当低度化浪潮奔涌而至，我们蓦然发现，山东这片白酒热土早已蕴藏着得天独厚的基因与优势。历史沉淀的口味偏好、庞大的消费基础、成熟的低度生产 技术——这一切，仿佛都为迎接这个时代风口做好了铺垫。 提起山东，"好客山东"的热情与酒桌上的豪迈气概，早已是深入人心的印象标签。作为全国首屈一指的白酒消费大省，山东白酒年消费规模高达600亿 元。然而，一个不容忽视的现实是：在这庞大的蛋糕中，省外品牌凭借强大的全国影响力，分走了约400亿元；而山东本土70多家规模以上酒企，则需要 在剩余的200亿元中奋力耕耘、激烈竞争。但鲁酒并非没有自己的"王牌"，《华夏酒报》记者深入调研后发现了一个鲜明特色：在齐鲁大地的酒桌上，每 开启10瓶白酒，就有7瓶是低度浓香！ 如今，低度化甚至超低度化的白酒新浪潮正席卷全国，迎合着健康、理性的消费新趋势。当风口已至，鲁酒手握"低度浓香"这张沉淀了数十年的特色名 片，以及七成的本土市场基本盘，无疑迎来了重塑格局的关键契机。 历史长河中的低度基因 其次，卓越的性价比是制胜市场的关键利器。《华夏酒报》记者算了笔账，山东酒企依托本土完善的供应链体系，实现生产流通环节的精简与成本优化， 同等品质的低度浓香产品 ...

Market Performance - The Shanghai and Shenzhen 300 Index increased by 1.23%, while the Shenwan Food and Beverage Index rose by 0.68% during the period from August 4 to August 8, 2025 [1]. Institutional Insights - Guohai Securities maintains a "recommended" rating for the food and beverage sector, citing recent policy measures that are expected to improve macroeconomic expectations and enhance both valuation and performance in the sector [2]. - Zhongyuan Securities suggests focusing on investment opportunities in the white liquor, soft drinks, health products, baking, and snacks sectors, with a recommended stock portfolio including brands like Yingjia Gongjiu and Luzhou Laojiao [3]. Regulatory Developments - The State Administration for Market Regulation has drafted a regulation concerning food safety responsibilities for food sales chain enterprises, emphasizing risk prevention and management responsibilities at various levels [4]. - A joint reminder from the State Administration for Market Regulation and the China Consumers Association warns consumers against believing health claims made by ordinary food products [5]. Industry Trends - The market for light bottle liquor is projected to exceed 150 billion yuan in 2024 and is expected to surpass 200 billion yuan in 2025, with increased competition in lower-tier markets [8]. - The export value of Zunyi liquor (excluding Moutai Group) reached 39.81 million yuan, showing a year-on-year increase of 870.82%, driven by policies supporting international market expansion [9]. Company News - Moutai Group has announced the cessation of production for Taiyuan liquor to optimize its product structure and enhance market competitiveness [11]. - Tianyoude Liquor plans to invest 160 million yuan in building a winery in Tibet as part of its strategy to overcome current financial challenges [12]. - Yingjia Gongjiu has established a new biotechnology company with an investment of 8 million yuan, focusing on technology promotion and application services [13].

Core Insights - The 38-degree Guojiao 1573 is poised to become the first low-alcohol product in the Chinese liquor industry to enter the "100 billion club," establishing its position as the "ceiling" for low-alcohol liquor [1][3] - The low-alcohol liquor market is projected to exceed 74 billion yuan by 2025, with an annual compound growth rate of 25% [3][4] - The success of 38-degree Guojiao 1573 is attributed to its alignment with consumer trends, technological breakthroughs, and effective market positioning [4][6] Market Performance - In Hebei, 38-degree Guojiao 1573 holds an 80% market share of Luzhou Laojiao, generating annual sales of 4 billion yuan [1] - The product is highly favored in various markets, with 8 out of 10 bottles sold being 38-degree Guojiao 1573 in regions like Shandong and Jiangsu [1] - The brand's sales are expected to surpass 20 billion yuan in 2024, with the 38-degree variant contributing 50% of this figure [3] Consumer Trends - There is a significant shift towards low-alcohol products driven by health-conscious consumers and the younger demographic, particularly those born between 1985 and 1994 [4][6] - The new generation of consumers values the social and health aspects of drinking, creating a favorable environment for low-alcohol liquor [4] Technological Innovations - The product's success is underpinned by 701 years of brewing heritage and the unique 442-year-old national treasure cellar group, which ensures high-quality raw materials [1][4] - Luzhou Laojiao has developed proprietary technologies to overcome challenges associated with low-alcohol liquor, such as turbidity and flavor loss, leading to the creation of a product that maintains quality while reducing alcohol content [8][10] Future Developments - Luzhou Laojiao is expanding its low-alcohol product line, having completed the development of a 28-degree Guojiao 1573, indicating a strategic focus on low-alcohol offerings [7][10] - The company aims to leverage its technological and product advantages to further penetrate the low-alcohol market across China [10]

Core Viewpoint - The 38-degree Guojiao 1573 is emerging as a leading product in the low-alcohol liquor segment, potentially becoming the first low-alcohol product to enter the "100 billion club" in China's liquor industry, marking a significant milestone in the industry's transformation towards lower alcohol content [1][4][9] Market Performance - In the Hebei market, 38-degree Guojiao 1573 holds an 80% market share of Luzhou Laojiao, with annual sales reaching 4 billion yuan [1] - In key markets like Shandong, Jiangsu, and northern Zhejiang, 8 out of every 10 bottles sold are 38-degree Guojiao 1573, indicating its strong market presence [1] - The brand's sales are projected to exceed 20 billion yuan in 2024, with the 38-degree variant contributing 50% to this figure [4][11] Industry Trends - The low-alcohol liquor market is expected to surpass 740 billion yuan by 2025, with a compound annual growth rate of 25% [4] - Over 21% of liquor companies are prioritizing younger consumer products as a strategic focus, indicating a shift towards a dual-driven development model of "core products + innovative products" [4][5] Technological Innovations - The success of 38-degree Guojiao 1573 is attributed to Luzhou Laojiao's 701 years of brewing heritage and 442 years of continuous use of the 1573 national treasure cellar, which have overcome key technical challenges in low-alcohol production [2][5] - The company has developed a unique adsorption filtration process that ensures the product maintains quality while reducing alcohol content, achieving a breakthrough in "low but not bland" quality [2][9] Consumer Preferences - The product's characteristics, such as "slow intoxication, quick sobering, smooth taste, and sweet aftertaste," have made it popular for business banquets and social gatherings, with a 70% share in business dining in North China [7][11] - The younger generation, particularly those born between 1985 and 1994, is driving demand for low-alcohol products due to their preference for lighter drinking experiences [4][5] Future Outlook - Luzhou Laojiao plans to introduce more low-alcohol products, including the newly developed 28-degree Guojiao 1573, reflecting a commitment to expanding its low-alcohol product line [8][9] - The company's strategic focus on low-alcohol products is expected to reshape the market landscape, with high-quality low-alcohol liquors like Guojiao 1573 leading the way [11]

当前，白酒行业仍处于深度调整期，但低度白酒正在重构行业新版图。尤其是头部酒企，纷纷在低度白 酒这一细分赛道，通过产品创新、场景创新争夺更多的消费者群体。 中国酒业协会数据显示，2025年低度酒市场规模将突破740亿元，年复合增长率达25%。 其中，泸州老窖表现亮眼。据悉，38度国窖1573或已成为破百亿的低度白酒大单品。 白酒行业分析师蔡学飞认为，对于泸州老窖这样的头部酒企来说，低度酒与现有产品结构及渠道都有一 定的互补性，满足了消费者自饮、朋聚等差异化饮酒需求，可以为企业开拓新的销售增量市场，同时低 度酒饮酒门槛比较低，有利于年轻消费群体对于白酒的口感培育以及认知培养，因此成为许多酒企在目 前存量挤压市场环境下寻找新增量的重要方向。 低度1573领跑低度酒市场 近年来，白酒行业的低度化趋势愈发明显。从市场数据来看，低度白酒市场份额持续攀升，年复合增长 率显著高于传统高度白酒。 "低度酒的推广，并非仅仅是拥抱年轻人，一定程度上也会解放'酒经饭局'的中年人。"白酒行业专家、 千里智库创始人欧阳千里认为，于年轻人而言，需要更多的是情绪价值，如"成图率"，他们会将美好的 体验上传至社交媒体，包括小红书、抖音、视频号 ...

2025年白酒市场最汹涌的浪潮，无疑是低度化革命。行业数据显示，中国低度白酒市场规模从2020年约 200亿元，一路攀升至2024年的570亿元，并预计在2025年突破742亿元关口，年复合增长率高达30%。 在健康理念普及与年轻消费群体崛起的双重驱动下，一场由技术革新、场景迭代与消费代际更迭共同推 动的行业变局已然成型。 然而，低度化绝非简单的降度操作。行业长期被"降度即降质"的魔咒所困：酱香型白酒降度后酸涩感凸 显，清香型白酒降度后则酒体更显单薄寡淡。当众多品牌仍在浪潮中艰难摸索时，泸州老窖（000568） 旗下以38度国窖1573为代表的低度酒却以破百亿级之姿，率先破局。其"低而不淡"的品质密码，既深植 于泸州老窖作为"浓香鼻祖"的技艺沉淀，更折射出中国白酒在消费升级下的价值重构路径。 技术破壁： 攻克"降度三大魔咒"， 定义低度酒新标准 白酒降度绝非简单加水稀释的技术活。在过往半个世纪以来的低度化探索中，行业曾遭遇三大技术魔 咒：降度后酒体浑浊、风味寡淡、储存易水解。这些难题曾让低度白酒在20世纪80年代前仅占行业1% 的份额。 不同香型白酒在低度化道路上面临截然不同的命运。酱香型采用高温制曲、堆积发 ...

Core Viewpoint - The Chinese liquor market is undergoing a transformation towards lower alcohol content and healthier consumption, with the low-alcohol liquor segment experiencing significant growth since 2019 [1][3][4]. Industry Trends - The trend towards lower alcohol content is seen as irreversible, indicating a shift in consumer preferences and presenting new opportunities for established brands like Luzhou Laojiao [3][4]. - The rise of younger consumers is reshaping the consumption structure of the liquor industry, with a focus on health and drinkability [6][9]. Company Performance - Luzhou Laojiao's 38-degree Guojiao 1573 has achieved over 10 billion in sales, with its revenue share increasing from 15% to 50%, making it the first low-alcohol liquor product to surpass this milestone [4][6]. - The company has invested in research and development to overcome technical challenges associated with producing low-alcohol liquor while maintaining flavor integrity [7][11]. Consumer Preferences - The younger demographic, particularly those born in the 1990s and 2000s, prefers low-alcohol options, prompting Luzhou Laojiao to plan the introduction of even lower alcohol products [9][12]. - The success of low-alcohol Guojiao 1573 reflects a deep understanding of the health-conscious consumer trend, aligning with modern drinking preferences for lighter and more enjoyable experiences [11][12]. Market Dynamics - The low-alcohol trend is expected to reshape the consumption landscape of Chinese liquor, moving away from traditional high-alcohol products [10][12]. - Luzhou Laojiao's focus on quality and innovation in the low-alcohol segment is seen as a strategic advantage, allowing it to cater to diverse drinking scenarios [10][12].

Core Viewpoint - The white liquor market is undergoing a transformation towards lower alcohol content and health-conscious consumption, with low-alcohol white liquor gaining market share since 2019, showing a compound annual growth rate significantly higher than traditional high-alcohol liquor [1][3]. Industry Trends - The trend towards lower alcohol content is seen as irreversible, indicating a potential market adjustment, benefiting leading companies like Luzhou Laojiao that have focused on the low-alcohol segment [3]. - The rise of younger consumers is reshaping the consumption structure of the white liquor industry, with a significant portion of the market now driven by the preferences of younger demographics who prioritize taste and health [7][11]. Company Performance - Luzhou Laojiao has emerged as a key player in the low-alcohol market, with its 38-degree Guojiao 1573 achieving over 10 billion in sales, increasing its sales proportion from 15% to 50% [5][11]. - The company has a long history of innovation in the low-alcohol sector, having recognized the shift towards health and comfort in consumer preferences well before the current trend [8][9]. Product Development - Luzhou Laojiao's success in the low-alcohol segment is attributed to its advanced technology and research, which have allowed it to maintain flavor integrity while reducing alcohol content [9][13]. - The company plans to introduce new products with even lower alcohol content, responding to the preferences of younger consumers [11][12]. Market Dynamics - The low-alcohol trend is expected to change the consumption landscape of white liquor, with a renewed focus on the strong flavor profile of the浓香型 (strong aroma) category, particularly in the context of Luzhou Laojiao's offerings [12][14]. - The successful positioning of low-alcohol Guojiao 1573 reflects a deep understanding of the health-conscious consumer trend, aligning with modern drinking preferences for lighter, more enjoyable experiences [13][14].

白酒版图上，一场围绕"低度"的竞速正迅速升温。越来越多的酒企开始推出低度白酒产品，试图打开新 的消费场景、触达更广的人群。低度白酒，正从边缘品类转变为新的增量引擎。 在这条如今热闹非凡的赛道上，率先入局并取得领先地位的，是泸州老窖（000568）旗下的超高端白酒 品牌国窖1573。 在所有白酒香型中，浓香型白酒依赖于泥窖窖池发酵，且持续使用越久的窖池酿出的原酒品质越高。究 其原因，当泥窖窖池持续使用时间越长，窖池窖泥的优势微生物菌群越突出，特别是百年以上的老窖 池，窖泥中的酿酒微生物经过长期驯化富集，酿出的酒体窖香、粮香、陈香等复合香气饱满浓郁，主体 香突出，从而在降度之后依然能保持"低而不淡"。 国窖1573早在2001年就推出了38%vol，通过二十余年的消费培育，凭借卓越的品质表现与动销能力， 成为全国首先破百亿的低度白酒大单品，完成了从消费培育到市场引爆。 今天的白酒低度化趋势，某种程度上，正是国窖1573率先"跑出来"的结果。 趋势将至，有人早已在场 近年来，随着年轻群体接棒消费主力，白酒的饮用习惯正在悄然改变。"轻饮""微醺""不醉也尽兴"成为 新主张，低度酒顺势而起，成为众多酒企竞相布局的新蓝海 ...

Core Viewpoint - The Chinese liquor industry is undergoing a significant transformation driven by changing consumer preferences, with product innovation being just the starting point for future competition [1][8]. Group 1: Product Innovation Trends - The industry is witnessing a resurgence in low-alcohol, small-packaged, and light-bottle products, which have become hot topics among major liquor companies [1][2]. - Major companies like Wuliangye and Luzhou Laojiao are launching low-alcohol products, with Luzhou Laojiao announcing the development of a 28-degree version of its flagship product [3][5]. - The rise of the Z generation is influencing the market, leading to increased demand for small-capacity liquor products, with companies like Yanghe and Shui Jing Fang introducing new small-packaged offerings [5][12]. Group 2: Consumer-Centric Changes - The shift towards a consumer-driven market is evident, with companies needing to adapt to the evolving consumer landscape to maintain sales and growth [7][9]. - The traditional business banquet and gift market for liquor is declining, while new consumption scenarios like family gatherings and personal enjoyment are emerging as growth areas [12][13]. - The industry is experiencing a significant drop in sales for business banquets, with a reported decline of 60%-80% in volume for this segment [12]. Group 3: Channel and Market Dynamics - The liquor distribution landscape is undergoing a transformation, moving from a "channel-driven" model to one focused on "user sovereignty," leading to challenges for traditional distribution channels [10][12]. - New sales channels, including direct purchases from supermarkets and e-commerce platforms, are becoming increasingly important as traditional distribution methods struggle [10][12]. - Companies are exploring innovative consumption scenarios and product expressions to better meet diverse consumer needs, as seen with Wuliangye's targeted product for the "golden list" celebration [12][13]. Group 4: Quality Expression and Branding - The industry faces challenges in effectively communicating the quality and value of its products to consumers, necessitating improvements in the quality expression system [13][15]. - The internationalization and youth-oriented strategies of liquor brands are critical, with companies actively seeking to engage younger consumers through low-alcohol products [15].