Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The Australian wine market is reshaping the Chinese imported wine market after a year and a half of absence, with a significant initial increase in imports followed by a decline in sales due to inventory issues and economic pressures [2] - The low-alcohol beverage category is rapidly growing, appealing to younger consumers, but faces challenges such as brand homogenization and declining repurchase rates [2] - The white liquor industry is experiencing a shift in market dynamics, with top brands competing fiercely and some companies facing their first quarterly negative growth in nearly a decade [4] - New beverage products are emerging, with brands like Xiaojin Wine and Guoli Fang successfully capturing market share through innovative approaches [5] - The industry is expected to return to rationality in 2026, focusing on consumer needs and product quality, while smaller companies may face elimination [6] Industry Environment - The Australian wine market is seeing a resurgence in China due to the removal of anti-dumping taxes, but initial sales have not met expectations, leading to inventory issues and price reductions [2] - The low-alcohol market is projected to grow from 20 billion yuan in 2020 to 57 billion yuan by 2024, but faces challenges in brand differentiation and consumer loyalty [2] - The white liquor market is undergoing structural changes, with companies like Shanxi Fenjiu surpassing others in revenue, indicating a competitive landscape [4] - The introduction of innovative products is crucial for the industry's transformation, with a focus on low-alcohol and health-oriented offerings [5] - The industry is moving towards a more rational approach, emphasizing product quality and consumer experience, as it transitions from a bubble phase to a healthier growth period [6] Top Brand Dynamics - Guizhou Zhenjiu is upgrading its "Dazhen" product to enhance quality and market positioning, aiming to compete with top brands like Moutai [8] - Wuliangchun is celebrating its 30th anniversary with a marketing campaign that deepens emotional connections with consumers [9] - Xifengjiu is focusing on quality and cultural empowerment to drive its revival in the competitive white liquor market [10] - Moutai is launching a new product structure to meet diverse consumer needs and stabilize its market presence [14] - Niulanshan is evolving its product strategy to maintain its position in the mass market while enhancing emotional connections with consumers [18]

Core Insights - The Chinese white liquor market has experienced a structural rebound in retail prices for the top ten products as of January 25, with an overall average price of 8,893 yuan, an increase of 20 yuan from the previous day, marking a five-day high [1] - The market shows a mixed performance with six products increasing in price and four decreasing, indicating ongoing structural adjustments within the industry [1] Price Movements - The premium Moutai (Jingpin) saw the largest increase, rising by 16 yuan to 2,356 yuan per bottle [3] - Wuliangye (Pu Wu 58) increased by 10 yuan to 802 yuan per bottle, contributing significantly to the average price rise [3] - Other notable increases include Guojiao 1573 (+6 yuan), Qinghua Lang (+4 yuan), and slight increases for Yanghe Dream Blue M6+ and Shuijing Jian Nan Chun (+1 yuan each) [1][4] Declines in Prices - The price of Xijiu Junpin decreased by 6 yuan to 646 yuan per bottle [4] - Qinghua Fen 20 dropped by 5 yuan, while Feitian Moutai faced a slight decline of 4 yuan due to consistent supply from the iMoutai platform [1][4] - Other declines include Gujing Gong Gu 20, which fell by 3 yuan [4]

Core Viewpoint - The "technology bull" continues to lead the market in Q4 2025, while both "new consumption" and traditional consumption sectors, represented by brands like Bubble Mart and liquor companies, show weak performance throughout the year [1]. New Consumption Sector - In Q4 2025, the new consumption sector, particularly represented by Bubble Mart, experienced a significant decline, with Bubble Mart's stock dropping by 29.65% [2]. - Despite the downturn, Bubble Mart remained a key holding for 123 funds, with a total of approximately 37.587 million shares held, although it was reduced by 8.7591 million shares in the quarter [2]. - Other new consumption stocks like Mao Geping and Mixue Group also saw increased fund interest, with Mao Geping being increased by 575.93 million shares and Mixue Group by 1.0322 million shares [3]. - Analysts suggest that the new consumption sector has potential for growth due to low penetration rates, despite volatility in some companies [3]. Traditional Consumption Sector (Liquor) - The traditional consumption sector, particularly the liquor industry, has shown disappointing profit results, with many stocks experiencing declines [4]. - Major liquor companies like Kweichow Moutai, Wuliangye, and Luzhou Laojiao faced reductions in holdings by funds, with Wuliangye being reduced by approximately 15.9 million shares [5]. - Despite the overall decline, Kweichow Moutai saw an increase in holdings by over 20,000 shares in Q4, indicating continued investor confidence [5]. - Analysts believe that the liquor industry is currently in a bottoming phase, with expectations for stabilization in the future, although the bottom for prices and financial reports has yet to be seen [5].

Core Viewpoint - Luzhou Laojiao, a company with a market value of over 100 billion, is set to implement a mid-term dividend plan totaling approximately 2 billion yuan (including tax), highlighting its financial stability and commitment to shareholder returns amidst industry challenges [1][2]. Group 1: Dividend Plans - Luzhou Laojiao's mid-term dividend plan includes a cash distribution of 13.58 yuan per 10 shares, amounting to about 2 billion yuan, with a record date of January 29 and an ex-dividend date of January 30 [1]. - The company has outlined a shareholder return plan for 2024-2026, committing to annual cash dividends of no less than 8.5 billion yuan, with payout ratios of at least 65%, 70%, and 75% for the respective years [2]. - In 2024, Luzhou Laojiao plans to distribute a total of approximately 87.59 billion yuan in dividends across two distributions, exceeding the minimum target of 8.5 billion yuan [2]. Group 2: Financial Performance - For the first three quarters of 2025, Luzhou Laojiao reported revenues of 23.127 billion yuan and a net profit of 10.762 billion yuan, reflecting year-on-year declines of 4.84% and 7.17%, respectively [3]. - The overall white liquor market is experiencing pressure, with leading companies like Luzhou Laojiao facing declining performance [3][4]. Group 3: Industry Context - The white liquor industry is undergoing a deep adjustment phase in 2025 due to macroeconomic cycles, industry adjustments, and policy changes, with traditional consumption scenarios recovering slowly and high inventory levels [4]. - Other leading companies in the industry, such as Kweichow Moutai and Wuliangye, are also implementing mid-term dividend plans, indicating a trend among top liquor companies to establish minimum annual dividend distributions [5][6].

Core Viewpoint - The Chinese liquor market shows signs of a slight recovery in retail prices for the top ten products as of January 24, with an overall average price of 8,873 yuan, an increase of 10 yuan from the previous day. However, the market remains cautious with structural fluctuations dominating the short-term outlook [1]. Price Movements - Among the top ten liquor products, five experienced price increases, four saw declines, and one remained stable. The overall average price remained relatively stable [1]. - The leading price increase was observed in Qinghua Lang, which rose by 10 yuan per bottle. Xijiu Junpin followed with an increase of 8 yuan per bottle, while the price of premium Moutai rose by 7 yuan per bottle [1]. - Other products that saw slight increases include Qinghua Fen 20 and Gujing Gong Gu 20, which rose by 2 yuan and 1 yuan per bottle, respectively [1]. Declining Prices - The product with the largest decline was Wuliangye Pu 58th generation, which fell by 9 yuan per bottle. Guojiao 1573 also saw a decrease of 6 yuan per bottle, and Feitian Moutai dropped by 2 yuan per bottle, primarily due to the continued supply of low-priced goods on the iMoutai platform [1][3]. - Additionally, Shuijing Jian Nan Chun experienced a minor decline of 1 yuan per bottle, while Yanghe Dream Blue M6+ remained unchanged at 578 yuan [1][4].

Core Viewpoint - E Fund's Zhang Kun reported a decline in total assets under management to 48.383 billion yuan as of December 2025, with three A-share focused funds underperforming their benchmarks, while the E Fund Asia Select fund achieved positive returns, significantly exceeding its benchmark [1][2]. Group 1: Fund Performance - As of December 2025, the largest fund, E Fund Blue Chip Select, had a net asset value of 1.8623 yuan, with a report period net asset value growth rate of -8.93%, compared to a benchmark return of -2.63% [1]. - Three main A-share focused funds reported negative quarterly returns and failed to outperform their performance benchmarks [1]. Group 2: Portfolio Adjustments - Zhang Kun reduced holdings in major stocks such as Kweichow Moutai, Wuliangye, Luzhou Laojiao, and Shanxi Fenjiu, while also significantly reducing positions in Focus Media and China Merchants Bank [1]. - The top ten holdings of E Fund Blue Chip Select remained unchanged, including Tencent, Kweichow Moutai, and Alibaba, with notable reductions in Focus Media and increases in Alibaba [2]. Group 3: Market Outlook - Zhang Kun expressed a long-term optimistic view on the macro economy and market, predicting significant improvements in living standards and social security in China over the next decade [2]. - He emphasized the importance of a strong domestic demand market in promoting technological innovation, suggesting that improved consumer environments could enhance subscription revenues and model capabilities [3]. Group 4: Confidence in Business Models - Zhang Kun maintained confidence in the business models, competitive barriers, and cash flow generation capabilities of the companies in the portfolio, asserting that the market's perception of quality companies presents good opportunities for long-term investors [3].

Core Viewpoint - Luzhou Laojiao announced a fixed total profit distribution plan for the first half of 2025, distributing cash dividends to shareholders based on the adjusted total share capital [2] Group 1: Profit Distribution Plan - The company will distribute 13.58 RMB per 10 shares to all shareholders, which includes tax [2] - The distribution is based on a total share capital of 1,471,941,963 shares, excluding repurchased shares [2] - The record date for shareholders is January 29, and the ex-dividend date is January 30 [2]

Group 1 - The company Luzhou Laojiao announced a profit distribution plan, proposing a cash dividend of 13.58 RMB per 10 shares, amounting to approximately 1.999 billion RMB (including tax) [1] - The total share capital of the company is approximately 1.472 billion shares, and any changes in share capital before the distribution will lead to corresponding adjustments in the distribution amount [1] - The record date for the dividend is set for January 29, 2026, and the ex-dividend date is January 30, 2026 [1] Group 2 - Local state-owned assets are beginning to purchase auctioned properties, acquiring over 60 units in the Nansha District of Guangzhou at prices around 6,000 to 7,000 RMB per unit, while the average listing price for similar second-hand properties in the same community exceeds 20,000 RMB [1]

Group 1 - The core point of the article is that Luzhou Laojiao announced a cash dividend distribution of 13.58 RMB per 10 shares to all shareholders, totaling 1.999 billion RMB [1] - The dividend distribution is based on the company's existing total share capital [1] - The record date for the stock rights distribution is set for January 29, 2026 [1]

证券代码：000568 证券简称：泸州老窖 公告编号：2026-3 泸州老窖股份有限公司 2025 年中期分红派息实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、股东会授权及董事会审议通过利润分配方案的情况 1.泸州老窖股份有限公司（以下简称"公司"或"我公司"）于 2025年6月27日召开2024年度股东大会，审议通过《关于提请股东大 会授权董事会制定中期分红方案的议案》，同意授权董事会制定2025 年中期利润分配方案，并经董事会三分之二以上董事审议通过后实施。 根据股东大会授权，公司第十一届董事会二十次会议审议通过《2025 年中期利润分配方案》。公司2025年中期分配方案为：以公司现有总 股本1,471,941,963股为基数，向全体股东每10股派13.58元人民币现金 （含税），现金分红金额1,998,897,185.75元（含税），若在分配方案 实施前公司总股本发生变化，将按照分配总额不变的原则相应调整。 本次利润分配公司不送红股，不进行资本公积金转增股本。 公司2025年中期利润分配方案以固定总额的方式分配：以公司 现有总股本剔除已回 ...