随着天气越发炎热，白酒进入消费淡季。不过，"618"大促活动下，线上白酒销售增长的同时，多款头 部名酒却跌破批发参考价(以下简称"批价")，白酒企业如何穿越这一轮周期引发思考。 库存高企、价格倒挂依然是当下白酒行业的特征。中国酒业协会6月发布的《2025中国白酒市场中期研 究报告》显示，当前白酒行业正处于调整期，在多重压力下，上半年批价整体表现较弱。 为迎合年轻消费群体，头部酒业有意发力低度酒。近期，五粮液（000858）等酒企均提到要推出20多度 的白酒。而在渠道方面，贵州茅台（600519）、洋河股份（002304）近期与头部电商座谈、发布新品等 举措，也被解读为更加重视线上渠道。 白酒降度能否成为拓展新群体的"利器"？头部酒企更加主动"拥抱"电商，又释放出哪些信号？在业内人 士看来，穿越周期就是"剩者为王"，前提则是保持营收增长。存量竞争下，拥抱创新，无疑是为开拓更 多消费群体和消费场景，但也意味着名酒企业下场"厮杀"，竞争会更加激烈，行业面临"洗牌"。 主动"拥抱"电商 新京报记者注意到，近两年，电商平台的大促活动，也是白酒价格大战最激烈的节点。尤其是2025 年"618"大促，作为白酒价格风向标的飞 ...

Core Insights - The 618 shopping festival has concluded, leading to varied price movements in the white liquor market, with some products experiencing price increases while others continue to decline [1][2][3] Price Trends in Major Cities - In Guangzhou, among 21 sampled white liquor products, 9 saw a decrease in average retail price, while 8 experienced an increase, and 4 remained unchanged [2] - Notably, high-end products like Moutai and Guojiao 1573 have seen price drops, with Moutai's average retail price falling to approximately 2304 RMB, a decrease of about 100 RMB from the previous period [2][3] - In Shenzhen, Moutai's average retail price is reported at 2298.5 RMB, with a notable decline in several high-end products due to ongoing market pressures [7][10] - East Dongguan's market shows a mixed trend, with 9 products increasing in price and 5 decreasing, highlighting the volatility in high-end liquor pricing [12][13] Online vs. Offline Pricing - Online platforms, particularly instant retail channels, are showing lower prices compared to offline supermarkets, with Moutai priced at 2229 RMB online, which is about 75 RMB lower than the overall average [3][8] - The price discrepancies between online and offline channels are significant, with products like Junpin Xijiu and Qinghua Lang being sold for much lower prices online compared to their offline counterparts [3][8] Impact of Regulatory Changes - The ongoing "ban on alcohol" has significantly impacted sales, particularly in high-end segments, leading to price reductions as businesses attempt to stimulate demand [9][10] - The combination of the 618 festival and regulatory changes has created a challenging environment for liquor companies, as they navigate maintaining sales volume and pricing stability [1][17] Summary of Average Prices - The average prices for key products as of July 4th are as follows: - Moutai: 2367.62 RMB [19] - Wuliangye: 1010.27 RMB [19] - Junpin Xijiu: 833.17 RMB [20] - Qinghua Lang: 943.11 RMB [20] - Guojiao 1573: 993.42 RMB [20]

来源：雪球 酒业家有一篇报道 ， 对禁酒令之后的经销商状况进行了调研 ， 看着确实不太好过 。 我总结下文中结论 ： ①行业整体下滑 ： 政策实施首月 ， 山东省白酒行业整体营收下滑 18.7% ， 区域龙头景芝 、 扳倒井等高端产品线销量暴跌 35%-40% ， 渠道库存周转周期从 45 天延长至 120 天 。 6 月 作为政策影响下的首个完整月 ， 多数酒商销售额 、 利润环比 5 月下滑 30% - 50% 以上 ， 中国酒业协会数据显示 ， 上半年 59.7% 的酒类企业利润率下降 ， 6 月因淡季 、 618 电商冲 击及 " 禁酒令 " 叠加 ， 出现量价齐跌 。 ②消费场景明显减少 ： 餐饮场景 、 " 谢师宴 " " 升学宴 " 等宴席受冲击显著 ， 广东等地谢师 宴几乎停摆 ； 政商务团购下滑明显 ， 体制内聚会减少 ， 国企接待受影响 。 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 浩然斯坦 今年 5 月的禁酒令 ， 与 2012 年的情况相比 ， 有本质不同 。 2012 年那回是从 0 到 1 的变化 ， 影响大 ； 这之后每年其实都 ...

证券之星食品饮料行业周报：2025年6月30日-2025年7月4日，沪深300指数上涨1.54%，申万食品饮料指数上涨0.31%。前五大上涨个股分别为：煌上煌 （002695）、酒鬼酒（000799）、金字火腿（002515）、莫高股份（600543）、安记食品（603696）。 机构观点 国投证券本周观点(含个股)： 今年以来新消费(低度酒、饮料、零食、乳品)股价表现显著强于传统消费(白酒、啤酒)，股价上涨驱动为：1)渠道收入数据高增；2)新品起量预期。低基数及 原材料成本下降背景下，Q2食饮利润端压力不大，重点关注收入边际变化、产品结构、新品α。大众品配置优先级高于白酒。关注燕京啤酒（000729）、珠 江啤酒（002461）、万辰集团（300972）、卫龙美味、西麦食品（002956）、立高食品（300973）、新乳业（002946）、妙可蓝多（600882）、东鹏饮料 （605499）、李子园（605337）、莲花控股（600186）。 天风证券本周建议(含个股)： 【酒类板块】建议关注强α&持续享受集中度提升红利的酒类酒企：山西汾酒（600809）/贵州茅台（600519）/燕京啤酒等。 【大众品】 ...

Market Overview - The FTSE China A50 Index components showed a mixed performance with banking, liquor, semiconductor, and logistics sectors rising, while non-ferrous metals and chemical pharmaceuticals sectors weakened [1] - BYD's stock price fell over 1% [1] Sector Performance Banking Sector - Major banks like China Pacific Insurance, Ping An Insurance, and China Life Insurance reported market capitalizations of 382.98 billion, 357.30 billion, and 1,030.15 billion respectively, with trading volumes of 9.81 million, 36.96 million, and 7.85 million [3] Liquor Industry - Key players such as Kweichow Moutai, Shanxi Fenjiu, and Wuliangye had market capitalizations of 1,786.59 billion, 214.35 billion, and 467.31 billion respectively, with trading volumes of 40.87 million, 10.51 million, and 20.49 million [3] Semiconductor Sector - Companies like Northern Huachuang, Cambricon Technologies, and Haiguang Information had market capitalizations of 241.84 billion, 229.03 billion, and 315.09 billion respectively, with trading volumes of 24.36 million, 31.12 million, and 15.15 million [3] Automotive Sector - BYD, Great Wall Motors, and Beijing-Shanghai High-Speed Railway had market capitalizations of 1,818.73 billion, 186.84 billion, and 278.88 billion respectively, with trading volumes of 34.54 million, 4.39 million, and 5.94 million [3] Oil Industry - China Petroleum, Sinopec, and COSCO Shipping had market capitalizations of 239.78 billion, 688.67 billion, and 1,573.98 billion respectively, with trading volumes of 8.63 million, 6.43 million, and 7.64 million [3] Coal Industry - Major companies like China Shenhua and Shaanxi Coal and Chemical Industry had market capitalizations of 187.79 billion and 815.60 billion respectively, with trading volumes of 12.39 million and 6.45 million [3] Power Industry - Key players such as Yangtze Power and China Nuclear Power had market capitalizations of 360.33 billion and 737.96 billion respectively, with trading volumes of 20.49 million and 8.29 million [4] Food and Beverage Sector - Companies like Citic Securities, Guotai Junan, and Haitian Flavoring had market capitalizations of 409.94 billion, 340.96 billion, and 226.93 billion respectively, with trading volumes of 28.30 million, 3.94 million, and 16.84 million [4] Consumer Electronics - Industrial Fulian, Luxshare Precision, and Gree Electric Appliances had market capitalizations of 472.85 billion, 255.90 billion, and 242.55 billion respectively, with trading volumes of 30.57 million, 77.50 million, and 25.48 million [4] Chemical Products - Companies like Wanhua Chemical and SF Holding had market capitalizations of 239.20 billion and 271.34 billion respectively, with trading volumes of 12.28 million and 8.32 million [4] Construction and Engineering - China State Construction and Zijin Mining had market capitalizations of 532.88 billion and 166.95 billion respectively, with trading volumes of 27.26 million and 8.53 million [4]

Industry Dynamics - In the first five months of 2025, China's overall wine imports weakened, with a total import value of $1.37 billion, a year-on-year decrease of 14.3%, while the total volume reached 290 million liters, a slight increase of 0.94% [4] - Conversely, wine exports expanded, totaling $830 million, a year-on-year increase of 8.6%, with a total volume of 390 million liters, up 30.1% [4] - The wine, beverage, and refined tea manufacturing industry saw a profit increase of 4.3% year-on-year, with total profits reaching 116.49 billion yuan [4] - The 2025 Wine Tourism Conference was held in Yantai, focusing on promoting Yantai as a global wine tourism destination [4] Company Dynamics - Kweichow Moutai announced a share repurchase plan, having repurchased shares worth 5.202 billion yuan, accounting for 0.2692% of the total share capital [8] - Multiple liquor companies are entering the low-alcohol segment, with Wuliangye and Luzhou Laojiao planning to launch new low-alcohol products [8] - Shanxi Fenjiu declared a cash dividend of 4.392 billion yuan, with a distribution of 3.60 yuan per share [9] - Kuozi Jiao provided insights on its "Jian Series" pricing strategy, indicating stable prices for lower-end products while high-end products did not meet expectations [9] - Nü'er Hong launched a new Longjing Huangjiu, combining tea and wine cultures [9]

NO.1 曾从钦：厂商共建一流价值创造和交付体系 据五粮液集团微信公众号消息，7月1日，五粮液集团（股份）公司党委书记、董事长曾从钦率队先后到 访北京朝批商贸股份有限公司、北京糖业烟酒集团有限公司，认真倾听商家声音、回应市场关切、深化 业务合作。座谈会期间，各方围绕当前消费趋势变化、北京区域市场态势、五粮液品牌发展规划和未来 市场潜力等议题展开深入交流。 曾从钦表示，面对当前市场环境变化，厂商双方要进一步加强协作，共同应对挑战，把握发展机遇，合 力谱写厂商共赢发展新篇章。五粮液将与经销商伙伴深化战略合作，在共建厂商生态、创新消费场景、 提升消费体验等方面共同努力，合力建设一流的价值创造和交付体系，为消费者提供更优质的产品和服 务。 NO.3 商务部：对欧盟白兰地反倾销调查将于近日作出最终裁决 商务部7月3日举行例行新闻发布会。会上，有记者提问：中国是否计划在本月稍晚举行的中欧领导人峰 会前再次延长对欧盟白兰地进口的调查，还是目前已实施的39%临时关税将转为永久性关税？ 商务部新闻发言人何咏前表示，这个问题涉及到中方对原产于欧盟的进口相关白兰地反倾销调查。此 前，我们多次回应过相关问题。根据中国法律和世贸组织规 ...

该产品将"金榜题名"这一传统文化符号转化为现代消费场景，在精准满足消费者庆贺与祝福的核心消费 需求的同时，为庆功酒创立了新的标杆，更为五粮液创造市场新增量打开了新空间。 五粮液上新"祝君金榜题名"酒，精准卡位考试庆功场景 古往今来，"金榜题名"便是人生至喜，设宴庆贺、以酒感恩是不可或缺的仪式。 到今天，"考试庆功"已经发展成为极具消费活力的细分领域，其消费场景也愈发多样，如高考升学、考 研登科、职场晋升、考公上岸等。 "金榜题名"是人生中极为重要的时刻，作为这一时刻的庆功酒，其意义不言而喻。在此背景下，五粮液 针对这一消费场景专属打造的高端文化酒——"祝君金榜题名"酒应运而生。 金榜题名，被誉为人生四大喜事之一。 伴随着高考的结束，莘莘学子们也即将迎来"金榜题名"的人生高光时刻。而自古以来，每逢喜事，美酒 便是人们表达喜悦、承载祝福的绝佳载体。 因此，这样一款兼具多重价值的专属场景庆功酒，无论是送人，还是收藏，都是极具纪念意义的珍贵礼 物。 有消费者表示，五粮液"祝君金榜题名"酒可以说是当代的"状元酒"，是家中长辈对子孙后代学业有成、 事业腾飞的寄托之物，在子孙后代生日、升学等人生重要时刻进行封藏，待到18岁 ...

富时中国A50指数连续 金十图示：2025年07月03日（周四）富时中国A50指数成分股今日收盘行情一览：证券、消费电子、家电等板块收高，石油、煤 炭等板块收低，银行、保险等板块涨跌不一 -0.01(-0.18%) +0.06(+0.71%) +0.03(+0.71%) 保险 中国太保 中国平安 12,000 中国人保 电机 3825.38亿市值 3573.96亿市值 10161.31亿市值 5.06亿成交额 18.17亿成交额 6.14亿成交额 55.80 37.15 8.65 +0.03(+0.08%) -0.01(-0.02%) -0.04(-0.46%) 酸酒行业 贵州茅台 五粮液 山内对酒 17782.74亿市值 2142.50亿市值 4643.18亿市值 34.57亿成交额 10.02亿成交额 14.64亿成交额 1415.60 175.62 119.62 +6.00(+0.43%) 0.00(0.00%) +0.44(+0.37%) 术学体 北方华创 寒武纪-U 海光信息 HYGON 2368.09亿市值 2289.63亿市值 3146.22亿市值 13.25亿成交额 21.74亿成交额 12. ...

【酒食日报】7月2日 星期三 1、顾宇已任洋河股份党委书记2、五粮液亮相APEC工商领导人峰会全球推介会 3、摘要酒·元曲发布4、俄罗斯"茅友"走进茅台5、郎酒河南市场冲刺50亿元 顾宇已任洋河股份党委书记7月2日，洋河股份官网显示，顾宇已任江苏洋河酒厂股份有限公司（苏酒集 团）党委书记。公开资料显示，顾宇，1978年5月出生，汉族，党校研究生学历，中共党员，此前任宿 迁市宿城区委副书记、区长、区政府党组书记。五粮液亮相APEC工商领导人峰会全球推介会 6、赖茅发布电商平台售假消费提示 7、西凤酒亮相韩国葡萄酒与烈酒博览会 8、国内现存啤酒相关企业6.59万家 6月30日，以"共筑亚太发展新愿景"为主题的2025年APEC工商领导人峰会全球推介会（以下简称"推介 会"）在北京举行。五粮液再度携手APEC，正式成为2025年APEC工商领导人峰会"铂金级赞助商"，继 续为亚太筑牢发展同心圆、推动全球包容性增长与可持续发展贡献和美力量。推介会期间，五粮液聚 焦"同心圆"元素打造特色展台，并以"种、酿、选、陈、调"美酒五字诀深度解码"和美文化"内涵。 摘要酒·元曲发布 6月30日，贵州摘要酒公众号发布消息，摘要诗酒 ...