Core Viewpoint - The recent performance of the liquor sector, particularly the white liquor stocks, indicates a potential recovery as valuations have significantly declined and market expectations are low, suggesting a favorable environment for quality assets to rebound [1] Market Performance - On October 21, the three major indices collectively rose, with the Shanghai Composite Index closing at 3916.33 points, up 1.36% [1] - The white liquor sector closed at 2298.72, with a slight increase of 0.90%, and 14 out of the white liquor stocks experienced gains [1] Individual Stock Performance - Kweichow Moutai closed at 1462.26 CNY per share, up 0.30% [1] - Wuliangye closed at 120.52 CNY per share, up 0.05% [1] - Shanxi Fenjiu closed at 189.72 CNY per share, down 0.97% [1] - Luzhou Laojiao closed at 134.21 CNY per share, up 0.80% [1] - Yanghe Brewery closed at 69.95 CNY per share, down 0.33% [1] Industry Insights - According to a report from Founder Securities, the 113th Autumn Sugar and Wine Fair was held in Nanjing [1] - The white liquor sector has undergone a prolonged correction, leading to a significant drop in valuations, with a clear bottoming logic for quality assets [1] - In the context of renewed external disturbances and the increasing importance of domestic demand, the sector is expected to experience a valuation switch and recovery trend [1]

Group 1 - Huang Zitao's sanitary napkin brand has established an e-commerce company named Hangzhou Duozi E-commerce Co., Ltd. with a registered capital of 1 million RMB, focusing on internet live streaming services and sales of maternal and infant products [1] - The company is wholly owned by Zhejiang Duowei Nursing Products Co., Ltd., which is jointly held by Hangzhou Hengyan Technology Co., Ltd., Hangzhou Longzelin Network Technology Co., Ltd., and Huang Zitao [1] Group 2 - A short video platform account "Xuelianhua18133" was found to have posted false disaster videos, leading to a warning from the Xining Internet Information Office [3][5] - The account's actions violated regulations related to the dissemination of rumors and false information, resulting in administrative penalties and a requirement to delete the false video [5] Group 3 - Wuliangye Group has published a notice identifying 46 unauthorized stores selling its products on various e-commerce platforms, warning consumers about potential risks [6][8] - The notice emphasizes the importance of purchasing Wuliangye products through official channels to ensure product authenticity and consumer rights [8] Group 4 - From January to September, China's online retail sales reached 1,128.3 billion RMB, marking a year-on-year growth of 9.8%, with physical goods online retail sales at 915.3 billion RMB, a 6.5% increase [8] - Guizhou Xijiu Co., Ltd. issued a notice to consumers regarding unauthorized stores selling its products online, listing 215 official e-commerce channels and authorized stores [10] Group 5 - Douyin's live streaming sales on October 20 saw "Yuhui Tongxing" achieving over 75 million RMB in sales with more than 30 million viewers, while iQOO's new phone launch also generated over 50 million RMB in sales [12]

"双11"促销期间，继茅台、习酒之后，五粮液也发布了囤酒避雷指南。10月19日晚间，五粮液发布的 《致五粮液消费者的告知书（四）》直言，近期通过市场监测发现，抖音、快手等在内的部分网络平台 存在非授权门店销售"五粮液"品牌产品的情况，包括1919酒类直供、歪马送酒，以及抖音超市等46家网 店。此类行为不仅扰乱了正常的线上销售秩序，更可能为消费者带来多重权益风险。 此次五粮液公布的部分非授权店铺名单中，共有46家店铺。值得关注的是，名单中不仅包含普通第三方 店铺，还明确点名了抖音超市、美团歪马送酒、美团1919酒类直供，以及天猫淘宝百亿补贴官方频道等 具备一定平台背书或流量优势的销售主体。 五粮液表示，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 法权益维权困难四种风险。 当下，白酒电商爆火，各大电商平台推出的"百亿补贴"等白酒促销活动，备受消费者青睐。然而，热闹 之下，低价、虚假宣传、假冒伪劣、以次充好等乱象频发，侵犯消费者权益。 回溯过往，五粮液此前已分别于2024年11月2日、1 ...

Group 1 - The food ETF (515710) showed stable performance with a price increase of 0.16% and a trading volume of 11.51 million yuan, bringing the fund's latest scale to 1.313 billion yuan [1] - Key performing stocks included Yunnan Energy Investment, Luzhou Laojiao, and New Dairy Industry, with increases of 1.8%, 1.25%, and 1.11% respectively [1] - Conversely, Yanjing Beer, New Nuo Wei, and Miao Ke Lan Duo experienced declines of 4.56%, 2.32%, and 1.64% respectively [1] Group 2 - Data from the double festival period indicated strong liquor consumption, with JD Seven Fresh reporting a 109% year-on-year increase in liquor sales, and Douyin's liquor sales up 58% month-on-month [1] - The release of the twelve fragrance standard sample aims to further standardize the industry's quality system [1] - Guizhou Moutai is enhancing brand experience through a wine tourism integration project, promoting innovation in consumption scenarios [1] Group 3 - According to Guotai Junan, the food and beverage industry is primarily driven by growth, with beverage leaders maintaining structural prosperity under the influence of major products [1] - The white liquor industry is experiencing a "low expectation, weak reality" state, with the third-quarter reports being a crucial observation window [1] - As external factors diminish and liquor companies adjust strategies, the industry may enter a substantial destocking cycle, with channel confidence expected to improve [1] Group 4 - According to招商证券, Q3 white liquor sales improved month-on-month, but the financial reports continue to show clearing, with government and business demand under pressure [2] - The performance of consumer goods is mixed, with snacks, beverages, pets, and health products showing good momentum, while traditional consumer goods like dairy, condiments, and beer remain flat [2] - The cost side shows a continued decline in raw material prices, although the rate of decrease is narrowing, while packaging prices have increased month-on-month [2] Group 5 - The food ETF (515710) and its linked funds passively track a segmented food index, with the top ten weighted stocks including Wuliangye, Guizhou Moutai, Yili, Luzhou Laojiao, Shanxi Fenjiu, Haitian Flavoring, Dongpeng Beverage, Yanghe, Jinshiyuan, and Gujing Gongjiu [2]

Core Viewpoint - The current adjustment in the liquor industry is nearing its end, with household banquet scenarios expected to recover faster than business demand, and leading companies continuing to enhance management efficiency to increase market share [1][2]. Group 1: Industry Adjustment Analysis - The liquor industry has experienced two rounds of adjustments, with the first from 2013 to 2016 driven by declining profits in industrial enterprises and reduced real estate investment, impacting business consumption scenarios [1]. - The second round, starting in 2022, has seen a continuous contraction in business demand, influenced by government policies promoting frugality, but the impact on liquor demand is less severe compared to the previous round [2]. - The current adjustment has lasted five quarters, with expectations for recovery by the second quarter of 2026, based on historical patterns [2]. Group 2: Market Changes and Investment Implications - The top six liquor companies account for 48.1% of total sales, indicating enhanced industry self-regulation and a more moderate adjustment process due to government guidance [3]. - The expansion of sauce liquor production capacity has not yet translated into revenue share, but it is expected to gain traction in the competitive landscape [3]. - Companies are improving their market value management strategies, increasing dividend payouts, and utilizing flexible buyback methods, which will enhance investor returns [3].

1978年的金秋十月，当数学家华罗庚的"优选法""双选法"在宜宾酒厂绽放异彩，中国第一瓶39°五粮液 低度酒诞生之时，谁曾想这场始于1972年出口需求的低度技艺革新，竟开创了一个绵延47年的品质传 奇。2025年，当29°五粮液·一见倾心携邓紫棋的青春活力翩然而至，这不仅是数字的简单下探，更是五 粮液将半个世纪的低度酿造智慧凝练而成的时代献礼。 图1 29°五粮液·一见倾心 一、历史深处的开创者 在白酒行业的编年史上，1972年湖北粮油食品进出口公司的一纸公函，注定成为浓墨重彩的转折点。当 其他酒厂还在60°高度酒的赛道上竞逐时，五粮液已敏锐捕捉到国际市场的低度化趋势，率先开启技术 攻关。1978年那个收获的季节，五粮液运用华罗庚"优选法""双选法"创造的"降度不降味"工艺，不仅解 决了困扰行业多年的酒体浑浊难题，更用多味调味酒技术填补了低度酒风味空缺——这项获得四川 省"双法"成果二等奖的突破，比其他名酒企业研制出低度酒都要早很多年。 翻阅档案，1978年对39°、29°和25°五粮液的评语至今仍熠熠生辉："窖香馥郁，清冽甘爽，柔润丰雅， 酒味全面，各味协调"。当1986年29°五粮液首获"银樽奖"，199 ...

Core Viewpoint - Wuliangye has been awarded the EFQM Global Award (Seven Diamonds) for its outstanding sustainable practices in economic, environmental, and social aspects, marking the highest score for a Chinese company since the award's inception [3][10]. Group 1: Awards and Recognition - Wuliangye received the highest certification of global excellence performance, the EFQM Global Award (Seven Diamonds), and also won the "United Nations Sustainable Development Goals Implementation and Corporate Performance Excellence Award" [3][6]. - The EFQM Global Award is recognized as one of the highest honors in the field of excellence performance, with only 14 out of over 200 companies evaluated this year achieving such recognition [8][10]. Group 2: Sustainable Development Practices - Wuliangye integrates sustainable development deeply into its corporate strategy, focusing on a high-quality development path characterized by "ecology, quality, culture, digitalization, and transparency" [5][11]. - The company emphasizes a collaborative approach to economic, environmental, and social development, establishing a unique sustainable development framework [8][11]. - Wuliangye has implemented a comprehensive lifecycle quality control system, enhancing product quality and promoting steady growth in capacity, brand, and economic benefits [13]. Group 3: Industry Leadership - As a leading representative of Chinese liquor, Wuliangye aims to set a benchmark for sustainable development in the industry, showcasing its commitment to excellence in management and sustainable practices [10][11]. - The company aspires to align with world-class standards, driving management innovation and industry upgrades, while contributing to the sustainable development of the Chinese liquor industry [13].

Core Viewpoint - Wuliangye is intensifying its efforts to combat counterfeit products during the "Double 11" e-commerce promotion season, highlighting the risks posed to consumers by unauthorized sales on various online platforms [2][3]. Group 1: Company Actions - Wuliangye has identified 46 unauthorized stores selling its products on platforms such as Douyin, JD.com, Kuaishou, Meituan, Pinduoduo, and Tmall [2]. - Since November 2023, Wuliangye has issued four notices addressing online counterfeit issues, resulting in the closure of 261 counterfeit stores and the removal of 6,431 infringing links [2]. - The company has authenticated 1,610 bottles of products from January to May 2024, with 268 bottles identified as counterfeit, accounting for 16.65% [2]. Group 2: Industry Challenges - The prevalence of low-priced promotions on e-commerce platforms creates an environment conducive to counterfeit products, as the white liquor industry has high profit margins and low production costs for fakes [4]. - There exists a dual dependency and wariness among traditional liquor companies towards e-commerce, as they seek to leverage online traffic while being cautious of price disruptions and counterfeit threats [4]. Group 3: Consumer Guidance - Consumers are advised to prioritize official and authorized channels to mitigate the risk of counterfeit products and ensure their rights are protected [4]. - A dual verification mechanism is recommended for online purchases, including checking the store's deposit and being wary of prices significantly lower than market rates [4]. Group 4: Long-term Solutions - Experts suggest that brand owners and major e-commerce platforms should establish a regular cooperation mechanism for rights protection, utilizing big data monitoring and information sharing to enhance verification processes [5]. - A "genuine product alliance" involving liquor companies, platforms, regulatory bodies, and consumers is proposed to maintain a healthy market ecosystem, which is essential for protecting brands and consumers as well as for the sustainable development of the industry [5].

Core Points - Wuliangye has issued a notice to consumers regarding unauthorized stores selling its products on various e-commerce platforms ahead of the "Double Eleven" shopping festival [1] - The company identified 46 unauthorized stores across platforms such as Douyin, JD, Kuaishou, Meituan, Pinduoduo, and Tmall Taobao [1] - Wuliangye has previously issued similar notices, with this being the third such announcement since the beginning of 2024, indicating a more direct approach by exposing specific unauthorized stores [4][5] Summary by Category Unauthorized Stores - Wuliangye's notice lists 46 unauthorized stores, including 17 on Douyin, 4 on JD, 9 on Kuaishou, 3 on Meituan, 8 on Pinduoduo, and 5 on Tmall Taobao [1] - The company emphasizes the risks associated with purchasing from these unauthorized channels, including issues with product authenticity, quality assurance, lack of official after-sales service, and difficulties in protecting consumer rights [4] Consumer Protection Measures - Wuliangye has provided free product authentication services, having authenticated 1,610 bottles from January to May 2024, with 268 bottles identified as counterfeit, representing 16.65% of the total [5] - The company has also worked with e-commerce platforms to shut down 261 counterfeit stores and remove 6,431 infringing links since November 2024 [5] Authorized Sales Channels - Wuliangye has updated its list of authorized e-commerce sales channels, now exceeding 50 stores, including official self-operated stores and those on platforms like JD, Tmall, and Douyin [5] - The latest authorized channels include 17 official self-operated stores, 11 on JD, 10 on Tmall, and 7 on Douyin, along with other retail platforms [5]

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。 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。 美团、淘宝被五粮液点名！知名酒企齐指电商白酒"货源复杂" 【中国白酒网】"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。 有江苏酒商告诉记者，酒企此时再发布声明 ...