但是，当前酒业正在深度调整，价格倒挂、库存积压、产品动销困难等现象像扎入骨肉中的尖刺，时刻 刺痛着酒企紧绷的神经。 为此，从年初开始，江苏、贵州、仁怀、遵义、宜宾、泸州、吕梁、亳州等多地省、市级领导密集到酒 企调研。 随着系列产业振兴政策落地，酒业也找到了新的发展方向。 5月12日-13日，贵州省委副书记、省长李炳军在遵义市、仁怀市、习水县、赤水市调研时强调，"十四 五"即将收官，要结合"十五五"规划编制，围绕"卖酒向卖生活方式转变"，深入研究谋划贵州白酒产业 转型发展。 省市级领导密集调研，激发酒业创新活力 目前，各省市领导走进一线酒企，开展调研、召开座谈会等，为2025年各地酒业发展工作作出战略性部 署。 | 日期 | 曲区 | 动态 | | --- | --- | --- | | 1月4日 | 湖南省 | 湖南省委副书记、省长毛伟明到常德调研,在湖南 | | | | 武陵酒有限公司调研时 | | 1月15日 | 江苏省 | 江苏省省长许昆林到淮安今世缘酒厂调研 | | | | 宜宾市委书记方存好、市长廖文彬、市人大常委会 | | 1月15日 | 四川省宜宾市 | 主任陈政、市政协主席谢杰出席五粮液集团( ...

Group 1 - The main consumption index (000932) has shown a slight increase of 0.14% as of May 27, 2025, with notable gains in stocks such as Yanjing Beer (2.89%) and Angel Yeast (2.85%) [1] - The major consumption ETF (159672) has risen by 4.04% over the past three months, indicating a positive trend in consumer sector investments [1] - Huatai Securities expresses optimism regarding the food and beverage industry during the economic transition towards consumption, supported by clear policies and steady growth in retail sales [1] Group 2 - The major consumption ETF closely tracks the main consumption index and is categorized into 11 primary and 35 secondary industries, providing a comprehensive analysis tool for investors [2] - Since its inception, the major consumption ETF has achieved a maximum monthly return of 24.35% and an average monthly return of 5.36% [2] - The current price-to-earnings ratio (PE-TTM) of the major consumption index is 19.75, indicating a valuation lower than 95.63% of the past year, suggesting historical low valuations [2] Group 3 - As of April 30, 2025, the top ten weighted stocks in the main consumption index account for 67.16% of the total index, with Yili (10.39%) and Kweichow Moutai (10.39%) being the largest contributors [3] - The top ten stocks include notable companies such as Wuliangye and Moutai, reflecting the concentration of market weight in a few key players [3][5]

5月22日，由中国贸促会主办的2025年全球贸易投资促进峰会在北京举行。峰会主题为"拥抱数智时代， 携手共同发展"。全球贸易投资促进峰会自2022年创办以来，已经连续举办三届，逐渐成为全球工商界 对话交流、深化互信、共谋合作、共话发展的重要机制性平台。 本次峰会，来自48个国家和地区的政府部门、贸促机构和商协会及企业代表，以及国际组织负责人等 800余人线下参会。与会嘉宾谈合作、话机遇，推动国际社会共迎挑战、共创未来。泸州老窖股份有限 公司首席数字官、泸州老窖国际发展（香港）有限公司董事长苏王辉出席峰会并作主题分享。 推进数智化转型升级 泸州老窖主要实施了"三大行动"。一是实施数智赋能管理提升行动。通过做好数智化顶层架构规划设 计，推进营销数字化、管理数字化、酿酒生产数字化、供应链数字化、人才和组织数字化升级，实现订 单流、资金流、信息流、物流和行政流的"五流贯通"，构建起了高效畅通的跨体系、跨部门、跨单位协 同机制。 二是实施数智赋能生产行动。泸州老窖黄舣酿酒生态园充分运用人工智能、仿真技术、工业机器人技术 等手段，将优秀人工操作技术整理成数据参数，实现了智能化、自动化操作，固态酿造生产智能化水平 居行业前 ...

Core Viewpoint - The China Securities Index for Food, Beverage, and Tobacco has shown a slight decline of 0.85% over the past month, but a growth of 3.91% over the last three months, with a year-to-date decrease of 1.78% [1] Group 1: Index Performance - The China Securities Index for Food, Beverage, and Tobacco is currently at 12,699.63 points [1] - The index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2: Major Holdings - The top ten weightings in the index are as follows: Yili Group (11.01%), Kweichow Moutai (10.74%), Wuliangye (9.12%), Shanxi Fenjiu (6.74%), Luzhou Laojiao (6.45%), Haitian Flavoring (5.32%), Dongpeng Beverage (4.24%), Yanghe Brewery (2.92%), Jinshiyuan (2.45%), and Shuanghui Development (1.84%) [1] - The Shanghai Stock Exchange accounts for 61.18% of the index holdings, while the Shenzhen Stock Exchange accounts for 38.82% [1] Group 3: Industry Composition - The industry composition of the index includes: Baijiu (46.70%), Dairy Products (12.47%), Seasonings and Cooking Oils (12.08%), Other Foods (7.99%), Soft Drinks (6.64%), Beer (4.75%), Snack Foods (4.09%), Meat Products (3.26%), Wine and Others (1.22%), and Huangjiu (0.81%) [2] Group 4: Sample Adjustment - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to special events affecting sample companies [2]

Group 1 - The core viewpoint of the article highlights a downward trend in liquor prices in major cities like Guangzhou, Shenzhen, and Dongguan as the Dragon Boat Festival approaches, with over two-thirds of products experiencing price declines [1][2][4] - In Guangzhou, the retail price of Feitian Moutai has dropped to an average of 2579.73 yuan per bottle, with some retailers offering it at around 2300 yuan, while other premium products like Wuliangye have seen a slight decrease of 18 yuan per bottle [2][3] - Shenzhen's market shows a similar trend, with over two-thirds of sampled products experiencing price drops, although some prices may be artificially inflated due to limited availability in certain channels [4][5] Group 2 - In Dongguan, nearly half of the sampled products maintained stable prices, with only 8 out of 21 products showing a decline, while the price of Luzhou Laojiao increased by 61.1 yuan to 1075.6 yuan per bottle due to replenished stock in certain channels [7][8] - The article notes that the upcoming 618 shopping festival has led to price adjustments on e-commerce platforms, with 15 out of 21 sampled premium liquors experiencing price reductions, while only one liquor saw an increase [9][10] - A comparison between the Bay Area and Southwest liquor prices reveals that the Bay Area's retail prices are significantly higher, with differences ranging from 15 to 82 yuan, attributed to higher demand for premium products in the region [11][12]

智通财经5月26日电，天眼查App显示，近日，泸州老窖资本控股有限责任公司发生工商变更，注册资 本由约6.07亿人民币增至约15.27亿人民币，增幅约152%。该公司成立于2022年12月，法定代表人为李 金，经营范围含自有资金投资的资产管理服务、企业总部管理、融资咨询服务、供应链管理服务、信息 咨询服务、社会经济咨询服务、企业管理咨询、财务咨询等。股东信息显示，该公司由泸州老窖集团有 限责任公司全资持股。 泸州老窖资本控股公司增资至15.27亿 ...

Core Insights - Chinese liquor brands are increasingly appearing on retail shelves in Hong Kong, marking a shift in consumer preferences from traditional wine and whiskey to Chinese spirits [1][5][21] - The import of spirits from mainland China to Hong Kong has significantly increased, with over half of the total spirit imports coming from the mainland [5][12] - The Hong Kong government has reduced taxes on high-end spirits, creating new sales opportunities for Chinese liquor brands [5][13] Market Trends - The presence of Chinese liquor in Hong Kong is growing, with brands like Moutai and Fenjiu opening dedicated stores and bars featuring their products [1][4] - The trend of using Chinese liquor as a base for cocktails is gaining popularity among bartenders in Hong Kong [2][9] - The import volume of spirits in Hong Kong reached 11.28 million liters, with a total import value of HKD 3.177 billion, indicating a robust market for alcoholic beverages [5][12] Competitive Landscape - The competition in the Hong Kong liquor market remains fierce, with imported wines and whiskeys dominating the shelves, while Chinese liquor brands are still establishing their presence [11][21] - Chinese liquor companies are adopting various strategies to penetrate the market, including promotional events and collaborations with local bars [8][19] - The market is characterized by a mix of competition and cooperation among Chinese liquor brands, as they often share the same distributors and marketing channels [17][22] Consumer Behavior - The drinking culture in Hong Kong is evolving, with a preference for lower-alcohol beverages and a growing acceptance of Chinese spirits among local consumers [20][21] - The influx of mainland Chinese companies and institutions in Hong Kong is creating a new consumer base for Chinese liquor, as these entities are more familiar with and open to high-proof spirits [20][22] - The overall consumption of alcoholic beverages in Hong Kong is on the rise, with wine and beer still holding significant market shares [20][21] Financial Performance - Major Chinese liquor companies are experiencing a slowdown in domestic growth, prompting them to seek opportunities in international markets, including Hong Kong [22][24] - Moutai reported a 19.27% increase in overseas revenue, reaching HKD 5.189 billion, indicating successful international expansion [24] - Fenjiu's exports to Hong Kong saw a remarkable growth of approximately 68.82% in 2024 compared to the previous year [12][24]

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for key players in the sector [5]. Core Insights - The white liquor industry is experiencing gradual pressure, with a focus on rational growth targets for 2025. Key players are emphasizing market share enhancement and strategic execution efficiency. Innovations, market penetration, international expansion, and youth-oriented strategies are highlighted as core directions for liquor companies [2]. - The beer sector shows a slight decline in production, with a 0.6% year-on-year decrease in output from January to April 2025. However, there is potential for recovery in the upcoming peak season, suggesting a favorable investment window [3]. - The beverage sector is characterized by intense competition, but there are opportunities for growth driven by extended holiday periods and improved travel scenarios. Companies with strong channel networks and high-potential products are recommended for investment [3]. Summary by Sections White Liquor - The industry consensus is shifting towards stable, quality growth with a focus on market share rather than aggressive quantitative targets. Major companies like Guizhou Moutai and Shanxi Fenjiu are implementing strategies to enhance brand resilience and market stability [2]. - Guizhou Moutai aims for a revenue target of 7.6 billion yuan (approximately $1.1 billion) for 2025, reflecting a 3.49% year-on-year increase, while net profit is targeted at 2.62 billion yuan (approximately $380 million), a 1% increase [2]. Beer and Beverage - The beer production for the first four months of 2025 totaled 11.44 million kiloliters, with April showing a 4.8% increase compared to the previous year. The sector is expected to benefit from low comparative bases in the upcoming quarters [3]. - The beverage market is witnessing the launch of innovative products, such as the new electrolyte water brand targeting health-conscious consumers. Despite fierce competition, the beverage sector is projected to maintain high growth due to favorable market conditions [3]. Food Supply - The food supply sector is seeing recovery among leading companies, with a focus on expanding product lines and enhancing distribution channels. Companies like Three Squirrels are diversifying into new categories and exploring innovative retail strategies [7].

Core Insights - The 2025 China Liquor Industry Capital Forum and the Golden Goblet Award Ceremony highlighted the brand value of listed liquor companies, with a total brand value of 16,578 billion yuan [1] - The event aimed to help liquor companies understand their brand development status and improve brand management efficiency [1] Brand Value Rankings - The top three companies by brand value are: 1. Kweichow Moutai: 6,626 billion yuan 2. Wuliangye: 3,059.6 billion yuan 3. Luzhou Laojiao: 1,076.7 billion yuan [3] - Other notable companies include Shanxi Fenjiu and Yanghe Brewery, with brand values of 954.9 billion yuan and 842.5 billion yuan respectively [3] Domain Name Strategy - Companies like Luzhou Laojiao, Shanxi Fenjiu, and Kouzi Jiao have registered ".商标" domain names, aligning their brand names with their internet presence [3] - This strategy enhances brand recognition and commercial value, as high brand value companies benefit from more recognizable domain names [4] - The ".商标" domain registration process requires trademark rights verification, ensuring brand protection and reducing the risk of counterfeit websites [4][7] Digital Brand Protection - The integration of domain names and trademark protection is crucial in the digital age, necessitating a comprehensive internet brand protection system [7] - Companies are encouraged to adopt strategic layouts, legal measures, and technical monitoring to safeguard their brand value online [7]

1. 消费疲软，高端白酒需求承压 白酒行业，尤其是高端白酒，与经济景气度、商务宴请及礼品消费高度相关。2023年以来，宏观经济增 速放缓、企业商务活动减少，导致高端白酒动销不及预期。茅台、五粮液等品牌虽然仍保持较强的品牌 溢价，但终端零售价和批发价出现松动，部分经销商库存压力加大，市场对行业增长的乐观预期受到冲 击。 2. 政策因素影响市场情绪 近年来，"禁酒令"传闻、反腐政策深化等消息屡次扰动白酒板块。尽管茅台等头部酒企强调其消费属性 而非政务依赖，但市场仍对政策风险保持敏感。此外，白酒消费税调整的讨论也增加了投资者的观望情 绪，部分资金选择暂时撤离。 3. 资本市场风格切换，资金流向其他板块 2023年下半年以来，A股市场风格偏向科技、新能源等成长板块，而传统消费股（包括白酒）的吸引力 相对下降。叠加美联储加息预期、外资流出等因素，白酒板块作为外资重仓领域，遭遇一定程度的抛售 压力。 4. 估值回调，市场回归理性 过去几年，白酒股估值持续攀升，茅台市盈率（PE）一度超过50倍，五粮液、泸州老窖等也处于历史 高位。随着行业增速放缓，市场开始重新评估白酒股的合理估值水平，部分投资者选择获利了结，导致 股价回落 ...