从2025年大阪世博会中国馆"古井贡酒·年份原浆企业日"的精彩亮相，到古井贡酒国潮版"汉、唐、宋、 明"产品的隆重上市，再到"古井贡酒全球巡礼"走进日本、古井贡酒·年份原浆文化研究院——东京中心 的揭牌，这一系列的动作，标志着古井贡酒国际化布局的纵深推进，更以酒为媒，完成了一次成功的中 国文化国际传播，向世界展示了中国民族品牌在传承与创新中的力量与温度。 品牌、品质与产品创新，古井贡酒国际化步伐坚定有力 古井贡酒"全球巡礼"活动登陆日本，并于东京举行"日本东京文化研究中心"揭牌仪式，这不仅是古井贡 酒品牌全球化战略的关键一步，更是其深度融入本地市场、实现跨文化对话的智慧之举。 近日，古井贡酒以其深厚的文化底蕴和卓越的品质，在日本掀起了一股"中国白酒风潮"。 从古井贡酒的国际化历程来看，基本可以概括为从"走出去"到"融进去"的升华。 上个世纪，古井贡酒早在1988年就参加了巴黎第十三届国际食品博览会并荣获金夏尔奖，成为中国白酒 早期在国际上获得认可的案例之一。 2010年上海世博会开始，古井贡酒开启战略升维，至今已与世博会结下长达十五年的情缘。此间，公司 连续六届深度参与世博会，其战略从简单的产品展示，升级为深 ...

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry, expecting the industry index to outperform the market index by over 10% in the next six months [53]. Core Viewpoints - The report highlights the focus on liquor sales during the Mid-Autumn Festival and National Day, suggesting that consumer demand remains under pressure, particularly for high-end liquor brands like Kweichow Moutai [4][48]. - The report indicates a structural opportunity in mass-market products, with varying performance across different sub-sectors, emphasizing the importance of monitoring demand and cost indicators in the beer sector and consumption recovery in the condiment sector [4][48]. Summary by Sections Market Review - From September 12 to September 25, 2025, the SW food and beverage industry index fell by 5.76%, underperforming the CSI 300 index by approximately 6.76 percentage points [11]. - All sub-sectors underperformed the CSI 300 index during this period, with the baking sector experiencing the largest decline at -7.80% [13][14]. - Approximately 7% of stocks in the industry recorded positive returns, with notable gainers including Qianwei Yangchu (+21.90%) and Yangyuan Beverage (+16.80%) [15] . Industry Important Data Tracking Liquor Sector - As of September 25, 2025, the price of Feitian Moutai decreased to 1,765 RMB per bottle, while the price of Guojiao 1573 increased to 840 RMB per bottle [22]. Condiment Sector - As of September 25, 2025, the price of soybean meal was 2,988 RMB per ton, down 72 RMB from September 11, while the price of white sugar was 5,780 RMB per ton, down 110 RMB [25]. Beer Sector - As of September 25, 2025, the average price of barley was 2,230 RMB per ton, while the price of aluminum ingots was 20,710 RMB per ton, down 100 RMB [30]. Dairy Sector - The average price of fresh milk remained stable at 3.03 RMB per kilogram as of September 19, 2025 [37]. Meat Products Sector - The average wholesale price of pork was 19.44 RMB per kilogram as of September 25, 2025, down 0.49 RMB from September 11 [39]. Industry News - The report notes a slight decline in the national liquor price index in early September 2025, indicating ongoing market adjustments [41]. - The number of registered beer-related enterprises increased by 10.83% year-on-year from January to August 2025, reflecting a growing market [42]. Weekly Industry Perspective - The report emphasizes the importance of monitoring liquor sales during the upcoming holidays and suggests focusing on high-certainty liquor brands and mass-market products that benefit from policy catalysts [48].

金风送爽，亳州的空气里弥漫起醇厚的酒香。9月19日，第十二届古井贡酒・年份原浆秋季开酿仪式启幕。亳州主会场通过5G 技术与滁州、咸宁、茅台镇 三地实时连线，古井贡酒、黄鹤楼酒、明光酒业、九酝酒业同步开启酿造进程——"四地同酿"，秋酿启新章。 十二年前，古井贡酒首创秋酿仪式，将这份历史积淀转化为可见可感的文化符号，让九酝酒法等非遗技艺在当代焕发新生，更铸就了品牌不可复制的竞争 力。 如果说历史是古井贡酒的根脉，那么创新便是其蓬勃生长的枝叶。本届秋酿仪式的诸多突破，正是传统与现代碰撞的生动注脚。其中最引人瞩目的，莫过 于秋酿与"2025世界制造业大会"的深度联动。在这场以"智造世界・创造美好"为主题的全球盛会上，古井贡酒通过"透明工厂"系统，向世界展现了"让传 统的更原始、让现代的更智能"的实践成果：智能园区内96% 的设备实现全联网，从一粒粮食到一滴美酒，每道工序都有数字把关，区块链技术构建起全 链条溯源体系。这并非对传统的背离，而是以现代科技守护古法精髓。 正如白酒行业分析师蔡学飞所言，我们当立足过去观现在、立足现在望未来。对中国白酒行业而言，智能制造是必然趋势。随着工业水平提升与人民生活 质量改善，食品安全 ...

我国零售行业经历了传统零售、电商、新零售的发展过程，即时零售极大缩短履约时间、丰富消费者选 择。近年来我国即时零售规模迅速扩大，2025年外卖大战边际催化，行业有望在未来几年维持双位数增 长。具体到酒水领域，酒类即时零售最早发源于1919、酒小二等垂类平台，2015年前后加速，形成垂 类、平台型、仓店一体型、前置仓型4类渠道模式；与此同时酒企加大布局与合作，酒类即时零售渗透 率显著提升。 酒类即时零售的兴起主要有三方面原因 智通财经APP获悉，国泰海通发布研报称，近年来我国即时零售规模迅速扩大，2025年外卖大战边际催 化，行业有望在未来几年维持双位数增长。回顾历史，白酒周期更替通常伴随渠道变革，当前行业深度 调整，较弱的价格和动销、较高的库存冲击线下传统渠道利润和现金流，而线上渠道仍较为景气，拥抱 即时零售不失为一种应变方式。据美团闪购测算2027年我国酒类即时零售市场规模有望达1000亿元、复 合增速有望接近中双位数，白酒、啤酒等核心品类有望受益。 国泰海通主要观点如下： 即时零售：大盘景气，酒类积极参与 一是消费习惯改变，消费者愈发追求便捷，且临时需求激发后希望快速得到满足。二是契合性价比需 求，压缩流 ...

Market Overview - The liquor sector experienced a decline of 0.72% on September 24, with Luzhou Laojiao leading the drop [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Individual Stock Performance - Luzhou Laojiao (code: 000568) closed at 131.91, down 0.53%, with a trading volume of 62,600 and a transaction value of 826 million [2] - Kweichow Moutai (code: 600519) closed at 1442.00, down 0.37%, with a trading volume of 30,700 and a transaction value of 4.443 billion [2] - Yanghe Brewery (code: 002304) closed at 69.11, down 0.30%, with a trading volume of 31,300 and a transaction value of 217 million [2] - Wuliangye (code: 000858) closed at 122.37, up 0.15%, with a trading volume of 130,600 and a transaction value of 1.598 billion [2] Capital Flow Analysis - The liquor sector saw a net outflow of 394 million from institutional investors, while retail investors contributed a net inflow of 93.998 million [2] - The table of capital flow indicates varying levels of net inflow and outflow among individual stocks, with some stocks like Jinhuijiu (code: 600809) showing a net inflow of 369.30 million from retail investors [3]

Core Viewpoint - The 2025 World Manufacturing Conference opened in Hefei, showcasing Gujing Gongjiu's commitment to "green brewing and intelligent manufacturing" through an immersive exhibition [1] Group 1: Event Highlights - Gujing Gongjiu participated in the conference for the eighth consecutive year, setting up an immersive exhibition in Hall 7 [1] - The autumn brewing ceremony adopted a "Bohzhou-Hefei" dual-city model, blending tradition with innovation [1] - The Hefei venue served as an "innovation showcase," highlighting the integration of traditional brewing wisdom with modern technology [1] Group 2: Technological and Strategic Innovations - The exhibition presented Gujing Gongjiu's digital transformation strategy, described as the "1 + 2 + 6 + N" model, allowing visitors to see the company's advancements in intelligent manufacturing [1] - The "Gujing Light Health Society" was a focal point, marking the company's strategic shift from "liquor" to "liquor + health" [1] - The exhibition featured dynamic displays of national intangible cultural heritage brewing techniques and interactive self-mixing experiences, illustrating the blend of tradition and innovation [1] Group 3: Brand and Cultural Integration - Gujing Gongjiu effectively integrated brand storytelling with national culture and modern life rituals, reinforcing its historical roots and cultural identity [1] - The exhibition showcased commemorative wines from past expos and products sold in over 30 countries, reflecting the brand's international expansion [1] - The company utilized the World Manufacturing Conference platform to inject technology and cross-industry elements into the 2025 Autumn Brewing Cultural Week [1]

Core Viewpoint - The 2025 World Manufacturing Conference opened in Hefei, showcasing Gujing Gongjiu's commitment to "green brewing and intelligent manufacturing" through an immersive exhibition hall, which also served as a venue for the 12th Gujing Gongjiu Autumn Brewing Cultural Week [2][3] Group 1: Event Overview - The Autumn Brewing Ceremony adopted a "Bohzhou-Hefei" dual-city model, enhancing the cultural significance of Bohzhou as the origin of Gujing Gongjiu while leveraging Hefei's platform to elevate the event's national and international profile [3] - The ceremony included traditional elements such as the public worship of the wine god Cao Cao and the collection and auction of the first brew, revitalizing the ancient brewing method "Nine Fermentation Method" that has been in practice for over 1800 years [3] Group 2: Innovation and Technology - The exhibition hall served as a "miniature showcase" for Gujing Gongjiu's industrial upgrade strategy, emphasizing the theme of "green brewing and intelligent manufacturing" [4] - The hall featured a digital model "1+2+6+N" for intelligent manufacturing, allowing visitors to understand the quality control throughout the entire lifecycle from grain procurement to brewing [4] - The introduction of the "Gujing Light Health Society" marked a strategic shift from "liquor" to "liquor + health," creating a composite space for health drinks and cultural experiences [4] Group 3: Cultural Integration - The event integrated brand storytelling with national culture and modern life, reinforcing the brand's historical roots through traditional rituals and interactive games [6] - Gujing Gongjiu's internationalization was highlighted by showcasing products sold in over 30 countries, reflecting the brand's ongoing global expansion [6] - The company aims to combine "Chinese brewing" with "Chinese intelligent manufacturing," establishing an international image through the World Manufacturing Conference [6]

Group 1 - The core viewpoint of the article is that Meituan Flash Purchase has launched the first full-chain authenticity assurance system in the instant retail industry for liquor, focusing on genuine product guarantees and enhancing consumer trust in purchasing liquor [1] - Meituan Flash Purchase collaborates with over ten leading liquor brands, including Moutai, Fenjiu, Yanghe, and others, to promote intellectual property protection in the liquor industry and create a reliable shopping experience for consumers [1] - The initiative includes multiple service measures in pre-sale, post-sale, and delivery stages to ensure a healthy and trustworthy liquor ecosystem [1] Group 2 - Recently, Meituan Flash Purchase has begun piloting a "liquor authentication" service in select cities, partnering with authoritative testing organizations to provide visual authentication services for premium liquors [1] - The platform plans to connect with the official authentication resource database of liquor brands, establishing an online process for offline genuine product verification [1] - Consumers can utilize a 72-hour authentication service after receiving their products, with brands providing testing results that seamlessly integrate with the platform's compensation system to alleviate concerns about product authenticity [1]

Core Viewpoint - Gujing Gongjiu has launched the "Gujing Gongjiu Vintage Original Autumn Brewing Cultural Week," highlighting its commitment to traditional brewing techniques and responding to the restructuring of Chinese liquor culture [1][3]. Group 1: Event Highlights - The 2025 12th Gujing Gongjiu Vintage Original Autumn Brewing Ceremony took place from September 19 to 23, featuring a dual-city event in Bozhou and Hefei [1]. - The ceremony included a collaborative brewing effort among Gujing Gongjiu, Huanghelou Liquor, Mingguang Liquor, and Jiu Yun Liquor, emphasizing the theme of "brewing together" [1][3]. - The event showcased the release of several commemorative liquors, including the Gujing Gongjiu Vintage Original Year 20 Horse Year Commemorative Liquor and the 2025 Gujing Five Fragrance Snake Year Commemorative Liquor [3]. Group 2: Industry Context - Gujing Gongjiu has reported revenue and profit growth in the first half of the year, distinguishing itself as one of the few liquor companies to achieve this amid industry challenges [3]. - The company emphasizes a philosophy of "rooting down, growing up, meticulous cultivation, and steadfastness," reflecting its confidence and determination in the current market [3]. - The event aligns with the 2025 World Manufacturing Conference, where Gujing Gongjiu presented its theme of "Green Brewing and Intelligent Manufacturing," showcasing its commitment to innovation in the liquor industry [5][6]. Group 3: Cultural Significance - The autumn brewing ceremony has been held annually for 12 years, establishing itself as a brand-specific cultural event recognized by the China Alcoholic Drinks Association as a classic case of cultural operation in the liquor industry [6]. - The event featured various activities, including demonstrations of national intangible cultural heritage brewing techniques and interactive experiences, promoting the integration of traditional brewing with modern consumer experiences [5][6].

Core Viewpoint - Gujing Gongjiu is actively promoting its brand through the launch of the Autumn Brewing Cultural Week, emphasizing the integration of traditional brewing techniques with modern manufacturing practices [1][2]. Group 1: Event Highlights - The 2025 12th Gujing Gongjiu Autumn Brewing Ceremony took place from September 19 to 23, featuring a dual-city event in Bozhou and Hefei [1]. - The ceremony included the release of several commemorative wines, such as the Gujing Gongjiu Year-round Original Autumn 20 and the Year-round Original 30 for the Year of the Horse [2]. Group 2: Industry Positioning - Gujing Gongjiu is one of the few liquor companies that achieved both revenue and profit growth in the first half of the year, despite industry challenges [1]. - The company aims to transform the liquor economy into a new engine for regional development, enhancing the overall value of Chinese liquor production areas [1]. Group 3: Innovation and Experience - The company showcased a new immersive exhibition hall at the World Manufacturing Conference, highlighting the blend of traditional brewing and smart manufacturing [2]. - Gujing Gongjiu has created a "light health" consumption scene, integrating health drinks, cultural experiences, and interactive activities to enhance customer engagement [3]. Group 4: Cultural Significance - The annual Autumn Brewing Ceremony has become a brand hallmark for Gujing Gongjiu, recognized as a classic case of cultural operation in the Chinese liquor industry [3].