《"护城河"理论过时了，"共识平原"时代到来——从封闭城堡到开放价值网络的战略范式迁移》 【开篇：一座正在干涸的护城河】 1993年，沃伦·巴菲特在致股东信中，首次系统阐述了"护城河"理论：一家真正伟大的企业，必须拥有一条坚固持久的"护城河"，保护其丰厚的投资回报不 受竞争者侵蚀。这条河，或是品牌带来的定价权，或是专利构筑的技术壁垒，或是规模产生的成本优势。 > 狮也咨询 《思想领袖系列》 此后三十年，"护城河"成为商业战略的圭臬。企业家们毕生所求，便是在自己的城堡外，挖掘一条越来越宽、越来越深的沟壑，让对手望而却步。 然而，站在2025年的高地俯瞰，一幕奇景正在全球商业战场上发生： -可口可乐的百年品牌护城河，被元气森林用"0糖0脂0卡"的健康共识悄然绕过； -柯达用一万多项专利构筑的成像技术护城河，被智能手机摄像头定义的"即时分享"共识彻底冲垮； -沃尔玛以全球采购规模构建的成本护城河，被SHEIN用实时数据驱动的小单快反共识碾得粉碎。 攻击者没有架设云梯、没有填河攻坚，甚至没有看一眼那座固若金汤的城堡。他们只是走到更远处一片空旷的平原，振臂一呼，以全新的游戏规则，吸引走 了所有城堡里的居民和过往的商旅。 ...

记者丨张樱洁 编辑丨江佩霞 打工人的 "续命清单" 早已不止咖啡！每代年轻人都有专属的健康执念，最近一款主打 "抗炎养生" 的姜黄饮，正成为 年轻人的新宠，盒马同款更是屡屡卖断货，货架常处于补货状态。 12月4日， 21世纪经济报道记者走访发现，盒马的这款姜黄饮被摆放在超市门口最显眼的位置。一瓶100毫升的盒马姜 黄饮标价8.9元，而旁边300毫升的复合果汁饮料，卖7.9元还贴上了打七折的标签。 图/21世纪经济报道记者拍摄 这还不算最贵，市面上一款50ml的姜黄饮单价可达16.7元。差不多喝一口的价格够买三杯蜜雪冰城的柠檬水了。 不仅如此， 火爆全网的姜黄饮含糖量也惊人，记者发现，山姆一款 姜黄柠檬液 每100毫升含糖量高达32g，成为糖分 刺客，盒马"HPP姜黄生姜柠檬汁"1瓶含糖量近20g。 一边吐槽，年轻人却把姜黄饮都买断货，被称为"液体黄金"的姜黄饮到底是抗炎智商税还是续命神器？为啥年轻人愿 意买单？ 8 . 9元抗炎神饮被年轻人买断货 网友吐槽"又贵又难喝 " 姜黄和羽衣甘蓝、巴西莓粉一样，被认为是超级食物。但没人搞懂它们是如何成为商超顶流的。 21世纪经济报道记者发现，截至12月4日，话题 #姜 ...

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for selected stocks and sectors within the industry [4]. Core Insights - The white liquor sector is showing signs of recovery, with Shanxi Fenjiu focusing on national expansion, youth engagement, and internationalization strategies for 2026. The company is optimizing inventory and enhancing market capacity, which is expected to support growth [2]. - In the beverage sector, companies like Nongfu Spring are planning to strengthen their water and tea product lines while introducing new products. The beer segment is diversifying with new flavors to cater to changing consumer preferences [3]. - The report highlights the potential for growth in consumer staples, with companies like Three Squirrels expanding into a full-category strategy and Mengniu Dairy leading in deep processing innovations [7]. Summary by Sections White Liquor - Shanxi Fenjiu's 2026 marketing strategy focuses on nationalization, youth engagement, and precise consumer service. The company is targeting key markets and optimizing inventory to enhance growth potential [2]. - The white liquor industry is characterized by bottoming out in sales, clearing financial reports, and low expectations, suggesting a favorable environment for quality asset allocation [2]. Beer and Beverage - The beer sector is witnessing the launch of new products like Jin Xing Beer’s winter flavor, reflecting a shift in consumption patterns towards home and outdoor settings [3]. - Nongfu Spring's strategy for 2026 includes strengthening its core water products and expanding its tea offerings, indicating a focus on product diversification and market penetration [3]. Consumer Staples - Three Squirrels is advancing its full-category strategy with the opening of flagship stores, emphasizing community engagement and a wide range of products [7]. - Mengniu Dairy is enhancing its product line with deep processing innovations, which are expected to drive demand and improve the utilization of raw milk [7]. - The frozen food sector is recovering, with companies like Anjuke benefiting from new product launches and channel optimizations, indicating a positive market response [7].

（原标题：8.9元抗炎神饮被年轻人抢断货！网友吐槽"又贵又难喝"） 打工人的 "续命清单" 早已不止咖啡！每代年轻人都有专属的健康执念，最近一款主打 "抗炎养生" 的姜 黄饮，正成为年轻人的新宠，盒马同款更是屡屡卖断货，货架常处于补货状态。 12月4日，21世纪经济报道记者走访发现，盒马的这款姜黄饮被摆放在超市门口最显眼的位置。一瓶100 毫升的盒马姜黄饮标价8.9元，而旁边300毫升的复合果汁饮料，卖7.9元还贴上了打七折的标签。 据记者观察，目前，国内多个电商平台已有多个品牌推出姜黄饮。虽然它们的配方不尽相同，但都有一 个共同的特点——贵。 在小红书爆火的?So Acai?单瓶50毫升的浓浓姜黄饮售价16.7元；健康食品品牌有乐岛单瓶60毫升的姜黄 饮（加浓版）售价11.7元；盒马单瓶100毫升的HPP姜黄生姜柠檬汁售价8.9元……这里提到的价格有些 还是电商平台券后的打折价。 姜黄饮的味道也更一言难尽。 酸、苦、辣得烧喉咙……当21世纪经济报道记者喝下第一口盒马的姜黄生姜柠檬汁后，突然觉得100毫 升也有点多了。在社交媒体上，也有许多人吐槽姜黄饮难喝：一口下去眼泪都要憋出来了；喝一口直接 呕；完全没办法 ...

Core Viewpoint - Haier's expansion into the beverage industry through the establishment of Jiangyin Hailan Water Beverage Co., Ltd. is seen as a strategic move to diversify and meet internal demands, although the competitive landscape poses significant challenges for market entry [1][3][5]. Company Overview - Jiangyin Hailan Water Beverage Co., Ltd. is a wholly-owned subsidiary of Hailan Home, with a registered capital of 5 million yuan, focusing on the manufacturing of beverages and related products [3][4]. - The company aims to leverage its extensive network of over 7,200 stores to enhance customer service and reduce costs [4][6]. Financial Performance - Hailan Home reported a revenue of 15.599 billion yuan for the first three quarters of the year, reflecting a year-on-year growth of 2.23%, while net profit decreased by 2.37% to 1.862 billion yuan [1][5][6]. - The company's sales expenses have significantly increased, reaching 3.524 billion yuan in the first three quarters, compared to 2.403 billion yuan in 2020 [6]. Market Challenges - The beverage market is characterized by intense competition, with established players dominating the landscape, making it difficult for new entrants like Hailan Water to gain market share quickly [5][6]. - Analysts express skepticism about Hailan's ability to compete effectively due to challenges in brand recognition, channel distribution, and supply chain management [5][6]. Strategic Insights - The move into the beverage sector is viewed as a low-risk diversification strategy, allowing Hailan to experiment with new business models without significant financial commitment [4][5]. - Hailan's reliance on a strong marketing strategy and extensive store network has been a key driver of its sales, but this approach may lead to long-term challenges in product innovation and market relevance [6].

1、摩尔线程市值3000亿，科创板今年最大IPO诞生 12月5日，摩尔线程正式在上海证券交易所科创板挂牌上市，成为中国首家登陆资本市场的全功能GPU企业。此次IPO发行价为114.28元/股， 募资80亿元，开盘暴涨468%，中一签可赚近27万元，开盘市值超3000亿元。至此，摩尔线程成为今年迄今为止A股发行价最高新股，也是科 创板年内最大IPO。（延伸阅读→市值2800亿，2025科创板迎来最大IPO！"中国英伟达"背后的资本天团） 2、京东、美团、淘宝闪购：将自愿执行《外卖平台服务管理基本要求》国家标准 截至12月5日，京东外卖、美团、淘宝闪购均发布关于执行《外卖平台服务管理基本要求》推荐性国家标准的声明，表示将自愿执行《外卖平 台服务管理基本要求》国家标准，把标准要求系统融入平台运营管理和服务流程之中，持续优化平台规则，提高商户与配送员服务管理水平， 提升消费者体验，保障配送员、消费者和商户各方权益。（上海证券报） 3、小牛电动、雅迪、台铃三大电动车品牌，回应近期新国标车型相关争议 12月5日，小牛电动、雅迪、台铃三大电动车品牌相继发布声明，回应近期新国标车型相关争议。针对网传"不能带小孩""铁皮座椅" ...

上市企业：养元饮品（603156）,承德露露（000848）,东鹏饮料（605499）,均瑶健康（605388） 2020-2025年1-10月中国饮料产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 相关报告：智研咨询发布的《2026-2032年中国饮料行业市场运营格局及未来前景分析报告》 根据国家统计局数据显示：2025年10月中国饮料产量为1096万吨，同比下降1.3%；2025年1-10月中国饮 料累计产量为15550.1万吨，累计增长3.4%。 ...

值得注意的是，10月中旬，有消息称，祝丽丹已经被带走调查，引发广泛关注。当日晚间，祝丽丹在接受媒体采访时， 否认了这一消息。此外，宏胜饮料集团另一核心成员严学峰因为涉嫌违纪，曾被杭州市上城区纪律检查委员会立案调 查。随后，又被解除立案审查，并恢复工作。 今年，宏胜集团申请注册了多枚"娃小宗""宗小哈""娃小哈"商标，国际分类涉及食品、啤酒饮料、广告销售等。9月， 有报道称，娃哈哈或使用新品牌"娃小宗"。 10月下旬，有山东娃哈哈经销商向媒体证实，已经接到宗馥莉所控股的宏胜系业务员通知，2026年继续销售"娃哈哈"品 牌产品。 责任编辑：刘万里 SF014 12月5日，天眼查官网显示，宏胜饮料集团有限公司（简称"宏胜集团"）新增一条开庭公告，宏胜集团为被告，原告为 赵某，案由为劳动争议。该案将于12月11日开庭。 据了解，宏胜集团由宗馥莉控股。官网资料显示，宏胜集团成立于2003年，以饮料为主业，同时经营饮料上游产业链配 料生产、高端装备制造、印刷包装，提供饮料生产全产业链解决方案。 宏胜集团由恒枫贸易有限公司100%控股。 智通财经10月底曾从知情人士处确认，宏胜集团法定代表人祝丽丹已离职，办公室已搬空。11 ...

12月2日至5日，2025企业家博鳌论坛系列活动在海南博鳌举办。作为论坛的重要活动之一，国民 共"拾"光——2025新消费发展论坛于3日举办。政府人士、专家学者、企业代表齐聚一堂，共同探讨新 消费的发展趋势、共商产业升级路径、共话品牌成长未来。 2025企业家博鳌论坛系列活动由新华社品牌工作办公室、新华网（603888）、新华社海南分社主办，活 动以"链接全球，引领未来：'十五五'新机遇"为主题，包括世界500强、中国500强和行业领军企业家在 内的各界嘉宾汇聚一堂，共话"十五五"发展新机遇，共探新发展格局下企业发展的新路径、新作为。 在论坛现场，华彬快速消费品集团总裁彭滨围绕新消费趋势下的品牌发展、产品创新与产业协同，分享 了企业的实践与思考。 "真正的功能饮料无论是保健食品还是普通食品，一定要有卓越的产品设计和健康理念。"彭滨强调，满 足不同消费人群需要的健康饮品是饮料行业十分重要的战略定位。 据悉，2025企业家博鳌论坛上，华彬集团发布了焕然一新的战马产品。彭滨介绍:"新战马是建立在美学 和口味基础上，层次丰富。认证注册检验机构出具的功能试验报告显示，在被评价缓解体力疲劳作用的 4个对比评价试验项目中， ...

Investment Rating - The report does not explicitly provide an investment rating for the food and beverage industry Core Insights - The sports nutrition sector is experiencing rapid growth, with the global market expected to increase from 188.13 billion yuan in 2025 to 306.47 billion yuan by 2032, reflecting a compound annual growth rate (CAGR) of 7.22%. In China, the market is projected to reach 20.93 billion yuan by 2030, with a CAGR of 11.56% [2] - The beverage market in China is witnessing a trend of "market position certification," where non-first-tier brands obtain certifications like "sales leader" and "category pioneer" to differentiate themselves in a saturated market [2] - The Japanese ready-to-drink coffee market is shifting from canned to PET bottle packaging, with PET bottles increasing from 30% in 2017 to over 40% in 2023, reflecting changing consumer preferences towards convenience and emotional connection [5] Industry Trends - The sports nutrition industry is a rapidly growing segment of the health supplement market, with a focus on serving active individuals. The market is highly concentrated in China, with the top three companies holding a 70% market share [2] - The beverage market is seeing a rise in "market position certification," which is a strategy for non-first-tier brands to establish credibility and differentiate themselves amid intense competition [2] - The dairy industry is focusing on deep processing technologies to enhance the nutritional value of milk, aiming for a transformation from quantity accumulation to quality improvement [5] - The ready-to-drink coffee market in Japan is experiencing a shift towards PET packaging, driven by consumer demand for convenience and a more leisurely drinking experience [5] - The health beverage sector is rapidly evolving, with products like birch sap showing a compound annual growth rate of over 300% in the past three years, indicating a strong consumer preference for natural and functional drinks [8] - The no-sugar tea market is transitioning from growth to maturity, with established brands gaining market share while new entrants face significant competition [8] - The sports drink market is rapidly expanding, with brands like Dongpeng's "Bushi La" gaining significant market share through competitive pricing and promotional activities [12] Top Brand News - Starbucks has launched a themed marketing campaign featuring classic millennium songs to enhance customer experience and promote seasonal products [14] - The ready-to-drink yogurt market is seeing significant growth, with brands like "Mo Yoghurt" leveraging celebrity endorsements to enhance brand visibility and consumer engagement [14] - Sanyuan Foods reported a 124.84% increase in net profit, driven by its low-temperature milk segment, showcasing the potential for growth in the dairy market [17] - JD.com has established a dedicated department for prepared food, indicating a strategic focus on the growing market for convenience foods [19] - Farmers Spring has introduced new ready-to-drink coffee products, aiming to capture market share in a competitive landscape dominated by established brands [20]