转自：新华财经 近日，由四川省科技与艺术融合发展促进会（以下简称"省科艺融促会"）、重庆工业设计协会共同主办的"川渝白酒产业高质量发展学术大会"在成 都举行。活动汇集了全国高校、科研院所专家，川渝部分区市科协、行业机构，以及川渝两地酒企代表等科技与艺术"力量"，共同探讨白酒产业转 型升级与高质量发展路径。 据悉，本次活动是四川省科协"一流学术活动"培育示范项目。由四川省酒业协会、重庆市食品科学技术学会等川渝两地26家行业协会、科研机构协 办；四川省泸州市、遂宁市、宜宾市等地科协，以及重庆市万州区、江津区等地科协支持；五粮液、泸州老窖、剑南春、郎酒、舍得、水井坊等19 家酒企参加。（曾俊鹏） 编辑：赵鼎 四川大学先进酿造科技创新中心主任、国家固态酿造工程技术研究中心副主任许正宏以《白酒产业的新挑战、新动能、新路径：调整周期中白酒产 业困境与川渝创新突围》为主题，剖析行业面临的共性难题与发展机遇，分享酿造微生物群落结构与功能研究具体案例，提出通过科技与艺术双重 赋能，为产业转型升级提供创新思路。 图为王清远致辞（省科艺融促会供图） "川渝白酒产业高质量发展，关键在于'守正'与'创新'。"欧洲科学与艺术学院院士、省 ...

Investment Rating - The industry investment rating is "Outperform the Market" [22] Core Viewpoints - The overall performance of the liquor industry has significantly declined, entering a rapid clearing phase, but demand is expected to show weak recovery as policy pressures ease [3] - The industry is currently at a low valuation level, with pessimistic expectations fully priced in, indicating a clearer direction for future industry clearing [3] - The introduction of new tax policies in the gold sector is expected to benefit companies with brand and channel advantages, leading to a concentration of demand towards leading enterprises [4] Summary by Sections Industry Performance - The food and beverage industry index decreased by 0.56%, underperforming the Shanghai Composite Index, which increased by 1.08% [4][6] - Among the sub-sectors, pre-processed foods led with a gain of 2.26%, while soft drinks saw the largest decline at -1.20% [4][9] Liquor Sector Insights - Guizhou Moutai announced a mid-term dividend of approximately 30 billion yuan and a buyback plan of 15-30 billion yuan, enhancing shareholder returns [4] - Guizhou is promoting a shift in the liquor industry from "selling liquor" to "selling lifestyle," aiming to upgrade the industry from traditional manufacturing to cultural experience [4] Gold Sector Developments - The new tax policy for gold sales, effective from November 1, is expected to increase costs for non-member companies, potentially shifting demand towards leading firms with membership qualifications [4] Consumer Goods Focus - The report suggests focusing on high-growth consumer goods companies, such as Wancheng Group and Dongpeng Beverage, which are expected to receive valuation premiums due to their growth trajectories [5]

Industry Dynamics - Guizhou is promoting the transformation from "selling liquor" to "selling lifestyle," focusing on integrating liquor with tourism, dining, commerce, and wellness to expand market boundaries and attract younger consumers [3] - Zunyi's liquor exports have surged by 551.8% year-on-year, reaching 61.53 million yuan in the first nine months of 2025, with the Zunyi Comprehensive Bonded Zone contributing significantly to this growth [4] - A total of 17 products were recognized as innovative liquor products in Zhejiang Province for 2025, showcasing advancements in various liquor categories [5] - The Qionglai liquor testing shared laboratory has served 91 liquor companies, completing 309 testing batches, indicating a growth of 11% in the number of companies and 30% in testing batches compared to the previous year [6] Company Dynamics - Kweichow Moutai plans to distribute over 30 billion yuan in cash dividends to shareholders and initiate a share buyback plan with a total amount between 1.5 billion and 3 billion yuan [5] - Luzhou Laojiao announced an investment of approximately 1.478 billion yuan to build a historical and cultural industry park, including a museum dedicated to Chinese liquor [6] - Xifeng Liquor is collaborating with Yangwang to create a "car and liquor scene integration" model, leveraging both brands' strengths for a nationwide strategy [6] - Guizhou Zhenjiu has signed over 3,500 clients through its innovative "Ten Thousand Merchants Alliance" project since May, enhancing its market presence [6]

Group 1: Market Performance - The liquor stocks have seen significant increases, with Huangtai Liquor reaching the daily limit, Jinzhongzi Liquor and Yingjia Gongjiu rising over 5%, and the liquor ETF increasing by over 2.3% [1] - The liquor ETF has attracted a net inflow of 20.83 billion yuan, despite the overall decline of over 5% in liquor and food ETFs this month [2][3] Group 2: Industry Outlook - Current demand for liquor is at a historical low, with limited downside risk; supportive policies are expected to aid in the gradual recovery of liquor demand [5] - The liquor industry is anticipated to show a rebound in demand, particularly in the high-end segment, supported by low base effects in Q3 and Q4 [5] - The food and beverage sector is expected to see structural growth, with opportunities in high-end liquor, mid-range liquor, and real estate liquor products [5][6] Group 3: Consumer Trends - New consumption trends are emerging, with a focus on health and emotional value, leading to the rise of new consumer categories [5] - The snack sector is experiencing high growth, driven by strong categories and new channels, with products like konjac gaining popularity [6][7] - The restaurant supply chain is expected to benefit from policy stimuli, with significant growth potential in the industry [7]

Company - The stock prices of liquor companies surged on the 20th, with Huangtai Liquor reaching the daily limit, Jinzhongzi Liquor rising over 8%, and other brands like Yingjia Gongjiu, Yanjing Beer, and Gujing Gongjiu increasing by over 4% [1] - Jinzhongzi Liquor announced a change in its business scope from "production of liquor and other alcoholic beverages" to "production of alcoholic products" to comply with the new regulatory requirements, emphasizing that there is no change in its main business focus on liquor [1] Industry - The liquor industry is currently in an adjustment period, facing short-term pressure from policies and pricing, leading to a gloomy sentiment in the sector [1] - The implementation of "prohibition orders" in multiple regions since May has heightened market concerns regarding liquor, with strict enforcement of regulations affecting time and scenarios for consumption [1] - Long-term, new policies are expected to drive the transformation and upgrading of the liquor industry, focusing on quality innovation to meet diverse consumer demands [2] - The liquor sector is currently at a valuation bottom, with low expectations for fundamentals, making it more attractive for investment after a rapid decline [2] - The competition within the liquor industry is intensifying, with a trend towards concentration, where leading companies are expanding their market share through brand barriers and strategic upgrades [2]