Investment Rating - The report assigns an "Outperform" rating to multiple companies in the consumer staples sector, including Moutai, Wuliangye, Luzhou Laojiao, and others, indicating a positive outlook for these stocks [1]. Core Insights - The report highlights a general decline in wholesale prices across most categories of consumer staples, particularly in the baijiu segment, with significant price drops noted for Moutai and Wuliangye [3][32]. - It emphasizes the structural opportunities arising from policy catalysis in the consumer staples sector, suggesting that investors should focus on these potential growth areas [3]. Summary by Sections Price Trends - Recent wholesale prices for Moutai show a decrease, with Feitian Moutai (case) priced at 1845 yuan, down 70 yuan from the previous month, and a year-to-date decline of 395 yuan [32]. - Wuliangye's eighth-generation price remains stable at 920 yuan, with no change since the beginning of the year [32]. - The report notes that the prices of various baijiu brands have shown a downward trend, with year-on-year declines for many products [4][32]. Discount Trends - Discounts on mass-market consumer goods have widened, particularly for liquid milk, soft drinks, infant formula, seasonings, and beer, indicating a shift in consumer purchasing behavior [19][30]. - The average discount rate for liquid milk decreased from 79.1% to 74.8%, while soft drinks saw a drop from 91.8% to 88.3% [19][30]. - The report provides a detailed overview of discount rates across various categories, showing a general trend of increasing discounts in the consumer staples market [20][21].

【导读】5000亿五粮液重返低度酒赛道：29°新品399元起，邓紫棋代言能否破局年轻市场？ 8月26日，五粮液官宣：重返低度白酒赛道！ 8月26日午间，市值超5000亿元白酒巨头五粮液集团官宣重磅动作——重返低度白酒赛道，29°五粮液一见 倾心正式上市。目前新品已在京东等平台开启预售。 重返低度酒赛道谋"突围" 当日，五粮液同步官宣歌手邓紫棋为该产品的全球代言人，引发市场与消费者广泛讨论。 低度新品定价399元起 多规格覆盖尝鲜消费需求 据悉，此次五粮液推出的低度白酒为29度浓香型，为了匹配年轻群体对"低辛辣、轻负担"饮酒体验的需 求。 目前，五粮液提供多种产品规格，主力款为容量500ml产品，定价为399元/瓶；亦有100ml的尝鲜款，定价 为300元3瓶，以此降低年轻消费者首次尝试的门槛。 消息一出，社交平台迅速引发热议，有网友调侃"主题曲会是《你把我灌醉》吗？"也有不少消费者聚焦价 格与口感，"先买尝鲜装试试"。 8月26日，记者从社交平台的预售反馈看，五粮液"牵手"邓紫棋宣传效应已经开始发酵，大量粉丝群体留 言：已在预售平台购买29度五粮液新品。 瞄准740亿年轻市场 其实，五粮液并非首次布局低度酒。 ...

Core Viewpoint - Wuliangye Group, valued at over 500 billion yuan, is re-entering the low-alcohol liquor market with the launch of its 29-degree product, priced from 399 yuan, aiming to attract younger consumers [1][5][10]. Company Strategy - The new low-alcohol product is designed to meet the preferences of younger consumers who favor a "low-spiciness, light-burden" drinking experience [5][9]. - Wuliangye has previously attempted to enter the low-alcohol market in the early 1990s but paused due to changing market demands [8]. - The company conducted research indicating that only 19% of young consumers prefer traditional liquor, while 60% favor low-alcohol options [9][10]. Market Opportunity - The low-alcohol liquor market is projected to exceed 74 billion yuan by 2025, with a compound annual growth rate of 25%, significantly outpacing the overall liquor industry growth [10]. - Wuliangye's revenue growth has slowed, with a reported 891.75 billion yuan in revenue for 2024, reflecting a year-on-year increase of only 7.09% [10][12]. Marketing and Promotion - The company has appointed singer G.E.M. as the global ambassador for the new product, generating significant buzz on social media platforms [3][7]. - A pre-sale of the product has already begun on platforms like JD.com, with positive feedback from consumers [7][12].

Core Viewpoint - Wuliangye has officially re-entered the low-alcohol liquor market with the launch of its 29° product, priced starting at 399 yuan, aiming to attract younger consumers and adapt to changing market demands [1][4][6]. Product Launch Details - The new low-alcohol liquor is a 29° fragrant type, designed to meet the preferences of younger consumers who favor a "low-spiciness, light-burden" drinking experience [8]. - Wuliangye offers multiple product specifications, with the main product being a 500ml bottle priced at 399 yuan, and a trial pack of three 100ml bottles priced at 300 yuan to lower the entry barrier for young consumers [8]. Market Strategy and Consumer Insights - The company aims to tap into the 740 billion yuan young consumer market, responding to the generational shift in alcohol preferences [11]. - A survey indicated that only 19% of young consumers aged 20-35 prefer traditional liquor, while 52% favor beer and 29% prefer foreign or fruit wines, highlighting a significant opportunity in the low-alcohol segment [12]. - The low-alcohol market is projected to grow significantly, with an expected market size exceeding 740 billion yuan by 2025 and a compound annual growth rate of 25%, outpacing the overall liquor industry [12]. Financial Context - Wuliangye's revenue for the full year 2024 is projected at 891.75 billion yuan, with a year-on-year growth rate of only 7.09%, indicating a need for new growth avenues [12]. - The company's stock price was reported at 129.74 yuan per share, with a slight decline of 0.15%, and a market capitalization of 503.6 billion yuan as of August 26 [15]. Marketing and Promotion - The collaboration with singer G.E.M. (邓紫棋) as the global ambassador for the new product has generated significant buzz on social media, with many fans expressing interest in purchasing the new low-alcohol liquor [10][4]. - A live launch event is scheduled for August 29, aiming to further engage the young market and assess the product's potential as a new profit growth point for Wuliangye [15].

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]