当前，"微醺感""低度化"已逐渐成为大众生活新风尚，"悦己消费"持续引领消费市场潮流。8月26日， 以"享青春，我乐意"为核心主张的29°五粮液·一见倾心，正式在五粮液京东、天猫、唯品会、抖音官方 旗舰店全平台开启预售，并官宣由邓紫棋担任产品全球代言人。 这一新品的发布，通过产品设计、价值主张、消费场景、运营模式的全面创新，既是五粮液主动引领行 业低度化浪潮、引领行业时尚潮流发展的重要实践，更是品牌敏锐洞察市场需求变迁、深度契合当代消 费群体情绪诉求的诚意回应。此举也是五粮液这个龙头企业，积极引领行业突破白酒固有市场印象，积 极拥抱年轻化生活方式，让历史经典产业成为持续焕发时代生命力的有力尝试。 五粮液相关负责人表示，29°五粮液·一见倾心作为品牌年轻化、低度化战略新突破的开创性产品，是五 粮液面向年轻消费群体打造的高端低度白酒，主打"自我犒赏"与"品质社交"两大核心场景，契合当代年 轻人以犒赏、减压为驱动的"悦己型"消费趋势，致力于成为品牌与年轻消费群体深度沟通、情感交流的 桥梁。 据了解，29°五粮液·一见倾心聚焦年轻消费群体核心诉求，从品牌内涵、外观设计到酒体设计多维度发 力，力求与年轻消费者深度共鸣。 ...

26日，29°五粮液·一见倾心正式在五粮液京东、天猫、唯品会、抖音官方旗舰店全平台预售，官宣由邓紫棋担任产品全球代言人。这一新品的发布，是五 粮液主动引领行业低度化浪潮的重要实践，更是品牌敏锐洞察市场需求变迁的诚意回应。 当前，"微醺感""低度化"已逐渐成为大众生活新风尚，"悦己消费"持续引领消费市场潮流。8月26日，以"享青春，我乐意"为核心主张的29°五粮液·一见倾 心，正式在五粮液京东、天猫、唯品会、抖音官方旗舰店全平台开启预售，并官宣由邓紫棋担任产品全球代言人。 在外观设计上，以中式传统色"天青色"为主色调，融合《诗经》中"青青子衿、悠悠我心"的灵感意境，剔透的水晶瓶身纤长秀丽，渐变色调浪漫清新，瓶 身更巧妙缀以"一见倾心"字样与产品英文名"crush on"，不仅传递出中国人骨子里的浪漫与温柔，更以含蓄雅致的东方美学和天人合一的哲学，契合当下 年轻消费者追求独立、时尚、前沿的审美主张。 在酒体设计上，29°五粮液·一见倾心依托品质及技术底蕴，精准回应年轻人的饮酒需求。1978年，五粮液引入著名数学家华罗庚的优选法、双选法攻克白 酒降度技术难题。1986年，五粮液自主研制的29度酒体斩获国家级"银樽奖 ...

Core Viewpoint - The article emphasizes the ongoing efforts of market regulatory authorities in China to combat trademark infringement and counterfeiting, highlighting the importance of protecting intellectual property rights and creating a favorable environment for brand value preservation [1]. Group 1: Case Summaries - Case 1: Li and others were found to have sold counterfeit "Nanfu" batteries, with a total purchase value of over 2.48 million yuan and sales amounting to 1.39 million yuan from 2017 to 2024 [2][3][4]. - Case 2: A wedding car rental company was penalized for using counterfeit "Rolls-Royce" cars, resulting in fines totaling over 710,000 yuan for 15 companies involved [5][6][7]. - Case 3: A joint operation in Guangdong led to the dismantling of 27 counterfeit shoe production sites, seizing 21,000 pairs of counterfeit products with a total value of 216 million yuan [8][9][10]. - Case 4: A significant case involving the sale of counterfeit "Arc'teryx" jackets across nine provinces, with a total value exceeding 300 million yuan, resulted in the arrest of 42 individuals [11][12][13]. - Case 5: A business in Jilin was fined for using a similar name to "City Hero" while infringing on the trademark, leading to a fine of 49,000 yuan [14][15][17]. - Case 6: A company in Gansu was penalized for selling automotive products falsely labeled as "China First Automobile Group" products, resulting in a fine of 50,000 yuan [18][19][20]. - Case 7: A karaoke hall in Guizhou was reported for unauthorized use of the "Hilton" trademark, generating revenue of 11.14 million yuan [21][22][23]. - Case 8: A tourism company in Yunnan was fined 75,000 yuan for using a similar peacock logo without authorization [24][26]. - Case 9: A food counterfeiting operation in Sichuan was dismantled, with a total value of over 20.1 million yuan in counterfeit products seized [27][28][29]. - Case 10: A tea shop in Hainan was fined 76,000 yuan for continuing to use the "Yihe Tang" trademark despite a prior court ruling against them [30][31][32]. - Case 11: A packaging materials store in Ningxia was penalized for printing unauthorized packaging for "Ningxia Goji Berries," resulting in fines totaling 4,770 yuan [33][34]. - Case 12: A tea shop in Guangxi was found selling counterfeit "Sanhe" tea, leading to criminal charges [35][36]. - Case 13: A case involving counterfeit "Shede" liquor resulted in the seizure of 3,026 bottles and over 2.57 million yuan in value [38][39][40]. - Case 14: A company in Xinjiang was found producing counterfeit liquor, with a total value of 61,500 yuan [41][42]. - Case 15: A brewery in Henan was penalized for producing beer with a label similar to "Wusu Beer," resulting in a fine of 470,000 yuan [43][44]. - Case 16: A brewery in Hebei was found to have used a similar trademark to "Budweiser," leading to fines of over 250,000 yuan [46][47][49]. - Case 17: A brewery in Heilongjiang was penalized for using a similar trademark, resulting in a fine of 26,000 yuan [50][51]. - Case 18: A case involving counterfeit alcoholic beverages with a total value exceeding 20 million yuan was reported, highlighting the challenges of tracking down unlicensed vendors [52][53].

Core Viewpoint - The market is experiencing rapid style rotation, with a shift in risk appetite leading funds to move from high-positioned sectors to those with performance certainty and valuation safety margins [1] Market Performance - On August 26, the Shanghai Composite Index closed at 3868.38 points, down 0.39% - The liquor sector closed at 2410.43 points, slightly up by 0.05%, with 12 liquor stocks declining [1] Individual Stock Performance - Kweichow Moutai closed at 1481.61 CNY per share, down 0.59% - Wuliangye closed at 129.74 CNY per share, down 0.15% - Shanxi Fenjiu closed at 207.90 CNY per share, up 1.08% - Luzhou Laojiao closed at 140.83 CNY per share, up 1.32% - Yanghe Brewery closed at 74.42 CNY per share, up 0.20% [1] Valuation Insights - According to a report by Founder Securities, the liquor sector's price-to-earnings (P/E) ratio percentiles over the past 1 year, 2 years, and 5 years are 21.81%, 10.93%, and 4.37% respectively - Current valuations are at the bottom, and with policy recovery and fundamental improvement, the sector is expected to complete its bottoming process, leading to valuation reconfiguration and gradual performance recovery [1]

Group 1 - The core point of the article is that Wuliangye, a major player in the liquor industry, has re-entered the low-alcohol beverage market with the launch of its new product, Wuliangye·Yijianqingxin, which is a 29-degree liquor [1] - The new product has been made available for pre-sale on various platforms, indicating a strategic move to capture market interest and consumer engagement [1] - Wuliangye has appointed singer G.E.M. (邓紫棋) as the global ambassador for the new product, which may enhance brand visibility and appeal among younger consumers [1]

Group 1 - The three major indices collectively rose, with the Shanghai Composite Index reaching 3888 points, an increase of 0.11% [1] - The liquor sector closed at 2423.25 points, up 0.58%, with the leading stock, JiuGuiJiu, rising by 6.03% [1] - Guizhou Moutai's closing price was 1489.60 CNY per share, down 0.05%, while Wuliangye closed at 130.59 CNY, up 0.51% [1] Group 2 - Huatai Securities' research report indicates that the liquor sector is showing signs of bottoming out, suggesting potential for bottom-fishing [1] - The valuation and sentiment in the liquor sector are currently low, with the overall fundamentals stabilizing [1] - The upcoming Mid-Autumn Festival is expected to boost demand, and the government continues to focus on stimulating domestic consumption with ongoing promotional policies [1]

Core Viewpoint - The liquor sector is showing signs of stabilization and potential recovery, supported by government policies aimed at boosting domestic demand and the upcoming Mid-Autumn Festival [1] Industry Summary - The three major indices collectively rose, with the Shanghai Composite Index reaching 3888 points, up 0.11% [1] - The liquor sector index closed at 2423.25 points, increasing by 0.58%, with strong performance from individual stocks such as JiuGuiJiu, which rose by 6.03% [1] - Major liquor companies are focusing on maintaining investor interests, with several announcing long-term and mid-term dividend plans [1] Company Summary - Kweichow Moutai closed at 1489.60 CNY per share, down 0.05% [1] - Wuliangye closed at 130.59 CNY per share, up 0.51% [1] - Shanxi Fenjiu closed at 207.02 CNY per share, up 0.65% [1] - Luzhou Laojiao closed at 140.11 CNY per share, up 0.81% [1] - Yanghe Brewery closed at 74.94 CNY per share, up 0.90% [1]

Market Overview - The liquor sector experienced a decline of 0.22% on August 26, with *ST Rock leading the drop [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Liquor Sector Performance - Notable gainers in the liquor sector included: - Jiu Gui Jiu (Code: 000799) with a closing price of 69.40, up 3.37% and a trading volume of 447,900 shares, totaling 3.066 billion yuan [1] - Jin Hui Jiu (Code: 616809) closed at 21.26, up 1.72% with a trading volume of 132,800 shares, totaling 283 million yuan [1] - Lu Zhou Lao Jiao (Code: 000568) closed at 140.83, up 1.32% with a trading volume of 178,200 shares, totaling 2.489 billion yuan [1] - Major decliners included: - *ST Rock (Code: 600696) closed at 6.67, down 4.17% with a trading volume of 131,100 shares, totaling 87.8443 million yuan [2] - Shui Jing Fang (Code: 600779) closed at 48.01, down 2.04% with a trading volume of 115,500 shares, totaling 559 million yuan [2] - Ying Jia Gong Jiu (Code: 603198) closed at 46.13, down 2.02% with a trading volume of 175,400 shares, totaling 817 million yuan [2] Capital Flow Analysis - The liquor sector saw a net outflow of 299 million yuan from major funds, while retail investors contributed a net inflow of 222 million yuan [2] - Specific stock capital flows included: - Lu Zhou Lao Jiao had a net inflow of 1.44 billion yuan from major funds, but a net outflow of 403.18 million yuan from retail investors [3] - Yang He Co. (Code: 002304) experienced a net inflow of 35.93 million yuan from major funds, but a net outflow of 40.70 million yuan from retail investors [3] - *ST Rock had a significant net outflow of 577.19 million yuan from major funds, while retail investors contributed a net inflow of 857.14 million yuan [3]

Investment Rating - The industry investment rating is "Outperform the Market" which indicates an expected performance of the industry index to exceed the market performance by more than 5% over the next six months [6]. Core Viewpoints - The report highlights that the white liquor industry is experiencing a rational clearance of inventory, leading to a stabilization and improvement in the fundamentals. The net profit growth rate for major companies has declined significantly, with specific declines reported as follows: 37% for Jinshiyuan, 63% for Yanghe, 35% for Yingjia Gongjiu, and 71% for Kouzi Jiao [5]. - Central media has been promoting a correct consumption perspective, which is expected to help stabilize white liquor sales. The price of Feitian Moutai has stabilized after a rapid decline, with current prices reported at 1930 yuan for scattered sales and 1970 yuan for boxed sales as of August 26 [5]. - High-end liquor companies are maintaining a high dividend payout ratio, providing support for stock prices. As of August 25, the expected dividend yield for Kweichow Moutai is 3.8% and for Wuliangye is 4.6% [5]. - The report suggests that the current stabilization of the white liquor fundamentals, along with the upcoming Mid-Autumn Festival and National Day, may catalyze consumption growth. The focus is on three main lines: high-end liquor with relatively strong demand, mid-range liquor with ongoing national expansion, and local wines with solid market bases [5]. Summary by Sections - **Industry Performance**: The white liquor industry is facing challenges due to macroeconomic conditions, with a notable decline in net profits for major companies [5]. - **Market Dynamics**: The report indicates that the pricing dynamics in the white liquor sector are being affected by competition, but there are signs of stabilization in sales due to media influence on consumer behavior [4][5]. - **Investment Opportunities**: The report identifies potential investment opportunities in high-end liquor, mid-range liquor, and local wines, emphasizing the importance of dividend yields in supporting stock prices [5].

8月26日，五粮液宣布29°五粮液·一见倾心正式上市，已在京东、天猫、唯品会、抖音官方旗舰店全平 台开启预售，并同步官宣产品全球代言人为邓紫棋。新品是五粮液推出的低度白酒产品，酒精度29度。 官方旗舰店数据显示，该产品定价399元/瓶，容量500ml。 ...