近期，随着五粮液第二十九届12·18共识共建共享大会的闭幕，五粮液浓香酒公司向市场传递出清晰而坚定的发展信号，持续开展渠道分类分级管理，构 建起行业领先的竞争优势。 当前，白酒行业步入存量竞争时代，渠道信心成为厂商穿越周期的稀缺资产。 1 业内人士表示，五粮液浓香酒的政策稳定、运营精准、利润可靠，不仅为渠道经销商解决后顾之忧，还有效激活终端培育消费的主动性，为厂商协同穿越 周期注入强劲的确定性动能。 其次，资源投放的精准匹配。通过对经销商和终端的分类分级评估，公司建立起动态的资源调配支持机制。 经销商的经营规模、市场运营能力、品牌维护水平等关键指标，决定其能够获得的政策支持力度和市场发展空间。针对不同类型的终端，公司制定差异化 的营销支持方案，确保每一份市场投入都能产生最大效用。 再者，发展预期的精准对齐。分类分级管理使各级渠道伙伴对自身的定位和发展方向有了清晰认知，为经销商和终端精准赋能，让厂商之间达成真正的发 展共识，为长期合作奠定坚实基础。 五粮液浓香酒公司通过分类分级管理，保证政策执行的透明度和渠道发展的均衡性，为各级商家提供清晰的运营指引，让品牌投入精准触达目标市场和核 心消费人群、优质潜在消费人群 ...

"让中国白酒香飘世界！""对五粮液（000858）很有信心！"近日，在长江首城宜宾，五粮液第二十九届 12·18共识共建共享大会现场，来自全球的经销商们带着市场的回响"回家"。信心，在握手与寒暄中传 递。 激昂的乐团演奏声中，五粮液集团（股份）公司党委书记、董事长曾从钦带领高管团队立于红毯旁，向 每一位"家人"致意。目光交汇处，是风雨同舟的情谊，更是共赴未来的笃定。 全球经销商们带着市场的回响"回家" "本轮行业调整中蕴藏三大机遇。"曾从钦随后的主旨演讲声音铿锵。他的身后，是700余年不间断酿造 的古窖池，他的眼前，是行业深度调整的激荡波涛。 次日， 2025中国国际名酒博览会（以下简称"名酒博览会"）在宜宾开幕。中国酒业协会理事长宋书玉 表示："酿酒，是人类生生不息传承至今的古老产业，是流动的历史经典。" 舟大者任重。在"十四五"规划即将圆满收官、"十五五"征程即将开启的历史节点，在白酒产业面临经济 周期、消费周期、产业周期"三期叠加"的关口，作为中国白酒的"领航舰"，五粮液在名酒博览会期间展 现的一系列战略布局与实践深耕，恰似一面棱镜，折射出中国酒业破局新生的三个深层走向：重识时间 价值、重构发展空间、重 ...

五 粮 液回复：尊敬的投资者，2025年三季度报告显示，公司货币资金为1300亿余元。感谢关注！ 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，五 粮 液(000858)12月26日在投资者关系平台上答复投资者关心的问题。 投资者提问：公司现金储备充足吗？ ...

2025年是"十四五"规划的收官之年，也是白酒行业进入全面深度调整的一年。五粮液主动应变，通 过"主动应市调整、主动纾压解困、主动识变求变"三大举措，应对市场挑战。 在三个"主动"下，五粮液产品端，多款核心产品开瓶率显著提升，29°五粮液·一见倾心上市两个月销售 额破亿；渠道端，2025年与新能源、汽车、科技企业建立合作直销网络，实现销售收入45亿元，团拜企 业4000余家，销售转化率达70%，渠道力与终端掌控力持续提升。 新形势，新机遇，新征程。12月18日，五粮液第二十九届12·18共识共建共享大会（以下简称"12·18大 会"）如约而至。 值此"十五五"开局与行业深度调整关键期，大会以"新"领航，为行业高质量发展校准航向。 厂商同行 凝聚发展共识 "只有达成共识，才能共建共享。"五粮液集团（股份）公司党委书记、董事长曾从钦在开幕致辞中开宗 明义。 跳出传统厂商会议的单一场景，五粮液将"12·18大会"升维为"全民参与的品牌节日"，通过多元活动打 通消费链路。 会前，一系列活动已率先铺开："五粮液杯"中国大学生酒类创新创意大赛决赛顺利举办，为产业注入青 年动能；"家有老酒"2025年度盛会则以老酒为媒，让 ...

Core Viewpoint - The investment logic for high-end liquor has fundamentally changed, as highlighted by contrasting views from prominent investors in the industry [1][2]. Group 1: Diverging Investment Perspectives - Lin Yuan emphasizes the "monopoly" aspect of high-end liquor, viewing it as a cash cow due to its addictive nature, cultural significance, and social currency, suggesting that long-term investments in leading companies will yield returns that cover costs [2]. - Dan Bin expresses concern over structural challenges in the market, including a cooling real estate sector and changing social dynamics, leading him to shift investments from traditional liquor companies to tech firms like Nvidia [2]. Group 2: Industry Performance and Trends - The liquor industry is undergoing a severe "stress test," with a significant decline in revenue, net profit, and cash returns, all dropping approximately 20% year-on-year, marking the highest decline in 12 years [3]. - The industry is experiencing unprecedented concentration, with a reduction of 102 small-scale liquor companies in the first half of the year, while leading brands like Moutai and Wuliangye are increasing their market share and profit margins [4]. Group 3: Embracing Technology - The liquor industry is not necessarily in competition with AI; rather, it is beginning to integrate AI technologies into its operations, such as using smart systems for fermentation monitoring and data-driven sales and inventory management [5]. - The real challenge for the liquor industry lies in overcoming its own complacency and stagnation, as consumer needs evolve, while the fundamental human desire for social recognition and emotional connection remains unchanged [6].

Core Insights - The Chinese liquor industry in 2025 is undergoing significant transformation amidst challenges such as a sluggish macro environment, consumption differentiation, production contraction, and weak sales, leading to a reshaping of the industry landscape [2] - The industry is encouraged to innovate and break old rules to find new growth paths, reflecting a mix of pressure and hope [2] Group 1: Industry Developments - The Ministry of Industry and Information Technology has classified liquor production as a "historical classic industry," elevating its status and marking a shift towards high-quality development [3] - A stringent "ban on alcohol" was introduced, impacting high-end liquor sales and indicating a shift from government consumption to market-driven consumption [4] - The launch of "Da Zhen·Zhen Jiu" by Zhen Jiu represents a strategic move towards creating a "super product" in the liquor market, emphasizing quality and innovative packaging [5] Group 2: Market Strategies - The establishment of two platform companies by Wuliangye's distributors aims to enhance market control and stabilize high-end product prices, reflecting a shift towards a dual-driven model of channels and capital [7] - Sichuan Province has released a 21-point action plan to promote the high-quality development of the liquor industry, focusing on production capacity and market expansion [8] - Wuliangye's 12·18 conference emphasized the importance of quality, cultural heritage, and innovation in navigating market changes [9] Group 3: Consumer Engagement - The return of the white liquor milk tea "Drunk Step on the Road" by Tea Baidao highlights the growing trend of "micro-drunk" consumption among younger consumers [13] - The fifth live broadcast by Zhen Jiu's chairman garnered significant attention, showcasing innovative business models and strong consumer engagement [10] Group 4: Awards and Recognition - The 16th China (Dalian) Light Industry Commodity Expo featured a wine exhibition and quality competition, showcasing the strength and cultural appeal of Chinese liquor brands [16] - The announcement of the first batch of Chinese consumer brands included notable liquor brands, indicating recognition of quality and market position [5][6] Group 5: Future Outlook - The liquor industry is expected to continue evolving with a focus on quality, cultural integration, and innovative marketing strategies, as seen in the initiatives from various companies and government bodies [18][19]

新浪财经"酒价内参"过去24小时中收集的数据显示，中国白酒市场十大单品的终端零售均价26日延续强 势，整体价格继续上扬。如果十大单品各取一瓶整体打包售卖，今日总售价达到9250元，较昨日上涨49 元，四连阳后创下最近一个月新高，市场上升趋势得到巩固。 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 今日市场在龙头贵州茅台系产品的引领下继续走强，多数品牌价格跟涨，结构呈强势的八涨一平一跌。 精品茅台价格延续惊人涨势，单日上涨28元/瓶，已实现连续三日大涨，累计涨幅超110元/瓶。贵州茅 台飞天的价格上涨2元/瓶，表现稳定。茅台系产品的持续强劲表现，成为拉动市场整体价格中枢上行的 核心引擎。古井贡古20价格上涨7元/瓶。青花郎价格上涨5元/瓶。习酒君品价格上涨4元/瓶。洋河梦之 蓝M6+价格上涨3元/瓶。以上中间梯队产品多数已实现三连涨，跟跑势头强劲，或印证渠道信心修复备 货积极性有所提升。国窖1573与青花汾20价格分别上涨2元/瓶。水晶剑南春价格则与昨日持平。唯一一 个价格回调的产品是五粮液普五八代，价格下跌4元/瓶。 "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 ...

Group 1 - The article presents the top 20 stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) based on their daily and year-to-date performance as of December 25, 2025 [1][5] - The top performer, Xin'ao Co., Ltd. (603888.SH), recorded a daily increase of 3.78% and a year-to-date increase of 19.40%, with a dividend yield of 3.91% [1][5] - De'ye Co., Ltd. (605117.SH) showed a significant year-to-date increase of 55.09%, with a daily increase of 3.58% and a dividend yield of 3.41% [1][5] Group 2 - The list includes companies with varying year-to-date performances, such as Lurui Co., Ltd. (002083.SZ) with a remarkable increase of 145.17% despite a daily increase of only 2.02% [1][5] - Other notable mentions include Tianshan Aluminum Industry (002532.SZ) with a year-to-date increase of 97.57% and Jiangsu Jinzu (600901.SH) with a dividend yield of 6.57% [1][5] - The data indicates a mix of performance across different sectors, highlighting investment opportunities in dividend-paying stocks [1][5]

Core Insights - 2025 is a transformative year for the Chinese liquor industry, marked by significant changes in product, market, and consumption structures [1] - Wuliangye has proactively adjusted its strategies to navigate challenges, achieving stable operational results and positioning itself as a "steady star" during industry adjustments [1] - The company aims to seize opportunities in the current market cycle, leveraging its strong brand, quality foundation, and financial advantages [1] Group 1: Quality Management - Wuliangye has been recognized for its quality management, winning the fifth China Quality Award nomination and the highest score in the EFQM Global Award [2] - The company emphasizes a comprehensive quality management model, integrating quality control from raw materials to finished products [2] - Continuous investment in research and development has led to advancements in digital and intelligent brewing processes, enhancing product quality [2] Group 2: Cultural and Brand Development - Wuliangye views brand culture as essential for its growth, with significant investments in cultural activities reaching an exposure of 32.1 billion people [4] - The company integrates traditional cultural elements into its branding, enhancing emotional connections with consumers [5] - The launch of the zodiac wine reflects Wuliangye's commitment to cultural innovation, merging traditional and contemporary values [6] Group 3: Innovation and Market Strategy - Wuliangye has introduced new products targeting younger consumers, such as the low-alcohol "29-degree Wuliangye," which achieved over 100 million yuan in sales within two months [7] - The company has expanded its distribution channels and enhanced its international market strategies, boosting confidence among overseas distributors [7] - Wuliangye's tourism integration strategy has attracted 1.2 million visitors in 2023, showcasing its ability to convert cultural resources into market appeal [7] Group 4: Future Outlook - Wuliangye is focused on balancing tradition and innovation, cultural value and economic benefits, and national characteristics with international trends [8] - The company has set ambitious marketing goals for 2026, emphasizing brand value enhancement and market share growth [9][10] - Wuliangye aims to contribute to the high-quality development of the global liquor industry by combining its historical legacy with modern strategies [10]

Group 1 - The report indicates that the liquor industry is currently facing supply-demand imbalances, with companies reducing growth expectations and releasing channel pressures. The white liquor index has dropped by 12% since the beginning of 2025, underperforming the CSI 300 index by 33% [1][11] - The report highlights that the overall market demand for white liquor has shown slight recovery, but actual demand remains weak, with mainstream product prices in a downward trend. Companies like Wuliangye and Gujing Gongjiu are reducing growth expectations, leading to significant declines in Q3 performance [1][22] - The report suggests that the white liquor sector is entering a configuration phase, with leading companies like Kweichow Moutai improving their price-volume relationship and showcasing dividend asset attributes, with a projected dividend yield of 4% in 2026 [3][4] Group 2 - Looking ahead to 2026, the report anticipates that supply-side optimization and channel clearing will occur, with a focus on quality company configurations. The industry is expected to see gradual recovery in demand, particularly during the Spring Festival sales period [2][29] - The report notes that channel inventory has decreased since Q3 2025, and companies are focusing on maintaining dynamic profits for distributors. Leading companies are gradually relaxing channel policies, indicating a stabilization trend in product prices post-holiday [2][42] - The competitive landscape is shifting from price differentiation to brand and organizational capabilities, with companies that can establish pricing power in specific regions or demographics likely to emerge from the adjustment cycle first [2][29] Group 3 - Investment recommendations suggest that the white liquor sector is now in a configuration zone, with a focus on brands that can navigate through cycles, such as Kweichow Moutai and Shanxi Fenjiu, which are expected to see valuation improvements as market liquidity increases [3][4] - The report emphasizes the importance of companies that have established advantages in pricing and regional market share during the adjustment phase, such as Luzhou Laojiao, Gujing Gongjiu, and Jinhui Liquor [3][4] - The report also highlights companies with strong shareholder returns and cash flow safety margins, such as Wuliangye, as potential investment opportunities [3][4]