本文自南都·湾财社。 采写 | 南都·湾财社记者 张海霞 白酒调整周期下，世界酒业巨头的日子也不算好过。 帝亚吉欧："从未提及要出售"，但"无法拒绝的报价"会考虑 此前，有消息称，帝亚吉欧目前已开始考虑包括出售选项在内的方式，优化其在中国的投资组合，投行高盛集团及瑞银集团已与帝亚吉欧展开合作并审查 其中国资产的运营情况。 其中，帝亚吉欧的控股子公司水井坊"是否会被出售"成为关注的焦点。 南都湾财社记者注意到，关于水井坊要"被出售"的传闻不少。就在2025年12月底，市场盛传川酒"六朵金花"之一的剑南春将对其进行收购；随后，水井坊 紧急发布澄清公告，称相关传闻不实，不存在任何拟收购或被收购计划。 在近日的业绩说明会上，帝亚吉欧管理层明确回应了市场关注的出售水井坊传闻。 帝亚吉欧管理层回应称，从未提及要出售水井坊资产，但如果有人针对不属于帝亚吉欧核心战略的资产提出"无法拒绝"的报价，帝亚吉欧也会有兴趣参与 其中。但帝亚吉欧的目的是希望通过处置部分非核心资产来降低杠杆，并没有低价甩卖品牌的想法。 有分析认为，从这一表态看，水井坊并非帝亚吉欧主动寻求出售的标的，而且如果要出售，也需要买方给出帝亚吉欧无法拒绝的报价。水 ...

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [26]. Core Insights - The traditional consumer leaders in the food and beverage sector are exploring new paths, with initial positive results observed. The report highlights the acceleration of white liquor clearance and the catalyzing effect of the peak season for mass-market products [1][13]. - The liquor industry is currently at the bottom of its cycle, with expectations for sales to stabilize over the next three years. The report notes a significant price drop in high-end whiskey (approximately 50%) and a smaller decline in brandy (10-20%) due to decreased demand and a return to reasonable pricing [10]. - In the mass-market segment, companies are actively adjusting strategies, leading to improved performance. Notable companies include Xianle Health, which is leveraging overseas expansion and AI to drive growth, and West Wheat, which is enhancing its competitive advantage through channel expansion [11][12]. Summary by Sections 1. Meeting Feedback: Liquor at Cycle Bottom, Mass-Market Highlights - Liquor is at a cyclical low, with future sales expected to stabilize. The domestic brandy market remains stable, dominated by three major brands [10]. - The mass-market segment shows a divergence in demand, with companies like Xianle and West Wheat continuing to grow, while traditional companies are adjusting to improve performance [11]. 2. Investment Recommendations: Strengthening White Liquor Bottom, Catalyzing Mass-Market Peak Season - The report recommends Moutai and emphasizes the importance of Gujing, anticipating a recovery in demand as the Spring Festival approaches. The report suggests that companies are transitioning from passive responses to proactive adjustments [13]. - In the mass-market segment, the report highlights Anqi as a key recommendation, along with opportunities in restaurant supply chains and snack sectors as the Spring Festival approaches [13].

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [26]. Core Insights - The traditional consumer leaders in the food and beverage sector are exploring new paths, with initial positive results observed. The report highlights the acceleration of white liquor clearance and the catalyzing effect of the peak season for mass-market products [1][13]. - The report discusses the current state of the liquor market, indicating that the洋酒 (foreign liquor) sector is at the bottom of its cycle, with expectations for sales to stabilize over the next three years. The decline in high-end whiskey prices has been approximately 50%, while brandy prices have decreased by 10-20% [10]. - In the mass-market segment, companies are actively adjusting their strategies, leading to improved performance. Notable companies include仙乐健康 (Xianle Health),西麦 (Ximai), and妙可蓝多 (Miaokelando), which are leveraging new channels and product innovations to drive growth [11][12]. Summary by Sections 1. Meeting Feedback -洋酒 is currently at the bottom of its cycle, with future sales expected to stabilize. The decline in sales is attributed to decreased demand and a return to reasonable pricing after previous high valuations [10]. - In the mass-market segment, there is a divergence in demand, with companies making adjustments that are starting to yield results. Growth is seen in functional foods and cheese products, while traditional sectors are still facing challenges [11]. 2. Investment Recommendations - For white liquor, the report recommends focusing on茅台 (Moutai) and古井 (Gu Jing), anticipating a recovery in demand as the Spring Festival approaches. The report suggests that the market is transitioning from passive responses to proactive adjustments, with a clearer outlook as the year progresses [13]. - In the mass-market segment,重点推荐安琪 (Anqi) and selected opportunities in餐供 (restaurant supply) such as安井 (Anjing) and巴比 (Babi). The report emphasizes the potential for growth in overseas markets and the importance of cost management [13].

Group 1: Event Overview - The 8th China International Import Expo concluded on November 10, achieving a record intended transaction amount of $83.49 billion, a 4.4% increase from the previous edition [1] - The exhibition area exceeded 367,000 square meters, with 4,108 companies from 138 countries and regions participating, marking historical highs in both exhibition space and number of exhibitors [1] - Among the exhibitors, 290 are Fortune Global 500 companies, and 180 companies have participated in all eight editions, highlighting China's strong market appeal [1] Group 2: Industry Insights - Multinational corporations indicated that China has become one of their most important global markets, with continued growth expected [1] - Lululemon showcased its brand across six categories, emphasizing a desire to grow alongside the Chinese market rather than solely focusing on sales [3] - The Da Vinci surgical robot was a highlight in the medical sector, with expectations that China could surpass the U.S. to become the largest market for surgical robots [5] - Pernod Ricard's debut of the first Chinese-origin whiskey, "Diechuan," reflects confidence in the Chinese market, with plans for a 1 billion RMB investment over ten years [8] - Bayer introduced a new crop health product line at the expo, aiming to leverage its global advantages to assist successful domestic companies in expanding internationally [9] - Schneider Electric showcased innovations in digital transformation and green development, emphasizing increased R&D investment in China due to its vast market and talent pool [11]