Market Overview - The Shanghai Composite Index rose by 0.53% on December 24, with 26 out of the 28 sectors experiencing gains, led by defense and electronics sectors, which increased by 2.88% and 2.12% respectively [1] - The agriculture, forestry, animal husbandry, and fishery sectors, along with coal, were the biggest losers, declining by 0.85% and 0.70% respectively [1] Capital Flow Analysis - The net inflow of capital in the two markets reached 10.37 billion yuan, with 17 sectors seeing net inflows [1] - The electronics sector had the highest net inflow of 8.68 billion yuan, corresponding to its 2.12% increase, followed by the power equipment sector with a net inflow of 3.76 billion yuan and a daily increase of 1.03% [1] Food and Beverage Sector Performance - The food and beverage sector declined by 0.36%, with a net outflow of 1.11 billion yuan [2] - Out of 124 stocks in this sector, 46 rose, including one hitting the daily limit, while 73 fell, with two hitting the lower limit [2] - The top three stocks with the highest net inflow were Huangshi Group (21.71 million yuan), Yangyuan Beverage (21.13 million yuan), and Richen Co. (10.47 million yuan) [2] Food and Beverage Capital Flow - The top stocks with net outflows included Wuliangye (-162.02 million yuan), Shanxi Fenjiu (-138.72 million yuan), and Kweichow Moutai (-112.55 million yuan) [3] - Other notable stocks with significant outflows were Haiqin Food (-106.74 million yuan) and Angel Yeast (-64.93 million yuan) [3]

风雨如晦，鸡鸣不已。 12月18日，以"新形势 新机遇 新征程"为主题的五粮液第二十九届12·18共识共建共享大会在四川宜宾举行。 雄关漫道真如铁，而今迈步从头越。在承前启后的关键节点，行业亟需龙头企业挺身而出，以清晰的战略指引破解发展困惑、稳定市场预期。引领行业坚 定信心、鼓足干劲，确保"十五五"开好局起好步。 越是危局混沌，越渴望听见坚定而清晰的声音；越是前路莫测，越需要看见一座指引航程的灯塔。对于进入全面深度调整"深水区"的白酒行业来说，五粮 液12·18大会的意义正在于此。 正如中国酒业协会理事长宋书玉所言，站在特殊的历史节点，面对复杂的产业变革和日益多元的消费变迁，2025年的五粮液12·18大会，承载着比以往更 加艰巨、也更为深远的意义。 稳步迈向"十五五"，大国浓香的时代担当 2025年，中国经济站在"十四五"规划圆满收官与"十五五"规划谋篇布局的历史交汇点。 对于中国白酒来说，2025年则是其发展史上极不平凡、极不容易、极其艰辛的一年。 这一年，在政策调整、消费转型、存量竞争三期叠加的深度调整中，整个产业都在经历一场涉及产品结构、市场结构、消费结构的全方位、颠覆性深刻变 革。 消费升级与分级并 ...

新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 来源：美通社 北京2025年12月24日 /美通社/ -- 在2025年过去的日子里，市场因颠覆性变革而重塑需求格局，在此背景 下，中国白酒生产商五粮液近日召开年度盛会，共商应对酒业市场变化的策略，凝聚共识。 此次活动为五粮液第二十九届12•18共识共建共享大会，吸引了全球目光。众多业内人士齐聚中国西南 部四川省宜宾市，共同探寻中国白酒行业的变革轨迹与未来走向。 正如马来西亚一家公司的业务经理所言，鉴于五粮液卓越的品质、品牌地位和市场价值，他对五粮液的 未来充满信心，并愿意继续在马来西亚与该公司开展合作。 五粮液的坚定决心源于其自身深厚的发展基础及品质、品牌、市场、团队、资金五大突出优势，这些优 势有望进一步释放其发展潜力。 多年来，这家中国白酒企业始终把卓越品质作为立企之基，酿酒专用粮基地达170万亩，并打造了以硬 科技为支撑的529和533车间，以实现精准的质量管控。 这些努力使其在国内外斩获多项质量大奖，其中包括2025年欧洲质量管理基金会(EFQM)全球奖 -- 这一 奖项是全球三大顶级质量奖项之一，代表着组织质量的标杆。 2025年，中国白酒 ...

来源：环球老虎财经app 在白酒行业深度调整，充满"不确定性"的2025年，一向被视为行业"风向标"的五粮液第二十九届12·18共识共建共享大会如期召开。 本次大会以"新形势、新机遇、新征程"为主题，系统总结了五粮液2025年发展成果。面对行业变局，五粮液不仅展现出龙头企业的战略定力与担当，更清 晰擘画出了"十五五"时期的战略新蓝图，为自身乃至行业的高质量发展注入强劲动能，为整个行业穿越周期、迈向高质量发展注入了一剂"强心针"。 行业"压舱石"的稳健定力 2025年的白酒行业，仍在深度调整期中持续"探底"。中国酒业协会发布的《2025中国白酒市场中期研究报告》指出，2025年酒类产业进入"三期叠加"局 面：新一轮政策调整期、消费结构转型分化期、存量竞争的深度调整期。在多重压力下，整个白酒行业都笼罩在"不确定性"之中。 《颠覆性创新》作者威廉·泰勒曾总结：决定品牌地位的，不只有经营利润和规模，更重要的是在行业变革中所处的地位——"最优秀的品牌往往是每一轮 变革的驱动者，而不是跟随者。"这一论断将企业的核心价值锚定在了其引领变革、塑造未来的能力上。 纵观白酒行业版图，五粮液作为肩负着行业"风向标"使命的头部企业， ...

Group 1 - The company, Qunxing Toys, confirmed that its online platform sells alcoholic beverages, specifically brands such as Wuliangye, Moutai, and Jiu Gui Jiu [1] - Investors inquired about the specific name of the company's online store for selling liquor [1] - The company responded to investor questions on an interactive platform regarding its liquor sales [1]

来源：酒业内参 新浪财经"酒价内参"过去24小时中收集到的数据显示，中国白酒市场十大单品的终端零售均价在周三迎 来强劲上涨，市场交易活跃度显著提升。如果十大单品各取一瓶整体打包售卖，今日总售价为9131元， 较昨日大幅上扬56元，创下近期单日涨幅新高，或指示浓厚的节日消费氛围。 今日市场在节日效应驱动下表现活跃，呈普涨格局。精品茅台价格单日大幅上涨32元/瓶，领涨全场， 反映出高端礼品与宴请需求在节前得到强劲释放。洋河梦之蓝M6+价格环比上涨11元/瓶。古井贡古20 价格上涨7元/瓶。青花郎与习酒君品价格分别上涨6元/瓶和5元/瓶，走势稳健，其中青花郎已实现三连 阳。国窖1573与水晶剑南春价格也分别上涨2元/瓶。少数产品价格微调，五粮液普五八代价格回落5元/ 瓶，飞天茅台价格回落3元/瓶，青花汾20价格微跌1元/瓶，属正常波动。 "酒价内参"的每日数据源自全国各大区均有合理分布的约200个采集点，包括但不限于酒企的指定经销 商、社会经销商、主流电商平台和零售网点等，原始取样数据为过去24个小时中各点位经手的真实成交 终端零售价格，力求为社会各界提供一份关于知名白酒市场价格的客观、真实、科学、全程可追溯的数 ...

Core Insights - The Chinese liquor market has seen a significant increase in the retail prices of its top ten products, indicating a strong festive consumption atmosphere [1][2] - The overall price for a bundled sale of these ten products reached 9131 yuan, marking a daily increase of 56 yuan, the highest single-day rise recently [1] - The market is experiencing a broad upward trend driven by holiday demand, with premium products like Moutai leading the price increases [1][2] Price Movements - Moutai's premium product price increased by 32 yuan per bottle, reflecting strong demand for high-end gifts and banquet needs ahead of the holidays [1][2] - Other notable price changes include: - Yanghe Dream Blue M6+ up by 11 yuan per bottle - Gujing Tribute Wine up by 7 yuan per bottle - Qinghua Lang and Xijiu Junpin up by 6 yuan and 5 yuan per bottle respectively, with Qinghua Lang achieving three consecutive days of price increases [1] - Some products experienced minor price adjustments, such as Wuliangye down by 5 yuan and Feitian Moutai down by 3 yuan [1] Market Dynamics - The surge in Moutai prices is linked to recent news about the company's "quantity control" measures, which have led to a reduction in the supply of non-standard products by 30%-50% [2] - There is a noted shortage of certain Moutai products, leading to increased market speculation and consumer purchasing behavior, further driving up prices as the double festival approaches [2]

Core Insights - The Chinese liquor market has seen a significant increase in the retail prices of the top ten products, indicating a strong festive consumption atmosphere, with the total price for a packaged set reaching 9131 yuan, up 56 yuan from the previous day, marking a recent single-day high in price increase [1][6][7] Price Movements - The price of premium Moutai increased by 32 yuan per bottle, leading the market surge, reflecting strong demand for high-end gifts and banquet needs ahead of the holidays [7] - Other notable price increases include: - Yanghe Dream Blue M6+: up 11 yuan per bottle - Gujing Gong 20: up 7 yuan per bottle - Qinghua Lang: up 6 yuan per bottle - Xijiu Junpin: up 5 yuan per bottle - Guojiao 1573 and Shuijing Jian Nan Chun: both up 2 yuan per bottle [7][9] - Some products experienced minor price adjustments, with Wuliangye Pu 58th generation down 5 yuan, Feitian Moutai down 3 yuan, and Qinghua Fen 20 down 1 yuan, which are considered normal fluctuations [7] Market Dynamics - The data for the "Liquor Price Reference" is sourced from approximately 200 collection points across various regions, including designated distributors, social distributors, mainstream e-commerce platforms, and retail outlets, aiming to provide objective and traceable market price data [2][7] - The recent price surge for premium Moutai is linked to supply control measures announced by the company, which have led to a reduction in the availability of non-standard products by 30%-50%, creating a sense of scarcity and driving up prices as demand increases during the holiday season [2][7]

Industry Environment - The Chinese liquor industry faces three major challenges by 2025: demographic changes, deepening technological revolution, and internal industry adjustments. The shift from "scale expansion" to "structural optimization" is necessary due to population decline and a decrease in the main consumer demographic. AI technology is driving the smart transformation of the industry, reshaping production and marketing models. Solutions include returning to pragmatic values, upgrading technology and quality to meet diverse consumer demands, and enhancing brand IP and emotional connections to build a symbiotic commercial ecosystem [2][3] 1919 Strategic New Vision - The liquor distribution industry is transitioning from traditional inventory models to user operation and instant retail. 1919, as an industry leader, is implementing a "center store + front warehouse" model and a F2B2C supply chain, developing six core capabilities (brand, scale, online customer acquisition, offline fulfillment, supply chain, data sales) for efficient localized service. Collaborations with platforms like Taobao and Meituan have led to significant growth, with plans to expand to over 100,000 front warehouses by 2026. This strategy aligns with young consumer demands, potentially capturing 60%-70% of liquor retail market share [4] Insights from Cross-Industry Products - The introduction of cross-industry products like Mingren soda water has highlighted the collective anxiety within liquor channels due to high inventory and slow sales. Mingren's positioning as a beverage for both before and after drinking has penetrated liquor consumption scenarios, with over 3 million terminal outlets. This case emphasizes the need to shift from product selling to providing scene-based solutions and creating closed-loop experiential marketing [5] "Liquor + New Energy" Growth Potential - Several liquor companies are forming strategic partnerships with new energy giants to explore new paths for industry integration. Collaborations aim to reduce high energy costs in liquor production and build green supply chains, responding to carbon neutrality goals. Leading companies are leveraging these partnerships to expand high-end consumer bases and explore new growth points [6][7] E-commerce Tax Implications - New e-commerce tax regulations set to take effect in October 2025 will require platforms to report merchant data, eliminating tax ambiguities in liquor e-commerce. While small merchants are exempt, larger businesses will face stricter compliance, curbing practices like price dumping. This policy shift is expected to foster fair competition, pushing the industry towards value-based competition rather than price wars [8] New Survival Coordinates for Liquor Merchants - As competition intensifies and channels flatten, traditional profit models based on price differences are becoming obsolete. Merchants must enhance service capabilities, focusing on sales rates, user engagement, and data operations. Manufacturers are shifting from price support to funding market actions for distributors, creating a new formula of "price difference + service commission" [9] Transformation of Tobacco Shops - The traditional tobacco shop industry is undergoing significant transformation, facing challenges but not extinction. The industry is characterized by a "pyramid structure," with small shops leveraging low costs and new channels. Future directions include using digital tools to enhance efficiency and optimizing product offerings to stimulate repeat purchases [10][11] Insights on the Beer Industry - The Chinese beer industry is entering a phase of sustainable development and smart manufacturing, with a focus on high-end products and craft beers. The industry is shifting from scale expansion to value realization, emphasizing health and specialty in product development [12] Changes in Sichuan Banquet Alcohol Consumption - The Sichuan banquet alcohol market is witnessing a shift from traditional "white wine + red wine" combinations to "white wine + low-alcohol beverages," with over 50% of low-alcohol drinks being served. This trend reflects changing consumer preferences towards practicality and cost-effectiveness [12] New Trends in Liquor Chains - The liquor industry is experiencing structural changes driven by diversified consumption, fragmented channels, and personalized demands. The focus is shifting from "single-point breakthroughs" to "full-domain integration," emphasizing the importance of service value and user relationships [13] Brand Dynamics - The health-focused liquor market is rapidly growing, with brands like Zhenjiu leveraging technology and quality assurance to meet consumer demands. The market for health-oriented liquor is projected to reach 58.36 billion yuan by 2024 [14] Cultural Empowerment in Branding - Tiananmen Sauce Liquor emphasizes quality and cultural heritage during industry adjustments, showcasing its commitment to traditional craftsmanship and cultural transmission [15] Young Consumer Engagement Strategies - Wuliangye's collaboration with Pure K to target young consumers has resulted in significant sales growth, demonstrating innovative paths for integrating liquor into youth culture [16][17] Strategic Planning for Future Growth - Xifeng Liquor is focusing on brand youthfulness and internationalization, leveraging technology and cultural confidence to enhance its market position [18] Quality as a Competitive Edge - The liquor industry is transitioning from scale expansion to value enhancement, with quality and culture becoming key competitive factors. Companies like Congtai Liquor are emphasizing quality assurance and regional collaboration to drive growth [19] Evolution of Instant Retail - The liquor industry is moving towards "full-domain retail," emphasizing efficiency and value over price competition. Companies are encouraged to adopt a holistic approach to retail strategies [20] Low-Alcohol Product Success - The introduction of low-alcohol products like Guojiao 1573 has achieved significant market success, highlighting the trend towards healthier drinking options [21] Innovative Marketing Strategies - The collaboration between Wuliangye and FIFA for a new product launch demonstrates the effectiveness of sports marketing in engaging younger audiences [22] Cultural Exchange through Alcohol - The partnership between Chinese and French brands during a state visit symbolizes the cultural exchange and recognition of Chinese liquor on the international stage [28] New Consumption Scenarios - The launch of new products by JunTai Liquor targets both everyday celebrations and high-end collections, reflecting the evolving consumption landscape [29] Commitment to Quality and Development - Xifeng Liquor is reinforcing its commitment to quality and cultural heritage, aiming to lead the industry towards high-quality development [30]

五粮液 Wuliangye Yibin (000858 CH) 五粮液 2025 年经销商大会点评：共识驱动长期增长 Consensus-Driven Long-Term Growth [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 Rmb109.72 目标价 Rmb161.00 HTI ESG 1.4-1.3-2.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 义利评级 AA- 来源 : 盟浪 . Reproduced by permission; no further distribution 市值 Rmb425.88bn / US$60.51bn 日交易额 (3 个月均值) US$299.93mn 发行股票数目 3,882mn 自由流通股 (%) 43% 1 年股价最高最低值 Rmb143.48-Rmb109.72 注：现价 Rmb109.72 为 2025 年 12 月 23 ...