Core Viewpoint - The report from Zheshang Securities emphasizes the investment opportunities arising from innovations in new categories, products, and channels within the liquor industry, with a short-term focus on new consumer products and a long-term focus on sales validation and product iteration, particularly recommending Zhenjiu Lidu (06979) which has a standout product "Dazhen" [1] Group 1: New Consumption Concept - New consumption in the liquor sector refers to products that emphasize innovation in product, channel, and model, with examples including: 1) Product innovation: sparkling yellow wine, tea beer, Meijian, and low-alcohol products from leading liquor companies [2] - Model innovation examples include Dazhen, Jiugui·Ziyouai, Xinbah, and Niushi Beer [2] Group 2: Investment Logic - Unlike traditional consumer goods that focus on immediate performance and recent growth, new consumption liquor stocks are expected to incorporate measurable future performance into current expectations, with significant investment opportunities arising from short-term catalysts, mid-term performance realization, and long-term growth potential [3] - A comparative analysis of stock prices for traditional liquor consumption (e.g., Kweichow Moutai), new consumption (e.g., Huadiao Mountain), and leading new consumption (e.g., Pop Mart) reveals that Moutai's price fluctuations are influenced by multiple cycles rather than single products or channels [3] - Huadiao Mountain's recent stock price surge is attributed to price increases and market anticipation of future high-end positioning and channel changes, necessitating ongoing performance realization [3] - Pop Mart's stock price increase is driven by the success of its flagship product labubu, with continuous performance realization and upward revisions of profit forecasts [3] Group 3: Case Studies - Huadiao Mountain is focusing on brand rejuvenation and premiumization, aligning with consumer trends towards upgrading consumption [4] - Bairun Co. is leveraging a dual-driven model of "pre-mixed drinks + whiskey" to establish quality standards and brand recognition in the domestic whiskey market [4] - Zhenjiu Lidu launched the strategic flagship product "Dazhen" in June 2025, aiming for a mid-term target of 6 billion yuan, supported by team capabilities and three major innovations [4] - Jiugui Liquor partnered with Pang Donglai to launch "Jiugui Liquor·Ziyouai," which sold out after multiple restocks, reflecting innovative channel strategies and consumer trends [4]

Core Viewpoint - The report from Zheshang Securities emphasizes the investment opportunities arising from innovations in new categories, products, and channels within the liquor industry, particularly highlighting the phenomenon-level product "Dazhen" from Zhenjiu Lidu [1] Group 1: New Consumption Concept - New consumption in the liquor sector focuses on product, channel, and model innovations, with representative products including sparkling yellow wine, tea beer, and low-alcohol white liquor products [1] - Innovations in models include products like Dazhen, Jiugui's "Free Love," and others, indicating a shift towards more diverse offerings in the market [1] Group 2: Investment Logic - Unlike traditional consumer goods, new consumption liquor stocks are expected to reflect future performance directly, with significant investment opportunities arising from short-term catalysts, mid-term performance realization, and long-term growth potential [2] - A comparative analysis of stock prices for traditional and new consumption liquor brands shows that price movements for Kweichow Moutai are influenced by multiple cycles, while stocks like Huadiao Mountain and Pop Mart have seen price increases due to market expectations and product performance [2] Group 3: Case Studies - Huadiao Mountain is focusing on brand rejuvenation and price increases to align with consumer trends, positioning itself as a leader in the yellow wine sector [3] - Bairun Co. is leveraging a dual-driven model of "pre-mixed liquor + whiskey" to establish a new growth area in the domestic liquor market [3] - Zhenjiu Lidu aims to achieve a mid-term target of 6 billion yuan through the launch of "Dazhen" and an innovative business model [3] - Jiugui Liquor's collaboration with Pang Donglai has resulted in strong sales, driven by innovative channel strategies and consumer trends [3]