【中国白酒网】11月25日晚间，山西汾酒的一份公告显示了公司新的人事变动。 这意味着，张永踊已正式出任汾酒销售公司董事长。 公开资料显示，张永踊自1993年加入汾酒集团后，便长期深耕销售体系，一路晋升。历任山西杏花 村汾酒销售有限责任公司广州营销处副经理、山西省区经理，汾酒销售公司党委委员、常务副总经理， 汾酒股份公司总经理助理、汾酒营销中心副主任，山西杏花村竹叶青产业有限责任公司党委书记、执行 董事。现任汾酒股份公司副总经理、汾酒营销中心主任，汾酒销售公司党委书记、董事长。 今年10月，在山西汾酒2025年上半年业绩说明会上，时任汾酒销售公司总经理的张永踊曾表示，白 酒行业目前正处于深度调整时期。公司积极应对，采取了促动销、降库存等一系列措施。 在他看来，当下酒企业绩大幅放缓的本质是中国白酒产业正经历一场从"规模扩张"到"价值提升"的 深刻转型。从依赖规模扩张的放量增长模式，转向注重效率与创新的结构增长路径。 公司发布的《关于召开2025年第三季度业绩说明会公告》显示，参会管理层包括公司副总经理、总 会计师王怀，公司副总经理、汾酒销售公司党委书记、董事长张永踊，公司董事会秘书许志峰，公司证 券事务代表张弛。 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The liquor industry is currently experiencing a bottoming phase, with a focus on the growth opportunities in the konjac segment. The food and beverage index increased by 0.6% from June 30 to July 4, ranking 19th among 28 sub-industries, underperforming the CSI 300 by approximately 0.9 percentage points. The meat products, liquor, and baked goods sub-industries showed relatively strong performance with increases of 1.2%, 1.2%, and 0.9% respectively [3][12][14] - The recent decline in liquor prices is attributed to the impact of e-commerce subsidies and restrictions on consumption due to the "ban on alcohol," which has compressed industry demand. However, liquor manufacturers are controlling market supply, leading to a temporary stabilization of liquor prices. Although there has been a slight accumulation of channel inventory, the overall inventory remains manageable due to a slowdown in shipments from manufacturers. The ongoing effects of the "ban on alcohol" are expected to continue, with increased pressure on liquor industry performance anticipated in the second quarter. The ban may accelerate industry consolidation and bottoming trends [3][12][14] - In the long term, the liquor industry is undergoing a transformation in consumer demand, with companies adapting by launching lower-alcohol products to cater to younger consumers and promoting family gatherings and casual drinking scenarios. Leading liquor companies maintain strong brand and channel competitiveness, which is expected to facilitate their transition during this industry transformation. Current low valuations and high dividend rates of leading liquor companies suggest they possess long-term investment value [3][12][14] Summary by Sections Market Performance - The food and beverage index increased by 0.6%, ranking 19th out of 28 sectors, underperforming the CSI 300 by approximately 0.9 percentage points. The leading sub-industries included meat products (+1.2%), liquor (+1.2%), and baked goods (+0.9%) [12][14] Upstream Data - As of July 1, the GDT auction price for whole milk powder was $3,859 per ton, down 5.5% month-on-month but up 19.9% year-on-year. The domestic fresh milk price was 3.0 yuan per kilogram, unchanged month-on-month but down 7.0% year-on-year. The domestic milk price is expected to continue its downward trend in the short to medium term [19][24] - On July 5, the price of pork was 20.4 yuan per kilogram, down 16.2% year-on-year, while the price of live pigs was 15.2 yuan per kilogram, down 16.5% year-on-year. The number of breeding sows was 40.42 million, up 1.2% year-on-year [27][28] Recommendations - Recommended stocks include Guizhou Moutai, Shanxi Fenjiu, Ximai Food, Wancheng Group, and Bairun Co. Guizhou Moutai is expected to deepen its reform process and emphasize sustainable development despite short-term demand pressures. Shanxi Fenjiu has high mid-term growth certainty, while Ximai Food is expected to improve profitability due to favorable raw material costs. Wancheng Group continues to expand its store count and target young consumers, and Bairun Co. is seeing improvements in its pre-mixed liquor segment [5][48]