白酒行业迎来中秋、国庆"双节"旺季。《证券日报》记者近日走访北京多家烟酒专卖店、商超等终端了 解到，不少白酒品牌已开启节日促销。 中秋、国庆期间的白酒销量通常要占到酒厂全年销量的20%甚至30%。为抢抓这一黄金窗口期，进入9 月份，酒厂纷纷展开"双节"动销活动。但相对于酒厂高涨的促销热情，下游酒商们的备货意愿却偏向谨 慎。 "今年中秋经销商渠道都在想尽办法去库存，进货意愿比较低。"一位常年代理白酒销售的经销商向《证 券日报》记者直言。 欧阳千里对记者表示，终端多数分销商被称为批发商，并不具备品牌白酒的代理资格，再加上行情不 稳，他们寄希望于收到订单，再向上游经销商进货，而非提前备货。 事实上，整体来看，白酒的价格仍呈下行态势。据泸州·中国白酒商品批发价格指数办公室发布的数据 显示，2023年9月上旬，全国白酒环比价格总指数为99.91，下跌0.09%。从分类指数看，名酒环比价格 指数为99.91，下跌0.09%；地方酒环比价格指数为99.86，下跌0.14%；基酒环比价格指数为100.00，保 持稳定。 酒厂备战"双节" "中秋、国庆加上春节，合计销量基本能占到一年的60%至70%。"一家位于贵州的酒厂相关负 ...

格隆汇8月11日｜A股市场白酒股走强，其中，古井贡酒涨超6%，伊力特涨超5%，山西汾酒、迎驾贡酒 涨超4%，舍得酒业、水井坊涨超3%，泸州老窖、金徽酒、皇台酒业、酒鬼酒、贵州茅台涨超2%。 国 泰海通证券发布研报称，政策变量加速白酒行业出清，当下产业加速向业绩底迈进，预计最早在2026上 半年有望达到业绩底，结合批价等高频信号，白酒股价有望先于需求侧出现趋势级拐点；同时，产业逻 辑在颠覆中重塑，份额逻辑将逐步取代量价逻辑，长周期下，把握白酒的"类债资产" 属性。 ...

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for the sector [4]. Core Insights - The report highlights that the liquor industry is gradually releasing pressure from distribution channels, indicating a potential for future growth. It suggests focusing on three main lines: leading brands, high-certainty regional liquors, and elastic stocks benefiting from recovery and increased risk appetite [1][2]. - The snack sector shows significant growth potential, with companies like Yanjing Beer and Zhujiang Beer being highlighted for their strong performance. The report emphasizes the importance of channel leadership and growth potential in selecting stocks [3][6]. Summary by Sections Liquor Industry - The report notes that the liquor industry is experiencing a deep adjustment, shifting from scale growth to high-quality development. It emphasizes the importance of brand strength and strategic initiatives to capture new consumer trends [2]. - The expected revenue for Zhenjiu Lidong in H1 2025 is projected to be between 2.4 billion to 2.55 billion yuan, reflecting a year-on-year decline of 38.3% to 41.9% due to economic uncertainties and policy impacts [2]. Beer and Beverage Sector - The beer segment shows promising results, with Huiquan Brewery reporting a revenue of 351 million yuan in H1 2025, a year-on-year increase of 1.03%, and a net profit of 40 million yuan, up 25.52% [3]. - Unified Enterprises China achieved a revenue of 17.087 billion yuan in H1 2025, representing a 10.6% year-on-year growth, with a net profit of 1.287 billion yuan, up 33.2% [3]. Snack Sector - The snack sector is highlighted for its recovery in stock prices, with expectations for continued high growth due to new product launches and channel transformations. The report notes a narrowing decline in raw milk prices, which may positively impact the dairy segment [6].

Core Viewpoint - The white liquor sector continues to show weak rebound momentum due to persistent demand-side issues, with the Wind white liquor index rising only 0.78% this week, significantly lower than the Shanghai and Shenzhen indices [1] Industry Summary - The white liquor sector is transitioning from a volume-price logic to a share logic, leading to weakened growth potential for most stocks in the sector. White liquor may no longer be considered a cyclical growth stock, with a few stocks becoming "quasi-debt assets" due to competitive advantages, making stable ROE increasingly important for pricing [1][5] - Despite a slight increase in the white liquor index this week, several companies, including Jinshiyuan, Shunxin Agriculture, Jinzongzi Liquor, Shede Liquor, and Huangtai Liquor, saw their stock prices decline. Jinshiyuan reported significant operational difficulties, indicating that the industry is unlikely to see a turnaround in the short term [4][5] Company-Specific Summary - *ST Yanshi and *ST Yedao have experienced significant stock price fluctuations due to restructuring expectations, with market speculation evident [3] - *ST Yanshi's actual controller is under criminal investigation, which may lead to a change in company control if the judicial disposition of his shares occurs. *ST Yedao is backed by state-owned assets in Haikou, with the CSRC supporting state-led restructuring of troubled companies [4] - Jinshiyuan has reported a decline in terminal sales growth in June and July compared to April and May, primarily due to policy factors and seasonal influences. The company anticipates a substantial industry recovery may not occur until the second half of 2026 [5]

Core Viewpoint - The company is facing performance pressure due to a weakened demand in the liquor industry and is undergoing a transformation period, focusing on C-end sales to drive growth [1] Group 1: Industry Challenges - The liquor industry is still in an adjustment phase, with a noticeable decline in consumption demand and intensified competition, leading to a more pronounced Matthew effect [1] - High-end liquor demand has significantly decreased in recent years due to the industry's weak cycle [2] Group 2: Company Strategies - The company has initiated a comprehensive market assessment and is enhancing market development through a "雷扫行动" (雷扫行动) to improve service and management levels [1] - The company has launched a "二低一小" (two low and one small) product strategy to cater to diverse market demands, focusing on low-end liquor, low-alcohol liquor, and small-sized products [1][2] - The low-end liquor strategy aims to leverage increased base liquor capacity to support mid-to-low-end product offerings, emphasizing cost-effectiveness [2] - The low-alcohol liquor strategy targets younger consumers with products that have lower alcohol content but rich flavors [2] - The small-sized product strategy focuses on expanding restaurant channels to reach more consumers and promote the brand's unique flavor [2] Group 3: Marketing and Brand Development - The company is adjusting its marketing strategy to focus on themes such as education, marriage, and sports events, enhancing the precision of marketing expenditures and sales conversion effectiveness [1] - A collaboration with the brand "胖东来" has been established to create a product that aligns with both companies' cultural values, emphasizing freedom and quality [2] Group 4: Financial Management - To maintain terminal sales, the company plans to invest in promotional activities such as scan-to-redeem red envelopes and banquet policies, which may lead to a decrease in net profit margin due to discrepancies between distributor and actual terminal sales [3]

北京商报讯 （记者 刘一博 冯若男）8月7日早盘，沪指3638.40点上涨0.12%。白酒板块午盘2208.19点收 盘，上涨0.4%，其中15只白酒股上涨，酒鬼酒3.03%领涨白酒股。 从个股来看，贵州茅台收盘价达1424.84元/股，上涨0.07%；五粮液收盘价达122.95元/股，上涨0.65%； 泸州老窖收盘价达128.98元/股，上涨1.10%；洋河股份收盘价达68.98元/股，上涨0.26%；山西汾酒收盘 价达181.96元/股，下跌0.08%。 天风证券在其研报中表示，2025年上半年，经济和政策双重影响下白酒行业迎4大变化，产品矩阵变 化，在低度化、年轻化、高性价比趋势下，酒企相继重视低度产品序列化、中档价位序列化布局工作、 产品品质升级。此外，酒企通过组建平台公司加强渠道掌控，拥抱新渠道平衡线上线下。不仅如此，酒 企还打破"红包"内卷，侧重培育新场景、新人群。目前，头部酒企均以渠道健康&中长期发展为方向， 理性看待业绩增速目标。 ...

证券日报网讯酒鬼酒8月6日在互动平台回答投资者提问时表示，2025年，公司以"一切为了高质量销 售"为核心，强化团队作风建设，以完成全年任务为目标，实现销售质量的提升。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯酒鬼酒8月6日在互动平台回答投资者提问时表示，酒鬼·自由爱产品自上市以来受到市场 高度关注，供不应求，公司正加紧生产与配送，确保供应稳定。 ...

近日，胖东来超市及其官方线上渠道同步开售一款由酒鬼酒与胖东来共同打造的白酒——酒鬼自由爱。这款延续酒鬼酒经典麻袋式包装、单瓶容量 550ml、零售价200元（一箱6瓶售价1200元）的产品，迅速引发抢购热潮。自上市以来迅速售罄，单瓶价格在二手平台被炒至245元，甚至出现黄牛雇佣 多人、使用多个会员账号绕过限购政策的现象。胖东来创始人于东来公开宣称，其酒质相当于市场上售价600元左右的白酒。这场看似荒诞的"抢酒大 战"，实则是胖东来独特商业逻辑的集中爆发，折射出中国零售业在消费分级时代的深层变革。 品质革命：从"价格战"到"价值战"的跃迁 酒鬼自由爱的核心竞争力在于其品质的颠覆性升级。酒鬼酒作为馥郁香型白酒的开创者，其酿造工艺堪称行业标杆：采用湘西地下100米富硒富锶泉水， 原料精选湖南大米、内蒙古粳高粱、湘西糯高粱、湖北糯米、河南小麦、东北玉米的黄金组合，历经173道工序与"13526"工艺密码（整粒泡粮1天1夜、清 蒸3次润拌、5重增香、移位双轮发酵、清烧六类取酒），最终形成"前浓、中清、后酱"一口三香的独特风格。 胖东来的介入进一步强化了品质管控。其"东来严选"标准要求酒鬼酒对生产、包装、灌装车间进行现代 ...

Group 1 - The company acknowledges the success of Kuaijishan Huangjiu in developing new products that cater to modern consumer demands and expresses intent to learn from industry successes [1] - The company has initiated a phased product strategy termed "two lows and one small," which includes low-end liquor strategy, low-alcohol liquor strategy, and small liquor strategy to meet diverse market needs [1]