2020-2025年1-7月中国白酒(折65度，商品量)产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市企业：贵州茅台（600519）,五粮液（000858）,洋河股份（002304）,泸州老窖（000568）,山西汾酒 （600809）,古井贡酒（000596）,水井坊（600779）,舍得酒业（600702）,酒鬼酒（000799）,老白干酒 （600559） 相关报告：智研咨询发布的《2025-2031年中国白酒行业市场现状分析及投资前景规划报告》 根据国家统计局数据显示：2025年7月中国白酒(折65度，商品量)产量为23.6万千升，同比下降8.9%； 2025年1-7月中国白酒(折65度，商品量)累计产量为214.6万千升，累计下降5.2%。 ...

研究报告 Research Report 30 Sep 2025 中国 & 中国必需消费 China (A-share) & China (Overseas) Staples | [Table_Info] | | | | | --- | --- | --- | --- | | 股票名称 | 评级 | 股票名称 | 评级 | | 贵州茅台 | Outperform 青岛啤酒 | | Outperform | | 贵州茅台 | Outperform 双汇发展 | | Outperform | | 五粮液 | Outperform 华润啤酒 | | Outperform | | 五粮液 | Outperform 古井贡酒 | | Outperform | | 山西汾酒 | Outperform 海底捞 | | Outperform | | 海天味业 | Outperform 康师傅 | | Outperform | | 海天味业 | Outperform 今世缘 | | Outperform | | 泸州老窖 | Outperform 安琪酵母 | | Outperform | | 泸州老窖 | Outperfor ...

中秋国庆双节前的白酒市场氛围如何？销售热度有没有提高？产品价格能否稳住？带着这些问题，南都 湾财社-酒水新消费指数课题组近期再度对大湾区酒水市场展开调研走访，并收集整理酒价数据，发布 第五十二期《湾区酒价》。 从数据情况来看，越临近双节，各个渠道的产品降价力度越大，不少高端白酒在上期的基础上均价继续 下探，部分产品的售价跌出新低。酒商则普遍反映，今年中秋国庆双节的白酒市场，正在经历巨大的分 化与转变。 广州：半数以上产品均价继续下降，渠道为扩大动销推出各类优惠活动 距离中秋国庆双节的时间越来越近，白酒终端消费市场的价格波动也愈发明显。在各个渠道都在推出各 种优惠促销活动的情况下，本期广州市场的白酒均价相比上期仍在下探，共有14款产品的市场零售均价 出现下滑，既包括第八代五粮液、君品习酒、青花郎、红西凤等高端白酒产品，也有洋河梦之蓝M6+、 金沙摘要、水井坊井台等中高端产品，均价下降的幅度从几元到几十元不等。 广州一山姆门店白酒销售区域 首先来看备受关注的飞天茅台的价格表现。本期飞天茅台的均价与上期基本持平，仅上涨3元左右，这 反映了双节前该产品的价格走势维持稳定。但在不同渠道，飞天茅台的到手价有着不小的差别。 ...

Core Viewpoint - The decline of the real estate industry in China has significantly impacted the high-end liquor market, leading to a need for transformation and new consumption drivers in the liquor sector [1][4][7]. Group 1: Real Estate and Liquor Industry Interconnection - The real estate sector's growth has historically driven the high-end liquor market, with a notable increase in business-related consumption [2][4]. - From 2004 to 2013, real estate investment surged over 520%, while the liquor industry experienced a "golden decade" with production up 293%, revenue up 719%, and profits soaring 1272% [5]. - The collapse of major real estate companies like Evergrande and the subsequent economic downturn have led to a significant decline in the liquor industry, which is now facing intense competition and adjustment [7][8]. Group 2: Current State of the Liquor Industry - As of early 2025, the number of large-scale liquor enterprises has decreased to 887, with a slight revenue increase of 0.19% but a significant profit drop of 10.93% [8]. - Major liquor companies have initiated strategic transformations, focusing on new consumer demographics, international markets, and affordable product lines to adapt to changing market conditions [10][11][12]. Group 3: Strategic Transformations in the Liquor Industry - Companies like Moutai are targeting new consumer groups in emerging industries and enhancing personalized service offerings [10]. - The liquor industry is also expanding its international presence, with initiatives aimed at promoting Chinese liquor globally [10]. - There is a growing emphasis on affordable products, with several brands launching new offerings to capture the mass market [11][12]. Group 4: Future Outlook and Challenges - Despite initial successes in transformation, the liquor industry faces ongoing challenges, including the need to find new consumption drivers to replace the real estate sector [14]. - The export market for Chinese liquor is still in its infancy, and the profitability of mass-market products lags behind that of premium offerings [14].

吃喝板块今日（9月29日）午后猛拉！反映吃喝板块整体走势的食品ETF（515710）盘中场内价格涨幅 最高达到1.3%，后略有回落，截至发稿，涨0.98%。 成份股方面，白酒龙头猛攻，部分大众品亦表现亮眼。截至发稿，养元饮品飙涨超7%，泸州老窖、古 井贡酒双双大涨超3%，山西汾酒涨超2%，贵州茅台、五粮液、舍得酒业等多股涨超1%。 资金面上，吃喝板块场内热门布局工具食品ETF（515710）吸金不断！数据显示，截至上个交易日（9 月26日），食品ETF（515710）近5个交易日中有4个交易日获资金净申购，合计净申购额达到5571万 元；近10个交易日，食品ETF（515710）更是有9个交易日吸金，合计吸金额更是超过1.2亿元。 风险提示：食品ETF被动跟踪中证细分食品饮料产业主题指数，该指数基日为2004.12.31，发布于 2012.4.11。指数成份股构成根据该指数编制规则适时调整，其回测历史业绩不预示指数未来表现。文中 提及个股仅为指数成份股客观展示列举，不作为任何个股推荐，不代表基金管理人和基金投资方向。任 何在本文出现的信息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只 ...

中经酒业周报密切关注酒业发展情况，及时捕捉行业及企业最新动态。本期看点：8酒企上榜中国制造业企业500强，2025年IWSC首届中国区（邛崃）烈性 酒大赛启动，茅台9月终端动销同比增20%。酒业大事尽在掌握。 行业动态 9月23日，由中国酒类流通协会指导，IWSC国际葡萄酒与烈性酒大赛组委会、四川省酒业协会共同主办的邛崃国际美酒季系列活动暨2025IWSC首届中国区 （邛崃）烈性酒大赛在中国酒业梦工场启动。IWSC国际烈性酒大赛首次落户亚洲，大赛组委会聘请多位国际权威专家担任"邛酒国际推广大使"，向世界传 播邛酒文化、讲述邛酒故事，助力邛酒提升国际品牌识别度和市场竞争力。（邛崃市人民政府官网） 5. 中国国际黄酒产业博览会定档 11月7日至12日，2025中国国际黄酒产业博览会将在浙江省绍兴市黄酒小镇（东浦）举行。本次展会将设有六大展区：国粹黄酒展区、全国黄酒特色产区、 绍兴黄酒地标企业展区、黄酒技术成果展区、黄酒直播带货专区、国际专区；同期将举办绍兴黄酒全球推介会、中国黄酒产业发展振兴大会、黄酒嘉年华活 动、黄酒创意挑战赛等十余项活动。（中国酒业协会CADA公众号） 1. 8酒企上榜中国制造业企业500强 ...

Group 1 - The core viewpoint emphasizes the need for traditional brands to find new positioning strategies to navigate consumer cycles and for new brands to achieve rapid growth across categories [1] - Cultural strategy has become a key element in brand strategy, especially in the high-end market, where product characteristics alone are insufficient to build brand momentum [2][4] - The Chinese market shows a disparity in brand momentum between local and international brands, with examples like China Red Bull and Austrian Red Bull illustrating different market scales and brand strategies [4] Group 2 - The white liquor industry in China is experiencing a shift from quantity to quality, with market size increasing from 536.4 billion yuan in 2018 to 756.3 billion yuan in 2023, despite production halving [8] - Major liquor brands are adopting cultural strategies to connect with younger consumers, moving from traditional relationship-based consumption to self-expression and cultural values [9] - Successful brands like Moutai and Wuliangye are developing comprehensive cultural systems to enhance their brand value and consumer connection [9] Group 3 - The article discusses the pitfalls of brands that focus solely on product attributes, such as Wanglaoji and Six Walnut, which have struggled to maintain market relevance [4][5] - The case of Nongfu Spring illustrates the importance of evolving brand narratives beyond product quality to include cultural and environmental themes, leading to a resurgence in market leadership [7] - The need for liquor brands to embrace cultural strategies is highlighted, as many still rely on outdated marketing approaches that fail to resonate with modern consumers [12] Group 4 - The article notes that many liquor brands lack a strategic understanding of consumer culture, which hinders their ability to establish effective brand positioning [12] - It emphasizes the importance of emotional and ideological engagement in building brand culture, as seen in successful examples from both domestic and international markets [15] - The competitive landscape necessitates that brands connect consumer culture with added value to differentiate themselves effectively [17]

华创食饮在其研报中指出，当前阶段，酒企报表受损但维护渠道生态，酒企端不再强硬压货，并放缓回 款进度要求，减少渠道资金占用，持续为渠道纾压，因此经销商虽订单、出货总额有所下滑，但现金流 实则逐步转好。同时经销商对现金流管理更加谨慎，针对终端赊销客户集中清理，要求现金回款拿货。 因此现金流实则逐步转好。告别经销商现金流压力大导致的无序抛货、价格回落，逐步走向企稳。 北京商报讯（记者 刘一博 冯若男）9月26日尾盘，沪指3828.11点下跌0.65%。白酒板块2239.12点收盘 下跌0.41%，其中11只白酒股下跌。 从个股来看，贵州茅台收盘价达1435.00元/股，下跌0.28%；五粮液收盘价达120.17元/股，下跌1.11%； 山西汾酒收盘价达191.16元/股，下跌0.64%；泸州老窖收盘价达127.58元/股，下跌1.45%；洋河股份收 盘价达67.95元/股，下跌0.59%。 ...

华创食饮在其研报中指出，周期筑底经历三阶段：供给出清、供需再平衡、需求好转，三季报前后或将 迎来"报表加速卸压-需求边际好转"的供需第一拐点，板块或迎来第一个布局时点，此后一年重点是对 前瞻信号不断感知，并对正循环逐步确认。 北京商报讯（记者 刘一博 冯若男）9月26日早盘，三大指数震荡下跌，沪指3846.33点下跌0.18%。白酒 板块午盘2244.21点收盘下跌0.19%，其中酒鬼酒1.87%领跌白酒股。 从个股来看，贵州茅台收盘价达1434.79元/股，下跌0.29%；五粮液收盘价达120.29元/股，下跌1.01；山 西汾酒收盘价达189.82元/股，下跌1.34%；泸州老窖收盘价达127.04元/股，下跌1.87%；洋河股份收盘 价达67.94元/股，下跌0.60%。 ...

Core Insights - The demand for high-end liquor has been declining, leading to a significant drop in sales for many liquor retailers, particularly during the second quarter of the year [1][2] - Despite a recent uptick in inquiries and orders, the overall sales volume and prices of high-end liquor remain lower than in previous years, with many retailers reporting a double-digit decline in orders for the upcoming holidays [1][9] - Marketing strategies among liquor brands are diversifying, with a focus on mid-range products and promotional activities to stimulate sales during the holiday season [4][7] Group 1: Market Trends - Retailers have observed a noticeable increase in inquiries and orders for high-end liquor in the last two weeks, particularly for brands like Moutai and Wuliangye, primarily for gifting and gatherings [2][3] - The overall sales of high-end and mid-range liquor are still below last year's levels, with many retailers relying on lower-priced products to maintain revenue [1][5] - The price of Moutai has seen slight fluctuations, with retail prices ranging from 1900 to 2000 yuan, but overall, prices have not significantly rebounded from earlier declines [5][6] Group 2: Brand Strategies - Major liquor brands are intensifying their marketing efforts for the upcoming Mid-Autumn Festival and National Day, with companies like Wuliangye and Moutai launching various promotional campaigns [4][7] - There is a notable price stabilization for certain high-end products, such as Guojiao 1573, which has maintained a consistent wholesale price, contrasting with the fluctuating prices of other brands [7][8] - The competitive landscape is shifting, with brands like Wuliangye and Guojiao 1573 experiencing different pricing strategies, reflecting their unique market positioning and sales focus [7][8] Group 3: Consumer Behavior - The majority of recent purchases are for gatherings or banquets, with many consumers opting for smaller quantities rather than bulk purchases, indicating a cautious approach to spending [5][9] - Retailers report that customers are increasingly price-sensitive, with many opting for promotions and discounts available through online platforms [6][10] - The overall sentiment among retailers is one of caution, with expectations that this year's holiday sales will not match the previous year's performance [9]