整理｜云酒头条团队 ▎商务部就白兰地反倾销调查再发声 7月5日，商务部贸易救济调查局负责人针对原产于欧盟的进口相关白兰地反倾销调查最终裁定中提到部分欧盟企业适用价格承诺，不会被征收反倾销税，做 出解释。反倾销实践中，如果调查机关接受涉案出口企业作出的价格承诺，即未来出口价格不低于某个水平，那么这些出口将不会被征收反倾销税。 1. 商务部就白兰地反倾销调查再发声 2. 汾酒获实用新型专利授权 3. 泸州老窖技改项目新进度 4. 刘淼率队拜访海尔集团 5. 河南省政协调研仰韶酒业 6. 水井坊：已试点推出小包装规格产品 7. 金徽酒会员中心将全新改版 8. 金种子馥合香产品部分市场停货 9. 仁怀酒协发布自律倡议 | 序号 | 公司名称 | 17 | 巴赫 · 加布里埃尔森有限公司 | | --- | --- | --- | --- | | | | | ( THS BACHE GABRIELSEN SAS ) | | | 马爹利股份有限公司 | 18 | 费朗干邑一人有限公司 | | 1 | ( Martell & Co ) | | (SASU COGNAC FERRAND ) | | | 法国轩尼诗公司 | | ...

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]

6月27日，在"ISSB可持续披露准则先学伙伴成都研讨会暨第三届零碳大会"上，水井坊等四家企业正式 加入多家领军企业联合发起的"供应链ESG管理倡议" (Supply Chain ESG Stewardship Initiative，简称 SCSI)。该倡议由13家龙头企业发起，于6月13日在"2025 ESG与高质量发展创新论坛"上正式启动，旨在 响应联合国2030年可持续发展目标，以环境友好、社会责任与高效治理为基石，构建兼具可持续性、韧 性与竞争力的供应链生态体系，共筑全球可持续共赢新格局。 CSI 供应链ESG管理倡议 "供应链ESG管理倡议"(Supply Chain ESG Stewardship Initiative,简称SCSI)响应联合国2030年可持续发展目标, 以环境友好、社会责任与高效治理为基石,构建兼具可持续 性、韧性与竞争力的供应链生态体系,共筑全球可持续共赢 新格局。我们的目标是构建兼具科学性与包容性的供应链 ESG评估标准体系,打破因标准差异导致的重复审核困局, 重塑高效合规的审核流程,推动供应链ESG绩效与金融产 品的创新融合,助力企业深度嵌入全球价值链,加速全球 可持续目标 ...

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 fourth Sichuan Daily Table Tennis Invitation Tournament commenced on June 28, themed "'Ping' ignites the world sports flame, 'Pong' advances with strength" [6][7] - The event attracted over 170 table tennis enthusiasts from 30 teams, including government departments and institutions, competing in mixed team formats [6][7] - After 5 hours of intense competition, 12 teams advanced to the finals scheduled for late July [6][7] Group 2 - The tournament is part of a broader initiative to promote national fitness and sports culture, supported by Sichuan Water Well Co., Ltd [6][7] - Water Well has been a consistent supporter of the tournament for four years, emphasizing the integration of sports and cultural development [7] - The company also engages in various sports initiatives, including being the designated celebratory wine for the World Table Tennis (WTT) events, showcasing Chinese liquor culture on the global stage [7]

Core Viewpoint - The A-share market showed a strong performance on the last trading day of June, with notable gains in the military, pharmaceutical, and photovoltaic sectors. The pharmaceutical commercial sector saw significant late-session gains, while the liquor sector experienced a sudden surge in stock prices. Additionally, computing hardware stocks reached historical highs, indicating a positive market sentiment overall [1][2]. Group 1: Pharmaceutical Sector - The pharmaceutical commercial sector experienced a late surge, with stocks like Huaren Health rising from a near 5% drop to a nearly 7% increase, closing up 4.61% [1]. - Recent reports indicate that major liquor companies such as Wuliangye and Luzhou Laojiao are seeing good growth in banquet market scale and opening rates, with strategies focusing on lower-end and innovative products [6]. Group 2: Liquor Sector - The liquor sector saw a significant rally at 13:11, with stocks like Jiugui Liquor, Shede Liquor, and Shui Jing Fang rising by 6.88%, 3.48%, and 2.92% respectively by the end of trading [4]. - Analysts suggest that the overall valuation of the liquor sector is low, with frequent stock buybacks and increased dividend payouts expected to attract more capital inflow [6]. Group 3: Computing Hardware Sector - Computing hardware stocks were notably active, with companies like Jingwang Electronics and Xinyi Sheng reaching historical highs. Jingwang Electronics hit a limit-up, while Xinyi Sheng closed up 3.12% at 127.02 yuan per share, with a market capitalization of 126.05 billion yuan [8][10]. - The demand for optical modules is expected to exceed supply by a factor of two in 2024, driven by strong growth in the AI sector and overseas markets [11]. Group 4: Photovoltaic Sector - The photovoltaic sector showed strength, particularly in the back-contact (BC) battery segment, with stocks like Saiwu Technology hitting the limit-up and GCL-Poly Energy rising over 6% [12][13]. - The acceleration of new technologies such as BC and solid-state batteries is anticipated, with production capacity expected to exceed 100GW by the end of 2025 [15].

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]

Core Viewpoint - The article emphasizes the resilience and growth potential of leading consumer companies like Shui Jing Fang amidst global economic uncertainties, highlighting their strategic positioning as safe investment options [1][2]. Group 1: Market Context - The global capital market is facing multiple challenges, including geopolitical tensions, energy price fluctuations, supply chain restructuring, and monetary policy adjustments, leading investors to seek companies with predictable growth [2][5]. - In the first quarter of 2025, China's retail sales of consumer goods increased by 4.9% year-on-year, with high-end consumption showing a notable recovery trend [2]. Group 2: Company Performance - Shui Jing Fang reported a revenue of 959 million yuan in Q1 2025, a year-on-year increase of 2.74%, and a net profit of 190 million yuan, up 2.15%, continuing the growth trend from 2024 [2][8]. - The company maintains a healthy inventory level, which supports dealer confidence and promotes positive channel dynamics [8]. Group 3: Strategic Initiatives - Shui Jing Fang has adopted a differentiated strategy with its "Shui Jing Fang + First Fang" brand strategy, focusing on the mid-to-high-end market (300-800 yuan) and the high-end market (800 yuan and above) [5][7]. - The company is enhancing its operational capabilities through refined marketing strategies and channel management, categorizing markets into fortress, pioneer, and potential segments, and implementing tailored marketing strategies [7]. Group 4: Industry Trends - The Chinese liquor industry is entering a phase of stock market maturity, with consumer behavior becoming more nuanced, leading to a focus on emotional connections with brands [4][5]. - The market is witnessing a concentration of market share among leading companies with strong brand, channel, and management advantages, indicating a shift towards premiumization in the industry [8]. Group 5: Future Outlook - Shui Jing Fang's dynamic price-to-earnings ratio is currently around 15, which is considered low historically, suggesting potential for upward valuation as the company’s performance remains robust [8]. - The company is expected to achieve significant growth by focusing on product upgrades and channel refinement, positioning itself favorably for the recovery of consumer demand [8].

Core Viewpoint - In 2024, Shuijingfang continues to implement its ESG sustainable development strategy themed "Shuijingfang · Respecting the Future," focusing on high-quality products and services to enhance people's quality of life [2] Group 1: Product Quality and Safety - In 2024, Shuijingfang achieved third-party certification audits through HACCP and ISO9001 [3] - All packaging material suppliers have signed food safety requirements and standards, obtaining ISO9001 certification [3] - The company conducted 80 training sessions on quality management and food safety, covering 1,535 employees with a total training duration of 2,172 hours [3] Group 2: Responsible Marketing and Consumer Experience - Shuijingfang established and strictly adheres to the "Shuijingfang Marketing Code," requiring partners to comply as well [3] - The company ensures a quick response to customer inquiries and complaints within 5 minutes, achieving 100% timely resolution of feedback [3] - In collaboration with the Chengdu Tourism Association, Shuijingfang launched the first wine and tourism integration route in Chengdu to enhance brand value and create new growth points [3] Group 3: Employee Satisfaction and Training - The company conducts an annual "Your Voice" survey with a 99% participation rate from employees in 2024 [3] - Shuijingfang provided 24,036.45 hours of targeted training for 100% of full-time employees, with an average training duration of 11.93 hours per employee [3] Group 4: Supplier Management - Shuijingfang has a comprehensive supplier screening system, including background checks and on-site evaluations [4] - The company implemented an annual performance management plan for suppliers, focusing on quality, delivery, technology, and compliance [4] - In 2024, 89 key suppliers were identified, with 59 completing the SEDEX self-assessment [4] Group 5: Corporate Social Responsibility - In 2024, Shuijingfang donated a total of 1.88 million yuan to support six major public welfare areas [5] - The company has over 1,000 volunteers, contributing a total of 759 hours of service [5] - The "Friendly Neighbor Plan" was upgraded to promote community harmony through factory open days and diverse community activities [5] Group 6: Environmental Sustainability - Shuijingfang set a carbon reduction target to reduce Scope 1 and Scope 2 greenhouse gas emissions by at least 60,000 tons of CO2 equivalent from 2024 to 2030 [6] - The company aims to improve water efficiency by 30% by 2030 compared to 2020 [6] - In 2024, the cooling water in the brewing workshop of the Qionglai factory achieved 100% recycling, with a total recycled volume of 821,060 tons [6] Group 7: Governance and Compliance - The board organized six training sessions on independent director system reform, registration system interpretation, and information disclosure in 2024 [6] - Shuijingfang established a risk management system centered on the "three lines of defense" [6] - The company reviewed nine policies, including the "Business Conduct Code" and "Guidelines for Preventing Conflicts of Interest," to ensure compliance management aligns with business development [6] Group 8: Intellectual Property Protection - Shuijingfang formed a specialized brand protection team to conduct nationwide anti-counterfeiting efforts [7] - The company developed a self-research anti-counterfeiting digital coding system, significantly enhancing product anti-counterfeiting capabilities [7] - In 2024, Shuijingfang provided 222 instances of authenticity verification services for consumers [7]

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for growth in the sector [4]. Core Insights - The report emphasizes the importance of growth in the beer sector during the peak season and highlights the ongoing transformation within the liquor industry, particularly in the Chinese baijiu market [1][2]. - It identifies three main investment themes in the baijiu sector: leading brands, high-certainty regional brands, and flexible stocks benefiting from recovery and increased risk appetite [1]. - The report notes that the beer production in China reached 3.584 million kiloliters in May, showing a year-on-year increase of 1.3%, indicating stable growth as the peak season approaches [3]. Summary by Sections Baijiu Sector - The report discusses the cyclical adjustments in the baijiu industry, with companies like Wuliangye and Shui Jing Fang acknowledging the current deep adjustment phase and focusing on brand and product enhancement [2]. - It highlights Wuliangye's commitment to shareholder returns, promising a dividend payout ratio of no less than 70% from 2024 to 2026, with a total dividend amount of at least 20 billion [2]. Beer and Beverage Sector - The report mentions the leadership change at Zhujiang Beer and the completion of a significant milestone by Bai Run's Laizhou distillery, indicating a strong competitive position in the whiskey market [3]. - It also notes the upcoming listing of IFBH Limited on the Hong Kong Stock Exchange, which is expected to strengthen its market position in the coconut water segment, holding a 33.9% market share in mainland China [6]. Consumer Goods - The report highlights the significant growth in e-commerce sales during the 618 shopping festival, with a 10% year-on-year increase in GMV, indicating a robust recovery in consumer spending [7]. - It points out the competitive landscape in the snack food sector, with Three Squirrels leading sales across major platforms, while also noting the challenges for new entrants in the market [7].