2025年，白酒行业依然处于秩序重构之中。价格体系波动、消费场景迁移、渠道模式变革……多重变量叠加之下，行业进入新一轮价值沉淀期。旧路径渐 显乏力，新动能尚未定型，何去何从，成为所有从业者直面的命题。 在此背景下，九频道梳理这一年中具有标志性、转折性与启示性的行业事件，试图透过现象看见本质，通过节点洞察趋势。从政策导向到市场脉动，从渠 道博弈到消费变迁，从产品创新到营销突围——每一个事件都不只是新闻，更是行业结构调整的缩影与先声。 本系列将以事件为镜，通过回放过程、解析逻辑、提炼观点，希望在记录变化的同时，也激发思考，为行业更好发展注入能量。 系列回顾： 2025年度事件① | "禁酒令" 2025年度事件② | 酿酒纳入"历史经典产业" 2025年度事件③ | 白酒价格震荡 2025年度事件④ | 集体降度 事件回放 2025年，白酒市场的结构性变化传导至"消费基本盘"，主要表现为大众酒品类的全面崛起。（瞄准大众酒，启动新引擎？| 九频道·关注） 一方面，白酒企业纷纷发力百元上下的大众价位带。仰韶推出战略级光瓶酒仰韶酒；洋河股份推出洋河大曲高线光瓶酒；酒鬼酒与胖东来联合推出自由 爱；伊力特推出伊力粮仓光瓶酒 ...

Investment Rating - Industry Rating: Outperforming the market (maintained rating) [4] Core Viewpoints - The liquor sector is showing signs of recovery as companies actively launch new products to adapt to changing consumer demands. The current PE-TTM for the Shenwan liquor index is 18.51X, which is at a reasonable low level compared to the past decade [2][11] - The beverage sector, particularly beer and soft drinks, is expected to benefit from upcoming consumption promotion policies and adjustments to alcohol bans, which will drive sales recovery [3][12] - The pre-processed food and seasoning sectors are leading the market, with a focus on companies that can enhance efficiency and market share through cost reduction and product diversification [13][19] Summary by Sections Market Performance Review - From July 21 to July 25, the food and beverage sector increased by 0.74%, while the Shanghai Composite Index rose by 1.69%. Notable increases were seen in pre-processed foods (+1.97%) and health products (+1.88%) [1][20] Liquor Sector Insights - The liquor sector increased by 0.94%, outperforming the overall food and beverage sector. Key players like Tianyoude Liquor saw significant gains, potentially linked to local infrastructure investments [2][11] - Recommendations include strong alpha companies such as Shanxi Fenjiu and Guizhou Moutai, as well as beta companies like Luzhou Laojiao and Wuliangye [2][19] Beer and Beverage Sector Insights - The beer sector rose by 1.06%, with Budweiser Asia and Chongqing Beer leading the gains. Management changes at Zhujiang Beer are expected to positively impact the company [3][12] - The soft drink sector also performed well, with notable increases from brands like Nongfu Spring (+8.1%) [3][14] Investment Recommendations - For the liquor sector, strong alpha companies benefiting from market concentration include Shanxi Fenjiu and Guizhou Moutai [19] - In the consumer goods sector, companies that align with cost reduction and market share enhancement strategies are recommended, including Dongpeng Beverage and Nongfu Spring [19] Sector and Individual Stock Performance - The food and beverage sector's dynamic PE ratio is 21.1X, ranking it 21st among primary industries. The highest valuations are seen in other liquor (55.83X) and health products (48.77X) [26][27]