Core Viewpoint - The recent "Double Eleven" sales event has raised concerns among major liquor companies regarding unauthorized sales and potential counterfeit products on e-commerce platforms [1] Group 1: Company Responses - Major liquor companies such as Moutai, Wuliangye, and Guizhou Xijiu have issued statements condemning unauthorized sales on e-commerce platforms, highlighting issues with product authenticity and complex supply chains [1][5] - Wuliangye released a consumer notice indicating that some online platforms are selling its products through unauthorized stores, which may lead to counterfeit and substandard goods [1][5] - Guizhou Xijiu also expressed concerns about the risks of counterfeit products from unauthorized online channels, while providing a list of authorized sellers [5] Group 2: Pricing and Market Dynamics - As of October 20, the subsidized price for 53-degree Feitian Moutai was 1,650 yuan per bottle, a decrease of 30 yuan from the previous days, while Wuliangye's price remained stable at 769 yuan, both significantly lower than wholesale market prices [1] - A market representative noted that the current promotional prices for major liquor brands are often lower than those in official stores, indicating a disconnect between online and offline pricing [5] - The pricing strategy during the "Double Eleven" event is primarily driven by e-commerce platforms purchasing products from the market and subsidizing prices, which complicates the supply chain and raises concerns about product authenticity [5][6] Group 3: E-commerce Platform Practices - Taobao's customer service claimed that its "Billion Subsidy Channel" is official and guarantees product authenticity, promising a "tenfold compensation" for counterfeit products [6] - Industry experts pointed out that liquor products sold on e-commerce platforms often come from social channels, which are outside the manufacturers' control, leading to increased risks of counterfeiting [6] - The current sales model for premium liquor has deviated from its original intent, raising concerns about the sustainability and integrity of such sales practices [6]

名酒作为引流品已背离其销售初衷 "双十一"刚刚开场，名酒大促就已经上了力度，也引发了酒企的担忧。 近日包括茅台、五粮液、贵州习酒等多家酒企发布声明，指责部分电商平台并未获得授权，货源来源复杂，存在真伪难辨的问题。 记者在部分电商平台看到，截至10月20日16时，53度飞天茅台补贴后价格为1650元/瓶，比前两日又下滑了30元，五粮液普五769元/瓶与此前价格持平，都 明显低于市场批发价。 10月19日晚，五粮液发布了《致五粮液消费者告知书》，称部分网络平台存在非授权门店销售"五粮液"品牌产品的情况。经排查发现，非官方授权店铺所 售"五粮液"产品，其货源渠道未纳入五粮液官方产品管控与追溯体系，可能存在假冒伪劣、以次充好等问题。 同时，五粮液公布了部分线上非授权店铺名单，记者注意到名单中包括了美团名酒行、1919、淘宝的百亿补贴频道等。 0 and and the first the first to 南昌 1 199 同期贵州习酒也发布声明，指责线上非授权渠道销售产品存在假冒伪劣风险，但公布的线上授权名单中，主要是习酒和经销商在电商平台开设的店铺。此前 几日，贵州茅台也公布了官方及第三方合作线上渠道的名单。 有 ...

Core Insights - The total brand value of the top 200 Chinese liquor brands in 2025 is 99,305.21 billion yuan, with a growth rate of 4.26%, demonstrating resilience amid structural adjustments [1] Group 1: Huangjiu Market Growth - The Huangjiu market has experienced unexpected growth after years of stagnation, with brand value increasing by 42.91 billion yuan, a rise of 6.27% compared to 2024 [2] - Leading Huangjiu brands such as Guyue Longshan, Kuaijishan, and Shanghai Jinfeng achieved growth rates exceeding 15%, significantly higher than the overall liquor industry [2] - Growth in Huangjiu is driven by market upgrades and innovative products targeting younger consumers, such as low-alcohol canned Huangjiu [2] Group 2: Resilience of Liquor Distributors - Liquor distributors have shown strong resilience during the industry's adjustment period, with the top ten distributors' brand value increasing from 5,177.44 billion yuan to 5,254.41 billion yuan, a growth of 1.49% [4] - The average annual digital investment by distributors has grown by over 40%, enhancing operational efficiency through technology [4] - The success of self-owned brands, such as Jiuxian Network's Rongda Sauce Liquor, indicates a shift in competitive advantage from distribution rights to successful brand development [4] Group 3: White Liquor Market Dynamics - The overall value of sauce-flavored white liquor has surpassed 21,554.5 billion yuan, with a growth rate of 3.72%, although the growth rate has significantly slowed [8] - New brands like Rongda Sauce Liquor have shown exceptional performance, with a value increase of 90.1%, highlighting innovation within the category [8] - The growth of clear-flavored white liquor has been driven by brands like Fenjiu, contributing over 60% of the category's growth in recent years [8] Group 4: Beer and Wine Market Challenges - For the first time in 17 years, the top beer brands, including China Resources Beer and Qingdao Beer, have seen a decline in brand value [10] - The total brand value of the wine sector has decreased from 1999.15 billion yuan to 1911.71 billion yuan, a drop of 4.37%, reflecting ongoing adjustments in the market [10] - The wine industry has faced challenges from imported wines and changing consumer preferences, leading to a significant slowdown in growth rates [10]

Core Viewpoint - The liquor sector shows signs of recovery, with mixed performance among individual stocks, indicating a complex market environment influenced by various consumption scenarios and price segments [1] Industry Summary - The Shanghai Composite Index closed at 3863.89 points, up 0.63%, while the liquor sector index closed at 2278.16 points, up 0.84%, with 13 liquor stocks rising [1] - The high-end liquor segment is experiencing a weak recovery in demand during the peak season, while the mass-market segment is performing well, leading the industry [1] - The next-highest price segment is under pressure, showing significant differentiation in performance [1] - Current industry inventory levels are stabilizing, with some liquor companies reducing inventory to alleviate operational pressure [1] Company Summary - Kweichow Moutai's stock closed at 1457.93 CNY per share, up 0.20% [1] - Wuliangye's stock closed at 120.46 CNY per share, down 0.50% [1] - Shanxi Fenjiu's stock closed at 191.57 CNY per share, down 2.21% [1] - Luzhou Laojiao's stock closed at 133.15 CNY per share, down 1.37% [1] - Yanghe Brewery's stock closed at 70.18 CNY per share, up 0.26% [1]

Investment Rating - The report maintains a "Positive" investment rating for the liquor industry [1] Core Insights - The report analyzes the adjustment phases of the liquor industry, comparing the current phase with the 2013-2016 period, highlighting that the current adjustment is primarily driven by a decline in business demand, which is less severe than the previous round [3] - It emphasizes that the purchasing power of consumers for high-end liquor has significantly improved compared to the lowest price point in 2014, indicating a potential for market recovery [3] - The report identifies three major changes in the liquor market: increased concentration among top companies, the rise of sauce-flavored liquor, and improved market value management practices among liquor companies [3] Summary by Sections 1. Historical Adjustment Phases - The liquor industry has entered a fifth year of adjustment since 2021, with significant impacts from the 2025 policy aimed at reducing government consumption [8] - The report reviews the historical context of the 2013-2016 adjustment, noting that the current environment is different but shares some similarities [8] 2. Current Adjustment Stage - The report indicates that the liquor industry has been in a downward adjustment since the third quarter of 2024, with expectations for recovery around the second quarter of 2026 [42] - It highlights that the current adjustment is less severe than the previous one, with a maximum revenue decline of 5% and profit decline of 8% compared to the previous maximums of 15% and 30% respectively [50] 3. Market Changes Impacting Investment - The concentration of the top six liquor companies has increased significantly, with their revenue share rising from 18.3% in 2013 to 48.1% in 2024, enhancing industry self-regulation [51] - The report notes that the expansion of sauce-flavored liquor production capacity has not yet translated into revenue share, but it is expected to gain traction in the future [3] - It discusses the evolving market value management strategies among liquor companies, including increased dividend payouts and share buybacks, which are expected to enhance investor returns [3]

又一项国际权威奖项花落中国企业。在刚刚落幕的EFQM可持续绩效大会暨2025全球奖颁奖典礼上，五粮液获颁"EFQM全球奖"七钻认证。这是EFQM卓越 认可体系中的最高荣誉，也是中国企业在创奖以来取得的最高分。 此次获奖，标志着五粮液为中国白酒行业践行卓越管理树立了新标杆，彰显民族品牌对接全球可持续发展理念的新高度。五粮液通过将"品质为基、匠心酿 造"理念融入全产业链，打造可持续的质量管理新引擎，为中国企业高质量发展提供了可借鉴样本，树立了中国品牌走向世界的"文化符号"典范。 在此活动期间，五粮液还举办"和美·风土：酿造可持续的卓越"主题论坛及交流酒会，分享以和美理念、绿色守护自然的路径样本。同时，五粮液开启2025 年"和美全球行"西班牙站活动，举办"五粮液·巴塞罗那奇妙夜"，中式主题游轮化作流动的文化客厅，29°五粮液·一见倾心新品在欧洲首秀，让海外消费者品 味和感受中国企业质量管理的卓越水平以及酿造可持续的卓越风范。 五粮液获"EFQM全球奖"（七钻）认证。 企业供图 摘得最高荣誉，展示硬实力 当地时间10月15日—16日，EFQM可持续绩效大会暨2025全球奖颁奖典礼在西班牙举行。大会上，五粮液凭借塑造 ...

Investment Rating - The report maintains a recommendation for the industry, indicating a focus on sectors with good performance and potential recovery in demand [3]. Core Insights - The liquor sector is experiencing a gradual improvement in sales dynamics, with a continued focus on clearing inventory. The report suggests that when performance no longer declines, it will signal a potential recovery in stock prices [7][13]. - The food sector shows a divergence in performance, with new consumption categories maintaining good momentum while traditional categories face weaker demand. The report emphasizes the importance of monitoring the recovery in traditional consumption [21][31]. Summary by Sections Liquor Sector - Sales dynamics in Q3 improved compared to May-June, but the report anticipates continued inventory clearance with a double-digit year-on-year decline expected. The demand from government and business sectors remains under pressure, while the banquet and mass consumption markets are relatively stable [7][13]. - Major brands like Moutai and Wuliangye are expected to see varied performance, with Moutai projected to achieve a 4% increase in revenue year-on-year, while Wuliangye may experience an 8% decline [14][16]. Food Sector - The overall demand environment in Q3 was relatively weak, with retail sales growth slowing down. However, sectors like snacks and beverages continue to show good performance, while traditional categories like seasonings and beer remain subdued [21][31]. - The report highlights that raw material costs are generally declining, but the trend is slowing down. Packaging prices have increased, impacting profit margins across various segments [24][25]. - Specific companies such as Yili and Mengniu are facing growth pressures, while new dairy companies are expected to maintain strong growth due to structural improvements [31][35]. Investment Strategy - The report recommends focusing on sectors with good performance, such as snacks and beverages, while also keeping an eye on traditional consumption recovery. Specific stock recommendations include West Wheat Foods in the snack sector and leading liquor brands like Shanxi Fenjiu and Luzhou Laojiao [10][11].

Group 1 - The Tianhong Food and Beverage ETF (159736) has seen significant capital inflow, with 17 out of the last 20 trading days recording net inflows, totaling over 27 million yuan last week [1] - The ETF closely tracks the CSI Food and Beverage Index, which includes major companies in the beverage, packaged food, and meat sectors, with top holdings including Kweichow Moutai, Yili, and Wuliangye [2] - The Tianhong A500 ETF (159360) has also performed well, with a 0.58% increase and a trading volume exceeding 44 million yuan, indicating strong market interest [2] Group 2 - Kweichow Moutai is launching a new digital service for consumers to select production dates for their purchases of the Snake Year Moutai, enhancing customer engagement [3] - Various provinces, including Hunan, are distributing consumption vouchers totaling 100 million yuan to stimulate consumer spending in key sectors such as dining and fuel [3] - The upcoming Double 11 shopping festival on Tmall has shown promising early results, with significant sales figures indicating strong consumer interest [3] Group 3 - The food and beverage index has experienced a recovery in early October, with snacks, beer, and health products leading the gains, suggesting a potential continuation of this trend [4] - The market is expected to focus on Q3 earnings reports, with companies in the new consumption sector likely to show strong performance [4] - Looking ahead to Q4 2025, there are two key areas of focus: the year-end valuation shift and the potential for cyclical recovery as PPI improvements begin to affect CPI [4]

北京商报讯（记者 刘一博 冯若男）10月20日早盘，三大指数集体上涨，沪指3866.09点上涨0.69%。白酒板块午盘2272.85点收盘上涨0.6%，14只白酒股上涨。 从个股来看，贵州茅台收盘价达1460.79元/股，上涨0.40%；五粮液收盘价达120.73元/股，下跌0.28%；山西汾酒收盘价达192.60元/股，下跌1.68%；泸州老窖收盘价达133.70元/股， 广发证券在其研报中指出，从经销商回款进度看，预计厂商博弈下多数厂家放松回款要求/不再强制性要求打款，头部品牌表现相对较优。 ...

记者丨肖夏 编辑丨黎雨桐 每到双11、618等线上大促，电商大额补贴都要让白酒的价盘抖一抖。名酒企业多选择在大促发文昭告消费者：电商第三方货源 有真有假，购买务必谨慎。 10月19日，今年双11购物节刚开启预售没多久，五粮液率先发出《致五粮液消费者告知书》，表示非官方授权店铺所售"五粮 液"产品，其货源渠道未纳入五粮液官方产品管控与追溯体系，消费者从该类渠道购买产品，可能面临产品真伪无法验证、产品 品质难以保障、官方售后服务缺失、合法权益维权困难等多重风险。 这已经是五粮液第四次在电商大促期发布致消费者告知书。 21世纪经济报道记者注意到，五粮液此次首次披露了46家非授权店铺名单，各大电商的第三方店铺均有上榜，此外还首次点名 了多家电商的官方店铺或官方频道，包括抖音的抖音超市、美团的美团名酒行和歪马送酒、天猫淘宝的百亿补贴频道。 而各家电商的百亿补贴、名酒行等渠道，就21世纪经济报道记者了解，并非是从酒企官方拿货，也是从市场上的酒商拿货，其 货源仅有电商平台知晓。 一些平台会强调，其产品来源绝对可靠。比如今年618杀入电商大促的美团，就强调其美团官方名酒行或歪马送酒是"严选正 品"。 | 序号 | 平台 | ...