中证报中证网讯(记者董添)11月27日，"2025搜狐财经年度论坛"在北京举办。搜狐创始人、董事局主席 兼首席执行官张朝阳在解读搜狐视频关注流业务时表示，算法推荐与人工社交分发各有优缺点，算法分 发精准推荐用户喜欢的内容，人工社交分发关心是谁发的，不只是关注内容还关注人。搜狐正在从传统 的互联网媒体平台向社交平台转化，冲在最前面的是关注流，用户在关注流里面转发、关注、消费，实 现以视频会友，搜狐将持续深耕"关注流"社交业务。 面对白酒下行周期，华致酒行（300755）董事长吴向东认为，白酒企业想要实现突破，必须主动创新。 只有通过打造极具竞争力的"超级单品"并辅以"超级渠道、超级传播、超级体验"等创新产业（300832） 模式，才能穿越行业周期，实现逆势增长。 针对价格大幅上涨的黄金，山东招金精炼副总经理梁永慧提到，长期看黄金牛市格局未变，但因2025年 价格上涨过快，中期需经历1个月至3个月调整，预计黄金年底前将呈震荡行情。建议从家庭资产配置角 度，可考虑将5%至30%的比例配置于黄金现货或ETF，并对黄金长期趋势保持乐观。 中金公司（601995）研究部大类资产配置研究负责人李昭表示，2025年黄金上涨的 ...

Core Viewpoint - The Chinese liquor industry is currently experiencing a downward trend, with most companies facing significant challenges, and innovation is essential for overcoming these difficulties [2][4]. Industry Overview - The liquor industry has been in a decline since 2022, with the current situation being particularly challenging due to regulatory pressures such as the "Eight Provisions" [4]. - Only a few companies, like Fenjiu, are managing to grow amidst this downturn, indicating a stark contrast within the industry [5]. Innovation Strategies - The company emphasizes the need for creating "super products" and implementing innovative business models, including "super channels, super communication, and super experiences" to achieve growth despite the industry cycle [2][5]. - A successful example includes the "Zunyi Forum," which has hosted 71 events with 9,000 participants and generated 500 million yuan in new product returns [5]. Product Development - The company has developed a high-value product in the sauce liquor category priced at 600 yuan, which competes with products priced at 2,000-3,000 yuan [7]. - The introduction of a new beer product has also gained significant popularity in both online and offline markets [7]. Market Positioning - The company aims to establish itself as a leading global liquor and beverage company by focusing on the development of "super products" [9]. - The brand "Zhenjiu" is recognized as one of the four major national banquet liquors, enhancing its market prestige [8]. Organizational Structure - The company operates as a learning organization and has implemented employee stock ownership plans to motivate its workforce [7][8]. - The collaboration with nearly 3,700 partners through the "Wanshang Alliance" is a key aspect of its distribution strategy [7]. Case Studies - The success of LABUBU, which significantly increased its market value through the creation of a super product, serves as a model for the liquor industry [8][9]. - The rise of the "Old Shop" brand in Hong Kong, which saw an 11-fold increase in value, illustrates the potential of innovative product offerings [9].