专题：2025赤水河论坛 2025赤水河论坛于10月28日至29日在贵州省茅台镇举办，江苏今世缘酒业股份有限公司副总经理胡跃吾在演讲中表示，对于白酒行业数字化转型已不再是选择题。而是关乎长远发展的必修课 他表示，数字化不仅是技术手段的革新，更是发展理念、商业模式、运营管理的全方位、深层次的变革。 他谈到今世缘的几点体验： 第一、聚焦智能酿造以数字化铸就品质根基。 品质是酒业的生命线，将智能酿造技术深度融入传统的酿造工艺，打通全链条酿酒的智慧大脑，让每一瓶今世缘国缘的酒质量品质更加的稳定，更加的卓越。同手工车间相比，我们的智能化车间 二、重塑营销生态以数字化拉近与消费者的距离。 在消费者主权时代，理解并快速响应市场的需求至关重要。我们积极构建全域数字化的营销体系，精准响应渠道客户和消费用户的。不同的需求。在渠道客户层面，通过营销激励分利的系统。全 三、创新文化表达以数字化创造沉浸体验。酒是物质的，更是文化的。我们致力于用数字技术让传统的源文化在新时代活起来。活起来，为品牌文化注入新的表达形式。 在我们的酒厂厂区，我们以XR技术打造沉浸式的展厅元宇宙。游客在光影中感受缘分的故事，也留下在青石园的独特记忆。 四、优 ...

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, particularly highlighting the white wine sector as it is expected to clear and stabilize, with gradual improvements in the mass market [1]. Core Insights - The white wine sector is currently in a clearing and bottoming phase, with expectations for marginal improvement in the second half of the year. The industry has seen risks transition from off-balance sheet channels to on-balance sheet for most listed companies, leading to a slight slowdown in payment and delivery progress in Q1. However, leading companies have largely completed their initial targets for the year [4][9]. - In the mass market, beer shows signs of marginal improvement, with standout performance in the snack category, particularly for konjac products. The dairy sector is expected to rebound in Q2 after a period of adjustment [19][25]. Summary by Sections White Wine Sector - The white wine sector is in a clearing and bottoming phase, with expectations for improvement in the second half of the year. Q1 saw a slowdown in payment and delivery, but leading companies have met their initial targets [4][9]. - High-end brands like Moutai and Wuliangye are expected to see revenue and profit growth of approximately 9% and 10%, and 4% and 3% respectively in Q1 [10][12]. - The mid-range segment is experiencing varied performance, with brands like Fenjiu and Gujing showing growth, while others like Yanghe are facing challenges [10][12]. Mass Market - The beer sector is showing signs of recovery, with leading brands like Qingdao and Yanjing achieving revenue growth of 4% and 6% respectively in Q1 [26][29]. - The snack segment, particularly konjac products, is performing well, with brands like Salted and Wei Long seeing significant growth [19][25]. - The dairy sector is expected to improve as inventory levels stabilize, with companies like Yili and Mengniu showing resilience [25]. Investment Recommendations - The report suggests bottom-fishing in the white wine sector, with a focus on brands like Moutai, Wuliangye, and Fenjiu, while also recommending attention to the mass market for potential turning points in beer and dairy [5][19].