将推出“控量”政策？贵州茅台连涨4日，重回股王宝座，公司回应：仍在研究中

21世纪经济报道2025-12-15

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！　　12月15日，贵州茅台（600519.SH）股价延续了近期反弹态势，盘中涨超1%，截至午盘，报1427.66元/股，涨幅达0.49%，上周五已重回A股股王宝座。与此同时，其核心产品飞天茅台的市场价格同步回暖，此前跌破官方指导价的颓势得到扭转。第三方平台“今日酒价”数据显示，12月15日，2025年53度500ml飞天茅台...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2591924046?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-12-15 12:45","share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","id":"2591924046","market":"hk","top_or_hot":-1,"title":"将推出“控量”政策？贵州茅台连涨4日，重回股王宝座，公司回应：仍在研究中","media":"21世纪经济报道","content":"<div>\n<p>炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 　　12月15日，贵州茅台（600519.SH）股价延续了近期反弹态势，盘中涨超1%，截至午盘，报1427.66元/股，涨幅达0.49%，上周五已重回A股股王宝座。与此同时，其核心产品飞天茅台的市场价格同步回暖，此前跌破官方指导价的颓势得到扭转。第三方平台“今日酒价”数据显示，12月15日，2025年53度500ml飞天茅台...</p>\n\n<a href=\"https://finance.sina.com.cn/stock/s/2025-12-15/doc-inhawaui2450364.shtml\">网页链接</a>\n\n</div>\n","source":"sina","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>将推出“控量”政策？贵州茅台连涨4日，重回股王宝座，公司回应：仍在研究中</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n将推出“控量”政策？贵州茅台连涨4日，重回股王宝座，公司回应：仍在研究中\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-15 12:45 北京时间&nbsp;&nbsp;&nbsp;<a href=https://finance.sina.com.cn/stock/s/2025-12-15/doc-inhawaui2450364.shtml><strong>21世纪经济报道</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 　　12月15日，贵州茅台（600519.SH）股价延续了近期反弹态势，盘中涨超1%，截至午盘，报1427.66元/股，涨幅达0.49%，上周五已重回A股股王宝座。与此同时，其核心产品飞天茅台的市场价格同步回暖，此前跌破官方指导价的颓势得到扭转。第三方平台“今日酒价”数据显示，12月15日，2025年53度500ml飞天茅台...</p>\n\n<a href=\"https://finance.sina.com.cn/stock/s/2025-12-15/doc-inhawaui2450364.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1580142542.USD","symbol_name":"Blackrock Systematic China A-Share Opportunities A2 USD","start_time":0,"source_url":"https://finance.sina.com.cn/stock/s/2025-12-15/doc-inhawaui2450364.shtml","article_id":"2591924046","we_media_id":null,"thumbnails":[],"rights":{"source":"sina","url":"https://finance.sina.com.cn/stock/s/2025-12-15/doc-inhawaui2450364.shtml","rn_cache_url":null,"customStyle":"body{padding-top:10px;}.art_tit_h1{#titleStyle#}a{#lv2TextColor#}.art_time, .art_cite{#sourceStyle#;} .art_cite{margin-left: 3px;}","selectors":".module-article, article","filters":"header, .voice2, .tags, #norm_qrcode_link_auto, .unfold-box, .action","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2591924046","pubTimestamp":1765773900,"columns":[],"sourceInfo":{"source_id":"sina","name":"sina"},"weMediaInfo":null,"summary":"　　12月15日，贵州茅台股价延续了近期反弹态势，盘中涨超1%，截至午盘，报1427.66元/股，涨幅达0.49%，上周五已重回A股股王宝座。与此同时，其核心产品飞天茅台的市场价格同步回暖，此前跌破官方指导价的颓势得到扭转。　　消息面上，多家媒体报道，贵州茅台近期推出控量政策，涵盖短期减负和中长期结构性改革。中长期结构性改革方面，2026年，贵州茅台计划大幅削减非标产品配额，从源头减少使经销渠道利润缩减的产品供应。","collect":0,"end_time":0,"defaultTopTitle":"sina.com.cn","property":[],"viewcount":null,"language":"zh","relate_stocks":{"83189":"易方达白酒-R","600519":"贵州茅台","LU1580142542.USD":"Blackrock Systematic China A-Share Opportunities A2 USD","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU0051755006.USD":"摩根大通中国A (dist)","LU0594300419.USD":"富达中国消费基金A","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","IE00BMCWC346.EUR":"GUINNESS EMERGING MARKETS EQUITY INCOME \"C\" (EUR) ACC","LU0577902371.SGD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (SGD) ACC","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","LU0181495838.USD":"施罗德新兴亚洲A Acc","LU1226288170.HKD":"UBS (LUX) KEY SEL S-CHINA ALLOCATION OPP \"P6%\"(HK D) INC","LU1226287875.USD":"UBS (LUX) KEY SEL S-CHINA ALLOCATION OPP \"PM\" (USD) INC","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","BK0028":"国家队","LU1226288253.USD":"UBS (LUX) KEY SELECTION SICAV - CHINA ALLOCATION  OPPORTUNITY (USD) \"P\" (USD) INC","LU0918141887.USD":"安联亚洲实际收益股票基金","LU0084288322.USD":"Natixis Asia Equity RD USD","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU2177674079.SGD":"Fidelity Asia Pacific Opportunities A-ACC-SGD (hedged)","LU0823426308.USD":"法巴中国股票基金","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","BK1610":"ETF&股票定投概念","LU0359201612.USD":"贝莱德中国基金A2","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","LU1979443071.USD":"AB CHINA A SHARES EQUITY PORTFOLIO \"AD\" (USDHDG) INC","LU1769817179.HKD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (HKD) INC","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU2495084118.USD":"ALLIANZ CHINA A-SHARES \"ATH\" (USDHDG) ACC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0577902298.EUR":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (EUR) ACC","LU1997244956.HKD":"ALLIANZ CHINA A-SHARES \"AT\" (HKD) ACC A","03189":"易方达白酒","LU1226287792.SGD":"UBS (LUX) KEY SEL S-CHINA ALLOCATION OPP \"P\" (SGDHDG) INC","SGXZ49509284.SGD":"United China A Shares Innovation A Acc SGD","LU0140636845.USD":"施罗德大中华区股票A Acc","LU1960683339.HKD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (HKD) ACC","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","BK0196":"行业龙头","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","LU0873338254.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) INC","LU1634259557.SGD":"Eastspring Investments - Asian Low Volatility Equity Fund AS SGD-H","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU1820825898.SGD":"Aberdeen Standard SICAV I - China A Share Equity A Acc SGD-H","SG9999000459.SGD":"Aberdeen Standard Pacific Equity SGD","SG9999014674.SGD":"Nikko AM All China Equity A SGD"},"translate_title":"Will a \"quantity control\" policy be introduced? Kweichow Moutai rose for 4 consecutive days and returned to the throne of stock king. The company responded: Still under study","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"83189":1.5,"600519":1.5,"03189":1.5},"content_text":"炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 　　12月15日，贵州茅台（600519.SH）股价延续了近期反弹态势，盘中涨超1%，截至午盘，报1427.66元/股，涨幅达0.49%，上周五已重回A股股王宝座。与此同时，其核心产品飞天茅台的市场价格同步回暖，此前跌破官方指导价的颓势得到扭转。第三方平台“今日酒价”数据显示，12月15日，2025年53度500ml飞天茅台散瓶批发参考价已回升至1560元/瓶，原箱产品报1550元/瓶，均重回官方指导价1499元/瓶上方。\n　　消息面上，多家媒体报道，贵州茅台近期推出控量政策，涵盖短期减负和中长期结构性改革。短期措施方面，2025年12月内，贵州茅台将停止向经销商发放所有茅台产品（预付款已完成），直至2026年1月1日，在适当时候恢复。中长期结构性改革方面，2026年，贵州茅台计划大幅削减非标产品配额，从源头减少使经销渠道利润缩减的产品供应。\n　　针对上述控量政策及市场变动，21财经·南财快讯记者以投资者身份致电贵州茅台证券部求证。接线工作人员表示，公司一直以来强调以需求驱动为主，注重渠道韧性保护，各产品均根据终端动销情况精准投放。对于未来市场政策，公司仍在研究中，具体策略可能会在28日左右的渠道商联谊会上正式发布。\n　　而对于飞天茅台价格走低一事，该工作人员表示，从行业来看，茅台产品价格相对较为稳定，500毫升飞天茅台价格跌破1499元/瓶，主要是有些平台有平台补贴，当然也不排除为博流量而设置较低价格，当前500毫升飞天茅台价格已有所回升。\n　　事实上，贵州茅台在11月28日的股东会上就曾明确，将科学统筹好短期和长期的关系，不会“唯指标论”，不会以牺牲长远发展换取短期利益，不会违背市场规律强压指标，不会损害投资者、渠道商和消费者权益。\n　　当前，机构层面对茅台的控量措施普遍持积极态度。花旗指出，茅台在中期分红后推进的控量措施已落地执行，这一举措有利于稳定批发价及股价，“大幅降低经销商非飞天产品配额要求”是缓解经销商营运资金压力的关键举措，因此维持贵州茅台“买入”评级。\n　　东吴证券的最新研报也认为，贵州茅台推出“控量政策”，短期减负，中期非标茅台酒减量释放结构压力。公司将提升开瓶及消费者基数作为扩大品牌影响力的重要落地抓手，一方面继续加强“供需适配”，“一品一策”思路更加清晰，帮助产品更贴近市场需求；另一方面通过减少非标倒挂拖累，及时保障经销渠道利润，也有助于凝聚经销商力量，充分挖掘拓客推广潜力。\n　　值得注意的是，在实施市场调控政策的同时，贵州茅台也在持续通过多种方式进行市值管理。此前的12月10日，贵州茅台公告称，公司2025年中期利润分配方案已获股东大会通过，将以总股本12.52亿股为基数，每股派发23.957元现金红利（含税），共计派发300.01亿元（含税）。\n　　上述工作人员也强调，近年来公司在股价稳定方面一直有所努力，已通过多项举措开展市值管理，包括实施特别分红、连续多年的稳定分红规划，以及多次回购和大股东增持等，最新的中期分红方案已落地。\n　　而对于市场关注的年轻消费群体培育问题，该工作人员表示，茅台并不是要向年轻群体推销产品，而是通过文化影响力让年轻人了解品牌，伴随其成长过程逐步接受产品。这一思路也表明，茅台在渠道调整之外，仍在持续推进品牌文化的长期建设。\n\n　　（声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。）\n\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：凌辰","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","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":"4.37.0","shortVersion":"4.37.0","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/2591924046","isCrawlerRequest":true}