这几年，进口黄油价格坐过山车、供应时不时"卡脖子"，中国烘焙行业不得不重新寻找更稳妥的黄 油方案。很多人以为答案在海外，回头才发现——真正跑出来的，是国产黄油。像 侨百乐发酵黄油 这样的"国产顶配"，已经用能正面硬刚进口的风味表现、稳定度和性价比，悄悄成了不少烘焙品牌 的 Plan A。 随着烘焙行业的升级，烘焙品牌对于原料的需求，在过去几年发生了非常明显的变化。 当烘焙师们在寻找一款"理想型黄油"时，他们的核心诉求其实非常明确： 风味要能打，操作要省 心，成本要可控。 侨百乐发酵黄油 之所以能迅速崛起，正是因为它精准地命中了这三大痛点，并交 出了一份近乎满分的答卷。 风味能打：独特发酵工艺带来的"风味维度升级" 侨百乐的竞争力根源，始于 优质的乳源与欧洲发酵工艺。 精选黄金奶源带乳源，并执行国标GB19646标准，为高品质打下坚实基础。 让它真正脱颖而出的是其独特发酵工艺。通过 添加4种乳酸菌进行复合发酵 ，风味结构从"单一奶 香"升级为"三段式立体体验"： 前段：浓郁奶香 中段：干净乳酸香 尾段：圆润焦甜香 这种立体的、有记忆点的风味，让它成为强大的"风味放大器"，让产品在同质化竞争中脱颖而出。 操作省心 ...

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry [1] Core Views - The food and beverage sector is expected to gradually recover, with companies like Luzhou Laojiao and Wuliangye showing strong growth potential [3][4] - The report highlights structural opportunities within the industry, particularly in high-end and real estate liquor segments [16] Summary by Sections Weekly Insights and Investment Recommendations - Luzhou Laojiao's market scale reached a new high, with expectations for steady growth in 2024 [21] - Wuliangye announced a 2025 investment plan of 2.586 billion yuan across 19 projects, focusing on ecological brewing and smart logistics [22] - Jinshiyuan aims to expand its market share in the 100-500 yuan price range while maintaining operational quality [23] - Red Flower Liquor introduced a new promotional campaign to enhance consumer engagement [24] - Guizhou Zhenjiu launched a limited edition product to celebrate its 50th anniversary, emphasizing premium quality [25] Market Performance Review - The SW Food and Beverage Index rose by 0.74%, underperforming the CSI 300 by 0.65 percentage points [34] - The white liquor sector saw a 1.53% increase, while other liquor categories also performed positively [34] Industry Important Data Tracking - The report provides insights into the white liquor sector, noting a production decline of 7.6% year-on-year in December 2024 [47] - The beer sector experienced a 12.2% year-on-year increase in production in December 2024 [49] Investment Suggestions - Recommendations include focusing on high-demand segments and structural opportunities in white liquor, with specific companies highlighted such as Luzhou Laojiao and Jinshiyuan [16] - For beer, companies like Qingdao Beer and Chongqing Beer are suggested due to their clear product optimization trends [16] - In soft drinks, East Peng Beverage is noted for its steady national expansion [16] - The report also emphasizes the potential in frozen food and snack sectors, recommending companies like Anjixin and Qianwei Central Kitchen [16]