Core Insights - The Cuban rum industry, once thriving, is facing an unprecedented crisis due to the collapse of its sugar industry, which is essential for rum production [2][3][6] - Sugar production in Cuba has drastically decreased from over 8 million tons in the late 1980s to approximately 350,000 tons in the 2022/23 season, with projections for the 2024/25 season dropping below 200,000 tons, marking the lowest levels since the 19th century [2][3] Sugar Industry Crisis - The sharp decline in sugar production highlights a structural crisis within an industry that was once a pillar of the Cuban economy, now producing only 1/40th of its peak output [3] - The shortage of sugar has led to a critical lack of molasses, the key ingredient for rum production, affecting both local distilleries and international partnerships [3][4] - Various factors such as U.S. sanctions, energy shortages, mismanagement, insufficient investment, aging equipment, natural disasters, and labor shortages have contributed to the industry's decline [3] International Collaboration Challenges - The crisis has impacted successful international collaborations, such as the Havana Club brand, which has grown from 400,000 cases to over 4 million globally since 1993 [4] - Even major international companies like Pernod Ricard and Diageo are struggling to secure raw materials, raising concerns about the sustainability of rum production in the future [4] Regulatory and Economic Implications - Strict regulations in Cuba prohibit the import of spirits or production materials, exacerbating the industry's challenges and threatening the country's economic image [6] - The lack of molasses not only poses an economic issue but also jeopardizes one of Cuba's last significant sources of hard currency [6] Alternative Solutions in Guangxi, China - In contrast, Guangxi, China, is exploring a different path for its sugar industry by developing a rum production project that integrates the entire value chain from sugarcane to rum [7] - The region is investing in modern production facilities and innovative practices, aiming to create a circular economy that utilizes all by-products of sugarcane [7][9] - Guangxi's rum industry is projected to generate significant economic value, with efforts to enhance marketing, brand recognition, and consumer culture to compete with international giants [9] Conclusion - The crisis in the Cuban rum industry reflects broader economic challenges, emphasizing the need for investment, technological innovation, and flexible policies to remain competitive in a globalized market [10]

投资评级：看好（维持） 食品饮料 2025 年 06 月 15 日 数据来源：聚源 -29% -19% -10% 0% 10% 19% 29% 2024-06 2024-10 2025-02 食品饮料 沪深300 行业走势图 相关研究报告 《新消费驱动板块上行，关注业绩可 持续兑现品种—行业周报》-2025.6.8 《白酒弱复苏中筑底，黄酒契合新消 费趋势—行业周报》-2025.6.2 《茅台引领行业新周期，4 月社零数据 略有回落—行业周报》-2025.5.25 威士忌新品上市，看好魔芋品类发展 ——行业周报 张宇光（分析师） 张思敏（联系人） zhangyuguang@kysec.cn 证书编号：S0790520030003 zhangsimin@kysec.cn 证书编号：S0790123070080 核心观点：关注板块中新品类扩张的投资逻辑 行 业 6 月 9 日-6 月 13 日，食品饮料指数跌幅为 4.4%，一级子行业排名第 28，跑输沪 深 300 约 4.1pct，子行业中保健品（+2.4%）、其他食品（+0.0%）、烘焙食品（-0.7%） 表现相对领先。百润股份旗下威士忌崃州新品如期上市，产 ...

此外，对于所有奔赴赛场的客队球迷，凭苏超球票即可领取100mL装的第七代海之蓝，抢先品尝体验这 款洋河股份全新升级的经典之作。 助力家乡，为足球喝彩。"每进一球，就送小酒"，抖音带货榜中，洋河股份通过电商平台面向球迷发起 进球互动。洋河官方旗舰店成功登顶全国"苏超上分"榜TOP1，用实实在在的福利助力苏超联赛，为江 苏上分！ "比赛第一，友谊第十四""江苏只有一个南哥"……这个夏天，"苏超"热梗频频出圈，花式助力层出不 穷，各种名场面不断。 每进1球将派发1000瓶第七代海之蓝小酒福袋，直播吸引了近万名网友围观购买，评论区留言如潮，好 运随球而来。"洋河有创意，这下苏超不愁庆功酒了""看苏超，品洋河第七代海之蓝，绵柔苏适""好酒 配好球！下单了，好运助力江苏"弹幕区里，网友们纷纷留言互动。 上周末，"苏超"按下暂停键为高考让路。今天开始，"苏超"重燃"战火"，场内摇旗呐喊，气氛相当热 烈，场外各大品牌也纷纷行动，花式助力层出不穷。 作为江苏本地酒企，洋河股份积极助力苏超联赛，赞助冠名家乡球队，依托自身品牌实力与创新精神， 为苏超联赛提供有力支持，并在赛事推广、品牌联动、球迷互动等多维度展开深度协作。 为比赛打 ...

素有华东第一酒食展之称的南京糖酒会就要来了！ 获悉，CNWFF2025第十五届中国（南京）国际糖酒食品交易会（以下简称第十五届南京糖酒会）将于6月20日至22日在南京国际展览中心举办。 本届展会由中国酒业协会、中国酒类流通协会、江苏省工业和信息化厅、江苏省商务厅、江苏省工商业联合会指导，江苏省财贸轻纺工会、南京市商务局 支持，江苏省酒类行业协会、法国高美艾博展览集团、中贸科技集团、中法合资高博中贸国际会展集团主办，中法合资高博中贸国际会展（南京）有限公 司承办。 在第十五届南京糖酒会上，洋河、古井、今世缘、国台、旺旺、可口可乐等品牌将齐聚展会现场。名优酒食企业云集，大商超商汇聚，本届展会将为酒食 行业人士提供新形势下洽谈交流、高效选品、拓展人脉以及观测行业发展趋势的良好平台，为酒食行业人士更好应对未来经营发展提供思考和借鉴良机。 名酒汇聚各展风采，第十五届南京糖酒会将打造白酒产区展示交流大舞台 在江苏白酒产区中，以洋河酒厂、今世缘酒业、汤沟两相和酒业、御珍酒业、乾隆江南酒业、分金亭酒业、桃林酒业、梅兰春酒业、江苏大瓷坊酒业、五 醍浆酒业等为代表的白酒生产企业将盛装亮相展会现场，一展苏酒高质量发展成果与风采。 ...

随着互联网的日益普及，品牌域名的重要性愈发凸显。在众多行业中，酒业品牌域名因其独特的文化价值和商业潜力而备受关注。近日，据可靠消息来源， 一系列与酒类相关的优质域名正在市场上进行交易，其中不乏一些具有极高商业价值的域名，如"五粮液.com"、"茅台.net"等，这些域名均在有名网平台上 进行挂牌交易。 有名网作为一家专注于品牌域名交易的服务平台，近年来以其专业的服务和良好的信誉，在行业内树立了良好的口碑。通过有名网，买家可以轻松找到自己 心仪的域名，而卖家也能够在这里寻得合适的买家，实现双赢的局面。 据有名网相关负责人透露，"随着消费者对酒类产品的需求不断上升，相关的酒域名交易也呈现出活跃态势。我们近期观察到，诸如'红酒.cn'、'威士 忌.com'这样的域名受到了市场的热烈追捧。这不仅反映了市场对于酒类品牌的认可度提高，也从侧面证明了域名作为无形资产的价值所在。" 此外，有名网还表示，为了保障交易双方的利益，他们提供了一整套包括域名托管、资金监管在内的安全交易流程，确保每一笔交易都能顺利进行。同时， 有名网还为用户提供专业的域名评估服务，帮助客户更好地理解所购域名的实际价值。 业内人士分析认为，酒域名交易市 ...

Core Viewpoint - The recent surge in popularity of Huijishan's sparkling yellow wine has drawn attention, especially as the company's market capitalization exceeds 10 billion, surpassing its competitor Guyue Longshan, which has long held the top revenue position in the yellow wine industry [1][6]. Industry Overview - The yellow wine industry has experienced slow growth and low market attention from 2017 to 2023, characterized by "volume decline and price stagnation" [1]. - Recent years have seen a shift towards "reform" and "change" within the industry, with leading companies like Huijishan and Guyue Longshan raising prices and promoting low-alcohol and sparkling wines to revitalize the market [1][6]. Company Performance - Huijishan's sparkling yellow wine, launched in 2023, aims to attract younger consumers, but initial sales data shows limited long-term engagement, with online viewership dropping significantly after initial promotional events [2][3]. - The company reported that its main revenue source remains traditional yellow wine, which accounted for 92.15% of its total revenue in 2024, with sparkling wine contributing minimally [4]. Sales and Marketing Strategy - During the "618" sales event, Huijishan's promotional efforts included collaborations with celebrities and influencers, resulting in a peak online viewership of over 10,000 and sales exceeding 10 million within 12 hours [2][5]. - Despite initial success, the company has struggled to maintain high engagement levels in subsequent live streams, indicating challenges in sustaining consumer interest [3][5]. Future Outlook - Industry experts suggest that while innovations like sparkling yellow wine are intended to attract younger demographics, the effectiveness of these strategies in converting interest into sustained sales remains uncertain [7]. - Huijishan's management has indicated a commitment to enhancing online sales and product innovation to better cater to younger consumers, although specific metrics on user retention and conversion rates have not been disclosed [5][6].

中经酒业周报密切关注酒业发展情况，及时捕捉行业及企业最新动态。本期看点：5月酒类价格同比下降 2.0%，茅台、洋河人事重大变动，泸州老窖入选《中国档案文献遗产名录》，燕京啤酒实施"啤酒+饮 料"营销策略。 行业动态 1.国家统计局：5月酒类价格同比下降2.0% 6月9日，国家统计局发布的数据显示，5月全国酒类价格环比下降0.3%，同比下降2.0%；1-5月，酒类价格 同比下降2.0%。（国家统计局） 2.5月全国白酒环比价格总指数下跌0.27% 据全国白酒价格调查资料显示，5月全国白酒环比价格总指数为99.73，下跌0.27%。其中，名酒环比价格指 数为99.65，下跌0.35%；地方酒环比价格指数为99.72，下跌0.28%；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） 5.四川白酒品牌营销十大创新范例公示 6月6日，四川省酒业协会公示2024-2025年度四川白酒品牌营销十大创新范例征集评选结果。五粮液、泸州 老窖、剑南春等多家四川著名酒企入选十大创新范例。（四川省酒业协会） | 企业名称 | 创新范例名称 | | --- | --- | | 宜宾五粮液酒类销售有限责任公司 | ...

6月12日，A股震荡分化，新消费概念股再度爆发， 创新药概念股继续活跃，白酒股震荡走 低。 在市场分化 的 背景下，资金抄底白酒行业 。 昨日，资金借道酒ETF净买入体量位居全市场 首位， 而该产品跟踪的 中证酒 指数 ，已经连跌五年。今年截至目前，该指数大跌超12%， 指数点位创年内新低。 大盘指数缺乏方向性走势，横盘震荡，部分资金卖出 沪深300ETF 、 创业板ETF 等宽基产 品，针对 前期涨幅较大的医药ETF、恒生医疗ETF等 ，部分资金选择"落袋为安"。 昨日资金净流出 近56 亿元 酒ETF 净买入居首 Choice数据显示，截至 6 月 12 日，全市场 1116 只股票ETF（含跨境ETF）总规模达3. 53 万亿元。在 昨日 股市 震荡上行 行情中， 股票ETF市场总份额减少38.62亿份，按照区 间成交均价测算， 净流 出 资金 额 为 55.93 亿元。 从 ETF 大类 产品 来看， 当日 债券ETF与港股市场ETF净流入 金额 居前，分别达14.71亿 元与5.2亿元 。 指数维度，6月12日，跟踪 中证酒 指数 的ETF 单日净流入 金额 居前，达4.16亿元 。 跟踪 该指数的 ...

如今，中国市场悄然兴起的"悦己消费"正吸引日本企业的关注。 近日，作为上海第六届"五五购物节"系列活动之一，第二届"Japan Sake Month"于上海虹桥品汇举行。 本届活动以"2025和酒峰会"拉开序幕。据第一财经了解，此次有81家展商带来了日本的清酒、烧酎、泡 盛、梅酒、威士忌、啤酒等千余款产品，吸引了中国代理商、餐饮企业及行业专家的到场。此次活动由 日本贸易振兴机构（JETRO）上海代表处等联合主办。 作为中国国际进口博览会的招展合作伙伴，JETRO不仅将更多日本企业通过进博会的平台带入中国市 场，还通过上海虹桥品汇设立的"Japan Mall"这一常年展示平台，将展品变商品，采购变贸易，以虹桥 国际中央商务区为窗口，为长三角地区的发展作贡献，进一步促进两国间的经济贸易往来。 从餐桌走向露营 中国市场不断兴起的"悦己消费"是值得关注的新趋势。 日本清酒烧酒酿造商协会（JSS）的数据显示，2024年日本清酒出口额约为434.69亿日元（约合人民币 20.87亿元），出口量约为31056千升，同比2023年分别上涨6.37%、5.81%。中国大陆依然是日本清酒出 口额最大的市场，2024年共出口约11 ...

Core Viewpoint - The rise of counterfeit liquor in live-streaming sales has transformed the landscape of alcohol marketing, with brands facing significant challenges in protecting their intellectual property and ensuring product authenticity [1][2][11]. Industry Overview - A staggering 86.96% of alcohol companies have experienced intellectual property infringement, with trademark violations being the most prevalent at 78.26% [1]. - The live-streaming e-commerce sector has become a new growth point for alcohol companies, yet the lack of product traceability and accountability remains a critical issue [1][19]. Counterfeit Liquor Dynamics - Counterfeit liquor is being redefined in live-streaming contexts, often marketed under misleading terms such as "internal supply" or "limited edition" [2][11]. - Specific examples include a product falsely labeled as "Moutai" being sold for 299 yuan for 12 bottles, which was actually a different product from a company with multiple trademark infringement records [6][9]. Consumer Challenges - Consumers face significant difficulties in identifying genuine products, often relying solely on the host's presentation and claims [11][15]. - The complexity of the sales process in live-streaming makes it hard for consumers to determine accountability when counterfeit products are received [15][22]. Regulatory Environment - The regulatory framework is evolving, with the National Market Supervision Administration emphasizing the need for stricter enforcement against counterfeit and infringing products in the online space [17][19]. - Industry organizations are calling for a crackdown on price-cutting, counterfeit sales, and misleading advertising within the alcohol e-commerce sector [19]. Brand Responses - Major alcohol brands are increasing their anti-counterfeiting efforts, with companies like Moutai investing over 400 million yuan annually in anti-counterfeiting measures and establishing dedicated teams for market protection [19][22]. - Brands are also enhancing consumer education and urging purchases through official channels to mitigate risks associated with counterfeit products [19][22].