Core Points - The EU is willing to accept a 10% general tariff proposed by the Trump administration but seeks exemptions for key industries [2][5] - Canada has decided to abandon its digital services tax to facilitate trade negotiations with the U.S. [9][10] Group 1: EU's Trade Negotiations - The EU is negotiating a trade agreement with the U.S. that includes a 10% general tariff on many goods exported to the U.S. while requesting lower tariffs in critical sectors such as pharmaceuticals, alcohol, semiconductors, and commercial aircraft [2][4] - The EU is pushing for quotas and exemptions to reduce the 25% tariff on automobiles and parts, as well as the 50% tariff on steel and aluminum [2][5] - The EU estimates that U.S. tariffs currently cover products worth €380 billion, accounting for about 70% of the EU's total exports to the U.S. [5] Group 2: Canada’s Trade Position - Canada has canceled its digital services tax, which was set to take effect in 2024, to advance trade talks with the U.S. [9][10] - The digital services tax would have impacted major U.S. tech companies, including Amazon and Google, by imposing a tax on their digital service revenues in Canada [9][10] Group 3: Potential Outcomes of Negotiations - The EU has outlined four possible scenarios before the July 9 deadline: reaching an acceptable asymmetric agreement, the U.S. proposing an unbalanced agreement, extending the deadline for negotiations, or Trump exiting negotiations and increasing tariffs [8] - The EU is aiming for a "fair" tariff agreement that provides more predictability for businesses [6]

央视新闻指出，7月9日是美国政府暂停征收所谓"对等关税"90天的截止期限。新近消息显示，欧盟正努 力赶在这个"关税大限"到来前和美国达成贸易协议，避免关税战升级。 美东时间6月30日周一，媒体援引知情者的消息称，欧盟愿意接受与美国签署的贸易协议包括，让美国 对许多进口自欧盟的产品征收10%的所谓基准关税，但希望美国承诺，降低对药品、酒类、半导体和商 用飞机等关键行业产品的关税。 知情者称，欧盟还敦促美国，给予欧方配额和豁免，从而有效降低美国对汽车及汽车零部件征收的25% 关税，以及对钢铝征收的50%关税。 若上述消息属实就意味着，欧盟愿以接受美方当前10%的基准对等关税，换取降低关键行业的关税、以 及对汽车和钢铝行业关税的豁免。 据新华社，特朗普4月2日宣布开征所谓"对等关税"，引发美国金融市场暴跌。在多方压力下，特朗普又 在4月9日宣布暂缓对部分贸易伙伴征收高额"对等关税"90天，但维持10%的"基准关税"，同时威胁美贸 易伙伴需在7月8日前完成与美谈判。 欧盟委员会负责贸易和经济安全等事务的委员、欧盟的首席谈判代表谢夫乔维奇周一表示，本周二在土 耳其会谈后，他将前往华盛顿，寻求周三和周四与美国贸易代表格里 ...

6月22日，上海市欧美同学会留法语国家分会在上海朵云轩艺术中心举办"文明互鉴·光影同行"《康熙与 路易十四》专场观影活动，吸引了包括留法分会会员、兄弟分会代表及复旦大学、上海外国语大学等高 校师生近百名观众参与。 映后观众热情交流观影感受 活动伊始，留法分会沈肖肖会长致欢迎辞，强调这部中法建交60周年献礼影片的重要意义。影片以独特 的艺术视角，再现了300年前康熙与路易十四两位帝王的交往历程，生动展现了中法文明交流互鉴的历 史画卷。现场还特别致谢了活动主要组织者邱天及其"爱酒客"团队对本次活动的大力支持。 活动现场，留法分会王振宜、沈军副会长、陆人华副秘书长等会员，与卢比荷分会刘青会长、浦东新区 分会程东会长等嘉宾齐聚一堂。本次活动通过电影艺术搭建起文明对话的桥梁，既是对中法友谊历史渊 源的追溯，也是对新时代文化交流的展望。观影环节中，观众们被影片精彩呈现的历史场景深深吸引。 多位观众表示，影片既具知识性又不失趣味性，让人更深入地了解了中法交往的悠久历史。来自复旦大 学的法语专业学生表示，影片让他们对中法文化交流有了更直观的认识。 今年4月，国家电影局、中央广播电视总台在北京启动"中国电影消费年"，以充分发挥 ...

Core Points - The article reports on food safety inspections conducted by the Liu'an Market Supervision Administration, revealing that out of 219 food samples tested, 215 were compliant while 4 were found to be non-compliant [3][4]. Group 1: Non-Compliant Products - The non-compliant products include: - E. coli levels in yellow eel sold by Guojie Market and Sanxip Water Products Shop exceeded the national food safety standard, with values of 236 µg/kg and 633 µg/kg respectively, while the standard is ≤100 µg/kg [4][5]. - Chicken eggs used by Liu'an Ruixiang Elderly Service Co., Ltd. contained methoxyphenone and sulfonamide levels of 20.0 µg/kg and 382.78 µg/kg respectively, exceeding the standard of ≤10 µg/kg [4][5]. - Small mangoes sold by Xiaoshen Fruit Shop had a pesticide residue of 0.10 mg/kg for pyraclostrobin, surpassing the allowable limit of ≤0.05 mg/kg [4][5]. Group 2: Actions Taken - The local market supervision department has mandated the responsible businesses to trace the distribution of the non-compliant products, initiate recalls, and remove these products from shelves to mitigate risks [4][5]. - The involved businesses are required to analyze the causes of non-compliance and implement corrective measures as per regulatory requirements [4][5].

Core Insights - The recent surge in the price of Feitian Moutai indicates a return to normalcy in the liquor market after the 618 shopping festival [1] - The departure of Hou Xiaohai marks a new era for China Resources Beer, signaling the onset of a new cycle in the beer industry [1][4] Company Developments - Jiu Gui Jiu plans to launch low-alcohol products as part of its "two lows and one small" strategy, with products at 33°, 28°, 21°, and 18° degrees set to be introduced by the end of July [1] - Luzhou Laojiao has successfully developed a 28° version of its flagship product, Guojiao 1573, which is expected to be launched soon, alongside research into even lower alcohol content products [1][3] - Wuliangye is set to introduce a 29° product named "Wuliangye·Yijianqingxin" in the second half of the year [2] Financial Highlights - Luzhou Laojiao's shareholders approved a three-year cash dividend plan, with rates increasing to 75% by 2026, ensuring annual dividends of at least 8.5 billion yuan [3] - The dividend rates for major liquor companies, including Moutai, Wuliangye, and Yanghe, are expected to rise above 70% [3] Industry Trends - The liquor export market is expanding, with a total export value of 830 million USD from January to May 2025, marking an 8.6% increase year-on-year [7] - Conversely, the import market is declining, with a total import value of 1.37 billion USD, down 14.3% year-on-year [7] - The Jiangsu liquor market is experiencing a slight decline in sales, with overall sales close to 62 billion yuan [9] Strategic Collaborations - Diageo has formed a strategic partnership with JD.com, focusing on supply chain optimization and digital marketing [12] Regulatory Actions - The government of Renhuai City is taking measures to combat counterfeit liquor production following a report on fraudulent practices in the production of "vintage liquor" [10]

Group 1 - The core viewpoint of the article emphasizes the necessary qualifications and documentation required for the import clearance of red wine, detailing the steps involved in the process [1][5][6]. Group 2 - Required qualifications for importers include a food business license, import and export rights, and a liquor business license, depending on the city [1]. - Necessary documentation includes commercial documents such as invoices, packing lists, and trade contracts, as well as official certificates like certificates of origin and health certificates [3]. - Logistics documents must align with customs information, and if wooden packaging is used, a fumigation certificate is required [4]. Group 3 - The clearance process involves several steps: exchanging the bill of lading for a delivery order upon arrival at the port, submitting customs declarations along with relevant documents, and undergoing customs inspection [5][6]. - Customs duties for red wine imports include a 14% tariff, a 13% value-added tax, and a 10% consumption tax, with specific rates determined by customs [7]. - After passing inspection, customs issues a quarantine certificate, allowing for the release and pickup of the goods [7].

Core Insights - The meeting held on June 26 focused on the development strategy of Langjiu Co., emphasizing collaboration with partners in the Henan market [2][4] - Langjiu's strategy is centered around the principles of "strong, stable, and growth," with a commitment to quality and customer-first philosophy [4] - The company aims to expand its market presence in Henan by 2025, prioritizing profit assurance for distributors while seeking strong partnerships [5] Company Strategy - Langjiu's three major divisions presented their market strategies, highlighting the "Zhuangyuan Sauce Liquor" strategy and the positioning of its high-end products [7] - The Qinghua Lang division plans to enhance membership services and engage partners through various activities [7] - The Honghua Lang division is set to upgrade its classic product "Langpai Lang," while the Jianxiang division aims for a product matrix targeting a scale of 10 billion [7] Industry Collaboration - The meeting included key figures from the Henan Provincial Sugar and Wine Food Circulation Association, who expressed support for Langjiu's growth in the region [9] - Core distributors shared their successful experiences and market insights, reinforcing their confidence in future collaborations with Langjiu [9] - The event showcased Langjiu's multi-category and multi-brand development momentum, establishing a solid foundation for addressing industry challenges and seizing growth opportunities [9]

Group 1 - The Shenzhen Wine Association organized a meeting to urge manufacturers to reduce prices and slow down production to alleviate pressure on distributors and help them cope with market risks [1][3]. - The association emphasized the need for manufacturers to shift from aggressive growth strategies to a focus on sustainable, high-quality growth, setting realistic development goals [4][8]. - There has been a prevalent issue of price inversion in the white liquor market, where many products are sold at prices lower than their factory prices, raising concerns about the sustainability of distributors [5]. Group 2 - Distributors are encouraged to adopt proactive marketing strategies, eliminate unsold inventory, and focus on meeting the needs of a broader consumer base, particularly targeting younger demographics [6][7]. - The association highlighted the importance of maintaining market order by addressing issues like channel diversion and providing technical and policy support to distributors [5][6]. - The current market conditions present a challenge for manufacturers, who must navigate the transition from growth to potential decline while ensuring they remain competitive [8].

证券研究报告 悦己需求焕新颜，传统消费激活力 ——食品饮料行业2025年中期策略报告 食品饮料行业 强于大市（维持） 证券分析师 2025年6月27日 请务必阅读正文后免责条款 张晋溢 投资咨询资格编号：S1060521030001 王 萌 投资咨询资格编号：S1060522030001 王星云 投资咨询资格编号：S1060523100001 投资要点 1 新需求：从悦人到悦己。消费结构性景气线索正在清晰，消费者代际间意愿分化与消费品类支出意向分化，导致传统消费复苏乏力，催生"新消费"蓬勃发展。1）在当前的 消费环境下，消费者关注自身财务状况，以低成本实现可持续，在购买商品时更加关注性价比。2）随着当代年轻人社会压力增加以及对情感功能的重视，"情绪消费"潜在 的经济价值将得到不断发掘。3）现代社会工作压力大，生活节奏快,导致居民亚健康问题突出，"追求健康"成为消费者的普遍共识。 新产品：从满足到挖掘。1）健康化：随着消费者对健康的重视程度持续提升，零食企业在健康食材上不断创新，推出如魔芋、海带、鹌鹑蛋、蒟蒻等产品，盐津铺子推出的 "大魔王"素毛肚，一经推出成为行业内的现象级产品。2）性价比：为迎合消费者追求性 ...

上世纪90年代，日本威士忌用新赛道摆脱了困境，这段往事对如今的中国白酒具有启示意义——当消费 主权从物质层面转向精神维度，唯有精准锚定新一代消费者的情感需求，才能在时代更迭中重构商业价 值。 譬如当下的泡泡玛特，之所以火爆，就是因为在物质过剩的背景下，年轻人更加看重精神家园的确认与 情感的归属。 从代际消费变革的视角审视，新一代消费者深度浸染于社交媒体生态、二次元文化圈层与IP经济宇宙， 天然认同"为热爱付费、为兴趣买单、为社群归属感消费"的价值逻辑。这种消费行为不是孤立的狂热现 象，而是每一代人都有的专属消费语言体系。 不可逆的代际升级 消费升级是一个不可逆转的趋势。 我们总是被"消费升级还是降级"的争论所裹挟。有人看见年轻人囤货临期食品，有人发现高端餐饮持续 排队；有人在直播间抢购9.9元的"好物"，也有人为奢侈品一掷千金。这种矛盾的消费图景，让我们陷 入认知迷雾。 然而，当我们把时间轴拉长至百年维度，一条清晰的消费升级曲线却穿透了经济周期的波动，诉说着中 国消费发展的底层逻辑。 消费形态，始终是与时代脉搏同频共振的。 60、70后成长于物质相对匮乏的计划经济末期，其消费行为被烙上了"实用主义"与"价格敏 ...