Core Insights - The overall performance of the liquor industry is under pressure, with 20 listed liquor companies reporting a total revenue of 241.28 billion yuan in the first half of 2025, a slight decrease of 1.59% year-on-year, and net profits also facing challenges [1] - The industry is experiencing a significant divergence, with only 6 companies achieving both revenue and net profit growth, and only 4 companies maintaining positive revenue growth in the second quarter [1][2] - Major liquor companies are proactively adjusting strategies and innovating to strengthen core competitiveness and market share amid the industry's complex environment [1][4] Industry Performance - The liquor industry is currently in a "deep water zone" characterized by reduced volume, falling prices, and high inventory levels, leading to a cautious approach among companies [1][2] - Companies like Moutai and Gujing Gongjiu have acknowledged the industry's deep adjustment and the need for structural optimization to navigate the current cycle [1][2] Strategic Adjustments - "Proactive deceleration, controlling volume and stabilizing prices" has become a common strategy among liquor companies, with a focus on stability in their 2025 targets [2][4] - Nine companies have reduced contract liabilities to alleviate pressure on traditional channels, indicating a flexible market operation strategy [4] Inventory Management - The current "suspension of sales" trend is a significant market adjustment tool, with a broader product coverage and increased participation from both major and regional brands [5][7] - As of June 2025, the total inventory of 20 listed liquor companies reached approximately 170 billion yuan, reflecting a growing trend [7] Low-Alcohol Trend - The low-alcohol trend is gaining momentum, with companies like Wuliangye and Gujing Gongjiu launching new low-alcohol products to meet changing consumer preferences [8][10] - The low-alcohol market is projected to grow at a compound annual growth rate of 30%, with expectations to exceed 74 billion yuan by 2025 [11] Cross-Industry Innovations - Liquor companies are actively pursuing cross-industry innovations to expand their market reach and appeal to diverse consumer groups [14][18] - Collaborations with retail giants and the introduction of new product lines are strategies employed to enhance market penetration and operational efficiency [15][20]

与此同时，一些传统赛道，如白酒、家电等，出现了被减持的情况。在港股方面，新消费、科技、医药则是基金布局的重点方向。 受访者向《国际金融报》记者表示，科技行业将继续成为未来较长一段时间的投资主线，而传统消费行业则有望迎来阶段性修复机会，其他板块也将存在 轮动机会。 公募基金2025年中报近期已披露完毕，持股数据也随之曝光。 从基金持股市值排名前十或前二十的公司中可以发现，主动基金的投资方向主要聚焦在高景气、高成长的科技赛道，如互联网、半导体等行业。 聚焦高景气 今年上半年，公募基金更关注高景气度的大科技板块，同时，对一些传统消费股做了减持。 Wind数据显示，截至上半年末，在主动基金持股市值前十的公司中（不含指数增强基金，下同），有4家属于信息技术行业，3家属于消费行业。 其中，主动基金持有腾讯控股的市值位居第一，达640.31亿元。共有1499只基金合计持有1.4亿股，且在上半年期间，主动基金对腾讯控股进行了增持，增 持数量达到593.45万股。 主动基金持股市值排在第二和第三位的公司分别是宁德时代和贵州茅台，分别被2050只基金和1244只基金持有，但持股数量半年分别减少了6257.25万股 和330.53 ...

公募基金2025年中报近期已披露完毕，持股数据也随之曝光。 从基金持股市值排名前十或前二十的公司中可以发现，主动基金的投资方向主要聚焦在高景气、高成长的科技赛道，如互联网、半导体等行业。 与此同时，一些传统赛道，如白酒、家电等，出现了被减持的情况。在港股方面，新消费、科技、医药则是基金布局的重点方向。 受访者向《国际金融报》记者表示，科技行业将继续成为未来较长一段时间的投资主线，而传统消费行业则有望迎来阶段性修复机会，其他板块也将存在 轮动机会。 聚焦高景气 今年上半年，公募基金更关注高景气度的大科技板块，同时，对一些传统消费股做了减持。 Wind数据显示，截至上半年末，在主动基金持股市值前十的公司中（不含指数增强基金，下同），有4家属于信息技术行业，3家属于消费行业。 其中，主动基金持有腾讯控股的市值位居第一，达640.31亿元。共有1499只基金合计持有1.4亿股，且在上半年期间，主动基金对腾讯控股进行了增持，增 持数量达到593.45万股。 主动基金持股市值排在第二和第三位的公司分别是宁德时代和贵州茅台，分别被2050只基金和1244只基金持有，但持股数量半年分别减少了6257.25万股 和330.53 ...

2022年5月，赵春武出任公司副总裁，次年8月再获擢升，由执行董事、副总裁调任为总裁，并进入执行 委员会、提名委员会、财务委员会及购股权普通委员会，成为公司决策层中的重要一员。此外，他还担 任华润雪花啤酒（中国）投资有限公司总经理。 而在加入华润之前，其职业版图同样多元且扎实——曾任职于南京市水产科学研究所，并在百事可乐、 南京英特布鲁、箭牌口香糖等企业担任职务。他还持有北京大学工商管理硕士学位，是一位兼具实战经 验与系统管理知识的资深高管。 在经历两个月的过渡期后，华润啤酒正式迎来新一任董事会主席。 9月3日，华润啤酒发布公告称，董事会宣布，自2025年9月3日起，执行董事赵春武已由总裁调任为主席 及获委任为公司财务委员会主席；非执行董事郭巍已获委任为公司财务委员会成员。 此时交到赵春武手中的华润啤酒，正站在一个全新的十字路口上。今年上半年，华润啤酒业绩虽然保持 增长，但却也面临挑战：啤酒主业被竞争对手步步紧逼，而白酒业务也面临多重阻碍。 在消费复苏不足、行业整体承压的环境下，华润啤酒将如何继续巩固啤酒行业的龙头地位？如何扛住压 力继续推动"啤+白"双战略？是摆在这位新掌门面前的现实考题。 务实、低调、兼具 ...

在经历两个月的过渡期后，华润啤酒正式迎来新一任董事会主席。 9月3日，华润啤酒发布公告称，董事会宣布，自2025年9月3日起，执行董事赵春武已由总裁调任为主席 及获委任为公司财务委员会主席；非执行董事郭巍已获委任为公司财务委员会成员。 此时交到赵春武手中的华润啤酒，正站在一个全新的十字路口上。今年上半年，华润啤酒业绩虽然保持 增长，但却也面临挑战：啤酒主业被竞争对手步步紧逼，而白酒业务也面临多重阻碍。 在消费复苏不足、行业整体承压的环境下，华润啤酒将如何继续巩固啤酒行业的龙头地位？如何扛住压 力继续推动"啤+白"双战略？是摆在这位新掌门面前的现实考题。 务实、低调、兼具实战经验和管理能力公司称其为董事会主席的最佳人选 说到赵春武，很难绕开他的前任侯孝海。 54岁的赵春武与侯孝海年纪相仿，二人也有着较为类似的工作轨迹。两人均在华润啤酒体系内逐步攀升 高位，成为这家啤酒巨头近年来关键调整中的核心人物。 赵春武的华润生涯始于2003年，最初担任销售发展部副总经理。此后辗转多地，曾在浙江、福建、安 徽、江苏、上海等多个区域公司担任重要职务。 2022年5月，赵春武出任公司副总裁，次年8月再获擢升，由执行董事、副总裁调 ...

Core Insights - The keyword "lower degree" has become the most popular term in the Chinese liquor industry for 2025, indicating a significant shift towards low-alcohol products [2][3] Industry Trends - The low-alcohol liquor market in China is rapidly expanding, with market size projected to grow from approximately 20 billion yuan in 2020 to 57 billion yuan by 2024, and expected to exceed 74.2 billion yuan in 2025, reflecting a compound annual growth rate (CAGR) of 30% [4] - The shift towards low-alcohol products is driven by generational changes in consumer preferences, particularly among younger consumers born in the 1990s and 2000s, who show a strong preference for low-alcohol beverages over traditional high-alcohol options [5][6] Company Strategies - Major liquor companies are actively launching low-alcohol products to capture the young consumer market. For instance, Wuliangye's 29-degree "Yi Jian Qing Xin" product has gained significant attention and sold out quickly during a live-stream event [3][7] - Luzhou Laojiao has developed a 28-degree version of its popular Guojiao 1573, while Yanghe and other companies are also introducing various low-alcohol products to diversify their offerings [11][12] - Moutai is expanding into the low-alcohol market with its Yumi brand, launching multiple new products, including a 33.8-degree liquor [6] Market Dynamics - The potential market for young drinkers in China is estimated at 490 million, supporting a market size of 400 billion yuan, which presents a significant opportunity for low-alcohol liquor [15] - Despite the promising growth, the low-alcohol market faces challenges such as product homogenization and the need for differentiation among brands [18] - Companies must innovate not only in product offerings but also in marketing strategies to cultivate a suitable consumption environment for low-alcohol beverages [20]

我先说下自己的看法，这个位置下跌，即使下午反攻，也不是上车的理由。否则高位上车，到时候挨打，那解套真 是猴年马月了。 我一直再说，在A股赚钱，一定要遵循A股的规律，涨跌各有其时，该上就上，不该上一定要好好等待。 今天A股向下跌近1%，更重要的是缩量近5000亿，待涨家数再度超过4000家！只能说明，过去的疯狂，几乎结 束。 第二：证券大跌 过去几次，证券板块走势，几乎碰到月线就会反弹回去，然后创下新高。 这次会不会呢？难说。但我知道，自己不玩这种走势，所以，看戏即可，不参与。永远只做自己看得懂的，能力圈 之内的。 第三：白酒估计反攻失败 上一次跑到类似的高位，还是在3月份，也就是半年前的时候。这次这么玩，一大堆白酒的崇拜者又冲了。 但我没有，顾忌的是基本面和大盘的走势。哎，没有那个抢小反弹的命，资金量大了，只做大行情，赚大钱。 A股悄悄收出高位死叉，不会还有人抱着真金白银冲吧？真厉害！ 那块烧红的烙铁，基本上硬了。如果你还没有认识到这点，陶醉在"牛市"的幻想中无法自拔，那么后果自负！ 板块上： 第一：半导体勉强收红 昨天大跌的半导体，今天勉强手动，不过龙头寒王却出现大跌，这个走势，看起来是抛物线刚刚越过高点。 ...

文 | 新消费财研社 "降度"已成为2025年中国白酒行业最热门的关键词。 8月底，五粮液推出29度"一见倾心"低度酒新品拉爆关注度，这款产品邀请邓紫棋代言，在抖音直播间一夜售罄。 方正证券认为，这款产品不仅是五粮液在低度酒市场的重要布局，也是五粮液与年轻消费群体沟通的重要桥梁。该产品 的推出，将打破传统白酒厚重的商务标签，成为年轻人"微醺消费"与"轻松社交"的载体，展现了五粮液在品牌年轻化道 路上的战略远见与创新实践。 除了五粮液之外，泸州老窖宣布28度国窖1573已研发完成，洋河股份计划在八九月份集中上市果酒、露酒和低度潮饮， 舍得酒业于近日推出29度低酒度产品"舍得自在"…… 头部酒企纷纷降"度"谋变，这背后是中国酒业对年轻消费群体的迫切渴望。 酒企密集布局，低度酒产品迎来爆发期 中国低度酒市场正以惊人的速度扩张。行业数据显示，中国低度白酒市场规模从2020年约200亿元，一路攀升至2024年 的570亿元，并预计在2025年突破742亿元关口，年复合增长率高达30%。 这种爆发式增长背后是消费主体的代际更替。如今，90后、00后消费者正在成为酒水消费的主力人群，他们的偏好深刻 影响着市场走向。 年轻人 ...

在2025年上半年，白酒行业内的江苏今世缘（股票代码：603369.SH）经历了业绩上的显著转折，其营收与净利润均较去年同期有所下滑，这是自2021年以 来，今世缘首次在半年报中呈现出营利双降的局面。这一变化，尤其是第二季度的业绩下滑，成为了拖累全年增长的主要因素。 从地域市场来看，今世缘在江苏省内的表现尤为令人担忧。面对本土竞争对手与外来品牌的双重压力，今世缘在核心城市的市场份额受到挤压。例如，洋河 股份通过一系列市场策略强化了南京、苏州等地的终端展示，而安徽口子窖则在苏北市场凭借独特的兼香型定位赢得了消费者的青睐。山西汾酒与泸州老窖 在低价位市场的强势铺货，也进一步压缩了今世缘的市场份额。 今世缘的合同负债从2024年末的15.93亿元降至6亿元，降幅高达62.35%，这反映了经销商拿货意愿的下降。同时，公司的存货周转天数从去年的451.1天增 加至549.8天，进一步凸显了白酒存货积压、动销不畅的问题。经营现金流净额的同比下降，也进一步反映了动销不畅对资金回笼的影响。 尽管面临诸多挑战，今世缘仍在产能优化方面做出了努力。半年报显示，公司的原酒生产规模稳定增长，优质酒率进一步提升，2万吨清雅酱香车间已建成 ...

Core Viewpoint - Luzhou Laojiao has faced significant challenges in recent years, including management changes and declining performance, which have hindered its ambition to return to the top three in the industry [1][3]. Group 1: Financial Performance - The latest semi-annual report shows that Luzhou Laojiao's revenue and net profit for the first half of the year were 164.5 billion and 76.63 billion respectively, representing a year-on-year decline of 2.67% and 4.54% [3]. - The company has experienced a dual decline in performance for the first time since 2014, contrasting sharply with Shanxi Fenjiu, which reported revenue and net profit growth of 5.35% and 1.13% respectively [3]. Group 2: Market Position - Luzhou Laojiao currently ranks fourth among listed liquor companies, trailing behind Guizhou Moutai, Wuliangye, and Shanxi Fenjiu, with a significant revenue gap of 75.1 billion compared to Shanxi Fenjiu [1][3]. - The company was once a leader in the Chinese liquor industry but has fallen behind competitors like Wuliangye and Yanghe in terms of product strength and revenue [3]. Group 3: Channel and Customer Dependency - The company has increasingly relied on major customers, with the revenue share from its largest customer exceeding 40% from 2022 to 2024, and reaching 48.73% in the first half of 2025 [4]. - The combined revenue share from the first and second largest customers has surpassed 60%, raising operational risks for the company [4]. Group 4: Product Structure Issues - Luzhou Laojiao's product structure is heavily skewed towards high-end products, with mid-to-high-end liquor generating 150.48 billion in revenue, accounting for 91.45% of total sales [4]. - This reliance on high-end products poses challenges, including potential price inversions and increased marketing costs to maintain sales, which adds pressure to the company's operations [4]. - The slow development of low-end liquor products has been noted, with revenue growth for "other liquor types" declining and their revenue share decreasing [4]. Group 5: Strategic Challenges - The company faces dual challenges of channel imbalance and product structure imbalance, making it difficult to find new growth points [5]. - To achieve sustainable development, Luzhou Laojiao needs to optimize its channel strategy and balance its product structure [5].