Group 1 - The stock of Zhenjiu Lidu (06979.HK) has experienced a decline of over 6%, currently down by 4.62% at HKD 8.87 [2] - The trading volume reached HKD 36.5288 million [2]

行业要闻 双十一平台酒水战况：集体大涨名酒领跑 21世纪经济报道记者注意到，天猫、京东、美团、抖音均披露了今年双十一全周期战报或排名，酒水品类继续保持高增长，茅 台、五粮液、泸州老窖、山西汾酒、剑南春、习酒等反复出现在各平台战报的高增长品牌名单中。 京东发布的11.11战报显示，10月9日20点～11月11日24点，酒类销售同比增长18%，其中自营酒类销售成交额同比增长32%。 美团的战报显示，10月31日0点-11月11日24点，白酒品类增长领跑，其中五粮液交易额年同比增长487%、茅台交易额年同步增 长612%、剑南春年同比增长556%。 头部酒水是电商大促的最大获益者。 抖音商城双11（2025.10.9-2025.11.11）热卖酒水品牌榜上，排在前十的分别是剑南春、茅台、国窖1573、汾酒、习酒、五粮液、 郎酒、泸州老窖、国台、洋河。在天猫，剑南春是天猫双11交易总量白酒行业第一名。在京东超市，茅台、五粮液、汾酒、习 酒、泸州老窖成为白酒品牌销售榜Top5。 21世纪经济报道肖夏综合报道 持续近一个月的大促后，各大电商交出了"双十一"成绩单，酒水类目集体大涨。 10月烟酒类消费品零售增长4.1% 1 ...

Core Viewpoint - Traditional liquor merchants face the challenge of e-commerce expansion and should maintain business independence while strategically embracing e-commerce as a dual approach to survive in the market [2][6]. Group 1: Maintaining Business Independence - Maintaining market resource independence is crucial for traditional liquor merchants to ensure their commercial existence [2]. - Exclusive agency rights with upstream manufacturers are essential for preserving business independence, although these rights may weaken with the rise of e-commerce [3]. - Establishing offline specialty stores or chain systems can help maintain business independence by deepening engagement with end consumers [3]. - Strong liquor merchants may consider signing independent brand operation rights with upstream manufacturers to enhance their market position [3]. - Developing proprietary brands allows liquor merchants to extend their business model into upstream manufacturing, transforming from mere distributors to comprehensive liquor enterprises [3]. - Some established merchants have begun acquiring stakes in upstream liquor companies, gaining significant influence and capital penetration in the industry [3]. Group 2: Strategically Embracing E-commerce - E-commerce should not be viewed as a threat but as an innovative market entity that can be leveraged by traditional liquor merchants [6]. - Embracing "instant retail" through major e-commerce platforms can enhance market entry speed and consumer experience [6]. - Mainstream liquor companies have built comprehensive e-commerce systems on traditional platforms, while emerging social and live-streaming e-commerce have become new battlegrounds for market share [6]. - Effective management of e-commerce platforms is necessary to combat counterfeit products and maintain pricing integrity, which has been supported by major liquor companies [7]. - Both mainstream and small liquor merchants should adeptly utilize e-commerce tools to enhance brand influence and market flow, potentially considering collaborative development strategies [7][8].

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨洋河股份（002304.SZ） [Table_Title] 洋河股份 2025 年三季报点评：主动纾压，静待 改善 [Table_Author] 董思远 徐爽 朱梦兰 石智坤 SAC：S0490517070016 SAC：S0490520030001 SAC：S0490522050003 SAC：S0490522090002 SFC：BQK487 SFC：BVF934 报告要点 [Table_Summary] 洋河股份发布 2025 年三季报：公司 2025 年前三季度实现营业收入 180.90 亿元，同比下降 34.26%；归属于上市公司股东净利润 39.75 亿元，同比下降 53.66%。2025 年单三季度实现营 业收入 32.95 亿元，同比下降 29.01%；归属于上市公司股东净利润-3.69 亿元，同比下降 158.38%。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% [Table_scodeMsg2] 洋河股份（002304.SZ） cjzqdt11111 [Table_Title 洋河股份 2025 2] ...

Economic Overview - After two years of growth driven by military spending related to the Ukraine war, Russia's economy is now slowing, with declining oil revenues and an increasing budget deficit [1] - The Kremlin is looking to ordinary citizens and small businesses to stabilize its finances [1] Tax Increases - A proposed increase in value-added tax (VAT) from 20% to 22% is expected to generate up to 1 trillion rubles (approximately $12.3 billion) for the state budget, effective from January 1 [2] - The legislation also lowers the VAT collection threshold for businesses from 60 million rubles ($739,000) to 10 million rubles ($123,000) by 2028, targeting tax avoidance schemes [2] Impact on Small Businesses - The new VAT regulations will affect previously exempt businesses, including corner stores and beauty salons, potentially leading to financial strain [3][2] - Concerns have been raised that the requirement for small businesses to collect VAT may lead to closures, resulting in lower budget revenues instead of the intended increase [6] Additional Tax Proposals - The government is considering increasing taxes on various goods, including spirits, wine, beer, cigarettes, and vapes, with specific increases outlined for stronger spirits [4] - Other proposed fee increases include those for renewing driver's licenses and a potential tech tax on digital equipment, which could reach up to 5,000 rubles ($61.50) for high-priced items [4] Public Sentiment - The economic slowdown and tax increases indicate that both President Putin and ordinary Russians will face difficult choices between military spending and consumer welfare [5] - Public reactions in Moscow reflect a mix of dismay and resignation, particularly regarding the impact of higher food prices on poorer regions and low-income individuals [5]

行业动态 1. 10月酒类价格同比下降2% 2025年10月份，全国居民消费价格同比上涨0.2%。其中，10月份，酒类价格同比下降2%；1-10月，酒 类价格同比下降1.9%。（国家统计局） 2. 11月上旬全国白酒环比价格总指数下跌0.01% 全国白酒价格调查资料显示，2025年11月上旬全国白酒环比价格总指数为99.99，下跌0.01%。从分类指 数看，名酒环比价格指数为99.96，下跌0.04%；地方酒环比价格指数为100.06，上涨0.06%。基酒环比 价格指数为100.00，保持稳定。（泸州白酒价格指数办公室） 3. 贵州拟试点推动白酒生产营销专业化发展 11月10日，贵州省政府新闻办举行贵州省扩消费措施新闻发布会。会议透露，为促进批发行业健康发 展，贵州省拟试点推动白酒、金属及金属矿、建材生产等重点行业领域生产企业实现生产营销专业化发 展。鼓励企业以产销对接等方式推动白酒生产消费扩容升级，抢抓元旦、春节等节假日消费旺季，组织 开展黔酒中国行、黔酒全球行等系列促销活动，实施贵州白酒出口倍增计划，提升贵州白酒知名度、市 场美誉度和文化影响力。支持批发企业开发建设数字供应链服务平台，健全完善数智供应链体 ...

Investment Rating - The report maintains a "Positive" outlook for the food and beverage industry, indicating expected performance above the market benchmark [4]. Core Insights - The report highlights the first month-on-month increase in PPI (Producer Price Index) in 2023, which is expected to positively impact the profitability recovery of the food and beverage industry [1][8]. - The correlation between food and beverage industry revenues and PPI is emphasized, suggesting that improvements in PPI will lead to better profit margins for food companies [1][9]. - The report recommends focusing on cyclical sectors such as the liquor segment and snack foods that benefit from channel advantages due to the overall price recovery [9]. Summary by Sections PPI and CPI Analysis - In October, CPI increased by 0.2% year-on-year and month-on-month, while PPI decreased by 2.1% year-on-year but showed a month-on-month increase of 0.1%, marking the first rise in 2023 [2][8]. - The report notes that the improvement in supply-demand relationships across various industries has led to price increases in sectors such as coal mining and photovoltaic equipment [2][8]. Market Performance - The report provides a weekly performance overview of various sub-sectors within the food and beverage industry, with seasoning and fermentation products leading with a 1.75% increase, while other food categories showed mixed results [10][13]. - Key companies in the liquor sector, such as Zhongxin Niya and Weilang Co., saw significant stock price increases, while others like Huaiqi Mountain and Jiu Gui Jiu experienced declines [13][21]. Company Tracking - The report includes recent announcements from major companies, such as Kweichow Moutai's mid-term profit distribution plan and share buyback initiatives, which aim to enhance shareholder confidence [23][27]. - It also notes the issuance of short-term financing by Yili Co. and the extension of pre-restructuring for Tianbang Food, indicating ongoing corporate activities within the industry [23][24].

Core Viewpoint - The collaboration between Guyue Longshan and China Resources Beer to launch "Yue Xiao Pi" represents a strategic attempt to innovate and attract younger consumers in the face of declining performance and increasing competition in the yellow wine market [1][8]. Group 1: Product Launch and Features - "Yue Xiao Pi" is a cross-category product that combines elements of yellow wine and beer, featuring two flavors: Qingmei Sparkling Island and Chenpi Pomelo Shop, with an alcohol content of ≥3.7% vol [3][4]. - The product aims to appeal to younger consumers by adopting a lighter drinking style and modern packaging similar to beer bottles, moving away from the traditional heavy perception of yellow wine [4][10]. - Previous attempts at product innovation include the launch of a craft yellow beer that generated over 10 million yuan in orders within the first month, although it has since become less visible on major e-commerce platforms [4][7]. Group 2: Market Performance and Competition - Guyue Longshan's recent financial performance shows a decline, with a revenue drop of 8.11% and a net profit decrease of 34.07% in the first three quarters of the year, leading to a loss of its position as the leading yellow wine brand to Kuaijishan [8][10]. - Over the past decade, Kuaijishan has outpaced Guyue Longshan in growth, with Kuaijishan's revenue increasing from 859 million yuan to 1.631 billion yuan, a growth rate of approximately 8.99%, compared to Guyue Longshan's 4.47% [8][10]. - The competitive landscape is intensifying, with Kuaijishan launching innovative products like sparkling yellow wine and leveraging social media for marketing, prompting Guyue Longshan to follow suit with its own new offerings [10][11]. Group 3: Strategic Partnerships and Future Outlook - The partnership with China Resources Beer is seen as a strategic move for Guyue Longshan to leverage the latter's extensive distribution network and operational expertise to expand its market reach beyond its traditional base in Jiangsu, Zhejiang, and Shanghai [10][11]. - The collaboration has generated positive market reactions, with Guyue Longshan's stock price rising following the announcement, indicating investor optimism about the potential success of the cross-category product [10][11]. - Industry analysts emphasize that the success of "Yue Xiao Pi" will depend on effective channel management and whether the partnership can translate the beer channel's advantages into increased sales for yellow wine [10][15].

天眼查App显示，近日，宁夏银石酒庄有限公司成立，法定代表人为曹国良，注册资本50万人民币，经 营范围为许可项目：酒类经营。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经 营项目以相关部门批准文件或许可证件为准）一般项目：办公用品销售；文具用品批发；体育用品及器 材批发；日用品销售；计算机软硬件及辅助设备零售；计算机系统服务；信息咨询服务（不含许可类信 息咨询服务）；企业管理咨询；计算机软硬件及辅助设备批发；食品销售（仅销售预包装食品）。（除 依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

为规范酒类市场经营秩序，保障消费者身体健康和合法权益，近日，新疆维吾尔自治区乌苏市市场监管 局强化党建引领，积极践行"实干争先"理念，开展酒类市场安全检查，以精准监管筑牢安全屏障。 此次检查，该局聚焦烟酒专卖店、商超便利店及散装酒销售门店。执法人员重点核查经营者营业执照、 食品经营许可证，督促市场主体严格落实索证索票制度，核查供货资质、进货凭证及检验报告，确保来 源可溯。同时，严查假冒伪劣，规范标签标识，杜绝"特供""专供"等违规标注及虚假宣传。检查中，执 法人员向市场主体普及相关法律法规，督促履行主体责任，规范进货查验制度落实。 下一步，乌苏市市场监督管理局将建立常态化监管机制，持续净化酒类市场环境，让群众买得放心、喝 得安心。（杜志锋、黄艳梅、阿依曼） ...