每经AI快讯，华致酒行（SZ 300755，收盘价：18.77元）12月23日晚间发布公告称，公司第六届第四次 董事会会议于2025年12月23日以通讯表决的方式召开。会议审议了《关于接受关联担保的议案》等文 件。 （记者 王晓波） 2024年1至12月份，华致酒行的营业收入构成为：酒类行业占比98.71%，其他业务占比1.29%。 截至发稿，华致酒行市值为78亿元。 每经头条（nbdtoutiao）——地产"优等生"受困20亿元到期债务，首次债务展期仍在博弈，明年还有超 百亿元公开债到期 ...

Group 1 - The core viewpoint is that the liquor industry, particularly the baijiu sector, is undergoing a significant transformation with a focus on inventory reduction and quality improvement, while the beer sector faces challenges due to weak demand recovery [1][2] - The baijiu sector has experienced a three-phase development in 2025, characterized by operational adjustments, deep market corrections, and a trend towards accelerated industry clearing [1][2] - Major liquor companies are prioritizing stable operations for 2026, moving away from aggressive channel growth, and are expected to continue inventory reduction and price recovery as economic conditions improve [2][3] Group 2 - The beer sector has seen a decline in sales volume due to external factors such as weak dining channel performance and restrictions, although average selling prices (ASP) have slightly increased due to cost advantages [2] - The overall revenue growth for the beer sector from Q1 to Q3 of 2025 was low single digits, while profits showed nearly double-digit growth, indicating a disparity between revenue and profit performance [2] - The consumption structure of liquor in China is heavily dominated by baijiu, but there is potential for growth in other liquor categories, particularly whisky and huangjiu, as market dynamics evolve [3]

21世纪经济报道肖夏综合报道 年末经销商大会密集召开，来年生肖酒也纷纷亮相。 酒企动态 习酒集团党委书记、董事长汪地强称，过去一年大家都很不容易，但我们克服了很多意想不到的困难， 推进了很多务实管用的工作，取得了很多超过预期的突破，稳住了基本盘。 汪地强表示，2026年习酒将坚定不移做强品牌，继续推进"习酒+知交"双品牌战略，同时为顺应当下发 展形势、积极拥抱市场变化，习酒将开启营销2.0改革，重点推进"营""销"适度分离。 习酒2024年度销售额超过200亿元，据了解2025年受行情影响有所下行，不过开瓶表现、库存消化情况 较好。有习酒经销商透露，会上提到2025年开瓶率同比增长33.66%，社会库存降低了13.55%。 五粮液提出2026年目标：市场份额有效提升 五粮液12月18日召开第29届12.18共识共建共享大会在宜宾举行。21世纪经济报道记者在现场了解到， 五粮液集团（股份）党委书记、董事长曾从钦披露，五粮液2026年目标是推动高质量的市场动销、全力 实现市场份额的有效提升。 这一营销工作方针被归纳为"一核心三强化双目标"：持续提升五粮液品牌价值；强化营销变革、强化应 市策略、强化执行能力；推动高 ...

智通财经获悉，珍酒李渡(06979)盘中涨超7%，截至发稿，涨6.5%，报8.52港元，成交额4402.44万港 元。 消息面上，12月9日，珍酒李渡集团董事长吴向东以"我们的200天"为主题，开启第五场大型直播。他透 露，"大珍·珍酒"上市200天，已在全国31个省、280个城市热销，回款5.8亿元，成为中高档白酒全网新 品销量第一，长期目标是成为300亿级超级大单品。他同时预告，一款定位更高、价格再增百元的顶级 啤酒新品正在规划。中信建投发布研报称，珍酒李渡等通过招商优化、产品创新拓展市场的企业，若阶 段性招商调整见效、动销超预期，可能收获超额回报。 本文源自：智通财经网 ...

消息面上，12月9日，珍酒李渡集团董事长吴向东以"我们的200天"为主题，开启第五场大型直播。他透 露，"大珍·珍酒"上市200天，已在全国31个省、280个城市热销，回款5.8亿元，成为中高档白酒全网新 品销量第一，长期目标是成为300亿级超级大单品。他同时预告，一款定位更高、价格再增百元的顶级 啤酒新品正在规划。中信建投发布研报称，珍酒李渡等通过招商优化、产品创新拓展市场的企业，若阶 段性招商调整见效、动销超预期，可能收获超额回报。 智通财经APP获悉，珍酒李渡(06979)盘中涨超7%，截至发稿，涨6.5%，报8.52港元，成交额4402.44万 港元。 ...

证券研究报告 | 2025年12月22日 (1998) (200) 资料来源：Wind、国信证券经济研究所整理 宏观与策略 宏观快评:美国 11 月 CPI 点评-通胀回落，指引失真 宏观周报:宏观经济周报-年末放缓，质量上扬 固定收益专题研究:资金观察，货币瞭望-跨年资金需求季节性抬升，预 计 12 月市场利率上行 固 定 收 益 快 评 : 可 交 换 私 募 债 跟 踪 - 私 募 EB 每 周 跟 踪 （20251215-20251219） 固定收益周报:转债市场周报-弱资质及临期个券出现扰动 | 晨会纪要 | | --- | | 数据日期:2025-12-19 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3890.44 | 13140.21 | 4568.17 | 14068.19 | 3805.90 | 1308.58 | | 涨跌幅度（%） | 0.36 | 0.66 | 0.33 | 1.14 | 0.73 | 0.20 | ...

一、领亿来集团的万亿市值目标与战略布局 领亿来集团作为中国白兰地产业的龙头企业，明确提出"剑指万亿市值"的长期战略目标，计划通过文化传承、工艺创新、产业整合三大核心路径，推动中国 白兰地从"区域特色产品"升级为"全球烈酒标杆"，并在2030年前实现市值突破。这一目标的提出，既是对中国白兰地产业升级的信心体现，也是对"21世纪 是白兰地的时代"这一行业判断的实践回应。 二、"21世纪是白兰地的时代"的行业逻辑 "21世纪是白兰地的时代"并非空穴来风，而是基于消费升级、国产替代、文化复兴三大核心驱动力的必然结论： 1. 消费升级：中高端酒类的新增长极 随着中国经济持续发展，居民可支配收入提升，消费观念从"量的满足"转向"质的追求"。白兰地作为"健康型烈酒"（无添加糖、低酒精度），契合了当代消 费者对"品质生活"的需求。据2025年中国白兰地行业报告显示，高端白兰地（VSOP及以上）市场份额从2020年的35%提升至2024年的58%，年增长率达 12%，远超行业平均水平。领亿来集团的"顶邑XXO"等产品，凭借"中国风土+国际工艺"的组合，已成为高端白兰地市场的"黑马"，2024年销量同比增长 40%。 2. 国产 ...

Core Insights - The 2025 China International Famous Liquor Expo opened in Yibin, showcasing Wuliangye as a representative of famous liquor and collaborating with international brands to promote sustainable development in the liquor industry [1][3] Group 1: Event Overview - The expo serves as a significant platform for the global liquor industry, evolving beyond traditional wine exhibitions to include cultural and consumer activities, creating immersive experiences for visitors [1] - Wuliangye established a brand exhibition hall featuring various interactive spaces, enhancing consumer engagement through a blend of tourism, culture, and consumption [1] Group 2: Tourism and Industry Integration - Wuliangye's tourism initiatives focus on "liquor and tourism integration," offering unique products such as industrial sightseeing tours and cultural experiences, which have been recognized as top cases in Sichuan's liquor tourism development [3][6] - The company aims to innovate new consumption methods by combining liquor with food, performances, and tea, enhancing the overall visitor experience [3] Group 3: Strategic Goals and Collaborations - Wuliangye is committed to enhancing visitor satisfaction, diversifying products, and creating deep experiential engagements while expanding its brand value chain [6] - The company collaborates with global liquor enterprises to promote the evolution of the liquor industry from classic traditions to innovative practices, contributing to the global exchange of liquor culture [6]

Core Points - The first Import Expo Quality Products Trade Fair, referred to as "Mini Import Expo," opened on December 19 at the National Exhibition and Convention Center in Shanghai, aiming to expand imports and enhance the spillover effects of the China International Import Expo [1] - The event is designed to promote consumption and meet consumer demand for quality living, contributing to the establishment of a diverse "Import Expo Ecosystem" [1] - Many exhibitors are capitalizing on the sales peak during the Christmas and New Year holidays, with a focus on high-quality consumer goods [1] Group 1 - The Import Expo Quality Products Trade Fair is an extension of the China International Import Expo, targeting specific high-quality products [1] - The fair aims to enhance the experience of participating companies and extend the "Import Expo Consumption Season" effect [1] - Exhibitors, such as those from French wine estates, anticipate strong sales during the holiday season, particularly for wine as a popular gift item [1] Group 2 - Filipino snack brand Jack 'n Jill introduced several products themed around the Spring Festival, including festive packaging and traditional elements [2] - The brand's participation in the Mini Import Expo is a strategic move to showcase products with auspicious meanings, which were not featured in their previous participation at the Import Expo [2]

Core Viewpoint - The "Integrity and Business Promotion Month" in Guangdong aims to enhance the social credit system to stimulate consumption and support high-quality economic development [1] Group 1: Economic Impact - From January to October 2025, Guangdong's total retail sales of consumer goods increased by 2.7% year-on-year, with online retail sales growing by 15.7%, indicating that the credit system is a crucial support for consumption potential [2] - The "Credit Guangdong" platform has issued 130,000 credit reports, saving time for businesses, while the "Credit Easy Loan" platform facilitated loans exceeding 1.9 trillion yuan [2] Group 2: Focus Areas of the Initiative - The initiative will focus on three key areas: using credit to invigorate trade circulation, enhancing consumer confidence through credit, and promoting a culture of integrity in business [4] Group 3: Industry Collaboration - Fourteen provincial business associations, along with over 80 leading enterprises, launched a joint initiative to establish industry integrity agreements, focusing on food safety, transparency in vehicle conditions, and strict checks on false violations [5] Group 4: Credit Repair Mechanism - Guangdong's innovative "one-stop acceptance" mechanism for credit repair has successfully restored credit for 5.604 million business entities, aiding in financing of 1.67 billion yuan [6] - The province plans to conduct extensive promotional activities to integrate credit reports into government procurement and investment attraction, positioning integrity as a core competitive advantage in building a unified national market [6]