中原证券指出，2025年，食品饮料上市公司的收入增长有望保持在个位数水平，增幅略高于行业整体。 基于宏观形势，其判断2025年的成本环境依然友好，上市公司的成本压力相对小，在收入增长大幅放缓 阶段，这对企业利润起到托扶的作用。2025年推荐关注乳业、啤酒、软饮料、零食等板块的投资机会。 一键配置吃喝板块核心资产，重点关注食品ETF（515710）。根据中证指数公司统计，食品ETF （515710）跟踪中证细分食品饮料产业主题指数，约6成仓位布局高端、次高端白酒龙头股，近4成仓位 兼顾饮料乳品、调味、啤酒等细分板块龙头股，前十权重股包括"茅五泸汾洋"、伊利股份、海天味业 等。场外投资者亦可通过食品ETF联接基金（A类012548/C类012549）对吃喝板块核心资产进行布局。 今日（7月18日），吃喝板块表现亮眼，部分白酒龙头涨幅居前。反映吃喝板块整体走势的食品ETF （515710）盘中场内价格最高涨幅达到1.16%，截至发稿，涨0.83%。 成份股方面，部分白酒龙头涨幅居前。截至发稿，泸州老窖大涨超3%，洋河股份涨超2%，山西汾酒、 古井贡酒、金徽酒等多股涨超1%，贵州茅台、五粮液等白酒龙头亦小幅上扬。 | ...

今年，如五粮液（000858.SZ）、泸州老窖（000568.SZ）、酒鬼酒（000799.SZ）等多家白酒企业在年度股东大会上都谈到了白酒低度化的动向。近日， 洋河股份（002304.SZ）亦在投资者互动平台上回复称，公司具备丰富的低度酒储备，将顺应年轻化和低度化趋势，积极开展产品布局与消费者引导工 作。由此可见，低度白酒将成为头部酒企争相进入的新高地。 2025年，白酒行业仍面临缩量竞争、价盘向下、库存压力加大等难题，头部酒企正相继躬身入局低度酒赛道，以此寻找增量市场 《中国科技投资》何梓嫣 当下，白酒行业的深度调整仍在持续，低度酒或将成为周期内拉动酒企业绩增长的重要力量。尽管各大酒企纷纷押注低度酒赛道，但市场对白酒度数不断 下探，过低度数的酒可否归类为白酒范畴仍存在争议。而对于性价比优势不突出的低度酒而言，其市场竞争力如何、能否站稳脚跟、能否带领酒企走出弱 势行情，市场对此持保留态度。 酒企相继向低度酒要增量 近期，多家白酒企业密集释放出布局低度产品的信号。 6月20日，五粮液在2024年度股东大会上宣布，时隔20年，计划重启29度白酒产品，目前已调制出三种不同口味的样品并向市场展开调研，预计将在今年9 ...

Core Viewpoint - The white liquor industry is undergoing a "degree reduction revolution," with major brands launching lower-alcohol products to attract younger consumers and adapt to changing market dynamics [1][15][17]. Group 1: Industry Trends - Major brands like Wuliangye, Luzhou Laojiao, and Yanghe are introducing lower-alcohol products, such as Wuliangye's 29-degree and Luzhou Laojiao's 28-degree offerings, creating a complete low-alcohol product matrix [1][15]. - The market for low-alcohol liquor is emerging as a new growth area, with Luzhou Laojiao's 38-degree product sales reaching approximately 50% of its total sales, nearing 10 billion yuan [1][18]. - The shift towards lower-alcohol products is driven by changing consumer demographics, with younger generations and an increasing female consumer base becoming the primary market [16][17]. Group 2: Consumer Perception - There is skepticism among consumers regarding the quality of lower-alcohol products, with many questioning whether they are merely diluted versions of higher-alcohol liquors [3][7]. - Historically, low-alcohol liquors were associated with inferior quality, but recent developments and recognition from the industry are beginning to change this perception [12][13]. Group 3: Technological Innovations - The production of low-alcohol liquor is complex, requiring advanced techniques to maintain flavor and quality while reducing alcohol content [11][19]. - Luzhou Laojiao employs innovative methods such as "cold filtration" and "old liquor blending" to ensure that their lower-alcohol products retain their unique flavors and aromas [19]. - The industry is leveraging modern technologies, including molecular biology and flavor chemistry, to address the challenges of producing low-alcohol liquor without compromising quality [18][19].

泸州老窖的绿色酿造与可持续发展实践赢得了与会嘉宾的高度赞誉。这也是中国企业首次在布勒交 流日活动(NWD)上进行主旨演讲。 张宿义谈到，泸州老窖秉持"天地同酿，人间共生"的企业哲学，坚持"与环境相依，与社会同行， 与人类共存"的可持续发展生产经营理念，通过减污降碳、节能降耗、循环利用与数智化赋能的有机结 合，铺就了一条向"绿"而行的中国酒业可持续发展之路，不仅实现了生产效率与品质的跨越式提升，更 以切实的节能减排成效和ESG责任担当，塑造了行业可持续发展的标杆。 近年来，泸州老窖在绿色转型方面取得显著成果。公司建成了自动化与智能化水平行业领先的"黄 舣酿酒生态园"，通过智能酿造推动绿色降碳：优质酒率提升10%，吨酒水耗降低50%，吨酒综合能耗 下降35%。 在水资源利用方面，泸州老窖创新构建了生态园区水循环体系，对酿造废水进行分质、分级利用， 每年可节约用水300余万吨。在能源使用上，公司大力推进能源资源回收，系统实施"余热资源回收利 用"和"废水沼气回收利用"等创新项目，替代天然气消耗约216万m³/年，年减少碳排放超8万吨。针对副 产物资源化，泸州老窖牵头承担了国家重点研发计划项目——"酿酒废弃物热化学能 ...

经济导报记者 刘勇 在沉寂了近三十年后，低度白酒毫无预兆地再度火了起来。 经济导报记者统计发现，近期，贵州茅台、五粮液、泸州老窖、洋河股份、山西汾酒、酒鬼酒等头部知名酒企纷纷布局低度白酒赛道。 其中，五粮液宣布，将于9月推出中高端29度新品"一见倾心"，洋河股份也将在8、9月份集中上市果酒、露酒和低度潮饮。泸州老窖股份有限公司在股东 大会上宣布，28度国窖1573已经研发成功，将适时投放市场，同期还将推出16度、6度等超低度酒类饮品。 受访的业内人士表示，近年来，低度白酒的市场占比呈现快速攀升态势。2022年，低度白酒产量占比约15%，2024年已升至25%以上，部分酒企的低度产 品在区域市场占比甚至超过50%。由此，白酒年轻化愈发成为白酒产业可持续发展的关键挑战。 "酒企布局低度酒市场是为了争抢年轻人赛道，但低度酒并非简单的参数调整，而是消费需求变革下的系统性创新。部分酒企采用'果味+气泡'的公式化配 方，市场同质化严重，容易引发消费者用'脚'投票。"白酒分析师胡宝利分析。 01 争抢布局新赛道 经济导报记者调查时发现，当前，消费者对低度酒的青睐程度逐渐提高。 "近年来，相较于高度白酒，低度酒的动销相对更好 ...

从中证红利回报指数持仓的市场板块来看，上海证券交易所占比62.84%、深圳证券交易所占比 37.16%。 据了解，中证红利回报指数选取累计分红融资比和过去三年平均分红融资比高的上市公司证券作为指数 样本，以反映分红回报高的上市公司证券的整体表现。该指数以2004年12月31日为基日，以1000.0点为 基点。 从指数持仓来看，中证红利回报指数十大权重分别为：贵州茅台（14.72%）、五粮液（9.37%）、格力 电器（8.3%）、伊利股份（6.69%）、三一重工（4.33%）、万华化学（4.0%）、海尔智家（3.74%）、 福耀玻璃（3.51%）、国电南瑞（3.38%）、泸州老窖（3.38%）。 金融界7月16日消息，上证指数低开震荡，中证红利回报指数 (红利回报，H30073)报7857.85点。 数据统计显示，中证红利回报指数近一个月上涨2.66%，近三个月下跌0.78%，年至今下跌2.89%。 从中证红利回报指数持仓样本的行业来看，主要消费占比39.27%、可选消费占比18.78%、工业占比 13.74%、原材料占比10.27%、医药卫生占比6.42%、信息技术占比3.73%、能源占比3.32%、通信服务 ...

Investment Rating - The industry investment rating is "Overweight" [1] Core Viewpoints - The report highlights that the food and beverage sector is expected to benefit from potential domestic policy adjustments and a recovery in consumer demand in the second half of the year [3][4] - The report suggests strategic positioning in leading liquor companies due to their low valuation and favorable market conditions [3][6] - The snack food segment shows strong growth potential, driven by product innovation and emerging sales channels [6] Summary by Sections Industry Overview - The food and beverage sector is currently experiencing a slowdown in retail sales growth, with June 2025 retail sales increasing by 4.8% year-on-year, a decrease of 1.6 percentage points from May [4][8] - The report notes that the decline in consumer spending on dining and discretionary items has impacted overall sales performance [4][5] Liquor Sector - The liquor industry is in a bottoming phase, with consumption scenarios limited by recent policy changes and promotional activities affecting pricing [6] - The report recommends focusing on top liquor brands such as Kweichow Moutai, Luzhou Laojiao, and Shanxi Fenjiu for potential investment opportunities [3][6] Snack Food Sector - The snack food segment, particularly products like konjac, is experiencing robust growth due to health trends and diverse flavor offerings [6] - The report emphasizes the importance of identifying quality companies in the snack food sector that align with industry development trends for long-term investment [3][6]

Summary of Conference Call Notes Industry Overview - The report focuses on the food and beverage industry, analyzing new consumer demands, products, and channels [1][2][3]. Key Points and Arguments New Consumer Demands - The emerging consumer base primarily consists of Generation Z (post-1995), characterized by a heightened self-awareness and faster development compared to previous generations [1]. - Government policies aimed at boosting consumption have been introduced, including the "Special Action Plan to Boost Consumption" and "Consumer Service System Benefit Action 2025" [2]. - Consumer behavior is diversifying, with Generation Z and affluent groups showing more optimistic consumption attitudes, while middle-class and rural older consumers exhibit weaker consumption willingness [3]. Changes in Consumption Patterns - There is a notable shift towards value-for-money products, with consumers increasingly prioritizing cost-effectiveness [4]. - The market has identified four potential growth categories: education, food and beverages, health products, and travel, while three risk categories include home appliances, tobacco, and certain consumables [3]. - The health consciousness among consumers is rising, leading to increased demand for health-related products, with the health food market projected to reach 836.2 billion by 2027, reflecting a 42% growth from 2022 [5]. Innovations in Products and Channels - Companies are innovating to meet health demands, introducing products like konjac, seaweed, and quail eggs [6]. - The focus on cost-effectiveness has led to supply chain optimization, reducing intermediaries to lower prices for consumers [7]. - The beverage market is witnessing significant growth in sugar-free teas and plant-based drinks, with growth rates of 19% and 32% respectively [8]. New Sales Channels - The rise of temporary retail channels has transformed the market, with the temporary retail industry expected to grow from 211 billion in 2019 to 1.5 trillion by 2027 [12]. - Membership warehouse stores are gaining traction, with the market size increasing from 20 billion in 2012 to 36.4 billion in 2023 [14]. - Online sales are rapidly growing, with a 56% year-on-year increase in online sales across nine categories, surpassing 120 billion in 2023 [18]. Recommendations and Risks - The report suggests focusing on new products, channels, and consumer demands as key investment themes, maintaining a strong rating for the food and beverage industry [20]. - Specific recommendations include companies like Three Squirrels, Yili, and Qingdao Beer, while highlighting the potential for profitability recovery in dairy and seasoning sectors [21][22]. - Risks include raw material price fluctuations and intensified industry competition [23]. Additional Important Insights - The emotional value of consumption is increasing, with service-related spending rising from 43% in 2020 to 46% in 2024 [5]. - The shift in consumer purchasing habits is leading to a more significant online presence for traditional products, including liquor, which is becoming a focus for major brands [17].

Group 1 - The core viewpoint of the article highlights the growing popularity of low-priced "light bottle" liquor in the Chinese market, as high-end liquor brands struggle with price declines and sales challenges [1][14][16] - Major liquor companies are launching new products in the light bottle segment, with notable examples including Yanghe's "Yanghe Daqu High Line Light Bottle Liquor" priced at 59 yuan, which sold over 10,000 bottles in 48 hours [1][4] - The light bottle liquor market has reached a scale of approximately 1.5 trillion yuan in 2024, with continued growth expected in 2025, making it one of the most dynamic segments in the liquor industry [3][10] Group 2 - Consumer behavior is shifting towards more rational choices, with a significant portion of consumers prioritizing cost-effectiveness and practicality in their liquor purchases [10][11] - The traditional light bottle liquor market, represented by brands like Niulanshan and Baijiu, has established a strong presence, while new entrants are emerging to capture market share amid changing consumer preferences [7][9] - The competitive landscape is intensifying as more companies enter the light bottle segment, leading to concerns about market saturation and the ability to maintain quality and differentiation [17][18] Group 3 - The high-end liquor market, particularly brands priced above 1,000 yuan, is experiencing significant price declines, with major brands like Moutai and Wuliangye seeing their market prices drop below their official guidance prices [16][17] - The shift towards light bottle liquor reflects a broader trend in the industry where companies are adapting to consumer demands and seeking new growth opportunities in a challenging market environment [15][17] - The light bottle segment is increasingly viewed as a mainstream choice, moving away from its previous perception as a low-end product, and is now seen as a potential growth engine for liquor companies [17][18]

Core Viewpoint - The low-alcohol liquor market in China has seen a resurgence after nearly 30 years of dormancy, with major companies like Kweichow Moutai, Wuliangye, Luzhou Laojiao, and others actively entering this segment to attract younger consumers [1][2][4]. Industry Trends - The market share of low-alcohol liquor has been rapidly increasing, with its production accounting for approximately 15% in 2022 and projected to exceed 25% by 2024 [1][2]. - Companies are launching new products with lower alcohol content to cater to changing consumer preferences, such as Wuliangye's 29-degree "Yi Jian Qing Xin" and Luzhou Laojiao's 28-degree Guojiao 1573 [4][10]. Consumer Preferences - There is a growing preference among consumers for low-alcohol liquor, which is perceived to have better sales performance compared to high-alcohol liquor, especially in daily consumption scenarios [2][11]. - The trend towards low-alcohol products is seen as a response to the demand for healthier drinking options and a younger demographic [6][16]. Product Innovation - Companies are focusing on product innovation to meet the demand for low-alcohol and flavored beverages, with strategies including the introduction of fruit-flavored and sparkling options [1][10]. - The industry is facing challenges in maintaining the quality and taste of low-alcohol products, as the reduction in alcohol content can affect the balance of flavors [13][16]. Market Dynamics - The low-alcohol liquor market is experiencing significant growth in regions like Guangdong and Jiangsu, while other areas such as Shandong and Henan require further development [16]. - The competition in the low-alcohol segment is intensifying, with many brands adopting similar flavor profiles, leading to concerns about market saturation and differentiation [13][16].