最近，小米汽车的爆火印证了一个市场真理：真正的现象级产品，必然在"硬核实力"与"情绪价值"间找 到完美平衡。 对于白酒行业而言，这一逻辑同样适用。高端酱酒市场长期被"天价包装"与"概念营销"裹挟，因此消费 者亟需一款剥离浮华、回归本质的诚意之作。 珍酒发布的战略级新品——"大珍·珍酒"，正用极致性价比与深厚文化底蕴，重新定义高端酱酒的价值 标杆，有望成为酒业新的 "超级符号"。 品质、美学与技术的全面创新 高端酱酒的核心竞争力始终是酒体本身。据了解，"大珍·珍酒"精选超过两百种不同轮次、不同典型体 的优质基酒，由大师团队精心勾调，确保每一滴酒的酿造时间不晚于2020年，更以20年珍稀老酒调味， 集经典酱陈香、醇厚曲香、烘焙焦香、花果香于一体，具有酱香突出、香气幽雅特点，能带来惊喜 的"跳跃感"。 "这款光瓶酒以真实年份为主要品质表达方式，我认为是非常合理的。也只有像珍酒这样具有产能基础 的企业，才可以做到品质体系可追溯。"酱酒专家权图如此评价。 珍酒的产能与储能为大珍的品质稳定性提供了坚实保障。2024年下沙季，珍酒投产规模高达4.4万吨， 优质基酒储备已突破10万吨大关，产能规模稳居贵州白酒企业前三。 在包 ...

Core Viewpoint - The People's Bank of China (PBOC) has implemented a series of incremental policies to support technology finance, including optimizing loans for technological innovation and establishing a "Technology Board" in the bond market, which has shown positive results in promoting the development of emerging industries and supporting traditional industries with new technologies [1][2]. Summary by Sections Technology Innovation Loans - As of May 2025, the amount of loans signed for technological innovation and technological transformation reached 1.7 trillion yuan, which is 1.9 times that of the end of 2024; the loan balance issued was 614 billion yuan, supporting 15,000 technology-based SMEs with their first loans and funding 3,983 key equipment upgrade projects [1]. Establishment of the Technology Board - The Technology Board in the bond market has allowed 288 entities to issue technology innovation bonds totaling approximately 600 billion yuan, with over 400 billion yuan issued in the interbank market, effectively fostering the development of emerging industries and aiding traditional industries in adopting new technologies [2]. Support for Equity Investment Institutions - The PBOC has created a risk-sharing tool for technology innovation bonds to support equity investment institutions in issuing bonds, providing low-cost refinancing and guarantees in collaboration with local governments and credit enhancement institutions [3]. Benefits of the Risk-Sharing Tool - The risk-sharing tool has enabled equity investment institutions to issue bonds with longer maturities (up to 10 years), lower issuance costs (interest rates between 1.85% and 2.69%), and has effectively promoted the formation of innovative capital by allowing successful institutions to utilize bond funds for private equity investment fund establishment and expansion [4]. Future Plans - The PBOC plans to continue utilizing the risk-sharing tool for technology innovation bonds and work with relevant departments to further develop the technology innovation bond market, aiming to create a robust financial ecosystem that supports high-level technological self-reliance [4].

投资快报记者注意到，在上市初期曾被热炒至超过1800元/瓶的茅台1935，现市场售价已跌破 600元/瓶。 电商平台的一些店铺的售价与1188元/瓶的零售指导价相比，已经腰斩，较曾经的 高位1899元/瓶，更是暴降68.93%。 7月14日，在京东，茅台1935在一些店铺的售价仅590元/瓶，页面显示有已售400+、买家评价 200+、好评率达100%；另有店铺双瓶装售价1175元，折合每瓶仅587.5元，页面显示有官方正 品、100%保真、京东快递等。投资快报记者观察到，京东上，茅台1935在不少的店铺售价都 600元以下。即便是京东"自营"，在"补贴价"下也只要681.12元。 不过， 在其他的电商平台上，茅台1935仍普遍在600元之上。 如在拼多多，一些店铺售价低 见630元/瓶、634.79元/瓶、636.5元/瓶、637元/瓶……，但多数在650元-670元/瓶左右；在天 猫，不少店铺售价仍在700元之上；值得一提的是，在"I茅台"上，茅台1935售价仍为1188/ 瓶。 据茅台时空公众号消息，茅台1935上市首年销售50亿元；2023年销售至110亿元；2024年再上 一步，完成销售120亿元， ...

Core Insights - The low-alcohol beverage market is rapidly growing, with major companies like Moutai, Wuliangye, and Yanghe investing heavily in this segment, while Luzhou Laojiao has been a pioneer in this area for over a decade [1][3][4] - Luzhou Laojiao's 38-degree Guojiao 1573 has achieved sales exceeding 10 billion, positioning it as the leading product in the low-alcohol market, with plans to introduce additional lower-alcohol products [1][3][4] - The company has successfully leveraged its early investments in low-alcohol beverages and innovative marketing strategies to capture the attention of younger consumers [5][30] Company Performance - Luzhou Laojiao reported revenue of 31.196 billion yuan, with a growth rate of 3.19%, and a net profit of 13.473 billion yuan, growing by 1.71% [4] - The company has regained its position as the fourth largest in the industry, closing in on the top three, which includes Moutai, Wuliangye, and Fenjiu [3][4] Market Strategy - The company has adopted a "product + scene marketing" strategy, targeting the younger demographic's preference for casual drinking environments, which has led to increased sales [5][16] - Luzhou Laojiao has initiated a "low-alcohol revolution," focusing on low-alcohol products and eliminating 80% of traditional offerings to cater to modern consumer preferences [16][23] Technological Advancements - The production of low-alcohol beverages is supported by advanced techniques, such as adsorption filtration, which preserves flavor while reducing alcohol content [10][12] - Luzhou Laojiao has a long history of innovation in low-alcohol production, dating back to the 1980s, and continues to develop new products with varying alcohol levels [9][14] Consumer Trends - The shift in drinking culture among younger generations has led to a preference for low-alcohol beverages in social settings, which Luzhou Laojiao has capitalized on [16][22] - The company has introduced products like the 28-degree variant aimed at bars and camping, and plans to launch even lower-alcohol options [18][20] Marketing Innovations - Luzhou Laojiao has embraced digital marketing and social media to engage younger consumers, utilizing platforms like Xiaohongshu and Douyin for targeted campaigns [23][28] - The company has also explored cross-industry collaborations, creating unique products that resonate with younger audiences, such as tea-infused wines and fruit-flavored options [26][30] Future Outlook - The success of Luzhou Laojiao's low-alcohol products positions it well for potential growth in the competitive landscape, but it must continue to strengthen its high-end offerings to maintain market relevance [34][35] - The company aims to leverage its technological expertise and market positioning to navigate the evolving industry dynamics and consumer preferences [33][36]

Core Viewpoint - Foreign capital has continuously increased its holdings in A-shares for two consecutive quarters, indicating a positive sentiment towards the Chinese stock market [2][3]. Group 1: Foreign Capital Holdings - As of the end of Q2 2023, northbound funds held a total of 2,907 stocks, with a total shareholding of 123.2 billion shares and a market value of approximately 2.29 trillion yuan [3]. - Compared to the end of 2024, the market value of northbound funds increased by 87.1 billion yuan, and compared to Q1 2025, it increased by over 50 billion yuan [3]. - The top five industries by market value held by northbound funds are battery, semiconductor, liquor, joint-stock banks, and white household appliances, with market values of 175.4 billion yuan, 134.9 billion yuan, 134.1 billion yuan, 123.4 billion yuan, and 103.6 billion yuan respectively [3]. Group 2: Structural Adjustments in Holdings - In Q1, the main sectors for increased holdings were technology and consumer sectors, while in Q2, technology continued to attract investment, and consumer stock holdings decreased [4]. - The behavior of northbound funds in Q2 can be described as shifting from "core assets to old economy" and "from old tracks to new tracks," with increased investments in sectors like non-ferrous metals, transportation, public utilities, non-bank financials, and construction decoration [4]. - Notably, northbound funds significantly increased their holdings in banks and gold stocks, with market values rising by 21.3 billion yuan and 12.3 billion yuan respectively compared to the end of 2024 [4]. Group 3: Key Stocks and Market Outlook - Among the ten major stocks held by northbound funds, the top positions are occupied by Ningde Times, Kweichow Moutai, Midea Group, and China Merchants Bank, with Ningde Times holding a market value of 128.7 billion yuan, an increase of 3.2% from Q1 [6]. - Several brokerages have released optimistic forecasts for the A-share market in the second half of the year, with expectations of a "slow bull" market driven by policy support, structural reforms, and regulatory protection [8]. - The market is anticipated to experience a "wave-like" progression, with potential for upward movement following adjustments, supported by domestic and international catalysts [8].

文|数字光年 张扬 编辑|陈实 谁会是第一个百亿冲线的豫酒品牌？ 过去，这个问题答案可能是：仰韶。身为豫酒龙头，连续多年保持高速增长，仰韶酒业曾对外宣称其在 2023便已突破50亿元营收的大关，独立豫酒潮头。 作为豫酒的"门面担当"，仰韶承载着豫酒振兴的希望。无论是政府层面，还是企业自身，都曾喊出了仰 韶酒业要在2025年营收突破百亿的口号。 但现在，前景变得愈发不明朗——在面临行业周期性节点的关头，叠加酒类消费政策等一系列不确定因 素的影响，白酒行业整体承压明显，中小区域酒企的日子，只会愈发艰难。 仰韶的百亿梦，还能如约实现吗？ 距离百亿，还有多远？ 2022年，河南省印发《河南省酒业振兴发展行动方案（2022-2025年） 》，仰韶酒业被重点"关照"。方 案中专门提到，到2025年，仰韶酒业要力争突破100亿元。 到了2023年，被寄予厚望的仰韶再度摸高，其在公开活动中透露，2023年该企业营收冲上50亿元。 当时有评论称，仰韶酒业跑出了豫酒振兴的"仰韶速度"。一切，都在向着更好的方向发展。 此间，有一个小插曲。2024年，在河南省工商联开展的2023年度河南民营企业百强榜调研活动中，根据 企业自愿填报的 ...

Core Viewpoint - Wuliangye is actively expanding its international presence through the "He Mei Global Tour," which aims to promote Chinese liquor culture and enhance its brand recognition globally [1][6][11]. Group 1: International Expansion - Wuliangye has launched its "He Mei Global Tour" in Germany and Seychelles, marking its first entry into Africa and deepening its European market presence [1][5]. - The company participated in the China (Sichuan) - Bavaria Economic and Trade Cooperation Exchange Conference to strengthen cultural and commercial ties with Europe [2][4]. - The tour has reached 15 countries and regions, covering six continents, showcasing Wuliangye's commitment to global outreach [9]. Group 2: Cultural Promotion - Wuliangye emphasizes the importance of cultural exchange, aiming to achieve mutual recognition through trade and cultural understanding [2][9]. - The company showcased its products at various events, highlighting the rich cultural heritage and quality of Sichuan liquor [5][9]. Group 3: Innovative Marketing Strategies - Wuliangye has introduced a new marketing model by collaborating with Chinese visa application service centers to create brand experience spaces in 50 cities worldwide [11][12]. - The company hosted creative cocktail events in Frankfurt to engage younger consumers and adapt to local drinking habits, promoting a modern image of Chinese liquor [12][13]. - Future plans include further development of the "He Mei Global Tour" IP to enhance internationalization efforts and foster global cultural exchange [13].

本次考评体系设计科学、流程严谨，全面覆盖理论素养与实操技能两大核心维度，对参评人员的专业理论功底与感官感知敏锐度进行综合评估。考评内容 设置对标国家级评酒资格考试标准，以行业权威标杆锻造专业能力。这种高规格、严要求的考评导向，不仅为选拔优秀人才树立了清晰标尺，也为团队整 体专业素养的持续提升注入了强劲动力。 生产运营中心总监吕志远在考评中强调：与试人员要对品评技艺抱有敬畏之心。品评技艺是品质保障的基石，是白酒生产链条上的重要环节，精准的判断 力是保障每一瓶趵突泉酒品质如一、风味卓越的决定性力量。 党委副书记杨连明在考试后做总结发言：品质是趵突泉酒业生存和发展的生命线，高素质的专业人才是守护这条生命线的核心力量。公司将持续优化评选 机制、加大人才培养力度，确保人才优势切实转化为产品品质优势。 人才始终是趵突泉酒业品质战略核心。趵突泉以建设高质量科研队伍为目标，构建了涵盖选拔、培育、实践与进阶发展的全链成长体系。依托常态化的内 部专项培训、行业前沿技术交流以及酿酒工艺大师的实践指导，确保品酒技艺与专业知识得以传承、迭代与创新升级。这支专业、稳定的品评团队，凭借 其深厚的专业积淀和敏锐的集体智慧，深度参与到酒体设计 ...

Summary of Key Points from the Conference Call Industry Overview: Baijiu Market - The baijiu market is currently in a low season, with sales accounting for less than 5% of the annual total, primarily driven by events like graduation banquets [1][3] - There is a slight increase in demand for liquor priced below 300 yuan, with expectations for improved sales in the second half of the year, particularly around the Mid-Autumn Festival and National Day [1][4] - Inventory pressure is evident, but it is expected to ease after October, reducing the risk of stockpiling or unsold goods before the 2026 Spring Festival [1][5] Company Performance: Moutai and Other Leading Brands - Moutai maintains profitability for distributors through a tiered pricing strategy, with wholesale prices for its flagship products ranging from 1,900 to 2,000 yuan, and actual prices exceeding 2,000 yuan [1][6][7] - The overall performance expectation for the baijiu market in Q2 is low, with many companies struggling to sustain growth; however, leading brands like Moutai are still expected to show growth [1][8] - Current valuations for baijiu companies are between 13 to 16 times earnings, which is considered normal; valuations could rise to 15 to 20 times if external risks are mitigated [1][9] Market Dynamics and Future Expectations - The baijiu market is expected to see improved sales in the second half of the year, with a potential recovery in gifting demand during the festive season [1][4] - The overall sentiment in the market is improving, with cash flow pressures on distributors easing, which may lead to better sales performance [1][10] Other Notable Insights - The beer sector is performing well, with Yanjing Beer and Zhujiang Beer reporting net profit growth of 25% to 35% and 15% to 25%, respectively [3][11] - The seasoning industry is stabilizing, with companies like Haitian Flavor Industry expected to achieve mid-single-digit revenue growth and double-digit profit growth [3][24] - The snack food sector is also showing strong growth, with companies like Yanjin and Weilong performing well despite some cost pressures [3][15] Conclusion - The baijiu market is currently facing challenges due to seasonal factors but is expected to recover in the latter half of the year, particularly if gifting demand returns to normal levels. Leading brands like Moutai are positioned to maintain profitability through strategic pricing and product offerings. The overall sentiment in the food and beverage industry remains cautiously optimistic, with several sectors, including beer and snacks, showing robust performance.

Core Insights - The Chinese liquor industry is undergoing a "low-alcohol revolution," moving away from the traditional high-alcohol image to cater to younger consumers [1][2] - Major Chinese liquor companies are set to launch new products with alcohol content below 29 degrees, marking a significant shift in the market [1] - The low-alcohol liquor market in China is rapidly expanding, projected to grow from approximately 3.7 trillion KRW in 2020 to about 10.89 trillion KRW by 2024, and expected to reach 14 trillion KRW by 2025 [1] Market Dynamics - Young consumers, aged 20 to 30, represent 34% of current liquor consumers in China, with a potential market size of 76 trillion KRW among 490 million young liquor consumers [1] - A survey indicates that young people prefer low-alcohol products over high-alcohol liquor, prompting companies to adjust their strategies accordingly [2] - Industry experts suggest that this trend is not merely a short-term fad but could reshape the entire industry structure, with low-alcohol products potentially becoming the core market for the future [2]