在10月31日举行的国际蒸馏酒品牌价值发布大会上，五粮液股份公司总工程师杨韵霞以《基于卓越品质的品牌建设和美 实践》为题，分享了五粮液品牌建设与全球化发展的和美路径。她表示，作为中国浓香型白酒的典型代表，五粮液始终 将品质置于企业生存发展的核心地位，将"品质为基"理念深度融入企业战略和运营全过程，以全系产品架构、全链质量 管控、全员质量文化持续赋能品牌形象、提升品牌价值。五粮液始终致力于基业常青，做国际最受欢迎的中国白酒领军 企业，从"业务、品牌、合作、管理、组织"五个方面明确了国际化战略，更加注重研究并融入本地文化，利用本地媒 体、本地语言、本土方法，进行市场渗透。 作为世界上首个以五种粮食酿造的蒸馏酒和最早走向世界的民族品牌之一，五粮液始终秉持"和合共生，美美与共"的理 念，积极拥抱世界。截至目前，五粮液已香飘全球数十个国家和地区，五粮液大酒家落地中国香港、日本东京、新加坡 等地，以"美酒+美食""展示+品鉴""产品+文化"的创新模式，通过本地化场景运营，让中国味道融入全球品质生活；独 家打造的行业首个"和美全球行"跨国主题文化交流活动先后走进全球19个国家和地区，跨界携手米其林指南、意大利金 巴利集团， ...

Core Insights - Sichuan is the core region of China's liquor industry, with a unique "concentrated aroma and sauce aroma" production layout, contributing over 45% of the national liquor manufacturing revenue and 18.7% of total profits in 2023 [1] - The "region + brand + culture" development model has established a rare ecological system in the liquor industry [1] Industry Foundation - Sichuan's liquor industry benefits from significant cluster effects, with key production areas like Yibin, Luzhou, and Deyang forming a differentiated competitive landscape [3] - Yibin's Wuliangye leads with sales revenue exceeding 80 billion yuan in 2023, while Luzhou Laojiao focuses on green brewing and smart production, producing over 100,000 tons of quality base liquor annually [3] - The brand hierarchy is clear, with top brands like Wuliangye and Luzhou Laojiao complementing smaller brands, and Wuliangye's classic series driving price increases through brand strength [3] Cultural Integration - Sichuan is leveraging "liquor and tourism integration" as a strategic approach, exemplified by Luzhou Laojiao's "1573 National Treasure Cellar Group" cultural tourism IP, attracting over 2 million visitors annually [4] Current Challenges - The industry faces three core contradictions: overcapacity versus quality upgrades, channel pressure from traditional distribution models, and generational shifts in consumer preferences [5] - Despite a slight decline in production in 2023, profits have increased, indicating a painful transition towards quality over quantity [5] - The penetration rate of instant retail in Sichuan is 10%, significantly higher than the national average of 3%, leading to a split in terminal sales channels [5] Path to Resolution - The industry must embrace digitalization, internationalization, and sustainability to overcome challenges [6] - Innovations in production, such as smart brewing and green transformation, are being adopted, with companies like Luzhou Laojiao utilizing IoT technology to enhance quality [6] - Marketing strategies are shifting towards comprehensive traffic operations, with platforms like Douyin achieving significant sales growth [6] Future Outlook - The Sichuan liquor industry is expected to evolve through three major trends: technology-driven industry collaboration, ESG value reshaping, and the continuous evolution of new consumer ecosystems [8] - The provincial government aims for the liquor industry's profits to exceed 120 billion yuan by 2027, integrating ESG scores into policy assessments [8] - The future competition will focus on the entire ecosystem's symbiosis rather than individual companies [10]

Core Viewpoint - The article discusses the structural differentiation in the current stock market, highlighting the significant performance gap between A-shares and Hong Kong stocks, driven by foreign capital inflow, the weight advantage of technology stocks, and differing policy expectations [2][3]. A-share High Dividend Portfolio: Stable Foundation for Value Reassessment - Financial Performance and Dividend Capability: In a low-interest and volatile market, high-dividend companies are preferred for their stable cash flow and shareholder returns. The total dividend of central state-owned enterprises is expected to reach 1.17 trillion yuan in 2024, accounting for 50% of the total A-share dividends [4][5]. - Key Companies: China Shenhua is expected to have a dividend yield of over 5.9% in 2024, while Huaneng International plans a dividend payout ratio of at least 50% of distributable profits. Wuliangye and Muyuan Foods are also highlighted for their strong financial performance and dividend potential [4][5][6]. - Competitive Moat: The sustainability of the high-dividend portfolio relies on the companies' competitive advantages, including cost advantages in the energy sector and brand differentiation in consumer goods [6]. - Market Outlook: The core opportunities for the high-dividend portfolio in 2025 include the resonance of declining interest rates and stable growth policies, with specific catalysts in the energy and consumer sectors [7]. Hong Kong Growth Portfolio: Profit Elasticity and Industry Wave Resonance - Financial Performance and Growth Momentum: The Hong Kong portfolio focuses on internet, consumer, and innovative pharmaceutical sectors, benefiting from global liquidity easing and AI breakthroughs. Meituan's revenue is expected to reach 337.6 billion yuan in 2024, with a net profit increase of 158.4% [8][9]. - Competitive Moat: The growth portfolio's moat is derived from network effects, research and development accumulation, and global capabilities, with companies like Tencent and Meituan leveraging their ecosystems [10]. - Market Outlook: The core opportunities for the Hong Kong growth portfolio in 2025 are driven by global liquidity easing and clear industry policy catalysts, particularly in AI applications and innovative pharmaceuticals [11]. Comparison of Portfolios and Investor Preferences - Market Performance and Fund Flows: Investors are currently favoring the Hong Kong growth portfolio due to significant performance differences, with the Hang Seng Index rising 16.1% compared to the -2.41% decline of the CSI 300 [13][14]. - Investor Structure Preference: The high-dividend portfolio attracts conservative investors such as insurance funds, while the growth portfolio appeals to foreign capital and growth-oriented funds [15][16]. - Current Popularity Assessment: The Hong Kong growth portfolio is more favored due to its higher earnings growth rate and alignment with global technology trends, while the high-dividend portfolio remains attractive for risk-averse investors [16][17].