年末经销商大会周期到来，新一年各家头部酒企的策略受到广泛关注。 五粮液回应：并非打款价调整 是渠道政策支持力度加大 12月5日，有市场消息称，五粮液将从明年起调整第八代五粮液价格，在1019元/瓶打款价不变的基础 上，给予打款折扣119元/瓶，即开票价为900元/瓶。据中国新闻周刊报道，有业内人士称如果算上厂家 补贴还可以降至800多元/瓶。 对此，21世纪经济报道记者向五粮液方面求证，获得的回应是，目前并非打款价调整，而是针对渠道的 支持政策力度加大。 21记者今年中秋国庆走访各类终端了解到，五粮液今年加大了对渠道的费用支持，目的是提振动销。有 知情人士介绍，今年五粮液的渠道费用进一步与开瓶扫码绑定，目的是让经销商实际销售给C端消费 者，避免窜货。 新一年的渠道政策，包括具体打款方式、如何补贴，还有待明确。针对2025年，五粮液采取的是阶梯式 补贴支持，补贴费用是打款后分阶段后返。 五粮液上次正式下调第八代五粮液的出厂价，还是十年前的2014年，当时白酒行业处于上一轮调整期， 第八代五粮液价格由729元下降到609元/瓶。 2024年2月， 第八代五粮液的出厂价上调了50元，首次站上了千元。 劲酒回应：并非 ...

Core Viewpoint - The Chinese liquor industry is undergoing a significant transformation, necessitating changes in production, marketing, and thinking methods due to a new round of adjustments in the market [1][2]. Group 1: Industry Transformation - The liquor industry is in a deep turning point characterized by changes in consumer demographics, cultural shifts, and the restructuring of distribution channels [1]. - The current adjustment phase is influenced by complex changes in both domestic and international economic environments, as well as the impact of digitalization on lifestyles [1][2]. Group 2: Development Guidelines - The president of the China Liquor Circulation Association proposed a "Four Hearts" development program to guide the industry through this transformation: 1. Firmly establish industry confidence and strive for development 2. Prioritize innovation as the primary driving force for growth 3. Maintain a commitment to quality by providing high-quality, cost-effective products 4. Uphold a consumer-centric approach, focusing on creating value for consumers [2]. Group 3: Consumer Safety Initiatives - The "Safe Liquor Project," initiated in 2014, has cultivated nearly 2,000 demonstration units nationwide, providing consumers with a safety guide and fostering a trustworthy consumption environment [2]. - By 2025, 189 enterprises (stores) are expected to pass strict standard audits under this initiative [2]. Group 4: Online Consumption Trends - Online channels have emerged as new frontiers for liquor consumption, prompting the need for the "Safe Liquor Project" to extend its commitments to online platforms, e-commerce, live streaming, and community marketing [4]. - The project aims to establish transparent rules suitable for the digital age to meet the fragmented and diverse needs of consumers [4]. Group 5: Future Events - The China Liquor Circulation Association plans to host the 2025 International Baijiu Cocktail Competition and organize the "China Fine Wine Carnival Thailand Station" among other activities to promote Chinese liquor internationally [5].

Industry Dynamics - Li Rui, the Secretary of the Zunyi Municipal Committee, emphasized the focus on "stabilizing liquor and strengthening non-liquor" industries to promote high-quality development in Zunyi, with plans for green and intelligent transformation of the liquor industry and development of emerging sectors like big data and new energy [4] - The modern logistics park project for sauce liquor in Renhuai, with a total investment of approximately 500 million yuan, has officially commenced, aiming to create a comprehensive logistics platform integrating intelligent warehousing and supply chain services [4] - The new national standard for Laobai Gan aromatic liquor has been officially implemented, introducing new terminology, definitions, and production process requirements [5] - In Guangzhou, beer production from January to October 2025 decreased by 3.2% year-on-year, with a total output of 805,700 hectoliters [6] Company Dynamics - The Guizhou Moutai Public Welfare Foundation has been awarded a 5A rating by the Guizhou Provincial Civil Affairs Department, having received 367 million yuan in public welfare funds and benefiting over 5 million people through various projects [6] - The official Douyin account "Xiao Moutai" has been launched to share updates on the iMoutai app and engage younger audiences through short videos, enhancing user interaction and brand exposure [6] - Wuliangye has launched a co-branded liquor for the 2026 FIFA World Cup, promoting it through a marketing strategy that connects sports and liquor consumption [6] - The 2025 Fenjiu Global Distributor Conference highlighted the company's focus on transforming its business model and enhancing consumer engagement as part of its revival program [6] - Luzhou Laojiao has been recognized in the "2025 Sichuan Provincial State-owned Enterprises Technology Innovation Typical Cases" for its innovative technology in utilizing brewing waste, achieving over 90% resource utilization [6]

Core Insights - The chairman of Zhenjiu Lidu Group, Wu Xiangdong, has gained significant attention through his personal video account, achieving over 10 million views on a recent video within 24 hours [2] - Since the launch of his video account in July, Wu has published over 100 videos, accumulating more than 280 million total views, with the highest single video view exceeding 50 million [2] - Wu's four previous live broadcasts attracted over 22 million viewers and received more than 18 million likes [2] - Wu's video account ranks second in the "Entrepreneur Video IP 100 List" released by Zhenghe Island and Xinbang in mid-November, indicating a strong influence in the digital space [2] Industry Observations - Industry observers note that Wu Xiangdong is redefining the role of entrepreneurs in the digital age by transitioning from a "business leader" to a "content creator" [2] - The ongoing success of his content suggests that authentic, valuable, and opinionated personal expression is becoming a crucial link between brands, businesses, and the public [2]

天眼查App显示，近日，武汉市蔡甸区馨奕酒业经营部（个体工商户）成立，法定代表人为刘开生，注 册资本3万人民币，经营范围为许可项目 ： 食品销售；酒类经营；酒制品生产；食品互联网销售；烟草 制品零售。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批 准文件或许可证件为准）一般项目 ： 外卖递送服务；食品互联网销售（仅销售预包装食品）；保健食 品（预包装）销售；食品销售（仅销售预包装食品）；日用百货销售。（除许可业务外，可自主依法经 营法律法规非禁止或限制的项目）。 ...

Core Insights - The forum focused on the theme of "Brand Strategy and Industrial Upgrading in the New Landscape of Going Global" amidst global economic restructuring [1] - It aimed to explore the path of brand elevation and global strategic advancement for industries in the context of a new global framework [3] Group 1: Brand Development - Chinese enterprises need to transition from "Made in China" to "Global Brands," overcoming challenges related to brand strength despite large company sizes [4] - The COO of Ctrip shared that their international expansion has two phases: first, providing management services to Chinese companies going abroad, and second, offering services to local enterprises [6] - The chairman of a medical technology company emphasized the need for a shift from selling products to improving treatment methods and providing long-term services [6] Group 2: Collaborative Strategies - The forum highlighted the importance of collective efforts among Chinese enterprises, advocating for a shift from "going it alone" to "collective win-win" strategies through collaborative innovation [7] - The CEO of a Chinese liquor company discussed the need for cultural adaptation and localized marketing strategies to overcome challenges in international markets [9] - A technology executive noted that the era of relying on single products is over, and emphasized the importance of breaking down barriers and fostering an ecosystem for sustainable growth [9] Group 3: Ecosystem and Value Creation - The core of brand globalization is value co-creation, and the key to industrial breakthroughs lies in ecological competition and cooperation [10] - Future competition will be based on ecosystems, where companies must learn to collaborate while also competing [10] - The forum served as a platform for practical insights, addressing the challenges of globalization and the need for localized strategies in various markets [10]

Core Insights - Sanmenxia City is transitioning from a resource-dependent economy to one driven by innovation, focusing on technology transfer and talent development [1][2] - The city has established a robust innovation ecosystem, with 190 provincial-level and 645 municipal-level innovation platforms [1] - Significant investments in smart manufacturing and digital transformation have led to increased production efficiency and reduced costs for local enterprises [2] Group 1: Technology and Innovation - Sanmenxia City has partnered with China Baowu to establish an aluminum-based new materials R&D center and with Zhengzhou University for a key metals laboratory [1] - The city has developed a transformation system that includes laboratory validation, pilot testing, and industrial production [1] - The implementation of the "Three Major Transformations" initiative has resulted in an average production efficiency increase of 42% and a cost reduction of 26% across enterprises [2] Group 2: Talent Acquisition and Development - The city has successfully attracted 57 academicians and 740 high-level talents, significantly enhancing its technological innovation capabilities [2] - There has been a shift in focus from enterprises seeking out universities to universities actively engaging with enterprises [2] Group 3: Strategic Initiatives - The 20th Central Committee of the Communist Party of China emphasized the need for original innovation and the integration of technology and industry [2] - Sanmenxia City is focusing on key industries such as gold, aluminum-based new materials, biomedicine, and future industries like energy storage and hydrogen energy [2]

Core Insights - The national distributor conference for Zhuyeqing liquor highlighted its strategic importance in the revival plan of the Fenjiu Group, positioning it as a model for Chinese flavored liquor [1][3] - Zhuyeqing liquor aims to target the Z generation and new middle-class consumers, recognizing their growing influence in the liquor market [5][6] Strategic Upgrade - Zhuyeqing liquor's strategic position within the Fenjiu matrix has been elevated, with four core competitive advantages identified: solid quality foundation, deep formula heritage, exquisite brewing techniques, and high brand recognition [3] - The mission of Zhuyeqing is to uphold the "inheritance of dual intangible cultural heritage techniques," emphasizing its role as a cultural carrier [3] Market Targeting - The focus on younger consumers is a key breakthrough, with the Z generation's liquor consumption growth rate exceeding the overall market by two times, and the new middle class driving demand for healthy drinking options [5][6] - Zhuyeqing has begun product innovation to attract younger consumers, developing a new product system centered around the "Fenjiu+" strategy, particularly in fruit flavors, floral notes, and medicinal ingredients [6] Channel Innovation - The conference included a segment for appointing think tank experts, providing theoretical support for Zhuyeqing's development, which is a rare approach in liquor distributor conferences [6][8] - Zhuyeqing aims to create a new ecosystem for flavored liquor, addressing the long-underestimated value of this traditional Chinese liquor category [8] - The company is innovating its distribution channels, moving from traditional to diversified channels, and has successfully launched immersive experience events like "Zhuyeqing Liquor · Oriental Qing Banquet" [8] Collaborative Development - Distributor representatives expressed commitment to align with the company's strategy and actively explore market opportunities, reflecting a high level of collaboration in building a "cooperative development ecosystem" [8]

以酒为媒介，共叙深厚情谊；以品鉴为契机，共话未来发展。 活动在活力四射兼具文化内涵的开场舞《跨越》中正式拉开序幕，寓意赖茅品牌与产品在黔西南市场的 一次次跨越发展。 活动的成功举办离不开中国石化销售股份有限公司贵州黔西南石油分公司的大力支持与客户们的真情信 赖。对此，中国石化销售股份有限公司贵州黔西南石油分公司经理龚健表示，赖茅酒业始终是中石化易 捷核心战略合作伙伴，多年来双方携手共进、互促共赢，合作成果丰硕可见，这份深厚信赖与坚实情 谊，离不开各位的鼎力支持。此次品鉴会，既是我们感恩回馈新老客户的重要契机，更是传递品牌温度 的关键平台。 随后，黔西南石油分公司与赖茅领导以及重要嘉宾登台共同参与启动仪式。这象征着双方合作的再度深 化，也为本次品鉴会赋予了更深厚的情谊。 贵州赖茅酒业有限公司副总经理宋江龙表示，石化与赖茅同源同心、同向同行！未来我们必将同心筑 梦、聚力前行，将深耕这份共同的事业，以更优质的服务，回馈每一份相伴与支持，共同"为美好生活 加油！" 2025年11月21日，承载着信赖与情谊的"举信赖，敬真情——2025赖茅全国巡回品鉴会暨黔西南石油分 公司客户答谢会"在兴义温情落幕。 本次活动由中国石 ...

Core Viewpoint - Analysts believe that some downside risks for large U.S. tech stocks have diminished, but concerns about a "bubble" driven by the AI boom still persist [1][4]. Market Performance - On December 1, U.S. stock markets continued to decline, with the S&P 500 down 0.5% to 6812.63 points, the Dow Jones down 0.9% to 47289 points, and the Nasdaq down 0.4% to 23275 points, extending the downward trend from November [3]. - The S&P 500 recorded a slight gain of 0.1% in November, while the Dow Jones rose 0.3%, and the Nasdaq fell 1.6%, ending a seven-month streak of gains [3]. Investor Sentiment - Investors remain concerned about the concentration of the "Magnificent Seven" stocks within the S&P 500, fearing that declines in these stocks could drag down the entire index [3][4]. - The Roundhill Magnificent Seven ETF fell 1.8% in November and dropped another 0.1% on December 1 [3]. Volatility and Market Outlook - The Chicago Board Options Exchange Volatility Index (VIX), also known as the "fear index," rose over 5% to around 17.2, still below its long-term average of 20, indicating that overall market sentiment has not shifted to extreme fear [4]. - Recent market fluctuations are seen as short-term turbulence rather than a significant trend change, with expectations of potential support for the stock market from anticipated interest rate cuts by the Federal Reserve [4]. AI Sector Insights - The AI sector remains a focal point, with analysts maintaining a constructive view and suggesting that investors take advantage of market pullbacks to reallocate towards more attractive valuation sectors, such as financials, utilities, and industrials [4]. - Alphabet's stock significantly contributed to the S&P 500's performance in November, driven by renewed market expectations regarding Google's AI advancements [7]. Stock Performance and Valuation - The S&P 500 is up approximately 16% year-to-date, with the "Magnificent Seven" contributing over half of this gain [6]. - Notably, Nvidia's performance negatively impacted the S&P 500 in November, with the index's gain being 0.4% if Nvidia's performance were excluded [8]. - Approximately 200 stocks within the S&P 500 have declined, with notable underperformers including Fiserv, Trade Desk, Chipotle, Dow, and Constellation Brands, averaging a 50% drop year-to-date [8]. Investment Strategies - Many investors are seeking undervalued opportunities, with Wall Street analysts rating Trade Desk, Chipotle, and Constellation Brands above average, despite some expected declines in earnings for Trade Desk and Constellation Brands in 2025 [9].