本文来自微信公众号： 秦朔朋友圈 （ID：qspyq2015） ，作者：何菲，题图来自：AI生成 明显感觉到，我生活的时代，我生活的城市和这座城市的人，到处都在转型。 大约在千禧初年到2017、2018年左右，我们友人之间小酌多数是喝红酒，不管真懂还是假懂，总得 在饮上一口后，用风雅感性的词汇评价一番。为此我还浮光掠影地研究过几年红酒，写过不少相关文 章。 后来，红酒热潮渐渐退去，进入平台期，身边友人们小酌的风格偏好渐渐往白酒方向转化。 前几年某次友人小聚，我坐在中医药大学少壮派教授身边，他执意鼓励我喝点白酒，说是补气、抗病 毒。从此我小酌时的主流佐餐酒换成了白酒。记得那天还有友人往白酒壶里加了半壶蒜瓣，说是能杀 灭病毒。坊间也有"加了蒜片的光瓶玻汾，能喝出青花汾的味道来"的传说。 杯里乾坤大，壶中日月长。 世界六大蒸馏酒的诞生地都分布在北纬25～40度之间，中国的两大名酒带——川贵名酒带和江淮名 酒带，都处于这个地理位置。 有很多年，白酒一直延续高端化的宏大叙事，有"向天再借五百年"的气势，代言人都是影视剧里常常 出现的帝王将相，再低调也是千里江山、雄厚激荡的调性，白酒似乎是传统文化的集大成者。 那些年，飞 ...

今年以来，白酒价格持续波动，降价成市场趋势，国家统计局最新数据为酒类市场释放更清晰信号。 根据国家统计局近日公布的数据，2025年6月份，全国居民消费价格同比上涨0.1%。但酒类价格同比下降1.7%， 环比下降0.3%；而纵观1-6月整体表现，酒类价格更是录得2.0%的同比降幅。持续走低的价格曲线背后，是消费市 场深层逻辑的悄然转变。 | | | 环比涨跌幅 | 同比涨跌幅 | 1-6月 | | --- | --- | --- | --- | --- | | | | (%) | (%) | 同比涨跌幅 (%) | | 居民消费价格 | | -0.1 | 0.1 | -0.1 | | 其中:城市 | | -0.1 | 0.1 | 0.0 | | 农村 | | 0.0 | -0.2 | -0.3 | | 其中:食品 | | -0.4 | -0.3 | -0.9 | | 非食品 | | 0.0 | 0.1 | 0.1 | | 其中:消费品 | | -0.1 | -0.2 | -0.4 | | 服务 | | 0.0 | 0.5 | 0.4 | | 其中:不包括食品和能源 | | 0.0 | 0.7 | 0.4 | | ...

Group 1 - The perception of Moutai's price floor is high among consumers, leading them to believe that prices will not drop below certain levels, such as 1500 yuan or 1000 yuan [1][4] - Many consumers purchase Moutai not for consumption but as a status symbol or investment, indicating its luxury brand status [3][5] - The demand for high-end liquor has significantly decreased due to changing consumption scenarios, particularly in business contexts, which has affected the overall market for premium liquor [5][12] Group 2 - The current market environment shows a lack of confidence in the future of high-end liquor, with excess production capacity and reduced consumer demand [6][12] - Liquor manufacturers face two potential strategies: controlling supply to stabilize prices or increasing market supply while lowering prices and quality [8][9] - Historical examples illustrate that many once-premium liquor brands have transitioned to lower-tier products, raising concerns about the long-term value of current high-end offerings [11][12] Group 3 - The recommendation for consumers is to assess their actual need for liquor rather than purchasing for speculative purposes, especially given the current market dynamics [12][13] - If Moutai's price were to drop significantly, it could lead to a shift in its perception as a premium product, impacting its use in high-end business settings [12][13]

Group 1: Management Changes in the Alcohol Industry - The alcohol industry has seen a series of high-level management changes since last year, with companies like Yanghe, China Resources Beer, and Jinzhongzi Wine experiencing shifts in leadership, indicating a strong intent from shareholders and investors to boost performance [1] - Jinzhongzi Wine's General Manager He Xiuxia has resigned, and the company is facing significant market share pressure, with 2024 revenue projected to drop to 925 million yuan, a stark contrast to over 2 billion yuan in previous cycles [5] - Yanghe has appointed Gu Yu as the new Party Secretary, replacing Zhang Liandong, who has stepped down amid a challenging period for the white liquor industry [6][7] Group 2: Trade and Regulatory Developments - The Ministry of Commerce has concluded an anti-dumping investigation into EU brandy, determining that dumping margins range from 27.7% to 34.9%, leading to the imposition of anti-dumping duties starting July 5, 2025 [2][3] - A total of 34 EU brandy exporters, including well-known brands like Martell and Hennessy, can avoid these duties by adhering to price commitments approved by Chinese authorities [3] Group 3: Market Trends and Promotions - Taobao Flash Sale has initiated a new subsidy program, investing 50 billion yuan, resulting in a significant increase in orders, particularly in the alcohol sector, with some brands seeing order volumes double [4] - Kuaizi Jiao reported that its high-end "Jian" series products have not performed as expected, with sales and consumer feedback being less favorable compared to older products [10] - Xijiu has launched a promotional campaign offering buy-three-get-one-free deals on various products, indicating a strategy to boost sales through consumer incentives [11]

食品饮料 2025 年 07 月 06 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-07 2024-11 2025-03 食品饮料 沪深300 相关研究报告 《白酒持续探底，新消费标的值得重 视—行业周报》-2025.6.29 《"禁酒令"纠偏催化反弹，重视板 块底部机会—行业周报》-2025.6.22 《5 月社零增速稳步上行，内需动力进 一步修复—行业点评报告》-2025.6.17 白酒承压待布局，魔芋赛道涌生机 ——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：白酒探底迎配置，关注魔芋扩容机会 6 月 30 日-7 月 4 日，食品饮料指数涨幅为 0.6%，一级子行业排名第 19，跑输沪 深 300 约 0.9pct，子行业中肉制品（+1.2%）、白酒（+1.2%）、烘焙食品（+0.9%） 表现相对领先。前期白酒批价走弱，一方面是受到电商 618 补贴影响，另一 ...

贵阳网·甲秀新闻讯 当传统酱酒遇上AI定制，当微醺套餐碰撞文娱活动，一场关于酒文化消费的革新正在多彩贵州城上演……今 年以来，贵阳贵安高度重视从"卖酒"到"卖生活方式"的转变工作，多彩贵州城也通过打造酱酒体验店、美酒一条街，推出优质 酱酒促销活动等方式，更好地满足消费者多元需求，构建文旅消费新场景，切实推动从"卖酒"向"卖生活方式"的转变。 "今年原鼓捣喫小酒馆进行了业态升级改造，在原有'国风小酒馆'定位的基础上，又加入了'祈福'元素，打造了祈愿酒屋。" 逍迅 公司（营销中心）新媒体运营中心主任罗倩称，在这里不仅有年轻人喜爱的时尚特调，贵州茅台、习酒、金沙小酱酒等知名酱 酒也能"一网打尽"，还搭配小食推出了酱酒按两卖的"微醺套餐"，并增加酱酒工艺、闻香体验等酒文化展示区，企业和个人都 能通过酱酒文化AI体验区的小程序进行专属瓶装酒定制。 "扫描二维码，顾客即可自行在小程序后台上传图片、视频，定制酒瓶上会植入NFC芯片，手机轻轻一碰即可读取云端存储的视 频、图片等，赋予定制酒收藏价值与纪念属性，让酒瓶成为'可传承的记忆载体'，企业也能定制自己专属的酒类产品，打造个性 品牌。" 罗倩说，通过AI定制这一创新结合， ...

Core Insights - The 618 shopping festival has concluded, leading to varied price movements in the white liquor market, with some products experiencing price increases while others continue to decline [1][2][3] Price Trends in Major Cities - In Guangzhou, among 21 sampled white liquor products, 9 saw a decrease in average retail price, while 8 experienced an increase, and 4 remained unchanged [2] - Notably, high-end products like Moutai and Guojiao 1573 have seen price drops, with Moutai's average retail price falling to approximately 2304 RMB, a decrease of about 100 RMB from the previous period [2][3] - In Shenzhen, Moutai's average retail price is reported at 2298.5 RMB, with a notable decline in several high-end products due to ongoing market pressures [7][10] - East Dongguan's market shows a mixed trend, with 9 products increasing in price and 5 decreasing, highlighting the volatility in high-end liquor pricing [12][13] Online vs. Offline Pricing - Online platforms, particularly instant retail channels, are showing lower prices compared to offline supermarkets, with Moutai priced at 2229 RMB online, which is about 75 RMB lower than the overall average [3][8] - The price discrepancies between online and offline channels are significant, with products like Junpin Xijiu and Qinghua Lang being sold for much lower prices online compared to their offline counterparts [3][8] Impact of Regulatory Changes - The ongoing "ban on alcohol" has significantly impacted sales, particularly in high-end segments, leading to price reductions as businesses attempt to stimulate demand [9][10] - The combination of the 618 festival and regulatory changes has created a challenging environment for liquor companies, as they navigate maintaining sales volume and pricing stability [1][17] Summary of Average Prices - The average prices for key products as of July 4th are as follows: - Moutai: 2367.62 RMB [19] - Wuliangye: 1010.27 RMB [19] - Junpin Xijiu: 833.17 RMB [20] - Qinghua Lang: 943.11 RMB [20] - Guojiao 1573: 993.42 RMB [20]

一纸"禁酒令"叠加近期大促导致的产品跌价，高端白酒近期过得有点难。 近期，南都湾财社-酒水新消费指数课题组记者注意到，在政策和消费环境的变化下，高端白酒消费受 到较大影响。其中，此前颁布的《党政机关厉行节约反对浪费条例》被称为最严"禁酒令"，新规发布后 白酒行业瞬间被推上舆论风口，虽然政务消费占比已"忽略不计"，但部分商务接待场合却受到一定影 响。 与此同时，"超长待机"的618大促以及即时零售的杀入，高端白酒在持续跌价的基础上"雪上加霜"，飞 天茅台补贴后零售价2000元左右、第八代五粮液900元出头，国窖1573到手900元，青花郎及君品习酒在 700元上下……高端白酒价格带进一步下移。 不过，正如十多年前白酒从政务消费为主转型至商务消费一样，政策环境和价格变化正在促使高端白酒 进入另外一个新的转型期，从商务场景"出走"之后，高端白酒正瞄准个人小酌、聚会及家庭宴席等新的 大众消费场景。 部分商务场景受限叠加价格下跌，高端酒不再"高端"？ 基于公务接待用酒量已"忽略不计"的大背景下，因此在本次"禁酒令"颁布之时，业界认为，理论上商务 接待不受"禁酒令"影响，前景"尚算乐观"，但是在间接上，该场景的饮酒人群或 ...

2025年4月8日，贵州习酒投资控股集团有限责任公司（以下简称"习酒"）在贵阳召开2025 年一季度营销工作会，第一季度，习酒营 业收入实现了71.8亿元，同比增长10.7%。但增速却有所放缓，已然跌破2024年15%的酱酒行业平均增速。 对此，中国企业资本联盟中国区首席经济学家柏文喜指出："2022年习酒脱离茅台独立后，虽然在品牌和市场推广上有了一定的自主 性，但也失去了茅台的部分资源支持。在独立后的品牌建设和市场拓展过程中，需要时间来适应和调整，这也对其增速产生了一定 影响。" 管理团队不敢放开拳脚做事儿？ 资料显示，习酒与茅台有着深厚的历史渊源。1998年，习酒并入茅台集团，在茅台的庇佑下，习酒从一个濒临破产的地方酒厂逐渐 发展壮大。 在脱离茅台之前，习酒借助茅台的品牌背书、技术支持和渠道资源，实现了快速发展，实现了从地方小厂到百亿级白酒品牌的跨 越。 在2019 - 2022年期间，习酒业绩一路攀升，营业收入从收购前的16亿元，一路飙升至独立时突破200亿元，酱香酒市场份额也从收购 前的3.2%升至独立时的12.3%，稳稳占据酱酒行业第二的位置。 但随着习酒的发展，其上市的诉求愈发强烈。而同一集团不能 ...

1914年清华讲台上，梁启超高呼"自强不息，厚德载物"， 八字箴言自此铭刻为校训，更熔铸为梁氏家魂。 从文化守护到科学攻坚， 从教育拓荒到外交折冲， 君子精神在子女躬身实践中灼灼生辉。 时代有我，君品相传。由凤凰网出品，贵州习酒联合打造的访谈节目《君品谈》第五季，本期对话梁启超孙女、梁思礼之女、前中国航天科技集团公司高 级工程师梁红，讲述她的家族故事。 01 君子之训：从清华校训到家风传承 清华校训碑前 ，"自强不息，厚德载物" 的刻痕浸透百年光阴。 1914年，梁启超在清华大学做了一场题为《君子》的演讲。在这次演讲中，他引用了《易经》中的"天行健，君子以自强不息；地势坤，君子以厚德载 物"两句古训，以此勉励清华学子应成为品德高尚、勇于担当的君子。 梁红说，祖父在国家面临内忧外患的背景下提出这一"君子"之道，其核心凝聚着对国家与民族的深沉责任感。在她看来，无论时代如何变迁，"自强不 息"的奋斗精神与"厚德载物"的包容胸怀，始终是做人的根本。 02 家教智慧：梁启超的因势利导与言传身教 梁红（左）向吴小莉（右）讲述家风传承 梁启超不仅是君子精神的倡导者，更将教育智慧融入对子女的悉心引导。 回望梁启超先生为父之道 ...