Investment Rating - The report assigns an "Outperform" rating to multiple companies in the consumer staples sector, including Guizhou Moutai, Wuliangye, Luzhou Laojiao, and others [1]. Core Insights - The report highlights that most baijiu wholesale prices have stabilized, with specific price changes noted for various brands. For instance, the price of Feitian Moutai (case) is 1915 yuan, down by 35 yuan from the previous month, and down 665 yuan year-on-year [3][9]. - Discounts on liquid milk and beer have decreased compared to previous months, indicating a shift in pricing strategies within the consumer goods market [5][22]. Summary by Sections Baijiu Pricing - Guizhou Moutai's prices for different products have shown a decline, with Feitian Moutai (case) at 1915 yuan, down 35 yuan month-on-month and 665 yuan year-on-year [3][9]. - Wuliangye's eighth-generation price is 930 yuan, stable compared to last month and unchanged year-on-year [4][9]. - Luzhou Laojiao's Guojiao 1573 remains at 860 yuan, unchanged from last month and down 40 yuan year-on-year [4][9]. Consumer Goods Discounts - The average discount rate for liquid milk has decreased to 79.1% from 73.8% at the end of June, while the median discount rate increased to 80.3% [5][22]. - Beer discounts have also seen a slight increase, with average and median rates at 83.6% and 87.0%, respectively, compared to 81.1% and 84.6% in late June [5][22]. - Discounts for infant formula and instant foods have remained stable, with average rates at 93.0% and 94.3%, respectively [7][22].

证券之星消息，8月1日非白酒板块较上一交易日上涨0.06%，*ST兰黄领涨。当日上证指数报收于 3559.95，下跌0.37%。深证成指报收于10991.32，下跌0.17%。非白酒板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 000929 | *ST兰黄 | 8.19 | 4.46% | | 6.08万 | - 4908.67万 | | 600573 | 惠泉啤酒 | 11.97 | 1.10% | | 2.60万 | 3105.44万 | | 603779 | 威龙股份 | 7.52 | 0.80% | | 7.06万 | 5312.12万 | | 600616 | 金枫酒业 | 5.63 | 0.72% | 1 | 7.29万 | 4091.76万 | | 600543 | 莫高股份 | 6.45 | 0.62% | | 8.39万 | 5448.26万 | | 002568 | 自润股份 | 24.25 | 0.58% | | 8.52万 | 2. ...

Core Viewpoint - The recent leadership changes at Zhujiang Brewery highlight the company's struggles with over-reliance on the South China market and ineffective utilization of the 2.5 billion yuan raised in funding, amidst a declining beer industry and increasing competition [1][11]. Company Overview - Zhujiang Brewery has announced a change in general manager, with Zhang Yong taking over from Huang Wensheng, who served for only about a month [6][8]. - The company has a significant dependency on the South China market, with approximately 95.81% of its revenue coming from this region, amounting to around 5.49 billion yuan in 2024 [10][12]. - The revenue from non-South China markets has decreased by 10.37% year-on-year in 2024, indicating challenges in expanding beyond its primary market [11]. Financial Performance - As of the end of 2024, Zhujiang Brewery's fixed assets reached approximately 3.216 billion yuan, up nearly 8% from the beginning of the year [13]. - The company has faced issues with project delays and adjustments in the use of raised funds, with a remaining balance of about 2.599 billion yuan as of December 31, 2024 [16]. - Interest income accounted for 23.95% of the net profit in 2024, raising concerns about the company's true profitability as this support may diminish with lower interest rates [17]. Market Challenges - The beer industry is expected to see a slight decline in overall production by 0.6% in 2024, intensifying competition among breweries [1]. - Major competitors, such as China Resources Beer, are increasing their presence in the South China market, further squeezing Zhujiang Brewery's market share [10][11]. - Analysts express concerns that frequent leadership changes may disrupt strategic continuity and affect the company's ability to execute its national expansion plans [9][11].

证券之星消息，7月31日非白酒板块较上一交易日下跌1.91%，珠江啤酒领跌。当日上证指数报收于 3573.21，下跌1.18%。深证成指报收于11009.77，下跌1.73%。非白酒板块个股涨跌见下表： 从资金流向上来看，当日非白酒板块主力资金净流出1.54亿元，游资资金净流入5485.75万元，散户资金 净流入9921.96万元。非白酒板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600238 | *ST椰岛 | -1354.79万 | 10.58% | -145.40万 | -1.14% | -1209.39万 | -9.45% | | 600543 | [草高股份 | 1097.78万 | 19.18% | -565.25万 | -9.88% | -532.53万 | -9.31% | | 600084 | 中信尼雅 | 472.35万 | 14.97% | -111.08万 | -3 ...

特许商品是连接赛事与大众的重要纽带。活动当天，31家十五运会和残特奥会特许生产企业与38家特许 零售企业携手，展示了1170款以吉祥物"喜洋洋、乐融融"为核心元素的特许商品，包括文创、服饰、日 用品等14个品类。 南方财经记者了解到，截至6月30日，特许商品已累计发放防伪标签超100万枚，覆盖11大品类518个品 种，商品货值超7940万元，市场热度持续攀升。活动中，22家特许生产企业和34家特许零售企业获授 牌，进一步规范了特许经营体系。 活动现场同期举办了特许商品展示订货会，各展区的特许商品吸引了众多企业代表驻足。目前，271家 特许零售店已在广东15个地市及省外重点区域布局，覆盖交通枢纽、商圈等地标，公众购买的渠道更加 便捷，让全民共享"全运喜悦"。 7月30日，"全运暖企全运助企"第十五届全国运动会和全国第十二届残疾人运动会暨第九届特殊奥林匹 克运动会市场开发推介活动举办。 活动现场，十五运会及残特奥会赞助企业分别与广东赛区执委会签订赞助协议，签约涵盖7个赞助类 别。同时，22家特许生产企业和34家特许零售企业获授牌。南方财经记者从会上了解到，截至6月30 日，十五运会和残特奥会特许商品已累计发放防伪 ...

从资金流向上来看，当日非白酒板块主力资金净流出7649.92万元，游资资金净流出6309.61万元，散户资 金净流入1.4亿元。非白酒板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600238 | *ST椰岛 | 1211.33万 | 7.45% | -543.30万 | -3.34% | -668.03万 | -4.11% | | 600543 | 莫高股份 | 126.70万 | 2.46% | 142.10万 | 2.76% | -268.80万 | -5.22% | | 601579 | 会稽山 | 114.55万 | 0.91% | -151.38万 | -1.20% | - 36.83万 | 0.29% | | 002461 | 珠江啤酒 | 87.87万 | 0.80% | -821.37万 | -7.49% | 733.50万 | 6.69% | | 000752 | S ...

来源丨华博观察 编辑丨何慧芳 近期，珠江啤酒完成了关键的人事变动，"将帅"换人引发了行业内外的广泛关注。新的领导班子能否带领珠江啤酒突破区域限制，加速全国化布局，成为 市场关注的焦点。然而，从珠江啤酒过往的发展轨迹以及当前面临的内外部环境来看，其全国化之路或许依旧充满挑战。 珠江啤酒在广东市场可谓根基深厚，多年来稳坐省内啤酒市场头把交椅，有着极高的品牌知名度和消费者忠诚度，这是其安身立命的根本。但硬币的另一 面是，珠江啤酒对广东市场的依赖程度极高。从2024年财报数据能清晰看到，华南地区营收约54.9亿元，同比增长7.45%，占总营收比例高达95.81% ，而 其他地区营收约2.4亿元，同比下滑10.37%，仅占总营收的4.19%，且这种依赖还有进一步加剧的趋势。过度依赖单一市场，就如同把所有鸡蛋放在一个篮 子里，一旦广东市场出现波动，或者竞争对手加大在该区域的攻势，珠江啤酒的业绩很可能会受到严重冲击。 尽管珠江啤酒很早就提出了全国化战略，试图打破区域限制，但其全国化进程却一直不尽如人意。在过去的二十多年里，面对诸多外资大品牌以及国内啤 酒巨头的竞争压力，珠江啤酒提出了"南固，北上，西进，东拓"的八字方针，还 ...

根据公开信息，黄文胜生于1968年，研究生学历，1989年开始参加工作，最初任职广州有线电厂，从工 程师一路晋升至副经理；后进入广州哈里斯通信有限公司，从市场副总裁晋升至总经理。 此后，其又调任广州电子集团担任副总经理，同时兼任广州广哈通信（300711）总经理，主导技术研发 与市场拓展。2010年后，他加入广州智能装备产业集团任副总经理，负责电子装备领域的战略规划与产 业整合。 上述经历塑造了黄文胜在技术管理、企业运营及跨行业资源整合方面的能力，这也是其进入珠江啤酒 的"敲门砖"。 彼时，经珠江啤酒时任董事长王志斌提名，黄文胜获聘任为总经理。当时的珠江啤酒正面临全国化进程 缓慢、市场竞争加剧的挑战，黄文胜要与王志斌搭班子，解决这些痛点。 上任后，黄文胜的工作集中在三方面，产品推新、渠道开拓、降本增效。 比如，2022年、2023年的品牌发布会上，黄文胜开场致辞，珠江啤酒在会上接连推出了7鲜生原浆、珠 江识叹、28度烈金刚、雪堡IPA、南越虎尊等高端、超高端新品。 在原浆产品的基础上，黄文胜还主导推出了珠江啤酒原浆体验店，2022年开始从广东市场布局，次年大 规模向全国铺开，提出目标门店500家。到2024年 ...

Core Viewpoint - Huang Wensheng resigned as General Manager of Zhujiang Beer one month after being appointed Chairman, citing work adjustments, while remaining on the board and as party secretary [2] Group 1: Leadership Changes - Huang Wensheng, who joined Zhujiang Beer in 2020, transitioned from a background in telecommunications and smart equipment to the beer industry, bringing skills in technical management and corporate operations [2] - Following Huang's resignation as General Manager, Zhang Yong, the current Deputy Secretary of the Party Committee, has been appointed as his successor [3] Group 2: Business Strategy and Performance - Huang's focus as General Manager included product innovation, channel expansion, and cost reduction, leading to the launch of several high-end products and the establishment of raw beer experience stores [3] - Zhujiang Beer achieved record revenue and net profit in 2024, with revenue increasing by 6.56% to 5.731 billion and net profit rising by 29.1% to 831 million [3] - The company’s revenue from the South China region accounted for approximately 95% of total revenue, with a compound annual growth rate (CAGR) of 8.1% from 2020 to 2024 [6] Group 3: National Expansion Challenges - The national expansion strategy initiated by previous leadership has faced challenges, with Zhujiang Beer struggling to penetrate markets outside South China, despite attempts from 2010 to 2013 [5] - In 2024, revenue from South China reached 5.491 billion, a year-on-year increase of 7.45%, while revenue from other regions declined by 10.37% to 240 million [6]

7月29日，珠江啤酒连续5个交易日下跌，区间累计跌幅-6.92%。广州珠江啤酒股份有限公司是一家以啤酒酿造产业和啤酒文化产业"双主业"协同发展、包装 产业配套发展的大型现代化国有控股企业。 财报显示，富国基金旗下2只基金进入珠江啤酒前十大股东。其中富国价值创造混合A今年二季度减持，富国消费主题混合A今年二季度不变。 富国价值创造混合A、富国消费主题混合A基金经理为王园园。 简历显示，王园园女士:中国国籍,硕士,2012年6月至2014年11月曾任安信证券股份有限公司研究员;2014年11月至2015年4月任国联安基金管理有限公司研究 员;2015年4月起任富国基金管理有限公司行业研究员;2017年6月起任富国消费主题混合型证券投资基金基金经理,2019年3月起任富国品质生活混合型证券投 资基金基金经理,2020年3月起任富国内需增长混合型证券投资基金基金经理,2020年11月至2024年07月08日任富国消费精选30股票型证券投资基金基金经 理,2021年1月起任富国价值创造混合型证券投资基金基金经理,2021年6月起任富国高质量混合型证券投资基金基金基金经理。具有基金从业资格。 | ○ 基金经理:王园园 | ...