高端引领：携手米其林指南对话全球餐饮圈层 2024年9月23日，法国巴黎，五粮液与米其林指南正式缔结全球合作伙伴关系，成为行业唯一米其林指 南全球合作伙伴，开启中国白酒品牌国际化全新探索。签约落地后，五粮液系统性嵌入"顶级美酒搭配 世界多元美食"的核心场景，实现了中国白酒与全球顶级餐饮资源的深度对接。 当长江之头的千年浓香邂逅全球餐桌的多元风味，中国白酒龙头企业五粮液正以"美酒+美食"的创新融 合模式，重塑中国白酒的全球叙事。 2025年，在行业消费结构与市场格局加速变革的背景下，五粮液深耕全球布局、拓展多元场景、传递东 方文化，开辟出一条兼具高度、深度与温度的国际化新路径，让"大国浓香"跨越国界，深度融入全球生 活方式。 除了携手米其林指南实现高端破圈外，五粮液还以"五粮液大酒家"与"五粮·炙造"新潮体验店的双轨布 局，让"大国浓香"从高端宴席下沉至日常场景，与米其林指南合作形成互补，构建从高端宴请到日常消 费、从经典传承到潮流表达的全场景覆盖体系，推动"大国浓香"融入多元生活场景。 在海外市场，五粮液大酒家成为文化传播与情感交流的重要窗口。2025年9月，继日本东京、中国香港 之后，新加坡五粮液大酒家正式 ...

Group 1 - The core viewpoint of the articles indicates that the Chinese liquor market, particularly the baijiu segment, is experiencing significant price declines and a shift from high growth to deep adjustment due to changing market demand structures and increased competition [1][2][3][4] - As of January 19, 2026, the retail prices of major baijiu brands have dropped significantly, with Feitian Moutai down 30.63% to 1540 yuan per bottle and Wuliangye down 10.53% to 850 yuan per bottle compared to early 2025 [1] - The overall revenue and net profit of 20 A-share listed baijiu companies fell by 5.90% and 6.93% respectively in the first three quarters of 2025, with cash flow from operating activities down 20.85% [2] - Inventory pressure is rising, with total inventory increasing by 11.32% year-on-year to 170.686 billion yuan, indicating a transition from high growth to deep adjustment in the baijiu industry [2] Group 2 - In response to market pressures, companies like Kweichow Moutai and Wuliangye are actively lowering prices to reduce inventory, with Moutai's products seeing price cuts of over 1000 yuan [3] - The changing consumption patterns, particularly among younger consumers, are leading to a decline in traditional high-end consumption, making price reductions an irreversible trend in the industry [3][4] - Goldman Sachs predicts that the baijiu industry may find a bottom in the second half of 2026, driven by a recovery in high-end banquet and business demand, although financial pressures are expected to intensify in the first half of 2026 [4] - The industry is expected to undergo a transformation towards high-quality development, focusing on high cost-performance products, targeting emerging consumer groups, and leveraging digital technology for better channel management [4]

Group 1 - The core viewpoint of the report indicates that the food and beverage industry experienced a downturn in performance and stock prices in 2025, with revenue growth slowing and net profit declining for the first time [2][16][23] - The food and beverage sector's revenue for the first three quarters of 2025 was 831.395 billion yuan, a year-on-year increase of only 0.14%, while net profit decreased by 4.57%, ranking 20th and 21st among 31 industries respectively [16][20] - The stock prices of the food and beverage sector fell by 4.72% from January to November 2025, placing it at the bottom of the performance rankings among the 31 industries [23][27] Group 2 - In the liquor industry, the report notes that channel destocking and low valuations combined with high dividend yields provide support for stock prices, despite a challenging environment due to policy impacts [3][36] - The report predicts that the white liquor industry will enter a "volume-price double kill" phase, characterized by intensified competition and market consolidation [3][36] - The report highlights that the beer sector is expected to see marginal improvements in 2026 due to cost advantages and a recovery in on-premise consumption [4][36] Group 3 - The dairy sector is experiencing a recovery in demand, with low-temperature and deep-processed dairy products showing positive growth, while the overall profitability of dairy companies varies significantly [4][9] - The condiment industry is evolving towards customization driven by the rise of chain restaurants and strong retail channels, with a focus on companies that can meet tailored demands [4][9] - The frozen food sector is expected to return to positive growth as price wars ease, with companies like Anji actively exploring new sales channels [4][9] Group 4 - The soft drink market is primarily driven by functional beverages, which are seen as a high-growth segment, while the overall market growth is expected to rely on structural upgrades [4][9] - The snack industry is facing challenges with "revenue without profit," and companies with health-oriented products and strong channel advantages are recommended for attention [4][9]

（原标题：五粮液1月19日大宗交易成交200.22万元） 五粮液1月19日大宗交易平台出现一笔成交，成交量1.90万股，成交金额200.22万元，大宗交易成交价为 105.38元，相对今日收盘价溢价0.79%。该笔交易的买方营业部为光大证券股份有限公司宁波柳汀街证 券营业部，卖方营业部为光大证券股份有限公司宁波柳汀街证券营业部。 进一步统计，近3个月内该股累计发生4笔大宗交易，合计成交金额为2.33亿元。 两融数据显示，该股最新融资余额为59.99亿元，近5日增加1.25亿元，增幅为2.13%。 据天眼查APP显示，宜宾五粮液股份有限公司成立于1998年04月21日，注册资本388160.8005万人民 币。（数据宝） 1月19日五粮液大宗交易一览 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 证券时报•数据宝统计显示，五粮液今日收盘价为104.55元，下跌0.58%，日换手率为0.47%，成交额为 19.08亿元，全天主力资金净流出1.74亿元，近5日该股累计下跌3.68%，近5日资金合计净流出7.42亿 元。 | | 成交金 | | 相对当 日 | | | | --- | --- | -- ...

Group 1: Market Performance - A-shares experienced a slight increase with the consumer sector performing well, as evidenced by the leading consumer ETF (159928) rising by 0.39% and achieving a trading volume exceeding 360 million yuan [1] - The consumer ETF has seen a net subscription of 28 million units today, accumulating over 1.6 billion yuan in the past five days [1] Group 2: Economic Data - The National Bureau of Statistics reported that China's GDP for the year reached 14,018.79 billion yuan, reflecting a 5% growth year-on-year at constant prices [3] - In December 2025, the retail sales of consumer goods grew by 0.9% year-on-year, a decrease of 0.4 percentage points compared to November [3] - The per capita disposable income for residents in 2025 was 43,377 yuan, marking a nominal increase of 5% year-on-year, with a real growth of 5% after adjusting for price factors [3] Group 3: Consumer Trends and Policies - The focus on enhancing service consumption is evident, with a CAGR of approximately 9.6% in per capita service consumption from 2020 to 2024, expected to reach 46.1% of total consumption by 2024 [7] - The government aims to boost domestic demand and has outlined key tasks for 2026, emphasizing the importance of "domestic demand as the main driver" [3][7] - Policies are expected to support sectors such as elderly care, cultural tourism, and sports, with a focus on new consumption scenarios and enhancing service quality [4][8] Group 4: Investment Opportunities - The consumer ETF (159928) is noted for its resilience across economic cycles, with a TTM price-to-earnings ratio of 18.91, which is lower than 99% of the historical data over the past decade [4][9] - The top ten holdings in the consumer ETF account for over 68.55% of its weight, with significant representation from leading liquor brands and agricultural companies [9][10] - The Hong Kong Stock Connect Consumer 50 ETF (159268) is highlighted as an efficient investment vehicle for the consumer sector, particularly appealing to the younger generation [10]

过去一年多来，这家源自中国四川的白酒企业，从长江之头宜宾的古老窖池出发，以行业唯一"米其林 指南全球合作伙伴"身份，点亮了全球超过18个城市的米其林指南系列活动，让"中国生产的烈酒"变 为"能与全球顶级美食对话的高端佐餐佳酿"，更在宜宾、杭州、新加坡等地接连落地"五粮·炙造"潮饮 店和五粮液大酒家，构建起一个从顶级星厨到街头潮饮的完整体验生态，创新开辟了一条兼具高度、深 度与温度的国际化新道路。 当米其林星厨以五粮液为灵感"点燃"法式龙虾的瞬间，一场关于中国白酒以全球美食为舞台的"和美"叙 事，正持续铺展。 从巴黎塞纳河畔到新加坡滨海湾，从东京银座到杭州西湖，中国白酒品牌五粮液正用横跨全球的"顶级 美酒搭配多元顶级美食"之旅，不断融入"世界餐桌"，逐步重塑中国白酒在世界餐桌上的角色，推动中 国白酒全球化的新征程。 高端对话：携手米其林，参与全球餐饮叙事 2024年9月，法国巴黎，五粮液与米其林指南的全球合作签约仪式举行，其成为行业唯一米其林指南全 球合作伙伴，一场全球顶级"美酒+美食"之旅正式启程，开启了中国白酒品牌国际化路径的全新探索。 此后，五粮液的身影陆续出现在东京、新加坡、伦敦、巴黎、纽约、旧金山等超 ...

Core Viewpoint - The white liquor sector is showing signs of stabilization, with the current market conditions indicating that the industry fundamentals are nearing a bottom, despite recent price declines [1] Industry Summary - The Shanghai Composite Index closed at 4114.00 points, up 0.29%, while the white liquor sector index closed at 2214.03 points, up 0.74% [1] - Ten white liquor stocks experienced gains, but major players like Kweichow Moutai, Wuliangye, Shanxi Fenjiu, Luzhou Laojiao, and Yanghe all saw declines in their stock prices [1] - Kweichow Moutai closed at 1376.00 CNY per share, down 0.43%; Wuliangye at 104.55 CNY, down 0.58%; Shanxi Fenjiu at 169.36 CNY, down 1.75%; Luzhou Laojiao at 113.59 CNY, down 0.60%; and Yanghe at 61.99 CNY, down 0.02% [1] Company Insights - According to a report from Kaiyuan Securities, the white liquor industry is expected to see a recovery in sales during the 2026 Spring Festival, despite the current downward trend in prices [1] - The report emphasizes the importance of monitoring economic recovery, consumer confidence restoration, and the flexibility of brand policy adjustments in the medium to long term [1] - The current valuation of the white liquor sector is at a low point compared to recent years, with low market expectations and a favorable chip structure, indicating that the fundamentals are close to a bottom [1]

Core Insights - The Chinese liquor industry is facing both challenges and opportunities in the current transformative era, necessitating a reevaluation of its development strategies [1] Group 1: Consumer Trends - Consumers are increasingly prioritizing health, leading to a decline in the market share of high-alcohol, strong-flavored liquors. The market growth rate for low-alcohol and health-oriented liquors is rising annually [3] - Companies are encouraged to develop lower-alcohol and healthier liquor products to align with consumer preferences, as exemplified by Jiangxiaobai's introduction of a lower-alcohol product targeting younger consumers [3] Group 2: Marketing Strategies - Traditional marketing methods are becoming less effective; online shopping has emerged as a significant channel for liquor purchases. Companies should enhance their online marketing efforts through e-commerce platforms and social media [5] - Notable brands like Moutai and Wuliangye have established official flagship stores on e-commerce platforms and utilized live streaming and online promotions to attract consumers [5] Group 3: Cultural Integration - The liquor industry must balance the preservation of traditional culture with innovative integration. Companies can leverage historical stories and cultural references in product packaging and branding [7] - Collaborations with other cultural sectors, such as film, music, and art, can create unique liquor brands that resonate with modern consumers, as seen with Luzhou Laojiao's partnership with a fashion brand [7] Group 4: Industry Outlook - The liquor industry must adapt to changing consumer demands for health and youthfulness by developing new products, embracing online marketing, and merging traditional culture with contemporary elements [7] - Continuous adaptation to market changes is essential for the liquor industry to remain competitive and thrive in the future [7]

当一位新加坡米其林星厨在构思新菜单时，正在将中国白酒作为风味拼图中一块充满惊喜的"香料"。在 他手中，一杯五粮液（000858）可能被用来平衡炙烤龙虾的鲜甜，其复杂的谷物香气与焦糖尾韵，成为 解锁食材深层风味的"钥匙"。 基于味蕾本能、超越文化的中国白酒体验，正发生在全球越来越多顶级餐厅中。五粮液正以一场系统性 的"美酒+美食"全球行动，悄然改写中国白酒的国际叙事，开辟出一条从顶级餐桌过渡到日常生活的新 道路。 "餐酒场景" 全链融合 构建可感知的"中式体验"新范式 五粮液的海外活动逻辑清晰，通过米其林指南发布等大型活动让海外消费者认识白酒；通过高端私宴及 授权体验餐厅的定制菜单，让食客在极致搭配中体验白酒；再通过侍酒师专业讲解"五步品酒法"，以及 与米其林星厨大师课的深度结合，传播酿造工艺，使消费者从理性上认可白酒，形成可持续的品牌认同 及消费者培育循环。 所有体验的目的是建立情感与文化认同。五粮液将自身"各味谐调"的酿艺哲学升华为"和美"文化内核， 并通过"美食"这一世界通用语言进行传递。这使得五粮液超越了一种烈酒产品，成为能激发情感链接 的"中国味道"符号。 以食为天 以酒为引 烹调白酒文化的全球新叙事 ...

Core Insights - The article highlights a significant decline in the retail prices of major Chinese liquor brands, indicating a market under pressure with prices hitting a two-month low [1][8] - The overall market shows a trend of eight products decreasing in price while only two products increased, reflecting ongoing inventory reduction challenges within the industry [1][8] Price Trends - The average retail price of the top ten liquor products fell to 8,871 yuan, a decrease of 35 yuan from the previous day [1][7] - The price drop is characterized by specific products: - Qinghua Lang led the decline with a drop of 20 yuan - Guojiao 1573 followed with a decrease of 12 yuan - Yanghe Dream Blue M6+ fell by 5 yuan - Other notable declines include 4 yuan drops for Gujing Gong and Qinghua Fen, and 3 yuan drops for Xijiu Junpin and Feitian Moutai [1][8] Market Data Collection - The "Wine Price Reference" collects data from approximately 200 sampling points across various regions, including designated distributors, social distributors, e-commerce platforms, and retail outlets, ensuring a comprehensive and objective price tracking system [2][8] - The data aims to provide a scientifically traceable overview of the market prices for well-known liquor brands [2][8] New Sales Channels - The introduction of new sales channels, such as the official i-Moutai platform selling Feitian Moutai at 1,499 yuan per bottle and boutique Moutai at 2,299 yuan, has begun to influence the market prices of these products [2][8] Company Announcements - Kweichow Moutai Co., Ltd. issued a statement warning against fraudulent recruitment information circulating online, emphasizing that they have not authorized any third parties to distribute such information [3][9] - The company reiterated that all sales contracts for 2026 are being handled through offline channels with existing corporate clients, and they are actively cooperating with authorities to address these fraudulent activities [3][9]