（图片系AI生成） 5月18日，中共中央、国务院修订发布的《党政机关厉行节约反对浪费条例》（以下简称《条例》）明 确规定，公务接待工作餐"不得提供香烟，不上酒"。 笔者注意到，目前市场将这一政策视为"新禁酒令"，预计会引发白酒行业短期波动。19日开盘，白酒股 集体走低，其中头部几家领跌，似乎印证了上述猜想。 不过，业内对此并不担忧。实际上，这些年全国各地的"禁酒令"已相对常态化，但政务消费退潮后白酒 也已实现消费转型。眼下，白酒更应专注应对周期挑战。 "禁酒令"常态化下白酒政务消费已退潮 早在2013年白酒受多重因素影响进入调整期后，白酒企业就被迫向商务和个人消费转型。因此政务白酒 消费潮早已褪去，如今在整个白酒消费市场占比较低。 目前业内普遍认为，此次"新禁酒令"的影响如以往一样，更多是催化市场情绪短期波动，长期看对白酒 行业无实质影响。 中国酒业独立评论人肖竹青认为，在2013年之前，中国高端白酒是由公款消费支撑，2013年中央八项规 定之后，中国高端白酒是有高净值人群和各行各业的民营企业家成为中国高端白酒主力的消费人群。 "此次重新学习八项规定，短期会引起股市波动，长期而言不会有大的影响，因为高端白酒消 ...

21世纪经济报道肖夏综合报道 5月中旬，酒业业绩说明会持续推进，投资者与管理层的问答中陆续出现一些新增信息量，不少酒企表 达也相当坦白：泸州老窖表示近期渠道正常发货备战端午销售，张裕对当前葡萄酒市场短期并不乐观， 青岛啤酒表示不排除整合优质资产，燕京啤酒也正面回应了推出汽水品牌背后的考量。 酒业要闻 21世纪经济报道记者注意到，至此贵州茅台已经完成本轮回购计划的2/3，距离此次回购周期结束还有 半年以上。贵州茅台此前公告，计划在股东大会审议通过后的12个月内，出资30亿元（含）至60亿元 （含）回购公司股份。此外，茅台上个月已经公告，已经着手起草新一轮回购方案，控股方茅台集团也 已着手起草增持方案。 茅台、五粮液座谈：携手共克时艰不内卷、不内战、不内耗 公务接待不得供烟酒 新华社5月18日消息，近日中共中央、国务院印发了修订后的《党政机关厉行节约反对浪费条例》并发 出通知，要求各地区各部门认真遵照执行。 其中指出，建立健全国内公务接待集中管理制度。党政机关公务接待管理部门应当加强对国内公务接待 工作的管理、指导和监督。党政机关应当建立国内公务接待审批控制制度，严格执行公函制度，对无公 函的公务活动一律不予接待 ...

最近，国货品牌白象联手卫龙推出的 辣条拌面刷屏了年轻人的社交圈。 泡泡玛特凭借盲盒火遍国内外市场，无数年轻人为一只Labubu大排长龙；Jellycat在社交平台上的声量比2023年增长167%，沉浸式打包方式引发网友围 观；谷子经济蓬勃发展，二次元IP成为品牌争相联动的香饽饽…...时下，这些曾让很多人直呼"看不懂"的产品与消费行为，让年轻人乐此不疲地追捧。 随着中国由生产型社会转变为消费型社会，在功能性的使用价值之外，商品背后的符号价值成为消费者关注的重点；而处于经济周期性转折的时代拐点， 不确定性的增长让年轻一代压力倍增，Z世代迫切需要一枚"情绪布洛芬"。 多元化的社会形态让年轻群体愈发关注自我认同，反PUA、拒绝内耗、寻求情绪疗愈成为新一代消费者的人生底色。《2024中国青年消费趋势报告》显 示，近三成的受访年轻人会因为"情绪价值疗愈身心"而进行消费，"千金难买我高兴"成为了很多年轻人的消费理念。 为"快乐"买单，不只是随时随地主打陪伴的玩偶，还有最能够通过肠胃影响情绪的"吃"。 最近，国货品牌白象联手卫龙推出的辣条拌面刷屏了年轻人的社交圈。继麻辣小龙虾拌面、香菜面、牛油麻辣火锅面之后，其联名产品以" ...

Core Viewpoint - Luzhou Laojiao's 2024 performance shows a slowdown in revenue and profit growth, with a focus on adapting to market changes and consumer demands, particularly among younger demographics [3][4]. Financial Performance - In 2024, Luzhou Laojiao achieved revenue of approximately 31.196 billion yuan, a year-on-year increase of 3.19%, and a net profit attributable to shareholders of about 13.473 billion yuan, up 1.71% [3]. - The fourth quarter revenue was around 6.893 billion yuan, with a net profit of approximately 1.88 billion yuan, showing a decline compared to the same period last year [3]. Market Dynamics - The liquor industry is transitioning from a phase of rapid growth to one of quality and sustainability, with increased competition and market differentiation [4]. - Luzhou Laojiao has set a goal for 2025 to achieve stable revenue growth amidst a challenging market environment characterized by high inventory and price discrepancies [4]. Inventory and Channel Management - The company maintains normal supply channels and has prepared adequately for the upcoming Dragon Boat Festival sales, despite previous media reports suggesting a halt in order acceptance [5]. - Luzhou Laojiao collaborates closely with distributors to adjust sales targets and market policies dynamically, ensuring a reasonable profit margin for clients and promoting healthy market development [4][5]. Digital Transformation - The company is undergoing significant digital reforms, shifting from a channel-driven sales strategy to a consumer-focused approach, enhancing marketing capabilities through digital tools [5]. - Concerns regarding the diminishing marginal effects of digital marketing strategies have been acknowledged, with the company emphasizing the importance of management system innovation [5]. Youth Engagement and Product Innovation - Luzhou Laojiao is actively developing products that cater to younger consumers, including innovative and cross-border collaboration products, with the "Three-Body" science fiction-themed liquor set to launch in June [3][7]. - The company has engaged in various promotional activities across cultural, artistic, and sports domains to resonate with the younger generation [7][9].

Core Viewpoint - The frequent turnover of executives in the fund industry reflects deep adjustments amid intensified competition and stricter regulations, with a notable trend towards younger leadership [3][4][5]. Group 1: Executive Changes - In the first half of May 2025, eight executives from five institutions underwent position changes, with a significant focus on general managers and presidents [3]. - Notably, Han Yong, the general manager of Huatai-PB Fund, stepped down after nearly 14 years, marking a significant transition in the industry [4]. - The new general manager of Shanghai Dongfang Securities Asset Management, Cheng Fei, born in 1983, represents a younger generation of leaders, highlighting the trend of increasing youth in executive roles [4][5]. Group 2: Strategic Implications - The departure of veteran executives like Han Yong raises questions about the future direction of their firms, particularly regarding the sustainability of successful products like the CSI 300 ETF [5]. - The transition to younger leadership is seen as a response to the industry's need for versatile talent, with new executives often possessing diverse backgrounds in investment research and asset management [5][6]. Group 3: Regulatory and Compliance Pressures - The tightening of regulatory policies has led to increased pressure on compliance and risk management, prompting many firms to adjust their compliance leadership [7][8]. - The role of compliance officers is evolving, with a growing demand for professionals who understand both legal regulations and asset management practices [8]. Group 4: Differentiation Strategies in Smaller Firms - Smaller fund companies are experiencing executive changes that reflect strategic adjustments aimed at survival and differentiation in a competitive landscape [9][10]. - Recent leadership changes in firms like Tianzhi Fund and Everbright Prudential Fund indicate a shift towards enhancing regulatory compliance and optimizing investment research frameworks [9].

文 | 《贵圈》栏目 闫妍 过去一年，在奢侈品行业经济逆风中，谁是当之无愧的大赢家？除了爱马仕外，还必须有 Miu Miu 这个异军突起的"叛逆者"。 近两年，曾经被视作 LV 、 CHANEL "平替"的 Miu Miu ，在价格和话题性上早已逆袭超 车—— 3200 元的发夹、 4750 元的眼镜绳、 6950 元的"丑娃娃"挂饰以及 4.2 万元的亮 片内裤等争议单品，非但没有吓退消费者，官网还频频出现售罄盛况，它正在成为 Z 世代 富豪千金们争相抢购的"身份勋章"。 在社交媒体上， #Miu Miu 风 # 掀起了一场席卷全球的"叛逆富家女"大浪潮，其标志性的 镶钻亮片底裤、容易着凉的露胃毛衣，校服式的百褶短裙、超低腰裙、花苞裙、芭蕾鞋等 等，都成为了年轻人表达先锋的时尚符号。 Miu Miu 上演的这场教科书级的"叛逆式增长"，还直接体现在了母公司 Prada 集团的最新 财报，并将品牌推向历史新高度。 近日， Prada 集团发布第一季度财报，在奢侈品行业整体增速放缓的背景下，实现营收 13.4 亿欧元，同比增长 13% ，延续了 2024 年双位数增长的势头。副线品牌 Miu Miu 延续 20 ...

Core Insights - Miu Miu has emerged as a significant player in the luxury goods market, outperforming traditional competitors like LV and CHANEL, particularly among Gen Z consumers [1][4][6] - The brand's unique positioning and controversial pricing strategy have led to a surge in demand, with products frequently selling out [1][7] - Prada Group's recent financial performance highlights Miu Miu's role as a key growth driver, with a remarkable 60% increase in sales for the brand in the first quarter of 2025 [4][6][7] Financial Performance - Prada Group reported a revenue of €1.34 billion in the first quarter, a 13% year-over-year increase, driven largely by Miu Miu's performance [4][5] - Miu Miu's retail sales surged by 93.2% to €1.228 billion, marking a historic high and contributing significantly to the group's overall growth [6][7] - The group's overall revenue for the 2024 fiscal year reached €5.432 billion, with a net profit increase of 25% to €839 million, outperforming major competitors [6][7] Market Strategy - Miu Miu's success is attributed to its focus on youthful branding and innovative marketing strategies, appealing to a younger demographic [15] - The brand has effectively utilized social media to create a cultural phenomenon around its products, positioning itself as a status symbol among affluent youth [1][11][13] - Prada Group's acquisition of Versace for €1.25 billion aims to strengthen its multi-brand strategy against competitors like LVMH and Kering [4][15] Consumer Trends - Miu Miu's pricing strategy, featuring high-priced items, has not deterred consumers but rather fueled demand, with products often selling out [1][7][9] - The brand's appeal lies in its ability to resonate with the desires of young consumers for uniqueness and individuality in luxury fashion [13][15] - The Asia-Pacific region remains a crucial market for Prada, contributing €1.604 billion in retail sales, reflecting a 13.1% year-over-year growth [13]

证券之星消息，2025年5月15日香飘飘（603711）发布公告称公司于2025年5月13日接受机构调研，前海开 源、财通基金、天风证券参与。 具体内容如下： 问：公司奶茶新品的销售情况？ 答：公司推出的"原叶现泡轻乳茶""原叶现泡奶茶"（黑糖珍珠/糯糯红豆）奶茶新品，开创"原叶现泡"奶茶 新品类。"原叶现泡"系列产品是在之前的"如鲜"燕麦奶茶的产品基础上，继续沿着品牌年轻化、品类健康 化方向进行升级的产品。 问：即饮业务的终端网店数量？ 答：目前，即饮板块的终端网点数量约30万家，公司在短期内暂时不会追求门店数量的大幅增加，而是希 望对现有门店进行深耕。一方面，公司会根据冲泡业务和即饮业务的特点，分别筛选适配的经销商和终端 渠道资源；另一方面，公司会选取一些动销比较好的渠道和门店进行聚焦，集中投放资源和费用，通过产 品的生动化陈列，建立产品势能，营造热销氛围，以带动其他渠道和门店的销售。未来，随着公司即饮业 务系统性运营能力的提升，将会循序渐进地增加即饮终端网点的覆盖率。 问：公司今年即饮业务的渠道规划? 答：今年，公司将保持"稳中求进"的总基调，Meco果茶将重点围绕原点人群和原点渠道做精进，提升原 点人 ...

兰州黄河分析师会议 调研日期：2025年05月15日 调研行业：酿酒行业 参与调研的机构：*ST兰黄2024年度业绩说明会采用网络远程方 式进行,面向全体投资者等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | ...

证券代码：002646 证券简称：天佑德酒 青海互助天佑德青稞酒股份有限公司 投资者关系活动记录表 编号：2025-001 | 投资者关 | □ 特定对象调研 □ 分析师会议 | | --- | --- | | 系活动类 | □ 媒体采访 √ 业绩说明会 | | 别 | 新闻发布会 路演活动 □ □ | | | 现场参观 □ | | | □ 其他 （请文字说明其他活动内容） | | 参与单位 | 线上参与天佑德酒（002646）2024 年度报告暨 2025 年第一季度报告业绩 | | 名称及人 | | | | 说明会的全体投资者 | | 员姓名 | | | 上市公司 | 董事长李银会 | | 接待人员 | 董事、总经理万国栋 | | 姓名 | 董事、副总经理、营销中心总经理范文丁 | | | 独立董事方文彬 | | | 副总经理、财务总监郭春光 | | | 董事、董事会秘书赵洁 | | | 52.96%，主要原因是什么？公司采取了哪 | | | 些措施来应对这一下滑趋势？ | | 投资者关 | 答:欢迎您对我公司的关心，2024 年公司在消费者互动建设方面及市 | | | 场宣传方面增加了聚焦投入，销售收入 ...