文 | 财天COVER 张向阳 编辑 | 吴跃 01 百元内光瓶酒"扎堆" 白酒高端三巨头纷纷失守千元价格线，次高端、中端产品普遍价格倒挂，在行业新一轮调整期内，卖酒变成了一件难 事。 于是，没有包装、售价只有几十元的光瓶酒，成了香饽饽，这个市场正在变得越来越热闹。 6月，洋河股份发布了洋河大曲高线光瓶酒，42度500ml售价59元，线上预售48小时破万瓶，还登顶京东白酒热卖榜。 7月上旬，胖东来创始人于东来在其社交媒体上发文称，胖东来自有白酒品牌"自由爱"单品，今年营收可能达10亿元。 在胖东来专营店，胖东来在售的"自由爱"光瓶酒为50度500ml*6瓶装，售价450元，单瓶合75元，截至7月14日，仅抖音 专营店就显示已售146万瓶。 一款在70元价位的单品，年营收可以达到10亿元，这让白酒上市公司们不得不垂涎。 要知道，登陆资本市场超过20年的酒鬼酒、金种子酒，年营收规模仍徘徊在10亿元左右。酒鬼酒2024年营收不过14亿 元，金种子酒去年营收还不足10亿元，而且还在亏损。2025年，不管是白酒巨头还是其他中小酒企，都在为卖酒发愁。 瞅着胖东来，也只能羡慕。 02 消费者越来越理性 光瓶酒市场，已成为白 ...

A股白酒板块午盘后拉升，酒鬼酒涨超5％，舍得酒业、天佑德酒、泸州老窖、水井坊跟涨。 ...

紧随其后，7月14日，舍得酒业召开了营销系统新财年启动会。会议展现了舍得酒业核心市场基本盘稳 定，重点创新项目与重点渠道取得突破性进展，整体基本面稳健，为下半年发展奠定积极基调。 会上，舍得酒业董事长蒲吉洲高度肯定了2025上半年团队取得的成果，并从践行长期主义、敢于创新破 局等方面为经营班子和营销团队的下半年攻坚方向定调。他要求，舍得营销铁军要有前瞻思维，不为眼 前利益妥协；要尊重事业与个人价值，激发内生动力；要践行狼性文化，敢于创新不妥协。他还强调， 全员秉持"一切为了营销，全员赋能营销"的理念，统一思想、凝聚共识。 2025年行至年中，白酒行业在政策调整、消费结构转型、存量博弈等多重压力下，步入调整深水区。尽 管行业整体承压，以贵州茅台、五粮液、汾酒、舍得酒业为代表的多家酒企展现出较强的发展韧性，释 出积极信号。前不久，"行业风向标"贵州茅台在半年工作会上透露茅台酒、酱香酒均已完成上半年既定 经营任务。 针对2025上半年营销工作，舍得酒业总裁唐珲高度肯定重点市场和电商团队面对行业挑战所付出的努力 和取得的成绩，认可团队守住基本面找到了新突破。对于下半年工作部署，唐珲指出要深化"产品力、 渠道力、品牌力 ...

多家酒企业绩变脸！ 昨日晚间，水井坊、酒鬼酒、顺鑫农业、金种子酒多家酒企公布半年度业绩预告显示，营收和净利润大幅下滑， 甚至出现亏损。 今日白酒股集体走低，金种子酒、酒鬼酒跌超4%，皇台酒业、水井坊、*ST岩石、迎驾贡酒跌超3%，顺鑫农业、 舍得酒业等跟跌。 | 代码 名称 | 涨幅◆ | 涨跌 | 现价 | | --- | --- | --- | --- | | 600199 金种子酒 | -4.42% | -0.48 | 10.39 | | 000799 酒鬼酒 | -4.20% | -2.00 | 45.59 | | 000995 皇台酒业 | -3.75% | -0.58 | 14.90 | | 600779 水井坊 | -3.67% | -1.56 | 40.89 | | 600696 *ST岩石 | -3.57% | -0.22 | 5.94 | | 603198 迎驾贡酒 | -3.48% | -1.40 | 38.87 | | 000860 顺鑫农业 | -2.53% | -0.40 | 15.44 | | 600702 舍得酒业 | -2.39% | -1.23 | 50.69 | | 00 ...

证券研究报告 | 行业周报 gszqdatemark 2025 07 13 年 月 日 分析师 李梓语 执业证书编号：S0680524120001 食品饮料 周观点：中报窗口期，预期回归、分化加剧 投资建议：1、白酒：预计半年度整体承压、结构分化，行业调整中酒 企积极求变，期待板块筑底企稳，建议关注" 优势龙头、红利延续、强 势复苏"三条主线：1）优势龙头，头部酒企份额持续提升：贵州茅台、 五粮液、山西汾酒、古井贡酒；2）红利延续，高确定性区域酒：今世 缘（江苏格局红利）、迎驾贡酒（洞藏大单品红利）等；3）受益复苏 与风险偏好提升，弹性标的：泸州老窖、水井坊、舍得酒业、老白干 酒、港股珍酒李渡、酒鬼酒等。2、大众品：燕京珠江业绩亮眼，东鹏 增长势能强劲，中报业绩预告披露、预期调整逐步到位，重点关注优秀 成长个股：1）高景气或高成长逻辑：盐津铺子、东鹏饮料、燕京啤酒、 珠江啤酒、万辰集团、三只松鼠、百润股份、有友食品、好想你等，港 股卫龙美味等。2）政策受益或复苏改善：青岛啤酒、海天味业、新乳 业、伊利股份、重庆啤酒、安琪酵母、仙乐健康、百龙创园、安井食 品、立高食品等，港股农夫山泉、华润饮料、H&H 国际控股 ...

Group 1 - The food and beverage sector experienced a rise and subsequent decline, with the Food ETF (515710) reaching an intraday increase of 1.33% before closing up 0.5% [1] - Major liquor stocks saw significant gains, with Lotus Holdings rising by 3.83%, and both Jinzhidao and Luzhou Laojiao increasing by over 2% [3] - Moutai Sauce Wine Company reported achieving its operational goals for the first half of 2025, which may boost investor confidence in the liquor sector [3] Group 2 - The food and beverage industry has undergone profound changes in both supply and demand since 2025, with a mix of upgrades and downgrades in consumer preferences [4] - Analysts suggest that the current industry transformation indicates a cyclical change, recommending companies with balanced product structures and healthy inventories [4] - Investment strategies should focus on stable demand leaders and companies innovating in new products and channels [4] Group 3 - The Food ETF (515710) tracks the China Securities Index for the food and beverage sector, with approximately 60% of its holdings in high-end and sub-high-end liquor stocks [5] - The top ten weighted stocks in the ETF include major brands like Moutai, Wuliangye, and Yili [5] - Investors can also access core assets in the food and beverage sector through the Food ETF linked funds [5]

2025年进程已过半，白酒行业深度调整期依然持续。此外，5月以来，受"禁酒令"政策的落地叠加白酒 消费淡季影响，白酒市场整体呈现小幅震荡态势。消费场景收缩、库存去化压力、存量竞争加剧，已成 为当前白酒企业跨越周期的核心挑战。 尽管市场短期波动不断，但从投资视角来看，白酒行业的底层价值逻辑依旧稳固。当行业泡沫退去，真 正具备中长期投资价值的酒企将在分化中脱颖而出。 舍得酒业的"全面向C"并非一句口号，而是贯穿产品、品牌、渠道建设全维度的系统性工程，为其构筑 起长远竞争力的品牌护城河。 产品端，面对消费分级趋势，舍得构建起层次分明、定位精准的立体化产品矩阵：以品味舍得稳固次高 端基本盘；以藏品舍得10年培育高端消费群；以沱牌特级T68拓展大众市场；以沱牌韵系列等产品精准 卡位宴席场景……这种布局有效覆盖C端消费者的多元需求，分散市场风险，为舍得酒业在行业波动中 保持稳健经营提供坚实支撑。 行业深度洗牌，白酒企业加速突破 当下白酒行业正经历从量到质提升的深层转变，消费者对白酒的需求更加多样化、个性化，酒企以往依 赖的传统模式难以适应新的市场环境。在消费场景变化与理性回归的双重驱动下，越来越多的酒企逐渐 将重心从渠道 ...

Core Insights - The 618 shopping festival has concluded, leading to varied price movements in the white liquor market, with some products experiencing price increases while others continue to decline [1][2][3] Price Trends in Major Cities - In Guangzhou, among 21 sampled white liquor products, 9 saw a decrease in average retail price, while 8 experienced an increase, and 4 remained unchanged [2] - Notably, high-end products like Moutai and Guojiao 1573 have seen price drops, with Moutai's average retail price falling to approximately 2304 RMB, a decrease of about 100 RMB from the previous period [2][3] - In Shenzhen, Moutai's average retail price is reported at 2298.5 RMB, with a notable decline in several high-end products due to ongoing market pressures [7][10] - East Dongguan's market shows a mixed trend, with 9 products increasing in price and 5 decreasing, highlighting the volatility in high-end liquor pricing [12][13] Online vs. Offline Pricing - Online platforms, particularly instant retail channels, are showing lower prices compared to offline supermarkets, with Moutai priced at 2229 RMB online, which is about 75 RMB lower than the overall average [3][8] - The price discrepancies between online and offline channels are significant, with products like Junpin Xijiu and Qinghua Lang being sold for much lower prices online compared to their offline counterparts [3][8] Impact of Regulatory Changes - The ongoing "ban on alcohol" has significantly impacted sales, particularly in high-end segments, leading to price reductions as businesses attempt to stimulate demand [9][10] - The combination of the 618 festival and regulatory changes has created a challenging environment for liquor companies, as they navigate maintaining sales volume and pricing stability [1][17] Summary of Average Prices - The average prices for key products as of July 4th are as follows: - Moutai: 2367.62 RMB [19] - Wuliangye: 1010.27 RMB [19] - Junpin Xijiu: 833.17 RMB [20] - Qinghua Lang: 943.11 RMB [20] - Guojiao 1573: 993.42 RMB [20]

Group 1 - A-shares market showed strong performance with all major indices rising, including Shanghai Composite Index up 0.59%, Shenzhen Component Index up 0.83%, and ChiNext Index up 1.35% on the last trading day of June [1][2][7] - The total market turnover reached 15,172 billion, with over 4,000 stocks rising, indicating a broad-based rally [1][7] - In the first half of the year, small and mid-cap stocks outperformed, with over 3,700 stocks rising, and several sectors like AI models and new consumption gaining significant attention from investors [1][7] Group 2 - The military, pharmaceutical, and photovoltaic sectors led the gains on the last trading day of June, with notable stocks like Changcheng Military Industry and Huaren Health showing significant price movements [2][3] - The white wine sector experienced a notable surge, with stocks like JiuGuiJiu and SheDeJiuYe rising by 6.88% and 3.48% respectively, reflecting renewed investor interest [4][3] - The brain-computer interface sector also saw active trading, with a 5.17% increase in the sector, driven by developments from Neuralink and its ongoing clinical trials [5][6] Group 3 - The first half of 2023 saw major indices like the North Star 50 Index rising by 39.45%, indicating a strong market recovery [7] - Key sectors that attracted investment included AI models, humanoid robots, new consumption, innovative drugs, and solid-state batteries, with significant gains observed across these areas [7][8] - Structural opportunities are expected to dominate the upcoming earnings season, with a shift in active funds from pharmaceuticals and consumption towards technology and finance sectors [8]

Group 1 - The liquor stocks experienced an afternoon rally, with specific companies showing significant gains [1] - Jiu Gui Jiu (000799) rose over 5%, indicating strong market interest [1] - She De Jiu Ye (600702) increased by more than 2%, reflecting positive investor sentiment [1] Group 2 - Other companies such as Huang Tai Jiu Ye (000995), Shui Jing Fang (600779), and Kou Zi Jiao (603589) also saw upward movement, suggesting a broader trend in the liquor industry [1]