5 月散瓶茅台批价持续上行，五粮液、泸州老窖基本面稳健，回款进度均符合预期，下半年中秋旺季五粮液普五批价有望站稳千元，值得关注。

一、高端名酒：基本面稳健，二季度无忧 ............................................................................................................ 4

1.1 贵州茅台：散瓶批价持续上行，二季度确认非标收入 ................................................................................. 4

1.2 五粮液：厂家话语权显著增强，全面进入改革红利释放期 ............................................................................ 6

1.3 泸州老窖：回款仍快，会战模式调整 .............................................................................................................. 8

二、次高端地方酒：消费升级快速，次高端产品持续受益 ..................................................................................... 9

2.1 洋河股份：股东大会反馈积极，经营拐点正逐步证实 ................................................................................. 9

2.2 山西汾酒：回款进度仍快，青花引领核心增量 ............................................................................................ 10

2.3 古井贡酒：徽酒单寡头格局明确，全国化推进目标坚定 ......................................................................... 11

2.4 今世缘：四开正式换新升级，业绩仍处快速增长通道 ..................................................................................... 12

三、二级市场回顾 ................................................................................................................................................... 13

投资建议 ................................................................................................................................................................. 14

风险提示 ................................................................................................................................................................ 14