Group 1 - The report highlights the "Spring Excitement" in the snack sector, indicating a historical high relative win rate of 70% for the food and beverage sector in the 40 days leading up to the Spring Festival [7][16] - The report emphasizes that the "Spring Excitement" is not solely dependent on the annual beta of the food and beverage sector, as structural opportunities still exist despite a long-term adjustment period since 2021 [7][16] - Key catalysts for the upcoming Spring Festival include concentrated demand for gifts and gatherings, which leads to more planned channel stocking, creating a positive feedback loop of expectations and validations [7][16][28] Group 2 - In December, the food and beverage sector underperformed the market by 7.5 percentage points, with a decline of 5.2%, ranking last among 31 primary industries [7][61] - The report notes a divergence in performance among sub-sectors, with snacks and soft drinks showing gains while liquor and beer experienced declines [7][61][64] - The absolute and relative valuations of the food and beverage sector are at their lowest since 2010, indicating potential investment opportunities [7][61][64] Group 3 - The report tracks the recovery of consumer confidence, with a 0.9% year-on-year increase in retail sales in December, showing improvement from the previous month [7][63] - It highlights that the liquor sector is facing weak demand and declining prices, with the price adjustments for premium liquor nearing levels seen between 2011 and 2015 [7][63][64] - The report identifies structural differentiation in costs, with some packaging materials and agricultural products experiencing price increases [7][63][64] Group 4 - Investment recommendations include a focus on liquor stocks that have undergone a four-year adjustment period, with potential for a "valuation + performance" double bottom [7][64] - For consumer goods, the report anticipates a moderate increase in industry prices in 2026, with specific recommendations for companies like Anjuke Foods, Qianhe Flavor, and Eastroc Beverage [7][64] - The report suggests that the upcoming Spring Festival will provide a favorable environment for growth narratives, particularly in the restaurant supply chain and certain chain formats [7][64]

Group 1 - The core view of the report emphasizes the high relative success rate of the food and beverage sector during the pre-Spring Festival period, with a historical success rate of 70% in the last ten years [7][16] - The report identifies structural opportunities within the food and beverage sector despite a long-term adjustment phase since 2021, highlighting the importance of seasonal demand and planned channel stocking [7][16] - The report suggests three strategic approaches for investment in the snack sector during the "spring excitement" period, focusing on companies with clean chips, strong growth themes, and clear growth drivers [7][49] Group 2 - In December, the food and beverage sector underperformed the market, with a decline of 5.2%, lagging behind the CSI 300 index by 7.5 percentage points, ranking last among 31 primary industries [7][61] - The report notes a divergence in performance among sub-sectors, with snacks and soft drinks showing gains while liquor and beer sectors faced declines [7][61] - The report highlights that the absolute and relative valuations of the food and beverage sector are at their lowest levels since 2010, indicating potential investment opportunities [7][61][64] Group 3 - The report tracks the recovery of consumer confidence, with a December retail sales growth of 0.9%, showing improvement from the previous month [7][63] - It notes that the liquor sector is experiencing weak demand and price adjustments, particularly for high-end products like Moutai, which is nearing historical price levels [7][63] - The report indicates that the cost structure is showing divergence, with some packaging materials and agricultural products experiencing price increases [7][63][64] Group 4 - Investment recommendations include a focus on liquor stocks that have undergone a four-year adjustment period, with potential for valuation and performance recovery [7][64] - For consumer goods, the report anticipates a moderate increase in industry prices in 2026, highlighting opportunities in new products and channels [7][64] - Specific stock recommendations include Luzhou Laojiao, Shanxi Fenjiu, and various consumer goods companies such as Anjuke Foods and Dongpeng Beverage [7][64]

1月15日，由舍得酒业联合凤凰网制作的高端人物访谈节目《舍得智慧人物》第七季正式收官。本季节 目以"攒人生的劲"为主题，与周冠宇、陈梦、罗振宇、陈佩斯、杨丽萍等12位不同领域的时代先锋展开 深度对谈，通过独具厚度的人物故事诠释舍得智慧，丰富品牌精神表达。节目播出期间，全网总曝光量 突破72亿，累计登上80个热搜榜，收获了超高热度与关注度。 值得关注的是，本季节目进一步创新营销模式，将节目内容与年度营销节点绑定，实现了"内容曝光-场 景共鸣-销售转化"的品效销协同。历经八年七季的持续迭代，《舍得智慧人物》不仅是一个文化IP，更 成为舍得筑牢品牌价值、驱动市场动能的重要文化引擎，为业内树立"内容驱动增长"的实践范本。 12位大咖畅谈"舍得"人生 与时代共振 与大众共鸣 《舍得智慧人物》IP持续七季仍生生不息，其旺盛的生命力源于两大核心支撑：一是紧扣具有广泛共鸣 的公共议题；二是承载时代印记的嘉宾阵容。 从"少数人的路""寻找最优解"到"越过山丘"，《舍得智慧人物》节目主题始终呼应社会情绪，先后对话 龙永图、袁隆平、张桂梅、游本昌等上百位时代佼佼者，将舍得智慧嵌入真实叙事，在深度共鸣中实现 品牌精神的传递与升华。 ...

Core Insights - The report maintains a "Buy" rating for the food and beverage industry, consistent with previous ratings, indicating a positive outlook for the sector [4] - The report highlights the cautious inventory management in the liquor market, particularly in Henan, with the upcoming Spring Festival sales performance still uncertain [17][19] - The demand for frozen food in Henan is showing signs of improvement as preparations for the Spring Festival begin, with increased confidence among distributors [22] - In Shanghai, the "锅圈" (Guoquan) stores are undergoing significant renovations, leading to a notable increase in daily sales post-renovation [25][27] Weekly Focus: Henan & Shanghai Market Tracking - **Henan Liquor Market**: Inventory levels are low, and major brands like Moutai are seeing stable pricing, with the Spring Festival sales performance yet to be observed [17][19] - **Henan Food Supply Market**: Distributors are beginning to stock up for the Spring Festival, with a slight uptick in demand noted [22] - **Shanghai Guoquan Store Renovations**: The store renovations have led to a significant increase in daily sales, with new product categories contributing to revenue growth [25][27] Food and Beverage Sector Overview - The food and beverage sector experienced a decline of 2.1% in the week of January 12-16, underperforming compared to the CSI 300 index [29] - The valuation of the food and beverage sector stands at a PE-TTM of 21.2X, with the white liquor sector at 18.3X, indicating a relative valuation compared to the broader market [43][46] Recent Key Announcements & News - The report includes updates on major companies like Qianwei Culinary and Sanquan Foods, highlighting their strategic adjustments and product innovations aimed at enhancing competitiveness [23][24] - The report notes that the industry is moving away from price wars towards a focus on product innovation and quality assurance [24] Investment Recommendations - The report recommends key liquor brands such as Luzhou Laojiao, Shanxi Fenjiu, and Moutai, as well as consumer goods companies like Anjuke Foods and Tianwei Foods, indicating potential investment opportunities [8][12]

Core Insights - The article highlights the launch of the low-alcohol product "Shede Zizai" by Shede Liquor, which has quickly gained popularity in the market, showcasing its potential as a blockbuster product [4][5]. Group 1: Product Launch and Market Response - The "Shede Zizai" is the industry's first low-alcohol aged liquor at 29 degrees, which has shown explosive sales potential, achieving 12,000 orders within 36 hours of its launch on JD platform [4][6]. - The product is positioned as a high-quality, low-alcohol option, utilizing aged liquor to maintain flavor while reducing alcohol content, thus appealing to a broader consumer base [6][7]. Group 2: Strategic Positioning and Consumer Insights - The strategy behind "Shede Zizai" focuses on high flavor and quality at a competitive price, with an average price of 0.66 yuan per milliliter, which is significantly lower than other low-alcohol products on the market [6][7]. - The company aims to innovate in response to changing consumer preferences, emphasizing a balance between quality and affordability, thereby addressing the evolving market demands [7][8]. Group 3: Industry Trends and Future Outlook - The white liquor industry is entering a phase of stock competition and value-driven growth, where companies must focus on creating value rather than engaging in homogeneous competition [7][8]. - The emphasis on understanding consumer needs and innovating accordingly is seen as crucial for companies to thrive in the new market landscape [6][7].

Group 1 - The liquor sector experienced a decline of 0.77% on January 15, with *ST Rock leading the drop [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index rose by 0.41% to 14306.73 [1] - Major liquor stocks showed varied performance, with *ST Rock down 4.84% to 2.75, and other notable declines including Shui Jing Fang down 2.39% and Moutai down 7.31% in net outflow [1][2] Group 2 - The liquor sector saw a net outflow of 1.152 billion yuan from main funds, while retail investors contributed a net inflow of 528 million yuan [1] - Specific stocks like Moutai and Wuliangye faced significant net outflows of 416 million yuan and 201 million yuan respectively, indicating a shift in investor sentiment [2] - The data indicates that retail investors are increasingly active, with a notable net inflow into stocks like Wuliangye, which saw 157 million yuan from retail investors [2]

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。 重要内容提示： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东会召开的时间：2026年1月13日 (二)股东会召开的地点：公司艺术中心会议室 (五)公司董事和董事会秘书的列席情况 1、公司在任董事10人，列席10人； 2、公司董事会秘书张伟先生及部分高级管理人员列席了本次会议。 二、议案审议情况 (一)非累积投票议案 1、议案名称：《关于选举谢佑平先生为公司第十一届董事会独立董事的议案》 审议结果：通过 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次股东会由公司董事会召集，采用现场投票与网络投票相结合的方式表 决，由公司董事长蒲吉洲先 生主持。会议的召集、召开和表决方式符合《公司法》 及《公司章程》的有关规定。 无 三、律师见证情况 1、本次股东会见证的律师事务所：国浩律师（成都）事务所 律师：杨波、何瑞 2、律师见证结论意见： 表决情况： ■ (二)涉及重 ...

（文章来源：证券日报） 证券日报网讯 1月13日，舍得酒业发布公告称，公司2026年第一次临时股东会审议通过《关于选举谢佑 平先生为公司第十一届董事会独立董事的议案》。 ...

证券代码：600702 证券简称：舍得酒业 公告编号：2026-001 舍得酒业股份有限公司 2026年第一次临时股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 960 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 122,581,458 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 37.31 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次股东会由公司董事会召集，采用现场投票与网络投票相结合的方式表 决，由公司董事长蒲吉洲先生主持。会议的召集、召开和表决方式符合《公司法》 及《公司章程》的有关规定。 审议结果：通过 (一) 股东会召开的时间：2026 年 1 月 13 日 (二) 股东会召开的地点：公司艺术中心会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其 ...

国浩律师（成都）事务所 关于 舍得酒业股份有限公司 2026 年第一次临时股东会 法律意见书 成都市高新区天府二街 269 号无国界 26 号楼 6、9、10 层 邮编：610000 6F, 9F, 10F, Building 26, No.269 Second Tianfu Street,Hi-TechZone,Chengdu,China 电话/Tel:+862886119970 传真/Fax:+862886119827 网址/Website:http://www.grandall.com.cn 二〇二六年一月 北京﹒上海﹒深圳﹒杭州﹒广州﹒昆明﹒天津·成都﹒宁波·福州·西安·南京·南宁·济南·重庆·苏州·长沙·太原 武汉·贵阳·乌鲁木齐·郑州·石家庄·合肥·海南·青岛·南昌·大连·香港·巴黎·马德里·硅谷·斯德哥尔摩·纽约 国浩律师（成都）事务所 法律意见书 国浩律师（成都）事务所 关于舍得酒业股份有限公司 2026 年第一次临时股东会 法律意见书 国浩蓉（2026）律见字第 1090 号 致：舍得酒业股份有限公司 根据国浩律师（成都）事务所（以下简称"本所"）与舍得酒业股份有限公司 （以下简称"舍得酒业 ...