记者丨肖夏 编辑丨骆一帆 2018年，泸州老窖董事长刘淼在日本考察时意外得知： 当地年轻人居然认为十几度的清酒度 数太高。 在中国，国窖1573的38度产品，已经是市面上度数最低的白酒大单品。 刘淼可能也想不到，不到十年，中国白酒的酒精度要开始向日本清酒看齐了。 前不久，多家白酒企业在年度股东大会上都谈到了低度化的动向。五粮液、泸州老窖将分别推 出29度、28度的新品，其中泸州老窖已经在研发16度、6度的产品；水井坊将在部分市场试点 推出38度以下新产品；洋河计划对33.8度微分子酒进行升级；酒鬼酒更是准备了多达四款40度 以下的低度产品…… 一时间，低度化再次成为整个白酒行业的热点。 酒精度40度以下的白酒，被定义为低度酒。从1974年问世的38度张弓酒算起，中国低度白酒 问世已有五十多年，头部名酒全部都有低度酒研发历史。 | | | 头部白酒的低度单品 | | | --- | --- | --- | --- | | 泸州老窖 | 38度泸州老窖特曲 | 1983年研发成功 | 泸州老窖品牌低度主力产品,至今在售 | | | 38度国窖1573 | 2010年后全国铺开 | 白酒少有百亿级低度大单品,年销售 ...

Core Viewpoint - The Chinese liquor industry is experiencing a shift towards lower alcohol content products, with major brands like Wuliangye and Luzhou Laojiao introducing new low-alcohol offerings to cater to changing consumer preferences, particularly among younger generations [1][3][19] Industry Trends - The trend of low-alcohol liquor has gained momentum, with several companies planning to launch products with alcohol content below 40 degrees, including Luzhou Laojiao's 29-degree and 28-degree products, and Wuliangye's 39-degree offerings [1][2] - The historical context of low-alcohol liquor in China dates back over 50 years, with major brands having developed low-alcohol products since the 1970s [2][12] Consumer Preferences - A significant generational shift is occurring, with younger consumers (post-80s, post-90s, and post-00s) showing a preference for lower alcohol beverages, as evidenced by a survey where over half of respondents aged 25-35 preferred beer over liquor [3][19] - The demand for low-alcohol products is particularly strong in regions like North and East China, where products like 39-degree Wuliangye and 38-degree Guojiao 1573 have gained substantial market presence [3][16] Market Dynamics - Despite the growth of low-alcohol products, they still represent a small portion of the overall market, with only a few brands achieving significant sales figures, such as Guojiao 1573's 38-degree product reaching approximately 100 billion yuan in sales [3][19] - The industry is at a crossroads, with differing opinions on whether the low-alcohol trend is a sustainable shift or a temporary response to current market conditions [4][19] Future Outlook - The future of low-alcohol liquor in China hinges on whether companies can effectively engage younger consumers and create suitable drinking scenarios that align with their preferences [22][23] - The industry is urged to transition from a product-centric approach to a consumer-centric model, focusing on the evolving drinking habits of younger generations [23]

Core Insights - The 2024 Beer and Food Carnival in Qingdao's West Coast New Area is centered around "beer + food + culture," creating a comprehensive consumption scene that integrates various sectors [2][4] - The event has achieved an average daily foot traffic of over 30,000, leading to a more than 40% year-on-year increase in sales for surrounding restaurants, accommodations, and retail [2] Scene Upgrade - The carnival has transformed from a "single festival" to an "immersive experience," utilizing a main venue and extending activities to a 3-kilometer radius, creating a consumption matrix [2] - The main venue features a 2,000 square meter craft beer pavilion with over 300 unique beers and local delicacies, while sub-venues include night markets and cultural workshops [2] Business Integration - The event has sparked a "festival economy," with local enterprises launching products like "beer + seafood" meal kits, achieving daily sales exceeding 200,000 yuan [4] - The introduction of a "transparent factory" tour at Qingdao Beer No. 2 Factory has tripled industrial tourism orders, while over 20 e-commerce platforms have joined to promote local products [4] Long-term Empowerment - To avoid post-event decline, the town is investing 20 million yuan in infrastructure improvements and has launched a three-year action plan to enhance consumption scenes [5] - The "Boli Beer Food Season" IP will continue to operate, collaborating with other festivals to create a year-round consumption ecosystem [5] - The carnival serves as a catalyst for consumption and a new brand for showcasing the city, contributing to high-quality regional economic development [5]

编者荐语： 亚朵推销床上用品确实是一个特色，上次在一个活动上亚朵的工作人员还推荐现场触摸床垫被子等用 品，显示出其对产品的信心和商业变现的新思路。 以下文章来源于盐财经 ，作者闰然 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 它一边要在供应链上精打细算，给加盟商省钱，维持扩张节奏；另一边又得守住品质底线，否则，之前花 大力气攒的"中高端"人设，可能就因为一个带医院标签的枕套，彻底崩了。 要知道，全中国能把枕头卖成网红爆款的酒店，就它一根独苗。这意味着，亚朵比谁都懂"细节决定溢价"的 道理。 亚朵宣布物资大幅降价 但现在，为了稳住它的伙伴们，这家酒店决定大幅地下调价格。 亚朵现在的处境还挺微妙。 01 吸引加盟商，疯狂大砍价 归属于上海亚朵商业管理（集团）有限公司的微信公众号"几木里"在2025年6月23日发文称，亚朵从6月30日 起，将对运营和工程物资挥起大幅降价的"砍刀"。 亚朵的这轮砍价操作，相当于给加盟商的日常开销打了折——从客房里用的小物件到装修时的大块头，只 要是加盟店天天买、经常用的，都被亚朵纳入了"降本清单"。 比如，给客人倒茶的纸杯，直接砍了51.8%的价，差不多腰斩；连"懒 ...

金十图示：2025年07月11日（周五）富时中国A50指数成分股午盘收盘行情一览：成分股多数飘红，银行板块涨跌不一 2391.62亿市值 7 1939.56亿市值 7462.81亿市值 25.60亿成交额 4.51亿成交额 7.31亿成交额 15.44 30.50 9.43 +0.60(+2.01%) +0.22(+1.45%) +0.02(+0.21%) 证券 电池 中信证券 宁德时代 国泰海通 CATL 4317.23亿市值 3577.07亿市值 12431.42亿市值 40.76亿成交额 33.75亿成交额 30.56亿成交额 272.66 20.29 29.13 +0.90(+3.19%) +0.66(+0.24%) +0.90(+4.64%) 消费电子 互联网服务 东方财富 工业富联 立讯精密 5173.39亿市值 2601.30亿市值 3841.96亿市值 20.54亿成交额 152.25亿成交额 14.87亿成交额 35.87 24.31 26.05 -0.11(-0.42%) +0.11(+0.31%) +1.16(+5.01%) 家电行业 食品饮料 格力电器 海尔智家 海天味业 油气电子 2 ...

行业动态 1.商务部裁定欧盟进口白兰地存在倾销 7月4日，商务部发布年度第34号公告，公布对原产于欧盟的进口相关白兰地反倾销调查的最终裁定，裁定原产于欧盟的进口相关白兰地存在倾销，国内相关 白兰地产业受到实质损害威胁，而且倾销与实质损害威胁之间存在因果关系。最终裁定中认定的倾销幅度为27.7%-34.9%。此外，商务部经依法审查，接受 了欧盟有关行业协会和企业提出的价格承诺，对符合承诺条件的相关进口产品不征收反倾销税。（商务部） 2.三项酒类零售连锁标准制定启动 日前，中国酒类流通协会启动《酒类零售连锁经营管理规范》《酒类星级门店评价要求》《酒类零售店长职业要求》三项团体标准制定，面向从事酒类生 产、流通、零售或相关研究的企事业单位、科研机构等公开征集联合起草单位，要求参与单位须具备酒类连锁经营管理实践经验或标准化研究基础；全程参 与标准起草，并提供企业实践经验及研究成果，确保标准兼具先进性与可操作性；同时承诺投入资源（人员、资金、技术）参与标准研讨与修订。（中国酒 类流通协会） 中国经济信息社分析师认为，中国酒类流通协会启动三项团体标准制定，标志着酒业零售端规范化进程迈出关键一步。在消费升级与新零售浪潮下， ...

2025年进程已过半，白酒行业深度调整期依然持续。此外，5月以来，受"禁酒令"政策的落地叠加白酒 消费淡季影响，白酒市场整体呈现小幅震荡态势。消费场景收缩、库存去化压力、存量竞争加剧，已成 为当前白酒企业跨越周期的核心挑战。 尽管市场短期波动不断，但从投资视角来看，白酒行业的底层价值逻辑依旧稳固。当行业泡沫退去，真 正具备中长期投资价值的酒企将在分化中脱颖而出。 舍得酒业的"全面向C"并非一句口号，而是贯穿产品、品牌、渠道建设全维度的系统性工程，为其构筑 起长远竞争力的品牌护城河。 产品端，面对消费分级趋势，舍得构建起层次分明、定位精准的立体化产品矩阵：以品味舍得稳固次高 端基本盘；以藏品舍得10年培育高端消费群；以沱牌特级T68拓展大众市场；以沱牌韵系列等产品精准 卡位宴席场景……这种布局有效覆盖C端消费者的多元需求，分散市场风险，为舍得酒业在行业波动中 保持稳健经营提供坚实支撑。 行业深度洗牌，白酒企业加速突破 当下白酒行业正经历从量到质提升的深层转变，消费者对白酒的需求更加多样化、个性化，酒企以往依 赖的传统模式难以适应新的市场环境。在消费场景变化与理性回归的双重驱动下，越来越多的酒企逐渐 将重心从渠道 ...

Core Viewpoint - The performance of dividend ETFs has been strong this year, with specific ETFs showing significant gains, indicating a shift in how dividend assets are perceived in investment strategies [1][3]. Group 1: Dividend ETF Performance - As of July 10, the Hong Kong Dividend Low Volatility ETF (520550) has achieved a year-to-date increase of 20.21%, outperforming all Shenwan first-level industry indices [1]. - Major banks contribute significantly to the performance of the Hong Kong Dividend Low Volatility ETF, with approximately 24.6% of its index composed of bank stocks, which have reached new highs [1]. - The China Securities Dividend Quality ETF (159209), established in March, has recently announced its first dividend distribution of 0.003 yuan per share, with a monthly dividend yield of 0.30% [5]. Group 2: Long-term Performance Comparison - Over a ten-year period, the performance of the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index has not matched that of the China Securities Dividend Quality Total Return Index [3]. - The China Securities Dividend Quality Total Return Index has shown the best long-term performance, notably excluding bank stocks from its components [5]. Group 3: Diversification and Risk Management - The China Securities Dividend ETF (515080) has experienced the smallest drawdown this year at 6.68%, slightly outperforming the Dividend Quality ETF [9]. - A diversified dividend portfolio can be constructed using the Hong Kong Dividend Low Volatility ETF (520550), China Securities Dividend Quality ETF (159209), and China Securities Dividend ETF (515080), balancing short-term gains, long-term returns, and lower volatility [9].

Core Viewpoint - The article discusses the innovative approach taken by the Yonghe Platinum International Hotel in Zhengzhou, which has started a street vendor-style food service to cope with declining revenue from traditional dining and conference services. This strategy has garnered both praise and skepticism from the public. Summary by Sections Business Strategy - The hotel has launched a street food initiative, achieving daily revenues of around 60,000 yuan shortly after its opening [4][9] - The hotel aims to maintain its brand identity while offering affordable prices, with popular items like garlic and spicy crayfish [9][10] - The hotel is exploring various business models, including discount packages and night market concepts, to adapt to changing consumer preferences [5][20] Market Response - Local residents have responded positively, with many returning for repeat purchases due to the quality and pricing of the food [10][11] - The hotel has faced criticism for entering the street vendor market, with some questioning whether this approach diminishes its luxury status [4][14] Industry Context - The number of five-star hotels in China has decreased from 845 in 2019 to 736 by Q3 2024, indicating significant industry challenges [11] - The hotel industry is experiencing pressure from reduced revenue streams, particularly in dining and conference services, prompting hotels to seek alternative revenue sources [11][17] Operational Challenges - The street vendor business is described as a low-margin operation, with the hotel needing to carefully manage costs to ensure profitability [14][15] - The hotel has mobilized a significant portion of its staff to support this new initiative, indicating a commitment to maintaining operational efficiency [15][16] Future Prospects - The hotel plans to leverage the current popularity of its street food offerings to drive traffic into its main dining services [20][23] - There are intentions to expand the street food concept into a night market format, enhancing the dining experience while utilizing existing resources [25]

中信尼雅 自1997年7月11日上市至今，已迎来28周年。从上市首日收盘价为15.21元、市值13.08亿元，到如今市值达到63.38 亿元，中信尼雅的成长不仅仅是规模的扩张，更是业务结构的调整，但从最近几年公司经营表现来看，盈利能力仍面临挑 战。 中信尼雅的主营业务包括 葡萄酒 生产销售、国际经济技术合作、农业 综合 开发等。其核心产品主要分为高档酒和中低档 酒，从产品收入结构来看，高档酒占比最高，达到51.57%，其次是中低档酒，占比42.49%。 中信尼雅上市的1997年，当年实现归母净利润0.35亿元，截至最新完整财年的2024年，公司实现0.17亿元的归母净利润，累 计利润增长了-53.03%。这28个年间，中信尼雅有9年出现亏损，归母净利润增长的年份达到13年，占比高达50.0%。从最近 五年的财报看出，公司盈利波动较大。 营收角度分析，中信尼雅2020年实现营收0.95亿元，2024年达到1.61亿元。营收在近五年间呈现较大波动，整体增长趋势不 够稳定。 利润角度分析，2020年中信尼雅实现归母净利润-0.57亿元，2024年0.17亿元。公司在2020年和2022年出现较大亏损，盈利能 力恢复 ...