时，上半年凭借气泡黄酒营销赚足眼球的会稽山，却遭遇资金持续出逃。该公司股价周线8连阴，6月以来累计跌幅高达24.5%，总市值从127亿元最高点缩水至91亿元。市场表现突然一蹶不振，会稽山到底怎么了？白酒指数周线6连阳，行业迎估值修复在上周白酒龙头纷纷反弹大涨后，本周二三线白酒股成功“接棒”，领涨白酒行业。据Wind数据，本周白酒指数周涨1.31%，周线实现6连阳，天佑德酒周涨幅高达6.8%，反弹幅度较大。另外，迎驾贡酒和珍酒李渡周涨幅也均在3%以上，股价表现跑赢指数。而顺鑫农业、山西汾酒、古井贡酒、舍得酒业以及金种子酒也有不同程度上涨。市值增长方面，贵州茅台本周小幅上涨，周市值增长达到226.12亿元，山西汾酒周市值增长则达到54.65亿元。而百威亚太作为非白酒股，本周市值增长同样超过50亿元，市值增长幅度可观。白酒板块近来持续的反弹，在机构眼中，其低估值和高股息是行业重新受到资金关注的主要原因。根据公募基金二季报，截至2025年二季度末，公募基金对白酒板块的重仓持股市值为2090亿元，占股票投资市值的比例为2.9%，占比较前一个季度下降0.81个百分点，延续2022年以来的下行趋势，这一比例已低于3%的标准配置比例。不过，白酒板块目前PE-TTM在18.9倍，二季度最低更是跌至17.8倍，该估值水平已与2018年和2016年内低点位置相当，估值水平具有支撑效应。招商中证白酒指数基金经理侯昊指出，站在优质红利资产视角，建议重视龙头白酒战略性底部机会。尽管短期需求压力凸显，但极致的压力测试预计时长有限，且头部白酒长期商业属性优秀、竞争力突出，当前股息率普遍已达4%以上，作为优质红利资产的价值吸引已足，吸引力正在放大。黄酒板块持续下跌，会稽山市值大幅缩水与白酒板块持续反弹形成鲜明对比的是黄酒板块持续下跌。龙头古越龙山股价连续两周下跌，本周跌幅达到2.66%，表现低迷；会稽山本周跌幅也达到2.12%，周线更是遭遇8连阴，市值大幅缩水近40亿元后，目前市值已被古越龙山反超。《每日经济新闻·将进酒》记者注意到，2025年5月19日~5月29日，会稽山因气泡黄酒概念炒作、游资推动及“黄酒三杰”轮动效应，股价短期内累计涨幅超80%，市值一度突破127亿元。但随后市场情绪降温，资金转向其他板块，其股价开始回落。截至7月25日，会稽山股价已经从5月最高的26.38元跌至18.95元，区间最大跌幅超过25%。有市场人士指出，会稽山股价此前因“气泡黄酒”爆火而大幅上涨，但该产品热度在端午节后骤降，抖音直播间观众人数锐减，销售额排名靠后。随着该产品热度的快速消退，投资者对公司“赚吆喝不赚钱”的营销方式产生担忧，进而导致股价下跌。该人士还表示，气泡黄酒的爆火主要依赖吴彦祖直播带货，但由于消费者普遍反馈气泡黄酒“回苦”，与黄酒传统口感差异较大，加之气泡黄酒未形成长期品牌认知，也缺乏与年轻消费者的情感联结，难以突破“尝鲜”瓶颈，最终导致消费者复购率低。封面图片来源：图片来源：每日经济新闻 资料图","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2554712770","isCrawlerRequest":true}