Core Insights - Spain is positioning itself as a high-quality wine producer through a carefully constructed "common narrative" that highlights its unique industrial characteristics and cultural heritage [1][2] - The 2022-2027 Spanish Wine Industry Strategic Plan outlines a clear vision and mission to enhance Spain's international value and promote sustainable development [2][3] Strategic Leadership: Industry Blueprint - The strategic plan aims to establish Spain as a significant wine producer with a focus on quality, diversity, and sustainability [2] - Five key action routes include enhancing international positioning, leading sustainable development, integrating wine into healthy lifestyles, promoting industry collaboration, and fostering innovation and talent [2][3] Economic and Cultural Significance - The Spanish wine industry contributes over €23.7 billion in added value and provides over 420,000 jobs, with 363,000 jobs created in areas facing population decline [3][4] - Spain is the world's third-largest wine producer and second-largest exporter, with annual export sales exceeding €3 billion and sales volume over 2 billion liters [3][4] Unique Value Proposition: Five Dimensions - **Quality Excellence**: Spain's wine quality is ensured through a strict PDO and IGP system, with over 104 PDOs and 43 IGPs covering 97% of vineyard areas [4][5] - **Diversity**: Spain has the largest vineyard area globally, with 235 identified grape varieties, including 150 indigenous ones, showcasing a rich diversity of flavors [5][6] - **Historical Heritage**: The wine industry reflects Spain's cultural evolution over 3,000 years, with ancient winemaking facilities and traditional practices [6][7] - **Lifestyle Integration**: Wine is central to the Mediterranean lifestyle, enhancing dining experiences and social interactions, contributing to Spain's high life expectancy [7][8] - **Sustainable Development**: The industry emphasizes sustainability, with 14.2 million acres of organic vineyards and a commitment to zero emissions by 2035 [8][9] Communication Strategy: Building Consensus - The "common narrative" focuses on promoting wine as a cultural lifestyle element, emphasizing its quality and diversity while highlighting its economic, environmental, and social contributions [9][10] - The narrative aims to position Spanish wine as a global brand that transcends mere product attributes, embodying cultural, historical, and sustainable values [9][10]

"大赛落地西北，彰显了国际葡萄酒界对中国新兴产区的关注。"李亮表示，作为全球三大酒类赛事之 一，布鲁塞尔大奖赛堪称消费风向标。本届赛事吸引了来自49个国家和地区的7165款佳酿同台竞技，中 国选送的672款参赛酒更首次登顶各国参赛数量榜首。 大赛期间，为助推中国酒庄走向世界，组委会创新设置了贸易洽谈会，与葡萄酒贸易相关的大赛评委和 贺兰山东麓酒庄面对面交流，让中国风味直达国际市场。同时，大赛首次向公众敞开大门——通过预 约，市民可进入赛场观摩，并在品鉴区领略各国获奖酒的风采。 这项被誉为"酒界奥斯卡"和"酒界奥运会"的全球顶级葡萄酒赛事，为何选址银川？布鲁塞尔国际酒类大 奖赛组委会中国区商务总监李亮接受中新网记者采访时表示："我们致力于推广优质产区，银川正是中 国新兴葡萄酒魅力的代表。" "作为世界葡萄酒板块上的后起之秀，贺兰山东麓产区酒庄仅用40多年时间便得到世界关注，葡萄酒产 量已占全国一半左右，是中国最大的酿酒葡萄集中连片产区。"李亮强调，贺兰山东麓卓越的产业基础 与多家知名酒庄品牌，印证了其得天独厚的风土条件。而作为贺兰山东麓葡萄酒产区最大的子产区，银 川也同样"自带流量"。 作为中阿博览会永久举办地 ...

Core Insights - Ningxia has become a prominent region for wine production in China, recognized for its high-quality wine and agricultural products such as lamb, dairy, and cool-season vegetables [1][2] - The region benefits from favorable natural conditions, including rich soil minerals, a dry climate, ample sunlight, and significant temperature variations, which are ideal for growing wine grapes [1] - The development of the wine industry in Ningxia is supported by national policies and platforms, enhancing its market presence and brand recognition [1][2] Group 1 - Ningxia is now the largest contiguous area for wine grape cultivation and the highest wine production region in China, with a growing reputation for its wines [1] - The region's unique geographical features, including the Helan Mountains and the Yellow River, contribute to its advantageous conditions for viticulture [1] - National-level initiatives and tailored support policies have been implemented to boost the wine industry, transforming it into a significant source of income for local communities [1] Group 2 - Ningxia adopts a "small wineries, large industry" model, integrating production, brewing, and sales, which positions it well for future growth in the wine sector [2] - The region is expected to lead the Chinese wine industry, with a focus on sustainable development and ecological governance [2] - Future strategies include enhancing product distribution, strengthening industry standards, and promoting the unique stories of the region to drive economic growth and community prosperity [2]

丨证券研究报告丨 行业研究丨专题报告丨白酒与葡萄酒 [Table_Title] 食品饮料行业 2024 年年报及 2025 年一季报综 述白酒篇：主动调整，静待曙光 报告要点 [Table_Summary] 2024 年白酒行业营业总收入 4316 亿元，同比 8.25%，2024Q1-2025Q1 各季度营业总收入同 比+15.37%/+12.05%/+2.42%/+1.43%/+2.42%。2024 年白酒行业归母净利润 1666 亿元，同比 7.28%，2024Q1-2025Q1 各季度归母净利润同比+15.68%/+10.79%/+1.88%/-2.7%/+2.63%。 总的来讲，2024 年下半年以来行业增长降速明显，进入主动去库存阶段。 分析师及联系人 [Table_Author] SAC：S0490517070016 SAC：S0490520030001 SAC：S0490522050003 SAC：S0490522090002 SFC：BQK487 SFC：BVF934 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 董思远 徐爽 朱梦兰 石智坤 ...

故事，还得从两百年前的德国说起： 18世纪某一年，德国遭受了低温雨雪霜冻。当时晚采的葡萄全被冰雪覆盖，果园损失相当惨 重。 这批果子卖肯定卖不了了，丢了又实在可惜。 果农为了挽救损失，只好将冰冻的葡萄压榨，按照传统方式发酵酿酒。属于是死马当活马医。 谁曾想，无心插柳柳成荫。 这批冰酒酿出来之后，大家发现它居然意外的好喝： 甜度很高，同时伴有明快的酸度；酒味不冲，反而是有着浓郁的果香味道。 很适口，很清新，无论男女都能一网打尽的味道，非常适合作为甜点酒或餐后酒来享用。 而这，就是现在风靡世界的「冰白冰红葡萄酒 」的由来。 冰白冰红的酿造对地理气候要求极为严格： 纬度高，温度低，冬季要全然天寒地冻，但其他季节却又要够温暖，葡萄还必须在气温低 于-7℃时依然挂枝一段时间才可采收。 所以这种冰酒产量稀少，全世界也只有德国及加拿大等少数几个国家的少数几个地方，才有条 件酿制出高品质的冰酒。 通常8-10公斤左右的葡萄才能酿造1瓶375ml冰酒，而普通葡萄酒只需1公斤左右葡萄即可酿造 出来。 可不要在网上随便一搜「加拿大冰酒」就激情下单。 据葡萄酒观察家（winespectator）的一篇报导指出：中国市场销售的80%冰 ...

a - 6月6日，2025"浪宁夏·畅饮一夏"美食美酒展销市集暨宁夏服务消费季在银川市览山公园启幕。活动由自治区商务厅、文化和旅游厅、体育局、贺兰山东麓 葡萄酒产业园区管委会和银川市人民政府共同主办，旨在通过多元活动，全方位展现宁夏独特的美食美酒文化魅力，深度激发服务消费新潜能，为全区消费 扩容提质注入强劲动力。活动启幕当晚，吸引了众多市民游客热情参与，共同沉浸于这场美食与文化交融的消费盛宴。 an and 员山 辽 市 启幕仪式上，播放了国务院《关于促进餐饮业高质量发展的指导意见》及自治区《关于促进服务消费高质量发展的实施意见》政策解读视频，传递了国家与 自治区层面的政策导向与支持举措，为行业发展指明方向。宁夏旅游推荐官重磅推介了"宁夏美食攻略"，为游客深度体验本地风味提供权威指南。银川市介 绍了即将开展的"葡萄酒消费惠民月"活动，自6月9日起通过银联云闪付APP发放满100-30、满500-150、满1000-300三种额度消费券，通过降低消费门槛、丰 富品鉴体验等形式，让宁夏高品质葡萄酒走进更多寻常百姓家。自治区餐饮、葡萄酒、文旅、体育等协会组织联合发布倡议，号召宁夏美酒进餐厅、进酒 店、进景区、进赛事 ...

智通财经6月6日电，欧盟农业专员表示，欧盟愿意与美国讨论对葡萄酒征收零对零关税。 ...

本次赛事由中信尼雅（600084）提供赞助，中信尼雅隶属中信国安（000839）实业集团有限公司，是一 家集种植、生产、贸易、科研、销售为一体的专业化葡萄酒上市公司，拥有尼雅、西域、新天等多个国 内知名葡萄酒品牌。 "5700"不仅是一串数字，更是西域文明的时空刻度。它让人联想到汉代张骞凿空西域时的驼铃阵阵，唐 代玄奘取经路上的雪山皑皑，也呼应着《徐霞客游记》中"西域之奇，尽在山川"的千年慨叹。 当"霞路相逢"越野赛的选手们在喀拉峻草原冲过终点，手中的西域5700赤霞珠干红便成为连接古今的媒 介。酒标上的雪山光影与选手们被阳光晒红的面颊形成奇妙呼应——四百年前徐霞客用脚步丈量山河， 今天的探索者则以车轮与酒杯，续写着对西域文明的致敬。 此次获奖选手们手中的西域5700赤霞珠干红就是其匠心之作。它与徐霞客 "达人所之未达，探人所之未 知" 的精神一脉相承。除了600公斤/亩的限产园，12个月的高端橡木桶陈酿以及12—24个月的瓶储之 外，更多的是对新疆这片土地的坚守与探索。 边境线上的风土密码 新疆的边境线蜿蜒长达5700公里，这里雪山与戈壁共同构筑了大地的脊梁，而绿洲与河谷则孕育了文明 的脉络。中信尼雅西域5 ...

通用的寻找途径 B2B电子商务平台 特色市场 直接联系厂家：与葡萄酒生产厂家直接合作是获得优质货源的最佳途径之一。可以通过参加行业 展会与各大品牌代表面对面交流，了解他们是否提供批发服务；也可以利用互联网资源搜索相关 信息，并联系潜在合作伙伴，例如在B2B平台上搜索葡萄酒批发厂家进行洽谈。 与导入商/经销商合作：国内的葡萄酒导入商或经销商通常会直接从海外厂家进口葡萄酒，并提供 批发服务，与之建立合作关系也是获取货源的一种方式。 利用互联网资源，通过各大B2B电子商务平台搜索和筛选葡萄酒供应商。在平台上搜索葡萄酒批发等关 键词，筛选出信誉度高、产品质量有保证的商家进行洽谈。同时，要选择有良好口碑和较高信誉度的平 台，并查看其他用户对该平台以及相关供应商的评价和反馈。例如进酒宝，它是一家全球酒商的B2B服 务平台，也是一手进口商，在澳洲、法国、智利、意大利等多个国家有自己的酒庄酒厂，主要服务于酒 水行业的经销商、代理商和进口商，提供封闭式采购渠道平台，品类繁多，包括流通品牌、洋酒、进口 葡萄酒、精酿啤酒和白酒等，多达几千款。 国内电商平台：许多电子商务平台上都有专门提供葡萄酒批发服务的店铺，如淘宝、京东、阿里 巴 ...

Core Viewpoint - Zhangyu A plans to repurchase 10-15 million B shares using no more than 100 million yuan of its own funds, with a maximum repurchase price of 11.50 HKD per share, aiming to enhance earnings per share and maintain company value [1] Summary by Sections Repurchase Plan - The repurchase will account for approximately 1.49% to 2.23% of the total share capital and about 4.72% to 7.08% of B shares [1] - The repurchase period is set for 12 months following the approval of the shareholders' meeting, and the purchased shares will be canceled to reduce capital [1] Market Response - The decision to repurchase shares is seen as a response to market calls and aims to alleviate concerns regarding the marginalization of B shares, which have been trading at a significant discount compared to A shares and the company's intrinsic value [1] Financial Performance - Zhangyu reported a disappointing performance in 2024, with revenue declining by 25.26% and net profit decreasing by 42.68% [1] - The management acknowledged the reality of the performance decline during the shareholders' meeting on May 23, 2024 [1] External Factors Affecting Performance - Three external factors contributing to the decline include: 1. A "cliff-like" drop in consumer sentiment, leading to reduced spending on wine [2] 2. A long-term shrinkage in consumption scenarios for wine compared to other alcoholic beverages [2] 3. A significant weakening of channel driving power due to price inversions in the white wine market, affecting wine distributors [2] Internal Challenges - Internal challenges include: 1. Lack of product innovation translating into repeat purchases 2. Ineffective channel transformation and slow development of new channels 3. Insufficient marketing effectiveness, with advertising and promotional expenses around 500 million yuan, significantly lower than leading white wine brands [2] Strategic Focus for 2025 - Zhangyu's management outlined five strategic focuses for 2025: 1. Breakthroughs in local markets, targeting specific cities for different wine products [3] 2. Enhancing marketing capabilities and consumer cultivation [4] 3. Greater innovation in product categories [4] 4. A "taste revolution" to develop wines suited to Chinese consumers, moving away from European taste dependencies [4] 5. Embracing new retail partnerships with major retailers to improve supply chain responsiveness [5] Industry Context - The company is navigating through a challenging period in the industry, and its ability to counteract the downward trend will be crucial for assessing the effectiveness of its transformation efforts [6]