Summary of Conference Call Records Industry Overview - The conference call discusses the new consumption sector, focusing on industries such as daily chemicals, personal care, and health products, which are entering a product upgrade cycle with strong sustainability [1][5]. Key Points and Arguments - **New Consumption Drivers**: The current wave of new consumption is driven by product renewal and innovation rather than relying on traffic purchases. Companies need stronger content marketing capabilities and market insight, making innovation a key competitive factor [1][3]. - **Market Characteristics**: The new consumption market is characterized by a shift from functional needs to emotional value needs, with traditional products being revamped to meet these new demands [4][5]. - **Market Volatility**: Recent fluctuations in the new consumption market are considered normal after significant growth phases. The current cycle is less elastic compared to the previous one, with a focus on replacing and upgrading existing products [3][6]. - **Valuation Metrics**: Most new consumption companies have a PEG ratio between 1 and 1.3, indicating they may be slightly overvalued. However, there is potential for valuation recovery as risk appetite increases [7]. - **Impact of Shareholder Actions**: Shareholder sell-offs do not necessarily indicate a peak in stock prices, as they can be influenced by various factors. As long as risk appetite remains stable and innovation cycles continue, the new consumption sector still has growth potential [8]. Industry Trends - **Sustained Innovation**: Industries such as beauty, snacks, gold and jewelry, trendy toys, and tea drinks are expected to maintain high-frequency innovation, while stable categories like daily chemicals and personal care are entering a more robust upgrade cycle [5][9]. - **Investment Recommendations**: Traditional growth companies in sectors like beverages and beer are recommended for investment due to their lower valuations and higher cost-effectiveness. Emerging growth companies like Ruoyuchen and Jingbo Biological are also highlighted for their innovative capabilities [2][10]. Potential Investment Opportunities - **Specific Companies**: In the cosmetics sector, companies like Juzhi Biological and Runben Co. are noted for their stability and growth potential. In the food and beverage sector, companies such as Yanjinpuzi and Weilong Food are performing well, with others like Bailong Chuangyuan and Three Squirrels also identified as promising investments [11]. Conclusion - The new consumption sector may experience a consolidation phase, but this does not imply an end to growth. Traditional growth companies may outperform during this period, suggesting a need for dynamic adjustments in investment strategies to optimize returns [12].

NO.1国泰海通证券：中国股市"转型牛"的格局越来越清晰战略看多2025年 6月9日，国泰海通证券研报表示，中国股市"转型牛"的格局越来越清晰，战略看多2025年：1)遍历冲击 和出清调整后，投资人对经济形势的认识已然充分，其对估值收缩的边际影响减小；2)股票价格反应的 是投资者对未来的预期，而预期变动的主要矛盾，已经从经济周期的波动，转变为贴现率的下降，尤其 是无风险利率与风险认识的系统性降低；3)以化解债务、提振需求与稳定资产价格的中国政策"三支 箭"，以"投资者为本"的资本市场改革，以新技术新消费的商业机会涌现，有助于重新提振投资者对长 期的假设，中国股市迈向"转型牛"。 NO.2天风证券：6月以稳应变，防守反击 ｜2025年6月9日星期一｜ 天风证券（601162）指出，6月，以稳应变，防守反击。根据经济复苏与市场流动性，可以把投资主线 分为三个方向：1)Deepseek突破与开源引领的科技AI+，2)消费股的估值修复和消费分层逐步复苏，3) 低估红利继续崛起。红利回撤常在有强势产业趋势出现的时候，因此低估红利的高度取决于AI产业趋 势的进展，而AI产业趋势的进展又取决于AI应用端和消费端的突破。 N ...

Group 1 - The core viewpoint indicates that China's beer production in the first four months of 2025 has decreased by 0.6% year-on-year, totaling 11.44 million kiloliters [1] - In April 2025, beer production from large-scale enterprises reached 2.896 million kiloliters, showing a year-on-year increase of 4.8%, suggesting a recovery in sales within the sector [2] - The introduction of dining consumption vouchers in cities like Shanghai and Hangzhou since October 2024, along with similar initiatives in Beijing, is expected to stimulate beer consumption and support a price recovery in the 6-8 yuan range [2] Group 2 - The beer industry is currently in the late stage of capital expenditure, with state-owned enterprises like Qingdao Beer having room for increased dividend payouts, while Chongqing Beer maintains a high dividend rate of around 100% [2] - Research from Dongfang Securities indicates that since March, the beer industry has seen accelerated volume growth, entering a peak stocking season, which aligns with previous forecasts [2] - Guotai Junan Securities reports that the beer and beverage sectors are entering a peak season, with structural benefits and seasonal consumption opportunities expected to drive sales growth [3] Group 3 - Major beer brands are expanding into new channels such as Weima and Jiu Xiaoyi, which are expected to positively impact short-term sales and enhance brand momentum in the medium to long term [3] - The Hong Kong-listed beer companies include Budweiser APAC (01876), Qingdao Beer (600600) (00168), China Resources Beer (00291), and Beijing Enterprises (00392) [4]

Core Insights - The "Qingdao Beer Exchange" has gained popularity by integrating financial pricing logic into the beer consumption experience, attracting over 10,000 daily visitors and achieving a daily sales volume of 1.2 million milliliters [1][2]. Group 1: Consumption Upgrade Trends - The dynamic pricing model transforms beer cups into "investment targets," with prices fluctuating every 10 minutes based on real-time sales, allowing for daily price increases of up to 20% for popular items, effectively balancing supply and demand [2]. - The initiative revitalizes the century-old Qingdao Beer brand, appealing to Generation Z by modernizing its image and ensuring consistent quality through partnerships with local distributors [2]. - The experience emphasizes emotional value, with consumers engaging in a fun and immersive way to enjoy Qingdao beer, leading to a significant increase in foot traffic and sales in surrounding businesses during peak periods [2][3]. Group 2: Digital Transformation of Cultural Spaces - The revitalization of the Qingdao Taidong Pedestrian Street is part of a broader initiative to transform historical commercial areas into digital hubs, creating a "consumption ecosystem" that integrates various entertainment and cultural offerings [3]. - As Generation Z becomes the main consumer group, the competition in the urban tourism industry shifts from mere visual appeal to the depth of experiential engagement, indicating a potential evolution in the industry [3].

投资建议： 新消费与价值成长并行，大众品首选成长，重视换季消费机会，白酒绝对价值显现。 报告导读： 新消费与价值成长并行，把握换季机会，估值提升。白酒短期受政策影响，长 期绝对价值凸显。大众品啤酒饮料旺季催化，大单品新渠道成长性凸出。 新消费与价值成长并行，标的分化和估值提升。 一方面， 新渠道和新品类创新驱动新消费结构性红利， 主要体现在零食、保健品、食品添加剂赛道；另一方面，传统食品饮料龙头依赖强大的产品创新能力、渠 道拓展能力实现大单品的稳健强劲增长，主要体现在啤酒、饮料赛道。我们预计新消费与价值成长并行， 龙头间或将逐步出现分化，新消费标的估值有望创新高，传统消费估值或将提升。 白酒：短期受政策影响，长期绝对价值凸显。 近期中共中央、国务院印发修订后的《党政机关厉行节约反 对浪费条例》，其中涉及用酒部分我们认为属于纪律的再度强调，我们预计白酒行业龙头或将持续挖掘新 场景和潜在增量，加速白酒商品属性重塑和消费结构转型。对于白酒板块，我们延续前期观点，行业 2025Q2 产业景气度环比角度仍在寻底，价格端压力大于量的压力，大部分企业短期业绩表现愈发依赖于 核心市场的市占率提升，且愈发依赖于腰部及以下单品驱 ...

证券研究报告 | 行业周报 gszqdatemark 2025 06 08 年 月 日 食品饮料 周观点：啤酒饮料正当旺季，关注大众品上新催化 投资建议：1、白酒：淡季筑底、中长期价值凸显，建议关注" 优势龙头、红 利延续、强势复苏"三条主线：1）优势龙头，头部酒企份额持续提升：贵州 茅台、五粮液、山西汾酒、古井贡酒；2）红利延续，高确定性区域酒：今世 缘（江苏格局红利）、迎驾贡酒（洞藏大单品红利）等；3）受益复苏与风险偏 好提升，弹性标的：泸州老窖、水井坊、舍得酒业、老白干酒、港股珍酒李渡、 酒鬼酒等。2、大众品：燕京 U8 改革深化，农夫山泉推新" 茶 "，山姆供应 链上新加速，建议寻找高成长与强复苏两条主线：1）高景气或高成长逻辑： 盐津铺子、东鹏饮料、燕京啤酒、珠江啤酒、三只松鼠、百润股份、有友食品、 好想你等，港股农夫山泉、华润饮料、卫龙美味等。2）政策受益或复苏改善： 青岛啤酒、海天味业、新乳业、伊利股份、重庆啤酒、安琪酵母、仙乐健康、 安井食品、立高食品等，港股 H&H 国际控股等。 白酒：茅台发布 走进系列"，淡季进一步筑底。近期在时隔 6 年后，贵州茅 台上新走进系列新品，并于 6 月 5 ...

Core Viewpoint - The Chinese liquor industry experienced a slight recovery in investment sentiment despite a generally weak sales performance during the Dragon Boat Festival, with the WIND liquor index rising by 0.49% after three weeks of decline [1][2]. Group 1: Industry Performance - The WIND liquor index saw a minor increase of 0.49%, with notable weekly gains from Jinhuijiu (6.25%) and Yanghe Co. (2.16%), while only a few companies like Shui Jing Fang and Shede Liquor experienced declines exceeding 2% [2][3]. - The national liquor price index for May was reported at 99.73, indicating a month-on-month decrease of 0.27%, with famous liquor brands seeing a decline of 0.35% [3]. Group 2: Company-Specific Developments - Kuaijishan, which had previously surged in stock price due to the popularity of "sparkling yellow wine," saw a significant drop of 12% this week as interest waned post-Dragon Boat Festival [1][5]. - Kuaijishan's aggressive marketing strategy, including celebrity endorsements and live-streaming sales, initially led to impressive sales figures, but the subsequent decline in viewer engagement and sales performance raises concerns about the effectiveness of this approach [8][11]. - The company's sales expenses surged to 332 million yuan in 2024, a 60.25% increase from 207 million yuan in 2023, with advertising costs doubling, yet the contribution from new products remains uncertain [11].

Group 1 - The event is the largest and most comprehensive Qingdao Beer Festival in Shandong Province, taking place from June 20 to June 29 at the Heze International Convention Center [3][6] - The festival emphasizes nighttime consumption, aiming to enhance the consumer atmosphere and unleash consumption potential, creating a city-wide event that integrates culture, consumption, and entertainment [3][4] - The festival features six distinctive segments: Home Expo, Beer Festival, Food Festival, Trunk Market, Foreign Trade Product Exhibition, and Amusement Carnival, enhancing consumer immersion and experience [3][4] Group 2 - The event aims to create a fashionable and vibrant carnival, promoting local brands and enhancing the city's image, while driving economic growth through collaboration among various sectors such as commerce, culture, and dining [4][5] - The total investment for this year's beer festival is 4.8 million yuan, focusing on immersive scene construction, intelligent equipment upgrades, and service quality improvements [6] - The festival is expected to attract over 100,000 visitors, featuring advanced technologies like VR and AR to create an engaging beer culture experience [6]

Industry Overview - The craft beer market in China is experiencing explosive growth, with many consumers shifting from traditional beers to craft options [1][38] - The rise of craft beer reflects a new consumer trend towards quality and personalization, injecting vitality into the beer market [38] Company Insights - Lauderbach Craft Beer is invested and constructed by the Shandong Provincial State-owned Assets Supervision and Administration Commission under the Water Development Group, with production bases in Shandong Heze, Sichuan Guangyuan, and Jilin Changbai Mountain [3] - The company collaborates with the Ligler Company, a ten-star brewery in Germany with nearly 700 years of history, for technical support [3] Production Capacity and Facilities - The Guangyuan facility is the largest professional craft beer company in Southwest China, designed with an annual production capacity of 200,000 KL [7] - The company utilizes world-class brewing equipment sourced from Germany and other top manufacturers [7] Product Characteristics - Lauderbach craft beer is made from 100% malt (50% barley and 50% wheat), hops, yeast, and water, with no additives, resulting in a rich flavor profile [8] - The 12-degree German-style wheat beer has a natural cloudiness and creamy foam, with a soft taste and rich fruit aroma, having won multiple awards [26] - The 13.5-degree IPA features a balanced bitterness and a rich aroma, optimized for the Chinese palate [28] Health Benefits - Craft beer is recognized for its nutritional value, containing vitamins and amino acids, with 2.03 grams of amino acids per liter [9] - It aids digestion, enhances nutrient absorption, and has been linked to various health benefits, including anti-cancer properties and improved mental alertness [10][14][15] - Moderate consumption can lower the risk of kidney stones by 41% and is associated with lower mortality rates compared to non-drinkers [17][21] Market Position - Lauderbach craft beer has achieved numerous national patents and accolades, with products distributed across most provinces in China, receiving high praise from consumers and the industry [36]

Core Insights - The craft beer trend is reflecting consumer upgrades, with over 24,000 craft beer-related companies in China, driven by personalized flavor and quality experiences [1][3][4] - Major beer companies are entering the craft beer market to capture high-end segments, while also exploring non-alcoholic beverage markets through a "beer + soda" strategy [1][6][8] Industry Overview - The craft beer market in China has seen rapid expansion, with new registrations increasing from 3,111 in 2021 to 3,832 in 2024, indicating a growing interest in craft beer [3] - The global craft beer market was valued at approximately 728 billion yuan in 2022, with a projected compound annual growth rate (CAGR) of 11.2%, expected to exceed 1.7 trillion yuan by 2030 [3] Market Dynamics - Craft beer is characterized by lower production volumes and more refined brewing processes compared to industrial beer, appealing to consumers seeking unique flavors and higher quality [4][5] - Major beer companies like Qingdao Beer and Yanjing Beer are launching craft beer sub-brands to enhance their product offerings and address the high-end market demand [5][6] Strategic Initiatives - Companies are leveraging their established distribution channels and supply chain management to expand into the non-alcoholic beverage market, particularly in the soda segment [6][7] - Yanjing Beer has introduced a new soda product, "Beistejia Bing," as part of its "beer + beverage" marketing strategy, aiming for long-term market penetration [7][8] Future Outlook - The craft beer segment is expected to continue growing, with companies focusing on expanding their product lines and enhancing brand recognition in both craft beer and non-alcoholic beverages [6][8]