消息人士：英国和印度可能在下周公布贸易协议，包括威士忌、电动汽车和纺织品。 ...

Core Viewpoint - The Qingdao International Beer Festival has transformed into a significant cultural and tourism event, showcasing Qingdao's unique charm and the importance of Tsingtao Beer as a cultural medium [1][2]. Group 1: Event Overview - The 35th Qingdao International Beer Festival has extended its duration from 24 days to one month and introduced a new venue in the old city, emphasizing the historical roots of the beer industry in Qingdao [2]. - The old city venue is expected to attract over 70.83 million visitors to the Shangjie Street area and 17.65 million to the Dabaodao area in 2024, reflecting the area's vibrant appeal [2]. Group 2: Cultural Significance - The Qingdao Beer Museum serves as a model for revitalizing industrial heritage, combining historical exhibits with immersive experiences, and has welcomed over 14 million visitors in the past 20 years [3]. - The museum has received multiple accolades, including recognition as a national model for industrial heritage protection and cultural innovation [3]. Group 3: Economic Impact - Tsingtao Beer is positioned as a key driver of urban cultural tourism integration, enhancing visitor experiences and contributing to economic vitality through innovative marketing and event strategies [4][5]. - The establishment of "White Beer Welcome Stations" at key transport hubs and interactive experiences in popular districts are part of a broader strategy to enhance consumer engagement and drive economic growth [4][5].

7月17日，搜狐酒业播主毕然连线白酒一级品酒师、中国酒史研究者程万松，开启搜狐酒馆第28期节目，深度探讨2025 低度酒的新布局，直播热度30万+。 本次对话中，程万松指出当前酒企布局低度酒体现了技术进步，但低度酒成本更高、市场前景待观察，其不会替代高度酒主流地位，推广需依托品质保障、 年轻群体参与及文化传承，消费者选购应优先大品牌和经长期市场检验的产品。 2025 年，我们看到像五粮液宣布将推出29 度产品，泸州老窖也透露正在研发更低度的创新白酒，众多酒企纷纷在低度酒领域发力。低度酒凭借其独特的魅 力，既保留了酒的风味，又降低了酒精刺激，深受消费者喜爱，尤其是在年轻群体中备受追捧。 以下是直播全文摘要，供行业人士参考。 低度酒技术突破显著，但市场前景仍需观察 毕然：2025 年五粮液、泸州老窖等酒企纷纷在低度酒领域布局，您从专业角度看，酒企大规模进军低度酒市场主要基于哪些考量？ 要在低度下保持风味，酒厂需付出更高成本：一是多用调味酒，通过增香、加甜、提鲜等不同调味酒来弥补；二是多用年份酒，年份酒的 "油沉感" 能增加 醇厚度；三是适当使用高酸原酒，酸是风味的 "架构师"，能让风味更立体。因此，高档低度酒的原 ...

各省茅台经销商拟成立平台公司 开发本省文创茅台酒 智通财经7月18日电，智通财经记者多方了解到，各省茅台酒经销商联谊会拟成立公司，开发本省文创 茅台酒。经销商可自愿入股，入股额度参考所获53度500ml飞天茅台额度，按每吨30万元计，近期将完 成入股前期准备。市场分析认为，此举有助于茅台完成今年业绩目标，同时减轻普茅市场压力、平稳市 价。（智通财经记者 朱万平） ...

Core Insights - The article discusses the innovative whiskey maturation experiments conducted by the domestic brand "Wang Kong" in Shanghai, aiming to prove the competitive edge of Chinese whiskey through a deep understanding of local climate and international craftsmanship [2][3]. Group 1: Whiskey Maturation Experiment - The "Wang Kong" brand is conducting maturation experiments with 1,298 single barrels of whiskey in a warehouse in Shanghai, utilizing the region's unique climate to enhance the aging process [2]. - Key findings indicate that ventilation is crucial for whiskey maturation in subtropical climates, with Shanghai's temperature variations significantly improving maturation efficiency compared to Scotland [3]. - The maturation process in Shanghai allows for a faster development of whiskey flavors, potentially reducing the time needed to create a quality product from nearly a century in Scotland to just 30 years in China [3]. Group 2: Industry Growth and Production Capacity - The domestic whiskey industry in China is rapidly expanding, with 45 companies currently in various stages of construction or production across 12 provinces, aiming for a total production capacity of 250,000 tons [4]. - The market size for Chinese whiskey has grown from 1.288 billion in 2013 to 5.5 billion in 2023, marking a 4.2-fold increase over ten years [4]. - "Wang Kong" plans to establish a distillery in Songjiang, with a peak production capacity of 200 tons per year, while maintaining a cautious approach to expansion due to cost considerations and the risks associated with prolonged aging [4]. Group 3: Pricing and Market Strategy - The company aims to reserve production capacity for future international market entry, particularly targeting Southeast Asia and Europe, while waiting for the domestic pricing system to stabilize through international auction premiums [4]. - The success of the maturation experiments could elevate the Chinese whiskey industry from merely "contract maturation" to a new stage of "climate pricing power," allowing for unique flavor advantages [5]. - The company plans to launch more products internationally in the coming year, with the goal of achieving premium pricing from Western consumers for Eastern terroir [6].

酒管财经 :探析酒店行业热点、焦点、生意经，赋能行业，提供价值。 致力于打造中小酒店管理咨询、供应链、人力资源的一站式服务平台。 导语： 外界可能并没有注意到，出任安朴酒管董事一职的正是华为创始人任正非的长子任平 。 不抢客源、不做营销，最近华为却让不少传统酒店集团如坐针毡。 近日，华为关联公司在广州成立安朴酒店管理有限公司，以拓展酒店管理及相关服务业务，标志着华为在酒店服务业的新布局。 以下文章来源于酒管财经 ，作者南川 酒管财经 . 值得注意的是，今年5月上海练秋湖安朴酒店管理有限公司成立一个月后，上海练秋湖安朴酒店就正式开业。 基于此，业内猜测后续安朴酒店会在广州有新的门店落地。 此外，华为最近还发布了星河AI酒店网络解决方案，旨在重塑酒店业数智化标准，也意味着华为不再满足于做酒店业的"技术供应商"，而 是要做智慧酒店标准的制定者。 *图片源自微博 当业界还在讨论华为手机如何突破封锁、问界汽车如何横扫BBA时，这家科技巨头已悄然在酒店业布下重兵。 从2004年深圳总部"英华苑"起步，到如今已在全球十多个城市布局30余家酒店与公寓，华为用20年时间试图构建起一个相对完整的住宿生 态系统。 华为隐秘的"酒店 ...

Core Insights - Marriott International ranks first in the "2024 Global Hotel Group 205" list with 1,667,331 rooms, followed by Jin Jiang International (1,454,355 rooms) and Hilton (1,268,206 rooms) [2][3] Company Performance - Marriott International's revenue reached $25.1 billion, a year-on-year increase of 5.85%, while net profit was $2.375 billion, a decrease of 22.96% [7] - Comparable hotel RevPAR (Revenue per Available Room) increased by 4.3% to $128.23, with an average occupancy rate of 69.8%, up by 1 percentage point [7] - Average Daily Rate (ADR) was $183.58, reflecting a year-on-year growth of 2.8% [7] Market Position - In China, Marriott has over 90,000 employees, with 98% being local hires, and 83% of general managers being local talent [10] - The Greater China region is Marriott's second-largest market globally, with 30+ brands across 120+ cities [10] - Despite a decline in RevPAR and ADR in the Greater China region, Marriott signed 161 projects, adding nearly 31,000 rooms, marking a 73% year-on-year increase in signings [10]

记者丨肖夏 编辑丨张伟贤 帝亚吉欧史上首位女CEO，到任仅两年就突然离开了。 北京时间7月17日，头号烈酒集团帝亚吉欧公告，经双方协商，黛布拉·克鲁（Debra Crew）已 辞去了集团首席执行官及董事职务，立即生效。董事会已启动全面、正式的继任者遴选程序， 内部、外部候选人都将考虑。 黛布拉·克鲁2019年加入帝亚吉欧，2023年6月上任帝亚吉欧CEO，成为这家烈酒帝国首任女性 CEO。在她之前，担任CEO长达十年的孟轶凡（Ivan Menezes）推动帝亚吉欧年销售额突破 170亿英镑（超过1600亿元），但在退休前夕因病离世。黛布拉·克鲁"临危受命"，提前接任了 CEO工作。 在孟轶凡的口中，黛布拉·克鲁"对增长的热情、构建高效团队的能力"让他印象深刻。然而黛 布拉·克鲁接任后，帝亚吉欧业绩、股价都掉头下行。2023年6月至今，帝亚吉欧的股价已经跌 去43%以上。在美国、中国、拉美等重要市场，帝亚吉欧都面临市场需求放缓、渠道库存增长 的压力。 今年5月，黛布拉·克鲁宣布了帝亚吉欧的去杠杆降本计划，打算在未来几年出售旗下多个品 牌，实现5亿美元的成本节约。哪些品牌可能被出售，很快引起外界热烈猜测。 不过这 ...

Core Viewpoint - The AI Fund, Nongyin Hongli Zhenxuan Mixed A (021455), reported a profit of 49.06 thousand yuan for Q2 2025, with a net value growth rate of 4.79% during the period [3]. Fund Performance - As of the end of Q2 2025, the fund's scale was 891.24 thousand yuan [15]. - The fund's unit net value as of July 17 was 1.102 yuan [3]. - The fund's performance over the past three months showed a net value growth rate of 8.14%, ranking 43 out of 82 in its category [3]. - Over the past six months, the fund's net value growth rate was 9.61%, ranking 32 out of 82 in its category [3]. Investment Strategy - The fund manager identified several promising investment directions: defensive dividend assets such as thermal power, hydropower, and expressways; consumer sectors like hotels and scenic spots during the tourism peak; agricultural chemical assets including compound fertilizers and potassium fertilizers; military industry sectors influenced by military exercises and overseas geopolitics; and a choice between export chains or domestic demand based on tariff negotiations and economic stimulus policies [3]. Risk Metrics - The fund's Sharpe ratio since inception was 0.1245 as of June 27 [8]. - The maximum drawdown since inception was 4.76%, with the largest quarterly drawdown occurring in Q2 2025 at 4.14% [11]. Portfolio Composition - The average stock position since inception was 68.76%, compared to the category average of 84.97%. The fund reached a peak stock position of 83.68% at the end of H1 2025 and a low of 60.68% at the end of Q1 2025 [14]. - As of the end of Q2 2025, the top ten holdings included Changjiang Electric Power, Luxshare Precision, New Natural Gas, Funi Co., Guotou Electric Power, Tongcheng New Materials, Zhenhua Technology, Aerospace Electronics, AVIC Optoelectronics, and Zhongtian Technology [18].

行 业 及 产 业 食品饮料 2025 年 07 月 18 日 研究支持 王栗晴 A0230123110002 wanglq@swsresearch.com 联系人 王栗晴 (8621)23297818× wanglq@swsresearch.com 相关研究 《茅台完成半年经营任务 食品中期业绩分 化——食品饮料行业周报 20250707- 20250711》 2025/07/12 《白酒批价暂稳 关注个股中报——食品饮 料行业周报 20250630-20250704》 2025/07/05 证券分析师 吕昌 A0230516010001 lvchang@swsresearch.com 周缘 A0230519090004 zhouyuan@swsresearch.com 严泽楠 A0230524090001 yanzn@swsresearch.com 王子昂 A0230525040003 wangza@swsresearch.com 白酒压力显现 食品分化加剧 看好 —— 食品饮料 2025 年中报业绩前瞻 本期投资提示： 证 券 研 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 ...