洋河股份在年报中表示，白酒行业进入存量竞争阶段，市场竞争更加白热化，该公司主力产品集中的中 端和次高端价位段承压较大，正在积极调整经营策略，应对外部环境的变化和发展中存在的问题。 对于当前的白酒行业波动，张联东坦言洋河股份的表现相对滞后。"同样的宏观环境，有的酒企发展得 很好，有的企业有一点降速，但洋河在这轮发展中是相对滞后的，这不可回避。" 根据张联东的分析，其具体问题包括，在品牌竞争日益激烈的市场，洋河没有及时对品牌进行全面升级 和换新，无法满足消费者多样化的需求；以及营销模式固化，例如在电商直播、社群营销等新兴营销渠 道的布局上，洋河股份明显落后于竞争对手，无法有效触达年轻消费群体。 洋河业绩低迷的情况延续至2025年初。今年一季度，洋河股份的业绩颓势仍未扭转，营收同比下滑 31.92%，净利润同比下滑接近40%。 此外，股价方面，2025年以来，洋河股价已累计下跌超过18%，资产缩水引发投资者的担忧，也在一定 程度上反映出行业内的信心不足。 智通财经记者 | 武冰聪 智通财经编辑 | 牙韩翔 在6月12日召开的洋河股份2024年度股东大会上，该公司董事长张联东为公司业绩下滑向投资者致歉。 在张联东看来 ...

茅台需要重塑金身，不能迷恋过去。 茅台价格体系"崩溃" 所以问题出在哪里？ 说好的"液体黄金"，可以不喝但不能不抢呢？ 茅台"金融化"成就了茅台，但也限制了茅台的发展。有证券公司表示，前些年"炒茅台"每年的收益率在10%～12%之间，完爆大多数理财产品。 6月11日，在第三方检测平台今日酒价上显示，2025年53度飞天茅台（散瓶）批价达 1990 元 / 瓶，较之前出现下跌；到了6月12日，价格又进一步下滑至 1980元 / 瓶 。6月13日，2025年飞天茅台散瓶批发价跌至1960元/瓶。这一价格的暴跌，让整个市场都为之震惊。 | 第6天 | | | 2025年6月16日 (公众号: 今日酒价) | | --- | --- | --- | --- | | 品名 | 规格 | 昨日行情 | 今日行情 | | 25年飞天(原) | 53度/500ml | 1990 | 1960 I | | 2 25年飞天(散) | 53度/500ml | 1960 | 1930 I | | 24年飞天(原) | 53度/500ml | 2075 | 2030 I | | 24年飞天(散) | 53度/500ml | 1990 ...

Group 1: White Liquor Industry Characteristics - The current pressure on prices is greater than the pressure on volume in the white liquor industry [1] - Most companies' short-term performance increasingly relies on market share improvement in core markets and is driven by mid-tier and lower-tier products [2] - Leading liquor companies are innovating their business models to cope with cyclical pressures by transforming scenarios, customer groups, and expanding white liquor cultural experiences to find new growth points [3] Group 2: Market Valuation and Investment Recommendations - The valuation of the white liquor sector has dropped to historical lows, enhancing the margin of safety, while companies are increasing shareholder returns through higher dividend rates and share buybacks [4] - Investment institutions recommend focusing on three types of quality targets: prominent brands with low valuations and stable demand, regionally strong operators with refined operations and potential for profit margin improvement, and companies with significant growth potential [4] Group 3: New Consumption Trends - In contrast to the performance of white liquor stocks, the new consumption sector has become a market focus this year, with segments like beauty, IP economy, and leisure snacks experiencing significant growth [5] - The Chinese consumer market is showing structural differentiation driven by three key factors: continuous policy benefits supporting new consumption sectors, generational shifts with "Generation Z" becoming the main market force, and varying growth stages among companies [5]

六月安好！感谢关注~ | 今日茅台行情 | | --- | 自5月中旬以来，飞天茅台的市场交易价一路下滑，原箱报价仅为2020元/瓶，散瓶报价为1970元/瓶，甚至有观点认为其价格即将跌破1900元。 更有消费者断言，年内能喝上1499的平价茅台。 一直以来，茅台在中国人心中的地位都是无可撼动的。 从社交场合中的高端礼品，到投资理财的热门选择，茅台早已超越了普通酒类消费品的范畴，成为一种身份的象征和财富的代表。 然而，最近茅台却遭遇了价格下跌的困境，引发了市场对其"神话"破灭的广泛讨论，也让人不禁思考，这是否意味着一个时代的终结。曾经，茅台被视作 理财界的"香饽饽"，其年收益率高达10%～12%，远超许多理财产品，吸引了大量投资者。 然而，随着市场环境的变化，台的价格开始走下坡路。 在各大电商平台，茅台的价格战愈演愈烈，拼多多百亿补贴等活动更是将茅台价格进一步拉低至1840元/瓶。 这一系列的价格波动，似乎都在宣告茅台昔日的辉煌正在逐渐消退。 导致茅台价格下跌的原因是多方面的。 一方面，经济下行压力导致消费市场整体收缩，企业缩减开支，商务宴请与礼品市场受到冲击，普通消费者的购买力也有所下降。 另一方面，政策层 ...

【导读】酒类股盘初发力，稀土永磁概念股回调 中国基金报记者晨曦 大家好！来一起关注上午的市场行情和最新资讯～ 6月18日，A股市场早间小幅低开，短暂上行后震荡走低。截至发稿，A股主要指数绿多红少，三大指数全部飘绿，全市场超4200 只个股下跌。 | ਣੇ A | 涨 1016 平 114 | | 跌 4283 | A股成交额 | | --- | --- | --- | --- | --- | | 序号 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | - | 000001 上证指数 | 3373.61 | -13.80 | -0.41% | | 2 | 399001 深证成指 | 10128.47 | -22.95 | -0.23% | | 3 | 899050 北证50 | 1378.09 | -24.46 | -1.74% | | 4 | 881001 万得全A | 5142.50 | -22.58 | -0.44% | | 5 | 000688 科创50 | 962.34 | -0.74 | -0.08% | | 6 | 399006 创业板指 | 2042.09 | -7.86 | -0.38% ...

□泗伍 （图片由五粮液提供）联袂豫剧大家共话匠心传承，推出非遗大片展现创新活力……6月14 日，是我国第九个文化和自然遗产日，五粮液持续通过出圈出彩的活动，不断擦亮川酒金字招 牌，致力推动中华优秀传统文化的创造性转化和创新性发展。作为中国白酒行业的领军企业和四 川省重点国有企业，五粮液以高度的政治自觉和使命担当，坚定文化自信，通过系统梳理千年文 脉、创新文化表达方式、深化产业融合发展，走出了一条独具特色的高质量发展之路。这一实践 不仅彰显了民族品牌的文化自觉，更为传统产业转型升级提供了可以借鉴的"五粮液方案"。文化 铸魂千年传承厚植产业根基6月3日，"长江经济带高质量发展版图报告发布会暨首届市际战略研商 会"在宜宾召开。会上，《五粮液文脉史脉谱系——自然谱系、传承人谱系研究报告》（以下简称 报告）作为产业发展案例正式发布。这份耗时1年、约30万字的报告首次全方位对五粮液文脉史脉 谱系进行系统溯源和梳理。深刻诠释了"天人共酿 和美五粮"的文化与哲学，标志着"文化五粮 液"建设迈上新台阶。报告分为自然谱系和传承人谱系两部分。自然谱系研究总结归纳五粮液"和 合共生、美美与共"的和美文化与哲学，系统构建"一座城、双国 ...

Group 1 - The core issue of counterfeit liquor sales on e-commerce platforms is highlighted, with Wuliangye providing free authentication services and identifying 268 counterfeit bottles out of 1610 examined, representing 16.65% of the total [1] - Wuliangye has actively communicated with e-commerce platforms to eliminate counterfeit sellers, resulting in the closure of 261 fake shops and the removal of 6431 infringing links [2] - The company warns consumers about counterfeit products being sold under misleading promotions on various platforms, specifically mentioning the non-existence of "Light Bottle Eighth Generation Wuliangye" [3] Group 2 - The white liquor industry is currently in a period of stock competition, with e-commerce platforms using low-price strategies that compromise product quality, negatively impacting both consumer rights and the industry [5] - National statistics indicate a decline in white liquor production, with a 7.8% year-on-year decrease in the first four months of 2025, and a significant drop from the peak production of 1358.4 million liters in 2016 to 414.5 million liters in 2024 [5] - Analysts suggest that the white liquor sector is in an adjustment phase, facing pressure from policies and market sentiment, but long-term transformation and quality innovation are expected to meet diverse consumer demands [5][6]

五粮液在告知书中称，自2024年11月12日发布《致五粮液消费者的告知书（二）》以来，公司与各电商平台持续保持良好沟通，共同对线上与公司及关联公司无 经销关系的商家店铺进行清查，查实并通过电商平台取缔售假店铺261家，下架侵权链接6431条。 针对电商平台销售假酒现象，又有白酒企业出手了。 6月17日，五粮液再次发布致五粮液消费者的告知书称，今年1月—5月，公司累计为电商平台消费者提供1610瓶五粮液产品的免费鉴定服务，经鉴定，其中假冒产 品268瓶，占鉴定总数的16.65%。 业内人士表示，部分电商平台商户通过以次充好、真假掺售等手段欺骗、误导消费者，威胁了消费者健康，破坏了行业经营生态，也损害了品牌企业的形象。 五粮液持续出手"打假" 当前白酒行业仍处于存量竞争时代，电商平台通过低价策略引流，刺激消费者消费，但产品的品质得不到保障，这不仅损害了消费者的合法权益，对白酒行业也会 产生负面影响。 经核查，有部分不法商家在传统电商平台打着"百亿补贴、折扣促销"，直播电商平台打着"限量秒杀、今日闪购"，即时零售平台打着"限时折扣"的旗号销售假冒五 粮液产品。尤其是近期平台上出现的"光瓶第八代五粮液"产品，此类产品 ...

Group 1 - The demand for high-end liquor, particularly premium baijiu brands like Guizhou Moutai, Wuliangye, and Luzhou Laojiao, has been declining due to market saturation and changing consumer preferences [1][3][6] - The real estate sector's struggles and the implementation of nationwide alcohol bans have further exacerbated the challenges faced by the high-end liquor market, particularly affecting the consumption capacity of institutional buyers [3][6] - Prices for premium baijiu have significantly decreased, with Guizhou Moutai and Wuliangye seeing price drops to around 1,499 yuan and 800 yuan per bottle respectively, indicating a shift towards more rational pricing [3][6] Group 2 - The traditional speculative model of hoarding and reselling high-end liquor is no longer sustainable, leading to an oversupply situation similar to that of the tea market [1][6] - The demographic shift in consumer preferences, with younger generations favoring wine and beer over baijiu, suggests a shrinking consumer base for high-end liquor [6] - Many distributors of high-end baijiu are struggling financially, as increased inventory levels lead to greater losses, indicating a potential crisis in the distribution network [6]

Core Insights - Moutai, once regarded as a top luxury brand and social currency in China, is experiencing a significant price decline, marking a shift in its market perception [2][10] - The decline in Moutai's price is attributed to broader economic challenges, changing consumer behavior, and regulatory impacts on the liquor industry [10][13] Group 1: Market Performance - Moutai's market price for its flagship product, Feitian Moutai, has dropped significantly since mid-May, with recent prices reported at 2020 yuan for the original 25-year Feitian [3] - Despite the price drop, Moutai reported a total revenue of 51.44 billion yuan and a net profit of 26.85 billion yuan in Q1 2025, reflecting a year-on-year increase of 10.7% and 11.6% respectively, indicating strong resilience [10] Group 2: Consumer Behavior - The perception of Moutai as a reliable investment has shifted, with many consumers now questioning the sustainability of its value, leading to a decline in demand [5][9] - Younger consumers are increasingly turning away from Moutai, associating it with outdated social practices and preferring alternatives that align with their values [15][18] Group 3: Industry Challenges - The liquor industry is facing a downturn due to economic pressures, with reduced spending on luxury items and a decline in business-related consumption [10][13] - Regulatory measures, such as bans on public drinking, have further impacted the market, leading to a collective decline in the white liquor sector [13] Group 4: Strategic Shifts - Moutai is attempting to innovate and attract younger consumers through new product offerings, such as Moutai-flavored ice cream and coffee, although these initiatives have had mixed results [18][19] - The company is refocusing on its core liquor business while exploring new consumer demographics, recognizing that traditional business consumption remains crucial for growth [19]