Core Viewpoint - The article highlights the increasing popularity of local events, particularly music festivals and football leagues, in cities like Luzhou, which are driving significant economic activity and consumer engagement during the National Day and Mid-Autumn Festival holidays [1][2]. Group 1: Event Impact on Local Economy - Luzhou is experiencing a surge in travel demand, with hotel bookings doubling and flight searches increasing by over 60% compared to last year during the holiday period [1]. - The local music festival and the inaugural home match of the Luzhou football team are expected to attract large crowds, contributing to the local economy [1][2]. - Various cities are leveraging local sports and cultural events to boost weekend and nighttime economies, with significant attendance reported at matches in Chengdu and Chongqing [2][5]. Group 2: Sponsorship and Brand Engagement - Major beverage brands are sponsoring local events, with Luzhou's music festival featuring sponsors like Luzhou Laojiao and Langjiu, indicating a strong interest from consumer brands in these events [1]. - The "Chuan Super" league has attracted sponsorship from local liquor companies, enhancing brand visibility and engagement with fans during matches [5][10]. Group 3: Consumer Promotions and Activities - Cities are implementing promotional activities linked to event attendance, such as discounts and free gifts for ticket holders, to stimulate local consumption [15][16]. - In Luzhou, initiatives include free public transport for visitors and discounts at local attractions for festival attendees, aiming to enhance the overall visitor experience [16][17]. Group 4: Broader Implications for Urban Marketing - Local governments are increasingly viewing sports and cultural events as platforms for urban marketing, enhancing city visibility and promoting local culture [17]. - The integration of sports, culture, and tourism is seen as a new opportunity for cities to enhance their economic profiles and attract visitors [17].

Core Insights - Shanghai Daocheng Tianxia Trading Co., Ltd. has been established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Liu Hongtao [1] - The company's business scope includes licensed projects for liquor sales and general projects for agricultural products and pre-packaged food sales [1] Company Overview - The company is newly formed and operates under the legal framework requiring approval for specific business activities [1] - The business activities will commence upon obtaining the necessary approvals and licenses from relevant authorities [1] Industry Context - The establishment of the company indicates a potential growth opportunity in the liquor and food sales sectors [1] - The focus on licensed liquor sales suggests compliance with regulatory requirements, which is crucial in the beverage industry [1]

Core Viewpoint - The global consumption downgrade has affected not only the domestic liquor market but also various imported spirits, leading to significant price reductions in premium products like XO brandy [1][2][30]. Group 1: Market Trends - The current trend shows a price war in the liquor market, with even high-end products like XO brandy experiencing drastic price cuts [2][30]. - Due to global consumption downgrades and policy adjustments, importers are clearing inventory at reduced prices, creating opportunities for consumers to find rare products at lower costs [30][37]. Group 2: Product Highlights - The Napoleon XO brandy is highlighted as a luxurious and rare product, often associated with high social status and historical significance [12][55]. - This specific XO brandy is produced in the prestigious Cognac region of France, known for its quality and craftsmanship [14][68]. - The product is described as having a complex flavor profile, with notes of oak, cinnamon, and dried fruits, making it a unique tasting experience [18][20][90]. Group 3: Pricing and Value Proposition - The Napoleon XO brandy is priced at ¥1280 per bottle, but promotional offers allow consumers to purchase a case of six bottles for only ¥299, presenting a significant value opportunity [28][33][110]. - The pricing strategy reflects the current market conditions where premium products are being offered at competitive prices due to excess inventory [30][110]. Group 4: Cultural Significance - XO brandy is often referred to as the "soul of wine" and is considered a symbol of luxury and sophistication, frequently associated with elite social gatherings [8][59]. - The historical connection of Napoleon with XO brandy enhances its appeal, as it is seen as a drink of choice for influential figures [46][55].

在9月 25日举行的颁奖仪式上登台的三得利相关人士等 "国际烈酒挑战赛（ISC）2025"9月25日在英国伦敦举行，三得利的威士忌"山崎18年"获得了所有领域的 最高奖。2023年"山崎25年"获奖、2024年"山崎12年"获奖，同一品牌连续3年获奖尚属首次…… 世界酒类品评会"国际烈酒挑战赛（ISC）2025"9月25日在英国伦敦举行，三得利的威士忌"山崎18年"获 得了所有领域的最高奖。从山崎品牌来看，2023年"山崎25年"获奖、2024年"山崎12年"获奖，同一品牌 连续3年获奖尚属首次。 领导三得利威士忌业务的执行董事塚原大辅表示，"山崎品牌连续3年获奖，是长期以来持续追求威士忌 美味品质的成果，今后也将努力生产受消费者喜爱的产品"。 按酒类单元来看，在杜松子酒单元，"ROKU <六>"首次获得最高奖"奖杯"。在日本威士忌单元中，三得 利连续6年被评为授予当年的最优秀企业的"Producer of the Year"。 ISC是从1995年开始举办的酒类品评会，每年在英国举办一次。有威士忌、杜松子酒、伏特加、烧酒等 共28个单元。三得利透露，在此次品评会上所有单元共有数千产品参赛。 版权声明：日本经 ...

Core Viewpoint - Luzhou Laojiao's stock price has been declining for five consecutive days, with a total drop of 5.39% during this period, indicating potential concerns among investors regarding the company's performance and market conditions [1]. Group 1: Company Overview - Luzhou Laojiao Co., Ltd. is located at 71 Nanguang Road, Luzhou City, Sichuan Province, established on May 3, 1995, and listed on May 9, 1994. The company primarily engages in the production and sales of Luzhou Laojiao series liquor [1]. - The revenue composition of the company is as follows: 91.45% from mid-to-high-end liquor, 8.20% from other liquor types, and 0.34% from other income sources [1]. Group 2: Stock Performance - As of the report, Luzhou Laojiao's stock price is 127.58 CNY per share, with a trading volume of 1.625 billion CNY and a turnover rate of 0.87%. The total market capitalization stands at 187.792 billion CNY [1]. Group 3: Shareholder Analysis - Huatai-PB Fund's Huatai-PB CSI 300 ETF (510300) is among the top ten circulating shareholders of Luzhou Laojiao, having increased its holdings by 1.0446 million shares in the second quarter, totaling 13.128 million shares, which represents 0.89% of the circulating shares [2]. - The estimated floating loss for Huatai-PB CSI 300 ETF today is approximately 24.6806 million CNY, with a cumulative floating loss of 95.4406 million CNY over the five-day decline [2]. Group 4: Fund Performance - The Huatai-PB CSI 300 ETF (510300) was established on May 4, 2012, with a current scale of 374.704 billion CNY. Year-to-date returns are 19.31%, ranking 2813 out of 4220 in its category, while the one-year return is 38.15%, ranking 2394 out of 3824 [2]. - The fund manager, Liu Jun, has a tenure of 16 years and 119 days, with a total asset scale of 466.972 billion CNY. The best fund return during his tenure is 131.59%, while the worst is -45.64% [2]. Group 5: Additional Fund Information - The Cash Flow ETF (563390) holds 63,700 shares of Luzhou Laojiao, accounting for 2.83% of the fund's net value, making it the tenth largest holding [3]. - The estimated floating loss for the Cash Flow ETF today is about 119,800 CNY, with a total floating loss of 463,100 CNY over the five-day decline [3]. - The Cash Flow ETF was established on April 23, 2025, with a current scale of 255 million CNY and a cumulative return of 15.31% since inception [4].

（上证路演） 9月26日，古越龙山举办2025半年度业绩说明会。会上管理层提到，今年，公司将继续坚持高端化、年 轻化、全球化、数字化发展思路，扎实推进运营管理各项基础工作，力争酒类销售增长6%以上，利润 增长3%以上。 面对激烈的酒类市场竞争，公司重点做好以下几方面工作：一是在文化和品牌输出方面，从库藏资源、 品牌历史、文化传承等时间积淀中挖掘稀缺性和独特性，做好黄酒高端引领；二是在科技赋能方面，从 黄酒产业园5G智能工厂投产、加大研发投入科技创新中汲取动力，提升生产效率和效能 ；三是在触达 新消费群体方面，分析洞察Z世代消费趋势持续进行品类创新，构建新型消费场景，从年轻化策略中捕 捉增长机会；四是在全球化布局方面，在目前江浙沪以外市场销售占比达42%的良好局势下，继续勇于 开拓和破局，带头走出江浙沪舒适区，同步拓展全国化和全球化。随着高端黄酒认知不断深化、品牌势 能不断提升、全国化网络日益完善以及产业园投产后的产业集群优势都将持续转化为市场竞争力。 (编辑：林辰)关键字： 古越龙山 黄酒 ...

2024年的白酒市场出现了一个耐人寻味的现象：在消费降级的大背景下，一款名为"天涯沦落人"的光瓶酒，以58元的定价（比主流竞品玻汾还高出10%）在 山西市场异军突起。更令人惊讶的是，其品牌名竟源自精锐纵横董事长王海鹰在疫情隔离期间默念《琵琶行》的突发奇想——这种将个人际遇转化为品牌资 产的做法，颠覆了传统酒类命名要么强调历史传承、要么突出地理标识的常规路径。 这个案例揭示了一个被多数品牌忽略的真相：在充分竞争的市场中，产品功能层面的差异化越来越难构建，而情绪共鸣才是突破同质化竞争的最短路径。王 海鹰团队敏锐捕捉到光瓶酒消费群体的特殊心理——卡车司机在车门贴变形金刚的"拯救世界梦"，建筑工人在收工后小酌时的"英雄气概"，这些被传统营销 视为"低端市场不需要情绪价值"的认知盲区，恰恰成为品牌增值的关键突破口。 其次解决价格信任悖论。新品定价高于成熟竞品本是大忌，但通过"指高打低"策略——包装设计媲美高端酒（文艺气息的水墨画风），酒质对标高端产品， 却定价中端市场，形成强烈的价值感知。这种"高级感溢出"的定价策略，后来被证明是打动经销商的关键——调研显示，渠道商因利润空间充足而主动打款 的比例高达83%。 当下市场 ...

Core Viewpoint - The rapid expansion of instant retail in China's liquor market is expected to maintain double-digit growth in the coming years, driven by the competitive landscape of food delivery services by 2025 [1][3] Group 1: Instant Retail Growth - China's retail industry has evolved through traditional retail, e-commerce, and new retail, with instant retail significantly shortening delivery times and enhancing consumer choices [1][2] - The liquor instant retail market has seen a surge since its inception on platforms like 1919 and Jiuxiaoer, with four main channel models emerging: vertical, platform-based, warehouse-store integrated, and front warehouse models [1][2] Group 2: Drivers of Instant Retail - The rise of instant retail in liquor is attributed to changing consumer habits, with a growing demand for convenience and quick fulfillment of spontaneous needs [2] - Cost efficiency is achieved by reducing distribution layers and operational costs, coupled with subsidies from some platforms, leading to significant price advantages [2] - Supply-side drivers include channel partners seeking to capture new growth and brand owners willing to collaborate with channels for new product launches and promotions [2] Group 3: Impact on the Liquor Industry - Instant retail presents both opportunities and challenges for the liquor industry, offering efficient fulfillment and better reach to younger consumers, while potentially impacting brand image and pricing structures [3] - Historical trends indicate that changes in the liquor cycle often coincide with channel transformations, and the current deep adjustment in the industry necessitates adaptation to instant retail [3] - The instant retail market for liquor in China is projected to reach 100 billion yuan by 2027, with a compound annual growth rate approaching the mid-double digits, benefiting core categories like baijiu and beer [3] Group 4: Investment Recommendations - The liquor retail channel is undergoing structural growth, with instant retail emerging as a highlight; recommended stocks include leading national brands and regional players with strong channel development capabilities [4] - Specific recommendations for baijiu include Guizhou Moutai, Shanxi Fenjiu, Wuliangye, Luzhou Laojiao, Yingjia Gongjiu, Jiansiyuan, and Guqingongjiu, while short-term elastic stocks include Zhenjiu Lidu and Shede Liquor [4] - For beer, which is the second-largest category in liquor, recommended stocks include Qingdao Beer, Zhujiang Beer, and China Resources Beer, reflecting high participation in instant retail [4]

Core Insights - The 2025 China Xinghua Village International Wine Expo will be held in Fenyang, showcasing nearly 500 domestic and international wine enterprises, emphasizing the integration of technology, culture, and consumption [1][3][4] - The expo serves as a key platform for Chinese wine culture to connect with the international market, highlighting the success of the Lüliang wine region as a model for innovation in the industry [3][4] - The event is expected to significantly boost local economic development, with Fenyang's GDP reaching 37.627 billion yuan in 2024, reflecting a 170.5% increase since 2016 [4] Industry Development - The expo aims to elevate industry standards and reshape the development landscape by promoting collaboration and technological innovation among global wine enterprises [5][6] - Over 30 specialized activities will take place during the expo, including high-level conferences and awards that provide authoritative product quality certification [6] - The integration of cultural and technological elements will be showcased through smart brewing technologies and blockchain traceability, enhancing the consumer experience [6] Economic Impact - The expo has a strong impact on local economic growth, with previous events generating sales in the millions of yuan, demonstrating its effectiveness in driving explosive marketing for wine products [4] - The event is positioned as a new urban brand for Fenyang, contributing to high-quality regional economic development [4][5]

报告导读： 2025 年以来供需共同驱动即时零售渠道扩张，本轮渠道浪潮有望为酒类品牌 提供结构性机会，白酒、啤酒等领域具备较强渠道力和资金实力的企业有望受益。 投资建议： 零售渠道正经历变革、呈现结构性增长，即时零售成为酒类渠道亮点。 1 ）白酒仍在磨底，全国化名酒及区域头部酒企韧性相对较强、具备领先 的渠道开拓能力和资金实力 ； 2 ）啤酒作为酒类第二大品类、客群广泛，在即时零售中的参与度较高，推荐龙头及成长标的 。 即时零售：大盘景气，酒类积极参与。 我国零售行业经历了传统零售、电商、新零售的发展过程，即时零售极大缩短履约时间、丰富消费者选择。近年来我 国即时零售规模迅速扩大， 2025 年外卖大战边际催化，行业有望在未来几年维持双位数增长。具体到酒水领域，酒类即时零售最早发源于 1919 、酒小二 等垂类平台， 2015 年前后加速，形成垂类、平台型、仓店一体型、前置仓型 4 类渠道模式；与此同时酒企加大布局与合作，酒类即时零售渗透率显著提 升。 我们认为酒类即时零售的兴起主要有三方面原因。 一是消费习惯改变，消费者愈发追求便捷，且临时需求激发后希望快速得到满足。二是契合性价比需求， 压缩流通环节的同时 ...