Core Viewpoint - The Chinese liquor industry is experiencing a "cooling" phase in the zodiac liquor market for the upcoming Year of the Horse in 2026, contrasting with previous years' fervor, as companies like Wuliangye, Yanghe, and Luzhou Laojiao release new products amid a more rational consumer sentiment and industry adjustments [1][4][6]. Group 1: Market Dynamics - Major liquor companies, including Wuliangye, Yanghe, and Luzhou Laojiao, have launched zodiac liquor products for the Year of the Horse, with various pricing strategies and limited editions [2][5]. - The number of companies participating in the zodiac liquor market is expected to decrease by at least 30% compared to previous years, as the market becomes dominated by leading brands, raising entry barriers [5][9]. - The market is witnessing a shift from speculative investment to cultural consumption, as consumers prioritize taste and gifting over mere investment value [7][8]. Group 2: Consumer Behavior and Trends - Consumers are increasingly focused on the drinking experience and gifting scenarios, indicating a need for zodiac liquors to enhance their core drinking value alongside cultural attributes [7][9]. - The current market is characterized by homogenization in product design and packaging, leading to consumer fatigue and a decline in perceived uniqueness [8][9]. - The future success of zodiac liquors will depend on the ability of companies to innovate culturally and establish independent value systems for their products [9][10].

Core Viewpoint - The company has appointed a new signing auditor, Geng Yinhao, to replace Tang Jing for the 2025 financial audit and internal control audit, ensuring continuity in audit services without impacting the audit work for the fiscal year [1][4]. Group 1: Auditor Appointment - The company has reappointed Shanhui Accounting Firm as the financial and internal control audit institution for the fiscal year 2025 [1]. - The signing auditors are Yan Qiuqiu and Geng Yinhao, with Yan Qiuqiu serving as the project partner [1]. Group 2: New Auditor Information - Geng Yinhao has a bachelor's degree and is a certified public accountant, starting his auditing career in 2013 and becoming a CPA in 2024 [2]. - Geng Yinhao has not signed any audit reports for listed companies in the past three years [2]. Group 3: Auditor Integrity and Independence - Geng Yinhao meets the independence requirements outlined in the Code of Ethics for Chinese Certified Public Accountants and has not faced any criminal or administrative penalties in the last three years [3]. Group 4: Impact of Change - The transition of signing auditors has been orderly, and the change will not affect the audit work for the company's 2025 financial report and internal controls [4].

Core Viewpoint - Shede Liquor Industry announced a change in its signing registered accountants for the 2025 financial audit due to internal adjustments at the auditing firm [2] Group 1 - Shede Liquor Industry received a letter from the auditing firm Shanghui regarding the change of signing registered accountants [2] - The original signing accountants were Yan Qiuqiu and Tang Jing, who were responsible for the financial audit and internal control audit for the year 2025 [2] - The new signing accountant, Geng Yinhao, will replace Tang Jing to complete the audit work for the 2025 financial report and internal controls [2]

证券代码：600702 证券简称：舍得酒业 公告编号：2025-054 舍得酒业股份有限公司 关于变更签字注册会计师的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 舍得酒业股份有限公司（以下简称"公司"）分别于 2025 年 3 月 21 日、2025 年 4 月 29 日召开第十一届董事会第十二次会议、2024 年年度股东大会，审议通 过了《关于续聘上会会计师事务所（特殊普通合伙）为公司 2025 年度财务审计 机构和内部控制审计机构的议案》，同意续聘上会会计师事务所（特殊普通合伙） （以下简称"上会"）为公司 2025 年度财务审计机构和内部控制审计机构。具体 内容详见公司分别于 2025 年 3 月 22 日、2025 年 4 月 30 日在上海证券交易所网 站（www.sse.com.cn）披露的《舍得酒业关于续聘会计师事务所的公告》（公告 编号：2025-012）、《舍得酒业 2024 年年度股东大会决议公告》（公告编号： 2025-029）。 耿吟灏，上会经理，大学本科学历，注册会计师。自 2013 年开始 ...

Market Overview - The A-share market showed a mixed performance with the Shanghai Composite Index down 0.11% at 3884.93 points, the Shenzhen Component down 0.71% at 13164.03 points, and the ChiNext Index down 1.29% at 3153.07 points, as of midday trading [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.18 trillion yuan, with nearly 2700 stocks rising [1] Sector Highlights - The insurance sector experienced significant gains, with China Ping An rising nearly 5%, reaching a four-year high [1][3] - The consumer sector showed strength, particularly in the dairy industry, with Yangguang Dairy hitting the daily limit, and the liquor sector also active, led by Huangtai Liquor [1][2] - Retail stocks were robust, with Baida Group achieving three consecutive trading limits [1][4] - The commercial aerospace sector continued to perform well, with Hualing Cable and Zhongchao Holdings both achieving three consecutive trading limits [1] - Conversely, the computing hardware sector saw a collective decline, with Longfei Optical Fiber hitting the daily limit down, and the film and television sector also faced declines [1] Regulatory and Policy Updates - The insurance sector's positive performance was supported by a recent notification from the financial regulatory authority, which adjusted risk factors for insurance companies investing in certain indices [3] - The Ministry of Commerce and other departments issued a notice to strengthen the collaboration between commerce and finance to boost consumption [4] Institutional Insights - CITIC Securities noted that while external demand may face challenges, there are increasing factors to expect better internal demand in the coming year [5] - CITIC Jian Investment believes the underlying logic of a bull market remains intact, with expectations for a new wave of market activity as adjustments have largely completed [6] - Guotai Junan expressed optimism about the market's cross-year momentum, particularly in technology, brokerage, insurance, and consumer sectors [8]

Group 1 - The report highlights the recent performance of various industries, with notable gains in sectors such as non-ferrous metals, electronics, and power equipment, while retail and real estate sectors faced declines [1][1][1] - The central economic work conference emphasized the importance of technological breakthroughs and supply-demand optimization, indicating a shift towards quality improvement in economic growth [11][12][19] - The commercial aerospace sector is experiencing significant growth, with the establishment of a dedicated regulatory body and a notable increase in the commercial aerospace index, which has risen by 46.52% since April 7 [47][48] Group 2 - The report indicates a seasonal recovery in social financing, with November seeing an increase of 24,885 billion yuan, driven primarily by government bond issuance [4][7] - The credit environment is showing signs of marginal improvement, particularly in corporate loans, which increased by 6,100 billion yuan in November, reflecting a recovery in demand [5][6] - The report notes that the retail sector is undergoing a transformation, with a focus on quality, as highlighted by the Ministry of Commerce's emphasis on retail quality upgrades [1][1][1] Group 3 - The report discusses the rising interest in inquiry transfers, which have seen a significant increase in both project numbers and transfer scale, indicating a growing trend in the market [51][52] - The technology sector is expected to remain a key focus, with upcoming events such as the Volcano Engine FORCE conference anticipated to showcase advancements in AI and cloud services [56]

Investment Rating - The report maintains a "Positive" outlook for the food and beverage industry, indicating a potential for returns exceeding the market benchmark by over 5% [5]. Core Insights - The food and beverage sector is currently in a favorable position for investment, with a focus on valuation before performance. The report suggests that despite recent adjustments in the sector, there is fundamental support for new consumption trends, and stock prices have absolute upside potential [7][4]. - Short-term trading strategies should focus on "individual stock improvement" and "turnaround opportunities," recommending specific stocks such as Miaokelan Duo (600882), Jinshiyuan (603369), Gujing Gongjiu (000596), and Shede Liquor (600702) for buying [3]. - Structural dividends are expected to continue, with recommendations for Dongpeng Beverage (605499) and Yanjinpuzi (002847) [3]. - The report highlights a stabilization in demand or market share, recommending stocks like Kweichow Moutai (600519), Shanxi Fenjiu (600809), Luzhou Laojiao (000568), Qingdao Beer (600600), and Yili Group (600887) for buying [3]. Summary by Sections - **Market Conditions**: The food and beverage industry is experiencing pressure on both volume and price, primarily influenced by macroeconomic factors and consumer sentiment. High-end consumption is performing better than low-end, with emerging channels outpacing traditional ones. Categories like snacks and beverages are expected to maintain relative prosperity, while dairy and beer are projected to see structural growth [7][4]. - **Mid-term Trends**: New consumption remains a key theme, with expanding demand in categories such as health foods and pet foods. Instant retail channels are showing high growth, although discount formats and high-end retail are slowing down compared to traditional supermarkets [7][4]. - **Future Outlook**: The report anticipates that the food and beverage sector will transition from valuation-driven growth to performance-driven growth in 2026, with expectations of a performance bottom in the first quarter of 2026 for the liquor segment [7][4].

Group 1 - The report analyzes the investment strategy for the liquor industry in 2026, indicating that the sector is currently in a clearing process, with leading liquor companies' real profits corresponding to a valuation of around 20 times, suggesting limited upward space but a stable dividend yield providing a safety margin [1][6] - The liquor industry has entered a mid-stage of corporate endurance, with stock prices at a bottom range, as evidenced by a significant decline in revenue, net profit, and cash returns in Q3 2025, marking the largest quarterly revenue drop since 2012 [5][11] - The industry is experiencing a shift from entropy increase to decrease, with rising concentration and reduced leverage, as the number of large liquor enterprises has decreased significantly, and the proportion of loss-making companies reached a record high of 36.1% in H1 2025 [16][19] Group 2 - The report predicts that the impact of demographic changes on liquor consumption will be minimal over the next 5-10 years, with the decline in the eligible drinking population being offset by the expansion of younger and female consumer groups [27][32] - Price support for the Flying Fairy liquor is expected in 2026 due to a projected supply growth rate of only 1% over the next five years, alongside a historical high purchasing power among consumers [27][28] - Current valuations are deemed reasonable, with the liquor index corresponding to a PE ratio of 18.85, close to historical lows, and institutional holdings at a record low, indicating strong earnings authenticity post-adjustment [5][7][19] Group 3 - The report emphasizes the importance of focusing on leading companies in the sector, such as Guizhou Moutai and Shanxi Fenjiu, while also recommending companies like Wuliangye and Luzhou Laojiao that are actively clearing historical burdens [6][7] - The investment strategy suggests that the market will experience a shift in style, with key buying points identified around the Spring Festival, price index recovery, and improvements in seasonal sales [6][19] - The report highlights the ongoing challenges faced by distributors, with a significant reduction in their numbers and profitability, necessitating a transformation in their business models to adapt to the current market conditions [19][23]

Group 1 - The food and beverage sector experienced a rise in the market, with the food ETF (515710) increasing by 1.03% as of the report time [1] - Notable stocks in the liquor segment saw significant gains, with brands like JiuGuiJiu rising over 6%, and SheDe JiuYe increasing over 4% [1] - Major liquor brands such as Moutai and Wuliangye also showed strong performance, contributing to the overall positive trend in the sector [1] Group 2 - Analysis indicates that the slight decline in liquor prices year-on-year should be viewed as a rational adjustment by the industry to manage inventory and stabilize channel pricing, paving the way for future healthy development [3] - The current valuation of the food and beverage sector is at a historical low, suggesting a favorable time for investment, with the food ETF's price-to-earnings ratio at 19.97, positioned in the lower 4.71% of the past decade [3] - Citic Securities highlights that while Moutai's price drop may temporarily suppress sector performance, potential policy catalysts in December could enhance consumption, making high-quality assets like liquor appealing for investment [3] Group 3 - The consumer market has shown signs of slowing growth due to high base effects and reduced subsidies, with a need for time to recover domestic demand [4] - Looking ahead to 2026, opportunities may arise from supply-side optimization, new product categories, and policies aimed at boosting consumption [4] - The food ETF (515710) is recommended for investors, as it tracks a diversified index with significant allocations to leading liquor brands and other beverage sectors [4]

Core Viewpoint - Shede Liquor has been awarded the "Guoxin Cup ESG Golden Bull Award Top 100" for its long-term commitment and systematic practices in environmental, social, and governance (ESG) fields, highlighting its leading position in the liquor industry [1][2][4]. Group 1: ESG Achievements - The "Guoxin Cup ESG Golden Bull Award" is a prestigious honor in China's capital market, aimed at recognizing companies that actively practice ESG principles and set benchmarks for sustainable development [2]. - Shede Liquor has established a national ecological liquor industrial park covering 6.5 million square meters with a greening rate of 98.5%, pioneering the "ecological brewing" concept since the 1980s [3][6]. - The company has implemented various energy-saving and carbon-reduction measures, including clean energy projects and the use of environmentally friendly materials, to create a modern production system that is efficient, green, circular, and low-carbon [6]. Group 2: Social Responsibility - Shede Liquor actively fulfills its social responsibilities through initiatives in rural revitalization, educational funding, and industrial empowerment, contributing to the common development of the enterprise and society [7]. - The company has collaborated with local governments to establish a 200,000-acre dedicated grain base for liquor production, stimulating the rural economy through a "company + base + farmers" model [7]. - In alignment with the "Shede Spirit," the company has partnered with the Fosun Foundation to invest in disaster relief and rural healthcare, demonstrating its commitment to social contributions [8]. Group 3: Recognition and Impact - Shede Liquor has received multiple accolades, including "2024 Sichuan ESG Benchmark Enterprise" and "2025 Responsibility China ESG Annual Ceremony Public Welfare Innovation Leading Enterprise," reflecting its systematic practices in the ESG domain [9]. - The company's ESG efforts not only represent a multidimensional development perspective that integrates economic benefits, environmental responsibilities, social contributions, and governance effectiveness but also serve as a key indicator system for assessing non-financial performance in the capital market [9].