Core Insights - The white liquor industry in 2025 is characterized by both "pain and transformation," with high inventory levels and price inversions affecting the market, leading some companies to engage in "price reduction for volume" strategies [2] - The trend of rational consumption is deepening, with "face consumption" giving way to "self-enjoyment drinking" [2] Group 1: Industry Trends - The industry is transitioning from a phase of scale pursuit to a "medium-low growth era," where leading companies must find a balance between "progress" and "stability" [4] - Major companies like Moutai and Wuliangye are focusing on long-term strategies, emphasizing market stability and adapting product offerings to align with consumer demand [4][6] - The white liquor sector has moved away from expansion, prioritizing "healthiness first" in a competitive environment [9] Group 2: Company Strategies - Moutai aims to enhance market stability by reducing the volume of high-value products and dynamically balancing product supply based on market demand [4][9] - Wuliangye has defined 2026 as a year for "marketing innovation," focusing on balancing short-term and long-term strategies, supply and demand, and development and safety [4][11] - Other companies like Jinshiyuan and Gujing Gongjiu are also emphasizing market breakthroughs, brand enhancement, and structural upgrades in their strategic plans for 2026 [6][8] Group 3: Consumer Focus - Moutai is shifting towards a consumer-centric approach, promoting a multi-channel sales model and focusing on new consumption scenarios [14] - Wuliangye is targeting new consumer demographics, including younger and female consumers, to expand its market base [14][20] - Gujing Gongjiu is integrating health products into its strategy, aiming to create new consumer experiences and lifestyle offerings [15][21] Group 4: Product Innovation - The industry is witnessing a generational shift in consumer preferences, with younger consumers showing less interest in traditional liquor [17] - Wuliangye is launching lower-alcohol products and innovative experiences to attract younger consumers [17][20] - Gujing Gongjiu has introduced a "light degree" concept with new product lines aimed at younger audiences, enhancing its retail experience [21] Group 5: Collaborative Ecosystem - Companies are moving towards a collaborative ecosystem, viewing distributors as integral to brand development rather than mere sales channels [11][13] - The focus is on building a "shared destiny" between manufacturers and distributors, emphasizing risk-sharing and mutual benefits [11][13]

证券之星消息，1月6日白酒板块较上一交易日上涨0.39%，洋河股份领涨。当日上证指数报收于 4083.67，上涨1.5%。深证成指报收于14022.55，上涨1.4%。白酒板块个股涨跌见下表： 从资金流向上来看，当日白酒板块主力资金净流出3701.37万元，游资资金净流入1.28亿元，散户资金净 流出9101.38万元。白酒板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600800 | 山西汾酒 | 8070.42万 | 8.74% | -3182.56万 | -3.45% | -4887.86万 | -5.30% | | 000568 泸州老窖 | | 6497.93万 | 5.02% | 4767.49万 | 3.68% | -1.13 Z | -8.71% | | 002304 洋河股份 | | 1922.16万 | 6.29% | -1153.52万 | -3.78% | -768 ...

Investment Rating - The report maintains a "Recommendation" rating for the liquor industry, indicating an expectation that the industry index will outperform the benchmark index by more than 5% in the next 3-6 months [21]. Core Insights - The report highlights that the demand for liquor is showing weak recovery, with a year-on-year decline of over 20% during the New Year period, although there is a slight month-on-month improvement from November and December [4]. - The report notes that the high-end liquor prices are under pressure, with a decline of over 10% for high-end products and 5-10% for mid-range products, while the mass consumption segment remains resilient [4]. - The report anticipates a narrowing of the decline in demand for the upcoming Spring Festival, with expectations of a double-digit decline but less severe than during the New Year [4]. - The report emphasizes that the pricing for high-end liquor will remain under pressure, with expectations of continued marginal declines in prices [4]. Industry Overview - The liquor industry consists of 20 listed companies with a total market capitalization of 288.22 billion yuan and a circulating market value of 288.18 billion yuan [1]. - The report provides a comparative performance analysis, indicating absolute performance declines of -6.0% over one month, -1.4% over six months, and -9.9% over twelve months [2]. Company Feedback and Strategies - Moutai is focusing on market-oriented transformation and has introduced a digital platform to stimulate consumer demand [5]. - Wuliangye is emphasizing sales growth and market order maintenance, with a strategy to enhance market share in the 800 yuan price range [5]. - Luzhou Laojiao plans to increase subsidies and rebates to ensure consumer affordability while maintaining its brand position [5]. - Shanxi Fenjiu is focusing on key markets and maintaining growth momentum for its premium products [5]. - Yanghe is adjusting its sales strategies based on terminal orders and distributor inventory, with a focus on maintaining reasonable inventory levels [5]. - Jinsiyuan is experiencing growth in its mass price segment, which is expected to continue contributing to overall growth [5]. Investment Recommendations - The report suggests that pessimistic factors have been priced in, and as the Spring Festival approaches, demand is expected to recover, particularly for Moutai and Gujing [4]. - The report recommends focusing on Moutai for its high certainty and dividend yield, while also highlighting Gujing as a key player in the mass price segment [4].

华创证券研报指出，近期今世缘召开以"向新奋进，向质图强"为主题的2026今世缘发展大会，回顾总 结"十四五"发展成果，谋划部署"十五五"重点工作。展望春节，公司要求回款进度45%，预计整体销售 额或因消费结构下移、单品价格回落而有所下滑，但开瓶数有望持平或微降，主要系"乡镇精耕"带来的 下沉市场渗透、以及苏中与省外市场的拓展，预计淡雅在春节期间可贡献更多增量。锚定百亿规模稳中 求进，维持"强推"评级。公司年内主动调节报表释放节奏，以缓解渠道库存与价盘压力，省内动销和份 额仍优于竞品。发展大会上公司目标稳中求进、布局保持积极，努力维持"十五五"期间省内优势。结合 公司运营情况，该行维持25-27年EPS预测值为2.17/2.24/2.48元。考虑外部需求压力持续较大，给予26年 20x-25xPE，调整目标价至45元-56元，维持"强推"评级。 ...

Core Insights - The report emphasizes the need for major liquor companies to focus on supply-demand matching and price-volume balance, especially in light of the weak demand and inventory reduction strategies being adopted by distributors [8][15][16] - The overall investment recommendation for the liquor sector remains "Buy," with a focus on companies that are expected to achieve a dual bottom in valuation and performance [8][9] Group 1: Industry Overview - The 2026 liquor distributor conference highlighted that major liquor companies like Kweichow Moutai and Wuliangye are setting more pragmatic growth targets for 2026, with a general trend of lower revenue growth expectations compared to previous years [8][15] - The report notes that the liquor industry is increasingly emphasizing the importance of core products within various price segments, with clearer distinctions between product price bands [16][19] - Companies are prioritizing the interests of distributors, focusing on price order reinforcement and inventory management, while also exploring new sales models such as consignment and instant retail [16][19] Group 2: Company-Specific Strategies - Kweichow Moutai is focusing on market-oriented reforms to ensure consumers can access its products fairly and quickly, while also maintaining a stable supply of its flagship products [19][20] - Wuliangye aims to achieve high-quality sales through a focus on core products and enhancing brand value, with a strategy that includes performance evaluations and a mechanism for eliminating underperforming distributors [22][23] - Shanxi Fenjiu is pursuing a dual strategy of national expansion and targeting younger consumers, while also enhancing its brand collaboration across its product lines [24][25] Group 3: Market Performance and Valuation - The food and beverage sector experienced a decline of 0.6% in the week of December 29 to January 2, underperforming the CSI 300 index by 1.7 percentage points [31][34] - As of January 2, the food and beverage sector's PE-TTM valuation stands at 21.1X, while the liquor sector's PE-TTM is at 18.3X, indicating a relative valuation of 1.49 and 1.29 times compared to the CSI 300 [47][52] - The report tracks the pricing of key liquor products, noting a decrease in the price of Moutai and an increase in the price of Wuliangye, reflecting market dynamics [53]

430亿苏酒老二，打响四大攻坚战 【中国白酒网】430亿市值的"苏酒老二"，期待延续增长故事。 12月末，今世缘董事长顾祥悦，在发展大会上回顾，过去五年，其主要指标翻番，营收突破百亿， 省内市占率大幅提升，省外超千万地级市场达40个。 所谓"量质双升，基础更牢"的答卷，给了顾祥悦信心。 "成为中国白酒最具成长性的创新型企业。"顾祥悦如此为未来定调，2026年预备全力打赢"四大攻 坚战"。 一边鼓气，一边也回归务实。 "公司现在更关注市场占有率，而不是绝对的数字目标。"此前有管理层坦言。 提振信心 按本来计划，2025年的营收力争150亿元。 只是，酒业量价齐跌、库存高企，要达到这一目标的概率很低。 1-9月，今世缘营收为88.81亿元，净利25.49亿元，同比均有两位数下滑，这种状况也是近年来罕 见。 尤其是江苏大盘的营收，缩水超10亿元，淮安、南京两大核心区域下滑超一成，省外营收仅微增 0.6%。 目前，江苏白酒市场的总规模约600亿元，今世缘的市占率达17%，仅次于洋河的24%，增长空间 接近天花板。 顾祥悦说，旗下产品矩阵得到优化，如强化国缘V系高端形象，四开、对开、淡雅等大单品的战略 成效显著，推动了 ...

Core Viewpoint - The liquor sector experienced a decline of 1.01% on December 31, with *ST Yanshi leading the drop, while the overall market showed mixed results with the Shanghai Composite Index up by 0.09% and the Shenzhen Component Index down by 0.58% [1] Liquor Sector Performance - The closing prices and percentage changes for key liquor stocks are as follows: - *ST Yanshi: 2.90, -4.92% - Gujing Gongjiu: 132.60, -2.23% - Shede Manye: 56.08, -1.61% - Quanwei Jiu: 20.42, -1.40% - Luzhou Laojiao: 116.22, -1.38% - Wuliangye: 105.94, -1.32% - Zhisi Cha: 54.58, -1.30% - Yingjia Gongjiu: 39.56, -1.27% - Yilite: 13.84, -1.14% - Huangtai Jiuye: 12.51, -1.11% [1] Capital Flow Analysis - The liquor sector saw a net outflow of 1.573 billion yuan from main funds, while retail investors contributed a net inflow of 712 million yuan [1] - The detailed capital flow for selected stocks indicates: - Gujing Gongjiu: Main net inflow of 5.437 million yuan, retail net inflow of 2.302 million yuan - *ST Yanshi: Main net outflow of 4.866 million yuan, retail net inflow of 4.265 million yuan - Other stocks like Jinzhongzi Jiu and Kuozi Jiao experienced significant net outflows from main and retail funds [2]

（企业公众号） (编辑：林辰)关键字： 今世缘 白酒 近日，今世缘酒业官方公众号发布2026今世缘发展大会召开的消息。当中披露，"十四五"期间，今世缘 交出"量质双升，基础更牢"答卷。主要指标实现翻番，2023年营收突破百亿大关，实现历史性跨越。市 场拓展纵深推进，省内市场占有率大幅增长，省外超千万地级板块达40个。品牌产品矩阵优化，强化国 缘V系高端形象，推动四开、对开、淡雅大单品战略，今世缘品牌破局重塑，推动高沟品牌经典活化。 营销变革有序有力，推进组织变革，优化组织架构，锻造组织能力，践行"厂商一家人"理念，强力推 进"大营销管控"体系培训，促进主体优化提升。资源要素拔节起势，制曲产能和原酒产能分别突破8万 吨，陶坛贮能达30万吨，实施战略性人才"3333工程"，构建核心人才梯队。 今世缘酒业党委书记、董事长、总经理顾祥悦指出，2025年是"十四五"收官之年，今世缘厂商团队承压 奋进，拼出实干争先新图景。企业坚守战略，稳住市场基本盘，国缘V3强势出圈，省内外、电商多渠 道协同发展，管理体系持续完善，大客户开发成效显著；立足改革创新，激活动力源，供应、生产、销 售、消费端多维度提质升级；提升厂商协同，聚力 ...

一边是冠名文化盛典、绑定热门体育赛事的密集营销动作，一边是营收净利双降、省外市场增长停滞的业绩压 力，区域白酒龙头今世缘正陷入"高投入低产出"的发展困局。 步入2025年，今世缘的品牌扩张步伐明显加快，从体育赛场到文化舞台，处处可见其身影。5月，江苏足球俱乐部 超级联赛（简称"苏超"）火热开赛并迅速"出圈"，今世缘旗下高端产品国缘V3以官方战略合作伙伴身份深度入 局，成为联赛中唯一的白酒品牌。除了赛场内的巨型广告投放、企业方阵展示等常规曝光手段，今世缘还打出差 异化营销牌——以品牌冠名家乡淮安足球队，并借淮安队主场赛事契机，推出"酒旅体"融合活动。在特定赛事期 间，南京市民可凭身份证免费游览今世缘旅游景区，购票观赛的观众也能享受同等福利，试图通过"足球+文旅"的 组合拳，实现品牌影响力与产品体验的双重渗透。 一边是冠名文化盛典、绑定热门体育赛事的密集营销动作，一边是营收净利双降、省外市场增长停滞的业绩压 力，区域白酒龙头今世缘正陷入"高投入低产出"的发展困局。 步入2025年，今世缘的品牌扩张步伐明显加快，从体育赛场到文化舞台，处处可见其身影。5月，江苏足球俱乐部 超级联赛（简称"苏超"）火热开赛并迅速"出圈 ...

本报讯 （记者梁傲男）12月26日，由《证券日报》社有限责任公司主办的"2025证券市场年会"在北京 香格里拉饭店圆满落幕。本次年会以"改革与创新资本市场新出发"为主题，汇聚行业协会负责人、经济 学家、上市公司负责人、金融机构负责人等多位重磅嘉宾，共同探讨在高质量发展新阶段下，资本市场 深化改革的路径与创新发展的未来。 当晚，年会举办了"2025金骏马奖颁奖典礼"，对推动资本市场健康发展作出突出贡献的机构与个人予以 表彰。典礼现场颁发了11项重磅奖项，涵盖上市公司、金融机构、专业团队等多个维度。经过严格的评 选流程，江苏今世缘酒业股份有限公司（以下简称"今世缘"）董事会秘书王卫东凭借卓越的专业能力与 履职成效，荣获"金骏马金牌董秘"奖。 据悉，王卫东自2011年起担任今世缘党委委员、董事、副总经理、总会计师、董事会秘书，长期专注于 上市公司资本运作、市值管理及投资者关系等领域，凭借扎实的专业能力和开拓创新精神，有力推动公 司实现高质量发展，并在资本市场中树立了良好形象。 近五年，王卫东累计落实投资与资产管理规模超200亿元，实现投资收益近16亿元，投资收益率、投资 利润占比等指标连续多年位居行业前列。 王卫东 ...