Industry Overview - The beer market is experiencing growth opportunities due to the summer consumption peak and events like "Su Chao" [1] - Major beer manufacturers are launching summer campaigns to capitalize on this trend [1] Market Trends - Instant retail is emerging as a new engine for beer sales, with companies preparing for the summer peak [1] - China Resources Snow Beer has partnered with Meituan's instant retail brand to develop exclusive craft beer products and ensure rapid delivery [1][2] - Shandong Taishan Brewery is expanding its market presence by supporting new store openings and achieving record signings at its factory recruitment events [1] Product Quality Enhancement - Beer malt manufacturers and breweries are collaborating to improve beer quality and taste [3] - Guangdong Yongshuntai Group is a leading malt manufacturer in Asia, focusing on high-end and specialty malts to meet the growing demand from the craft beer sector [3] - Beijing Yanjing Brewery is implementing a big product marketing strategy, with its Yanjing U8 series showing significant sales growth [3] Consumer Preferences - The introduction of instant retail channels is expected to enhance consumer access to fresh and craft beers, aligning with the trend of consumption upgrading [2] - Companies are encouraged to explore the cultural aspects of craft beer to meet individual consumer needs [4]

Group 1: Company Overview and Strategy - The company is committed to the Yanjing U8 major product strategy, focusing on product innovation and market promotion to enhance brand influence and market share [1] - Yanjing U8 and other mid-to-high-end products like Yanjing V10 and Lion King Craft Beer have contributed to a rich product line catering to diverse consumer needs [1] - The major product strategy has maintained steady growth [1] Group 2: Market Development and Expansion - The company is pursuing both meticulous market cultivation and strategic expansion, enhancing its market development system [1] - With the shift in beer consumption patterns towards self-indulgent and scenario-based consumption, the company is actively exploring new markets and channels [1] - The company aims to achieve nationwide layout and sales volume breakthroughs, creating scale effects [1] Group 3: Beverage Innovation and Brand Development - Best Soda serves as a strategic pivot for innovation, aiming to expand the brand value boundary and optimize consumption scenarios [2] - The initiative focuses on achieving full customer penetration and reaching all time periods, reinforcing the company's strategic depth in the beverage market [2] - The young product matrix accelerates brand renewal, fostering a growth cycle between traditional and innovative businesses [2] Group 4: Supply Chain Management - The company is enhancing its supply chain management system, completing the "14th Five-Year" supply chain digital technology transformation plan [2] - A robust supply chain management framework is being established, focusing on safety, compliance, and supplier empowerment [2] - The goal is to create a sustainable supply chain ecosystem that promotes the company's long-term sustainable development [2]

Core Viewpoint - The launch of the "Wuhan Industrial Efficiency Guide (2025 Edition)" marks a significant step in enhancing energy efficiency management in Wuhan, providing a quantitative basis and technical support for the city's industrial green transformation [1][2]. Group 1: Energy Efficiency Indicators - The new guide includes a comprehensive energy efficiency indicator system covering 150 sub-industries, 94 major products, and 73 types of energy-using equipment, based on data from 33 major industry categories [1]. - The guide introduces energy efficiency indicators for emerging industries such as lithium-ion batteries, photovoltaic cells, new energy vehicles, and hydrogen energy, facilitating coordinated management between traditional and emerging industries [1]. Group 2: Policy Implementation and Industrial Upgrading - The guide reflects the implementation of national policy directions and includes updated energy efficiency standards for general equipment like transformers, as well as indicators for emerging sectors such as servers, communication bases, and photovoltaic components [2]. - The release of the guide is intended to provide scientific guidance and technical support for the green transformation of industries, enhancing energy output efficiency and promoting low-carbon transitions in the city's industrial economy [2].

Group 1 - The core viewpoint of the article highlights the increasing differentiation in the Chinese liquor market, with a rising concentration of the top six companies (CR6) and a notable resilience among leading enterprises, despite overall declines in operational indicators and rising costs [1] - The white liquor industry is undergoing a deep adjustment period characterized by "stock competition + structural upgrades," presenting both challenges and opportunities. Companies need to enhance supply-side quality and efficiency while accurately reaching demand-side targets to reshape growth logic [1] - Current demand for white liquor is at a historical low, with limited downside risks. A relatively loose policy environment is expected to support a gradual recovery in consumption, with short-term rigid demand and potential improvements in banquet demand due to low base effects [1] Group 2 - In the broader consumer goods sector, there is a rising interest in yellow wine, while beer consumption is entering a peak season. The raw milk prices in the dairy industry have stabilized, and segments like snacks and energy drinks are experiencing high growth [2] - The food and beverage sector shows a strong willingness to distribute dividends, with expectations for an overall increase in dividend rates led by benchmark companies like Moutai and Wuliangye [2] - The Food and Beverage ETF (515170) tracks the CSI segmented food and beverage industry index, focusing on high-barrier and resilient sectors such as liquor, beverages, dairy, and seasoning products, providing a convenient investment tool for small capital investors [2]

晨 会 纪 要 [2025]第 113 号 主 题：对近期重要经济金融新闻、行业事件、公司公告等进行点评 时 间：2025 年 6 月 24 日 8:50-9:30 会议形式：腾讯会议 参会人员：曹旭特 仇华 许雯 王攀 蒋栋 张德燕 轩鹏程 文正平 李杰 王文瑞 张智珑 郭怡萍 何超 李育文 李正威 别璐莎 邢维洁 王逸奇 孙菲 马丽明 贺钰偲 汪炜 聂孟依 顾华昊 整理记录：张德燕 固定资产方面，前个月累计增速由 4 月的 4.00%下滑至 3.70%，就基建投资、制造业投 资和房地产投资来看，累计同比增速均出现下滑。其中，基础设施建设投资累计同比10.42%， 虽然绝对值保持着 2 位数，但是自 3 月份累计增速达 11.50%后，持续回落二个月；制造业 累计同比增速 8.50%，也连续下滑了 2 个月；而房地产开发投资完成额前 5 个月累计同比- 10.70%，2025 年以来持续处于下滑状态，且下滑幅度已达 2021 年以来的最大值，显示房地 产行业 2025 年的投资状况总体并没有出现明显改善，还是维持在低位。 1.2、沪深股市 2025.06.16-2025.06.20 日，A 股指数震荡下行 ...

如今，喜力带有身份反差的赞助成为了又一个热点，但如果没有营销动作的承接，热点大多只会转瞬即逝。喜力及其他想要入局的品牌，后续该怎样创新 体育营销、辐射更广泛的人群？或许可以从喜力欧冠的营销动作中找到解法。 这次赞助不仅给了苏超"欧冠级"的排面，对喜力来说，其实也是一次对下沉市场的探索。 喜力欧冠玩法，启示体育营销本土化 喜力与欧冠合作已超过30年，因此更注重品牌精神的传递。而文化传播在跨越国界的过程中一定会有隔阂，那么，喜力如何让品牌语言更本土化？ 2024/25赛季欧冠联赛，喜力以欧冠官方全球合作伙伴身份，推出了《喜力欧冠百人星看团》系列短片。今年，喜力邀请足球传奇范志毅、卡西利亚斯、 新生代球员李嗣镕，围绕"时间"主题，讲述他们足球生涯与啤酒文化的故事。 三位明星成员从不同角度进行讲述，既能唤醒球迷的怀旧情感，又有Z世代青春拼搏的个性表达，最大程度地强化品牌情感共鸣。 如果说《喜力欧冠百人星看团》是与核心足球粉丝的深度对话，邀请樊振东就是扩大用户群体的重要一步。 樊振东作为喜力欧冠决赛特邀嘉宾，在短片中以"球迷视角"分享欧冠观赛经历。乒乓球奥运冠军联动欧冠，这个跨界可以说只是"微跨"。借助樊振东和乒 乓球 ...

又一家广州市属国企"一把手"换人，引起各界关注。 近日，珠江啤酒公告披露董事长王志斌因已届退休年龄，已辞去该公司董事长等职务，现任总经理黄文 胜接棒公司"一把手"。据南都湾财社记者了解，今年已有4家广州市属国企出现"一把手"人事变动。根 据统计数据显示，2024年至今26家广州市属国企已有14家换帅。 今年广州市属国企鲜明喊出"拼经济"的口号，上述提到的4家企业在其所属行业中既有增长也有困境， 换帅之后，相关企业正在通过改革等方式促使企业实现增长。 在今年国企深化改革行动即将收官，同时还是"十四五"规划收官、"十五五"战略谋篇等背景下，这些新 帅带领的广州市属国企实现高质量发展，引起各界的关注。 今年4家广州市属国企换帅 3位到龄退休，接棒者多为"行业老兵" 从今年4家广州市属国企换帅的情况来看，除了去年1月迟军从珠江实业集团董事长调任广州市人民政府 副秘书长外，包括王志斌在内均系到龄退休。今年5月22日，越秀集团的相关人事任免就获得广州市委 同意，62岁的张招兴因退休辞去董事长职务；今年2月，64岁的曾庆洪也因退休辞去广汽集团董事长一 职。 南都湾财社记者梳理相关信息时注意到，相关企业接手的"一把手"多数是 ...

食品饮料 2025 年 06 月 22 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-06 2024-10 2025-02 食品饮料 沪深300 相关研究报告 《5 月社零增速稳步上行，内需动力进 一步修复—行业点评报告》-2025.6.17 《威士忌新品上市，看好魔芋品类发 展—行业周报》-2025.6.15 《新消费驱动板块上行，关注业绩可 持续兑现品种—行业周报》-2025.6.8 "禁酒令"纠偏催化反弹，重视板块底部机会 ——行业周报 张宇光（分析师） 张思敏（联系人） zhangyuguang@kysec.cn 证书编号：S0790520030003 zhangsimin@kysec.cn 证书编号：S0790123070080 核心观点：白酒重视底部机会，5 月社零数据稳步上行 6 月 16 日-6 月 20 日，食品饮料指数跌幅为 0.1%，一级子行业排名第 4，跑赢沪 深 300 约 0.3pct，子行业中啤酒（+1.9%）、白酒（+1.1%）、其他食品（+0.0%） 表现相对领先。5 月禁酒令出台后，政务系统整治违规吃喝执 ...

Core Viewpoint - The 2025 Qingdao Beer Festival is set to take place in multiple cities, including Heze, Jinan, and Linyi, offering a unique summer experience filled with joy and cultural integration [1][14]. Group 1: Event Highlights - The Heze Qingdao Beer Festival will last for 10 days, covering over 9,000 square meters, and is expected to attract over 100,000 visitors with themed nights featuring music and performances [3]. - The Jinan Beer Festival will run from June 21 to July 6, introducing a tent format that allows visitors to select from a wide range of beer products, including fresh and classic varieties [5]. - The Linyi Beer Festival will take place from June 21 to July 13, focusing on a combination of food, music, and cultural experiences to create a summer carnival atmosphere [7]. Group 2: Cultural Integration - The festivals in Heze, Jinan, and Linyi aim to merge local culture with the beer experience, featuring interactive activities and city landmarks [9]. - In Jinan, a giant beer tent serves as a city landmark, and visitors can receive commemorative cup sleeves featuring local attractions when purchasing beer [9]. - The Heze festival includes a cultural market showcasing local crafts and traditional arts, while Linyi features local music and art to enhance the cultural experience [11][13]. Group 3: Future Events - The Qingdao Beer Festival will continue to expand across various cities in China, promising a series of vibrant events filled with music, light, and beer [14][16].

再次遇到北平机器联合创始人李威是在位于纳福胡同的北平机器店内，工业风的建筑内，让饮酒过后的微醺多了一份理性。相较于众多精酿啤酒口味给人的 新鲜感不同，如今再度与李威见面与初次相见大不相同，给人一种如同老朋友一般安全感。首次与李威见面是在北京煎饼节上，彼时李威穿着颇接地气的衣 服，拿着一把大蒲扇站在龙潭湖公园的草坪上，随意和朋友打着招呼。随性、邻家却不失个性的初印象，与精酿啤酒所营造出的调性颇具相似性。 在李威眼中不同城市拥有不同气质，这也让追求在地化的精酿啤酒拥有了不同面貌。精酿是一座城市气质的反光镜，通过精酿啤酒能看到城市消费的变化。 北京商报：目前中国精酿啤酒发展到什么阶段？ 李威：当下精酿啤酒所处阶段最主要的矛盾在于即使国内精酿啤酒行业已经在"努力奔跑"，但精酿啤酒相较于工业啤酒厂的体量仍微不足道。北平机器发展 近十年，目前产能约1000余吨，基本算是行业中有些资历的头部企业。所以，行业内讨论国内精酿啤酒发展是不是太快、增长是不是太高还为时尚早，目前 国内精酿啤酒行业才刚刚开始，未来10—20年都是黄金增长期，还会持续释放红利。 北京商报：工业啤酒品牌入局后，和精酿啤酒品牌之间是否存在鸿沟？ 李威：工业 ...