本报记者 阎娜 孙吉正 成都报道 一年一度的春季糖酒会已落下帷幕，作为白酒行业的"晴雨表"，这场大型专业展会不仅是酒企对外展示 品牌的重要窗口，也是行业招商交易的核心平台。本届展会共吸引全球超6600家展商参展，创下新的行 业纪录。 对于这一变化，白酒行业营销专家肖竹青认为，从短期看是行业阵痛，从长期看有利于规模化品牌运营 的大型酱酒骨干企业抢占更多消费场景、占领更大市场份额。 白酒行业专家蔡学飞表示，去泡沫是酱酒市场逐渐回归理性的正常表现，当前正经历从品类扩张到品牌 集中的质变阶段，拥有品牌、规模、渠道、工艺优势的企业将主导市场。 近年来，酱酒市场的发展已由品类增长转变为品牌竞争性增长，并逐步迈入精耕细作时代。糖酒会现场 印证了行业的转型变化，各大酱酒企业正通过推新品、营销创新等方式加码品牌建设：郎酒的郎牌郎、 红运郎产品再度焕新升级，并形成酱香郎酒五大战略单品产品矩阵；习酒瞄准青年圈层，发布"知交"新 品；金沙酒通过打造沉浸式文化体验空间，强化"醇柔酱香"差异化。 作为观察酒水行业的绝佳视窗，本届展会释放出多重市场信号：酱酒参展企业数量缩减，印证了酱酒品 类正转向理性发展轨道；在白酒消费总量收窄的背景下， ...

Group 1 - The white liquor sector is expected to show resilient performance in the second half of 2025 due to a low base effect, which may positively impact the essential consumer ETF (512600) [1][3] - As of March 26, 2025, the essential consumer ETF has seen a significant increase in scale, growing by 25.45 million yuan over the past two weeks, reaching a total of 754 million shares, a one-year high [3] - The essential consumer ETF has experienced continuous net inflows over the past week, with a peak single-day net inflow of 6.56 million yuan, totaling 25.72 million yuan [3] Group 2 - The essential consumer ETF tracks the CSI major consumer index, which includes leading A-share companies across various sectors, with white liquor being the largest sector, accounting for 45% of the index [4] - Current valuations in the white liquor sector are considered reasonably low, with potential for further recovery driven by ongoing consumer policies, low performance bases in the second half of 2025, and strong foreign investment appeal [3] - The upcoming Spring Sugar and Wine Fair is highlighted as an important indicator of the white liquor industry's health, with expectations for new product launches and strategic developments from manufacturers [3]