在传统白酒市场增速放缓的背景下，以"健康+微醺"为卖点的露酒正逐渐成为白酒企业竞相布局的新赛道。6月25日，北京商报记者走访市场时了解到，在露 酒新国标落地和消费需求转化带来的新市场格局下，露酒逐渐从传统保健消费市场向年轻化、多元化、个性化、国际化市场发展。中国酒业协会数据显示， 目前露酒涉企已超过5000家，预计到2030年，露酒市场规模有望突破2000亿元。面对这一蓝海，酒企相继加码布局，泸州老窖、五粮液、山西汾酒等头部品 牌相继推出露酒产品，露酒正从"小众品类"迈向"大众选择"。 业内人士分析，在消费升级和健康意识提升的双重驱动下，露酒这类细分赛道正在迎来爆发式增长。露酒兼具低度化与养生属性，契合年轻消费群体及银发 一族的健康需求。未来酒类市场的竞争格局将从单一品类转向多元化发展，具有健康属性、文化内涵和创新体验的细分品类将成为新的增长引擎。 布局露酒赛道 中国酒业协会"十四五"指导意见指出，到2025年包括露酒在内的其他酒行业产量将达380万千升，比"十三五"末增长171%，年均递增22%；销售收入将达650 亿元，同比增长153%，年均递增20%；实现利润170亿元，同比增长320%，年均递增33% ...

金十图示：2025年06月25日（周三）富时中国A50指数成分股今日收盘行情一览：成分股多数飘红，保险、互联网服务、证券板 块涨势较大 富时中国A50指数连续 +0.01(+0.18%) -0.01(-0.24%) +0.11(+1.28%) 保险 《 中国人保 中国太保 中国平安 明 4037.65亿市值 3659.58亿市值 10540.08亿市值 17.74亿成交额 59.98亿成交额 11.11亿成交额 57.88 9.13 38.04 +1.32(+3.59%) +1.09(+1.92%) +0.13(+1.44%) 酸酒行业 贵州茅台 山西汾酒 五粮液 18037.24亿市值 2181.30亿市值 4664.92亿市值 58.69亿成交额 14.40亿成交额 21.36亿成交额 1435.86 178.80 120.18 -1.34(-0.09%) -0.59(-0.33%) +0.43(+0.36%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2360.34亿市值 2551.12亿市值 3207.35亿市值 18.52亿成交额 56.55亿成交额 23.32亿成交额 137.99 61 ...

孟广鑫 杨仁宇 本届大赛由山西省总工会、省人力资源和社会保障厅、省工业和信息化厅支持指导，省财贸轻纺烟草工会和省食品工业协会联合主办，汾酒集团和山西食协 酒业专业委员会承办，是近年来首次举办的省级白酒酿造工专业技能赛事。值得一提的是，去年8月，山西省举办了首届食品工业行业职业技能大赛，当时 的竞赛工种为品酒师，本届赛事进一步拓展专业领域，持续助力行业人才培养。 在接下来的两天里，选手们将迎来专业大考。理论考场中，他们要应对白酒酿造原理、行业标准规范、食品安全法规等核心知识的检验；实操现场，选手需 在规定时间内完成高粱润糁、大曲配比、窖池管理、蒸馏摘酒等精细操作。每个环节都有严苛的评分标准，从原料配比的精确度到蒸馏火候的把控，每一处 细节都将决定胜负。这场巅峰较量，不仅是个人技艺的试金石，更是山西白酒产业创新发展的生动缩影。 ▲白酒酿造工职业技能大赛开幕式现场。（中新网 任丽娜摄） 千年酒脉奔涌不息，今朝杏村再聚匠心。6月24日，汾酒会议中心内，操作台整齐排列，身着统一工装的选手们摩拳擦掌、跃跃欲试，山西省第二届食品工 业行业（白酒酿造工）职业技能大赛在此盛大启幕。这场以"展示晋酿风采，技启新质未来"为主题的省 ...

金十图示：2025年06月25日（周三）富时中国A50指数成分股午盘收盘行情一览：银行股走势分化，保险股全线上扬，酿酒股全 线走低 -0.03(-0.35%) -0.03(-0.71%) -0.02(-0.36%) 保险 0.000 中国太保 中国平安 中国人保 004 4006.69亿市值 3574.92亿市值 10412.61亿市值 6.37亿成交额 24.50亿成交额 6.24亿成交额 57.18 37.16 9.06 +0.44(+1.20%) +0.39(+0.69%) +0.06(+0.67%) 酸酒行业 贵州茅台 山西汾酒 五粮液 17863.01亿市值 4621.05亿市值 2155.92亿市值 29.71亿成交额 7.29亿成交额 10.55亿成交额 119.05 176.72 1421.99 -15.21(-1.06%) -2.67(-1.49%) -0.70(-0.58%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2334.84亿市值 2517.01亿市值 3176.44亿市值 8.42亿成交额 32.13亿成交额 11.66亿成交额 136.66 602.94 436.81 ...

万亿健康新蓝海，让拥有千年历史、天然蕴含健康属性的露酒喜提更广阔的市场。 据商务部数据显示，2024年中国大健康产业规模已突破10万亿元，然而还未触及天花板。国务院印发的《"健康中国 2030"规划纲要》明确2030年大健康 产业规模达16万亿元的最终目标。 露酒作为既古老又时尚、既传统又现代的产业，成为当下健康产业的新增量、新风口，露酒也迈入高速高质发展的关键时期。据不完全统计，截至2022年 底，有超过5000家酒企涉足"露酒"，而包括汾酒、劲牌、五粮液、泸州老窖、海南椰岛等头部企业也在持续加码。 6月19日，以"以标立向 寻露未来"为主题的第四届中国露酒T6峰会在四川泸州召开，汾酒集团应邀参加，中国酒业协会、五粮液、泸州老窖、劲牌、海南 椰岛、古越龙山相关领导出席，共同围绕露酒产业的发展趋势与未来方向，展开深度探讨。 什么是露酒？ 中国酒业协会理事长宋书玉在本次峰会上以"以标立向 寻露未来" 为题发表了演讲。他表示，想把露酒品类说清楚，露酒标准体系需要做到三点：一是做 到标准清晰化，二是做到标准系统化，三是做到品类科普化。通过一整套完整的标准体系，清晰地向消费者传达出去，提升消费者认知，为露酒品类发展 ...

Group 1 - The event is the second provincial vocational skills competition for the food industry (baijiu brewing) in Shanxi, themed "Showcasing the Style of Jin Brewing, Technological Innovation for a New Future" [1][3] - The competition attracted nearly 100 brewing elites from five cities in Shanxi, marking the first provincial-level professional skills event in the baijiu brewing field [1][3] - Shanxi is the birthplace of clear aroma baijiu, with a rich brewing culture and craftsmanship, and the brewing workers play a crucial role in both traditional skill inheritance and modern production technology [3] Group 2 - The competition aims to select and cultivate a group of skilled talents who are proficient in brewing techniques and willing to innovate, with nearly 68% of participants aged between 20 and 40, indicating a promising future for the industry [7] - The event is part of a broader strategy in Fenyang to promote "Everyone Holds a Certificate, Skills in Shanxi," with a goal to train 66,000 skilled talents by the end of 2024, including 16,000 high-skilled workers [5] - The competition has set a record for participation, with 21 companies and 96 finalists, and winners can advance their vocational skill levels and receive special bonuses [5][6]

金十图示：2025年06月24日（周二）富时中国A50指数成分股今日收盘行情一览：成分股大面积飘红，保险、证券、汽车整车涨 势较大 -0.10(-1.15%) +0.02(+0.47%) -0.04(-0.71%) 保险 100 中国太保 中国平安 中国人保 08 3980.16亿市值 3532.59亿市值 10341.59亿市值 14.29亿成交额 58.74亿成交额 11.14亿成交额 56.79 36.72 9.00 +0.83(+2.31%) +1.69(+3.07%) +0.36(+4.17%) 酸酒行业 贵州茅台 山西汾酒 五粮液 18054.07亿市值 2188.49亿市值 4648.23亿市值 52.29亿成交额 11.77亿成交额 21.39亿成交额 1437.20 179.39 119.75 +17.20(+1.21%) +1.68(+0.95%) +1.47(+1.24%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2328.04亿市值 2535.01亿市值 3187.60亿市值 17.03亿成交额 53.14亿成交额 26.75亿成交额 137.14 435.82 607.2 ...

Core Insights - The company reported a total revenue of 31.358 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 17.25%, and a net profit attributable to shareholders of 11.350 billion yuan, up 20.34% year-on-year for the same period [1] - In Q3 2024, the company achieved a revenue of 8.611 billion yuan, with a year-on-year increase of 11.35%, and a net profit of 2.940 billion yuan, reflecting a growth of 10.36% year-on-year [1] Product Performance - For the first three quarters of 2024, the sales revenue of mid-to-high-end liquor reached 22.614 billion yuan, growing by 14.26% year-on-year, while other liquor categories generated 8.638 billion yuan, marking a significant increase of 26.87% [2] - In Q3 2024, the sales revenue for mid-to-high-end liquor and other liquor categories were 6.188 billion yuan and 2.405 billion yuan respectively, with year-on-year growth rates of 6.74% and 25.65% [2] - The Qinghua series showed a recovery in growth, and the increase in sales of the glass Fen product line contributed to the rapid growth of other liquor categories [2] Sales Channels - In the first three quarters of 2024, direct sales (group purchases) generated 0.179 billion yuan, a decline of 47.87% year-on-year, while agency sales reached 29.301 billion yuan, up 17.44% year-on-year, and e-commerce platform sales amounted to 1.772 billion yuan, growing by 35.64% [2] - In Q3 2024, the sales revenue from direct sales, agency sales, and e-commerce platforms were 0.051 billion yuan, 8.288 billion yuan, and 0.254 billion yuan respectively, with year-on-year changes of -57.14%, +16.37%, and -46.19% [2] Regional Performance - For the first three quarters of 2024, the sales revenue in the domestic market was 11.900 billion yuan, reflecting a year-on-year growth of 11.58%, while the revenue from the external market was 19.353 billion yuan, with a growth of 21.44% [3] - In Q3 2024, the sales revenue from the external and domestic markets were 3.506 billion yuan and 5.087 billion yuan respectively, with year-on-year growth rates of 12.12% and 10.95% [3] - The company added 5 distributors in the domestic market and 423 in the external market during the first three quarters of 2024 [3] Financial Metrics - The gross profit margin in Q3 2024 was 74.29%, a slight decrease of 0.75 percentage points year-on-year [3] - The tax and additional rate was 14.62%, down 1.40 percentage points year-on-year, while the sales expense ratio was 10.54%, a decrease of 0.07 percentage points [3] - The net profit margin in Q3 2024 was 34.14%, down 0.31 percentage points year-on-year [3] Investment Outlook - The company is expected to achieve revenues of 37.325 billion yuan, 42.648 billion yuan, and 48.227 billion yuan for the years 2024 to 2026, with year-on-year growth rates of 16.9%, 14.3%, and 13.1% respectively [4] - The net profit attributable to shareholders is projected to be 12.368 billion yuan, 14.497 billion yuan, and 16.627 billion yuan for the same period, with growth rates of 18.5%, 17.2%, and 14.7% respectively [4] - The earnings per share (EPS) are forecasted to be 10.14 yuan, 11.88 yuan, and 13.63 yuan for the years 2024 to 2026 [4]

Summary of Key Points Core Viewpoint - The FTSE China A50 Index shows a mixed performance among banking stocks, while the insurance and liquor sectors are experiencing positive trends. Insurance Sector - China Life Insurance, China Pacific Insurance, and Ping An Insurance have market capitalizations of 397.57 billion, 354.22 billion, and 1,026.87 billion respectively, with trading volumes of 1.03 billion, 3.92 billion, and 0.80 billion respectively. Their stock prices increased by 2.59%, 2.34%, and 4.05% respectively [4]. Liquor Industry - Kweichow Moutai, Shanxi Fenjiu, and Wuliangye have market capitalizations of 1,809.30 billion, 219.45 billion, and 464.63 billion respectively, with trading volumes of 3.66 billion, 1.36 billion, and 0.72 billion respectively. Their stock prices rose by 1.22%, 1.43%, and 1.20% respectively [4]. Semiconductor Sector - Northern Huachuang, Cambricon Technologies, and Haiguang Information have market capitalizations of 231.90 billion, 252.51 billion, and 316.99 billion respectively, with trading volumes of 1.12 billion, 4.28 billion, and 1.88 billion respectively. Their stock prices changed by -1.01%, +2.10%, and +6.49% respectively [4]. Automotive Sector - BYD, Great Wall Motors, and Shanghai-Kunming High-Speed Railway have market capitalizations of 1,899.34 billion, 182.31 billion, and 281.32 billion respectively, with trading volumes of 2.90 billion, 0.20 billion, and 0.58 billion respectively. Their stock prices increased by 2.21%, 1.28%, and 1.05% respectively [4]. Shipping and Oil Industry - Sinopec, PetroChina, and COSCO Shipping have market capitalizations of 250.78 billion, 688.67 billion, and 1,641.70 billion respectively, with trading volumes of 0.87 billion, 1.42 billion, and 1.18 billion respectively. Their stock prices decreased by -0.53%, -1.32%, and -0.49% respectively [4]. Coal Industry - Shaanxi Coal and China Shenhua have market capitalizations of 201.85 billion and 791.76 billion respectively, with trading volumes of 0.57 billion and 0.83 billion respectively. Their stock prices changed by -0.05% and +2.27% respectively [4]. Food and Beverage Sector - China National Chemical Corporation, CITIC Securities, and Haitian Flavoring & Food have market capitalizations of 3,976.35 billion, 3,282.65 billion, and 2,275.70 billion respectively, with trading volumes of 2.61 billion, 1.03 billion, and 0.38 billion respectively. Their stock prices increased by 2.29%, 0.98%, and 1.38% respectively [5]. Electronics and Pharmaceuticals - Heng Rui Medicine, Industrial Fulian, and Luxshare Precision have market capitalizations of 403.33 billion, 239.58 billion, and 345.00 billion respectively, with trading volumes of 0.83 billion, 2.05 billion, and 1.53 billion respectively. Their stock prices changed by +0.54%, -0.42%, and +0.04% respectively [5].

Core Viewpoint - The Chinese liquor market is undergoing a significant adjustment period in 2025, facing various challenges and opportunities, as highlighted in the "2025 China Liquor Market Mid-term Research Report" released on June 18, 2025 [1][8]. Market Performance: Overall Pressure and Increasing Differentiation - In 2024, the liquor industry exhibited a "declining volume but increasing profit" phenomenon, with a total production of 4.145 million kiloliters, down 1.8% year-on-year, while sales revenue reached 796.38 billion yuan, up 5.3% year-on-year, and total profit soared to 250.87 billion yuan, up 7.8% year-on-year [4][11]. - The concentration of profits among leading companies has increased, with the CR6 companies (Moutai, Wuliangye, Shanxi Fenjiu, Luzhou Laojiao, Yanghe, and Gujing Gongjiu) accounting for 86% of the industry's total profit, up from 55% in 2014, indicating a rising industry concentration and a pronounced Matthew effect [4][12]. - In the first quarter of 2025, the industry faced continued pressure, with production down 7.2% year-on-year, but listed liquor companies performed better, achieving operating revenue of 153.42 billion yuan, up 1.7% year-on-year, and net profit of 64.91 billion yuan, up 2.3% year-on-year [4][27]. - Survey results indicated that 59.7% of liquor companies experienced a decrease in operating profit in the first half of 2025, with 50.9% reporting a decline in revenue, primarily due to a reduction in customer numbers and average transaction value [4][31]. Consumption Trends: Youthful and Rational - The younger consumer group (born between 1985 and 1994) is becoming a breakthrough point in the segmented market, while business and management personnel remain the main consumers [5]. - The consumption focus is shifting from the 300-500 yuan price range to the 100-300 yuan range, with the 500-800 yuan range facing survival difficulties, driven by rational consumption that favors high-cost performance products [5]. - Consumption scenarios are increasingly moving towards weddings, family gatherings, and solo drinking, while business banquets are declining, prompting companies to adjust product strategies [5]. Channel Transformation: Diversification and Digitalization - The channel layout is becoming more diversified, with a significant increase in direct sales and online business for many liquor companies, with nearly 40% reporting steady growth in online sales [6]. - From January to May 2025, online sales exceeded 30 billion yuan, with 42.9% of companies reporting growth in online business [6][35]. - In 2024, 18 A-share listed liquor companies reported online sales revenue of 33.22 billion yuan, down 3.7% year-on-year, but the average proportion of online sales to total revenue increased by 0.3 percentage points to 5.0% [6][37]. Future Outlook: Transformation and International Exploration - 2025 is a critical period for the liquor industry to transform and upgrade, focusing on regional construction, digital channel development, product innovation, and cultural marketing [7]. - Despite short-term pressures from inventory digestion and weak demand, the industry is expected to gradually shift towards a value competition model based on "quality + brand + culture" [7]. - Over 60% of liquor companies are expanding into overseas markets, primarily in the Asia-Pacific region, necessitating the creation of products that align with foreign consumer habits and values [7].