行业研究丨专题报告丨食品、饮料与烟草 [Table_Title] 解码威士忌系列报告三：新国标，新篇章 报告要点 丨证券研究报告丨 [Table_Summary] 威士忌是世界六大蒸馏酒之一，以独特口感和分明的产区风格属性闻名于世，在外资品牌和内 资品牌共同培育下，国内威士忌市场近年来开始蓬勃发展。2025 年市场监管总局发布《烈性酒 质量要求 第 1 部分：威士忌》（GB/T 11856.1-2025）（以下简称新国标），新国标于 2026 年 2 月 1 日实施。新国标对威士忌的术语和定义、产品分类进行了修订，并对生产过程控制要求、 产品标识等作出了细化规定，有助于规范威士忌行业发展，提升产品品质。本文我们梳理了新 国际值得重视的三点变化。 分析师及联系人 [Table_Author] 董思远 冯萱 SAC：S0490517070016 SAC：S0490524060001 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 食品、饮料与烟草 cjzqdt11111 [Table_Title2] 解码威士忌系列报告三：新国标，新篇章 [Ta ...

出品：新浪财经上市公司研究院 作者：郝显 2月12日，百润股份发布公告，宣布公司董事会通过议案，提议向下修正"百润转债"转股价格，将债转 价格下修的问题推到了台前。 对于百润股份来说，在业绩增速放缓、现金流承压的情况下，急需通过下修转股价缓解偿付压力。 与此同时，公司实际控制人刘晓东仍持有29.93%的百润转债。一般来说下修转股价往往会带动转债价 格上涨，提高流动性，下修背后或许也有大股东减持的动机。 百润股份下修转股价 根据公告，从2026年1月23日2月12日，百润股份股价连续15个交易日收盘价低于当期转股价46.68元/股 的 85%，已触发"百润转债"转股价格向下修正条件。 这笔转债转股期截止日为2027年9月28日，距离到期仅剩1年零7个月。截至2月24日，百润转债的转股溢 价率仍高达 212.6%，这意味着投资者如果选择立刻转股，需要承担超三分之二的亏损。在这种情况 下，明显缺乏转股动力，未转股比例达到99.95%。如果不下修转股价格，2027年到期后，公司需要一 次性拿出超11 亿元现金完成兑付，这对于业绩增速放缓、现金流承压的百润股份而言，无疑是巨大的 财务负担。 截至2025年前三季度，百润 ...

（来源：中华工商时报） 转自：中华工商时报 刚进入商场，记者就感受到了浓厚的节日氛围。商场里悬挂着红灯笼和各种喜庆装饰，不少市民手推购 物车，脸上洋溢着满足的笑容。工作人员告诉记者，春节假期，前来购物的消费者明显增多，无论是海 南本地居民还是外地游客，都纷纷赶来享受免税政策带来的实惠和便利。 "今年2月11日刚开业，消费者非常多，开业以来的这段时间又赶上春节，更是热闹非凡。"免税店负责 人介绍，随着政策持续推进，他们计划逐步完善商品种类，涵盖零关税进境商品清单中的全品类，以满 足消费者的个性化需求。 记者发现，店内不同区域的商品分类清晰，陈列井然有序。食品区尤其火爆，奶粉、方便速食、零食等 商品深受消费者青睐。不少市民在挑选奶粉种类时分外认真，仔细比较各种品牌和规格。据免税店工作 人员介绍，奶粉是店内热销商品之一，考虑到消费者需求，目前该品类已备足货源。在免税政策加持 下，酒类商品优惠力度明显，成为消费者争相购买的热点。不少消费者购物车里装满啤酒、红酒、威士 忌等各类酒品。 据了解，海南自贸港封关之后，免税政策的实施降低了关税，使得商品价格更亲民。以朝日超爽啤酒2 升装为例，这款啤酒在淘宝上的售价约为200元 ...

证券研究报告·行业跟踪周报·食品饮料 食品饮料行业跟踪周报 从"历史经典产业"到"传统优势民生产业" ， 新五年酿酒产业提质发展 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2026 年 02 月 22 日 证券分析师 苏铖 执业证书：S0600524120010 such@dwzq.com.cn 证券分析师 孙瑜 执业证书：S0600523120002 suny@dwzq.com.cn 行业走势 -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 20% 2025/2/24 2025/6/22 2025/10/18 2026/2/13 食品饮料 沪深300 2026-02-10 东吴证券研究所 1 / 9 请务必阅读正文之后的免责声明部分 ◼ 从"历史经典"到"优势民生"产业，再度定调酿酒产业重要地位，鼓 励高质量发展。继 2025 年 10 月工信部发布《关于推动历史经典产业高 质量发展的指导意见（2026—2030 年）（征求意见稿）》，近期工信部、 人社部、市场监管总局再度印发《酿酒产业提质升级指导意见（2026— 2030 年）》，明确定调 ...

Core Viewpoint - The article discusses the implications of the WTO ruling against the U.S. regarding tariffs on Chinese steel and aluminum, highlighting the U.S. government's immediate response to impose additional tariffs globally, which escalates trade tensions and disrupts international trade norms [1][4][21]. Group 1: WTO Ruling and U.S. Response - The WTO ruled that the U.S. tariffs on Chinese steel and aluminum, justified under "national security," were unilateral sanctions, requiring the U.S. to refund $175 billion [3][4]. - Following the ruling, the U.S. administration quickly issued a memorandum imposing an additional 10% "defensive tariff" on all imports except for Canada and Mexico, indicating a disregard for international law [4][5]. Group 2: Market Reactions - The announcement of new tariffs led to significant turmoil in global financial markets, with stock markets in Tokyo plummeting and the euro experiencing a sharp decline [5][16]. - The article notes that the situation has escalated beyond typical trade disputes, suggesting a fundamental challenge to established trade rules [5][18]. Group 3: Global Reactions and Countermeasures - In response to the U.S. tariffs, the EU quickly prepared a retaliation list targeting key American products, while Japan and South Korea also considered countermeasures [9][12]. - The article emphasizes that the U.S. approach is not merely about protecting domestic industries but is creating tensions within global supply chains, forcing countries to take sides [9][12]. Group 4: Economic Implications - The U.S. tariffs have led to a significant drop in American agricultural exports to China, with Brazilian soybeans gaining market share [14][21]. - The article highlights that the average tariff rate on Chinese goods entering the U.S. has become excessively high, affecting not only China but also other major exporting countries like Vietnam and the EU [18][21]. Group 5: Strategic Consequences - The U.S. tariffs are seen as a means to fund military expenditures in the Indo-Pacific region, raising concerns about the implications for regional security dynamics [11][12]. - The article concludes that the U.S. strategy of using tariffs as a tool for economic and military advantage may backfire, leading to increased global resistance and a shift towards a multipolar world [21][24].

Group 1 - The United States will impose a 15% tariff on British goods, escalating tensions in UK-US trade relations [2][3] - The new tariff will increase the tax rate on British exports to the US from 10% to 15%, significantly raising prices for British goods in the US market [5][7] - Approximately 40,000 UK exporting companies will be affected by this new tax policy [7] Group 2 - The new tariff policy is set to last for 150 days, after which it requires approval from the US Congress to continue [5] - The UK government plans to communicate with the US to understand the specific impacts of the new tariff and aims to maintain trade relations [9] - The US may initiate new trade investigations against the UK, focusing on areas such as industrial overcapacity, forced labor, drug pricing, and digital service taxes [9]

2月14日，工业和信息化部、人力资源社会保障部、市场监管总局印发的《酿酒产业提质升级指导意见（2026—2030年）》（以下简称《意见》）迅速引 发业内外高度关注。 新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 （来源：华夏酒报） 在酒业整体步入周期性低谷、深度调整的关键节点，这份政策的出台，无疑是一剂"强心剂"。从昔日被归为"限制性产业"，到如今被重新定义为"历史经 典产业"；从去年多地层层加码的"禁酒令"，到现在三部门联合定向扶持，态度逆转的背后，是酿酒产业定位的深刻重塑。《意见》不仅勾勒出"百亿园 区、千亿集群、万亿产业"的宏伟蓝图，更释放出一个明确信号：酒业的游戏规则，或将被重写。 7大方面×21项任务，解码酒业升级路径 值得关注的是，《意见》开宗明义指出，酿酒产业是我国传统优势产业和基础民生产业，在传承中华文化、发展区域经济、推进乡村振兴、带动就业增收 等方面发挥重要作用。为落实《工业和信息化部等八部门关于加快传统制造业转型升级的指导意见》，推动酿酒产业主动适应市场需求新变化，实现高质 量发展，制定本意见。 提升产业科技创新水平方面，鼓励企业由"经验酿造"向科学酿造、智能酿造转型，开展高 ...

Core Viewpoint - The Ministry of Industry and Information Technology, along with two other departments, has issued the "Guidance on Quality Improvement and Upgrading of the Brewing Industry (2026-2030)", focusing on enhancing product development capabilities in the brewing sector [1] Group 1: Product Development - The guidance emphasizes the need for enterprises to create a series of competitive flagship products that align with personalized, fashionable, and health-conscious consumption trends [1] - It encourages deep exploration and rational development of data related to wine design, nutritional characteristics, consumer preferences, and popular trends [1] - There is a push for the expansion into product types such as "craft beer" and "specialty wine", promoting flexible design, customized production, and individual consumption [1] Group 2: Product Innovation - The document supports the development of unique fruit liqueurs, craft beers, ready-to-drink cocktails, and cross-border fusion foods [1] - It also advocates for the localization of products such as whiskey, brandy, and vodka, aiming to enhance their market presence [1]

Core Viewpoint - The Ministry of Industry and Information Technology and two other departments have issued the "Guidance on Quality Improvement and Upgrading of the Brewing Industry (2026-2030)", focusing on enhancing product development capabilities and adapting to consumer trends [1] Group 1: Product Development - The guidance emphasizes the need for enterprises to create a series of competitive flagship products that align with personalized, fashionable, and health-conscious consumption trends [1] - It encourages deep exploration and rational development of data related to wine design, nutritional characteristics, consumer preferences, and popular trends [1] - There is a push for the expansion into product types such as "craft beer" and "specialty wines", promoting flexible design, customized production, and individual consumption [1] Group 2: Product Innovation - The document supports the development of unique fruit liqueurs, craft beers, ready-to-drink cocktails, and cross-border fusion foods [1] - It also advocates for the localization of products such as whiskey, brandy, and vodka, enhancing their market presence [1]

编者按 2026年农历新年的临近，过去一年表现跌宕起伏的酒水行业开启了新的一年。 作为每年传统旺季，消费者在农历新年中庞大的消费需求，催生了酒水消费的旺盛，在日常遭遇压力的 酒水产品，在旺季之中压力似乎都得到了释放。 在此环境下，今年初的酒水行业表现出哪些重要趋势、变化与现象？南都湾财社-酒水新消费指数课题 组对此进行深入报道。 在农历新年前夕，英国威士忌进口关税有所下降，这对我国现有的威士忌市场格局影响有多大？ 近期，国务院关税税则委员会公告，自2026年2月2日起，对威士忌酒实施5%的进口暂定税率，对比此 前的15%综合税率可谓大幅下降，这对于每年威士忌进口量排名第一的英国威士忌（主要系苏格兰威士 忌）来说，无疑是一次降低成本的利好。 据南都湾财社-酒水新消费指数课题组记者了解，进口关税下降将一定程度降低英国威士忌的推广成 本，这对目前全球发展受阻的英国威士忌带来利好和新增量。但对于正在崛起的国产威士忌而言，未来 一年无疑要与"威士忌头部产地"进行"硬碰硬"。 英国威士忌全球"过不好" 中国降税或有助于增加收益 据了解，在本次关税下降前，包括英国威士忌在内曾经历过为期超过1年的加税。 2025年1月1日， ...