CAFEEX . 咖啡、茶、饮品、烘焙品、文化，艺术，品味于一体的国际大型展会平台，给您带来精准精彩精品体 验。期待，CAFEEX世界中，与你，与成功不期而遇！ C A F E E X 初冬的上海，空气中弥漫着咖啡的香气，也带着一点期待的热度。2025 CAFEEX上海咖啡展，将咖啡与巧克 力、威士忌进行别样组合，让每一杯饮品都成为味觉的发现。 现场的专业杯测，让你近距离体验咖啡的层次与风味；论坛交流，则提供了与咖啡师和业内专家互动的机会， 听他们讲述背后的故事与创意灵感。 以下文章来源于CAFEEX ，作者CAFEEX 2025 CAFEEX 上海咖啡展览会 同期：CHOCEX 巧克⼒展 ⽇期：11⽉28~30⽇ （周五~周⽇） 时间：9:30~17:30 （17:00 停⽌⼊场） 地点：上海跨国采购会展中⼼（上海市普陀区光复西路2739号） COFFEE BRAND 三天的展会，不只是品尝一杯咖啡，更是一次关于风味探索、跨界创意和生活方式的沉浸式体验。无论你是资 深爱好者，还是初次踏入咖啡世界，这里都有属于你的惊喜与感动。 咖啡品牌 OC 0 Vittoria Coffee served FAMILY O ...

当前外贸领域呈现出"冰火两重天"的景象：一边是传统外贸遭遇旺季"不旺"的寒意，另一边是跨境电 商的逆势增长。面对外贸格局的深刻变革与业态迭代，近期多条直飞货运航线密集启航，全力抢滩今年 的海外消费旺季，为"中国货通全球"加速。 支撑跨境电商 11月21日，一架B767全货机满载50吨跨境电商货物，从温州龙湾国际机场飞往乌兹别克斯坦首都塔 什干。这标志着温州首条直飞中亚的国际航空货运航线正式开通。这也是继今年7月杭州往来塔什干全 货机航线开通以来的又一条浙江省直达中亚地区的货运航线。 这条从温州直飞中亚的货运航线，首航搭载的货物以跨境电商商品为主。瞄准"黑五"、圣诞等海外消费 旺季，直航通道的打通为浙江及周边地区跨境电商企业抢占市场提供了更强的供应链保障，也进一步增 强了本地外贸企业的国际竞争力。 2025.11. 25 本文字数：3055，阅读时长大约6分钟 作者 | 第一财经 缪琦 与此同时，这条直飞中亚的货运航线，帮助温州机场补齐了版图——"十四五"期间开通的11条国际货 运航线，让其航空货运网络实现了东南亚、东北亚、中亚三大区域的全覆盖，为辐射欧洲市场搭建了重 要中转平台。 据新华社报道，8月乌鲁木齐直 ...

预调酒和威士忌渠道更新 20251124 摘要 百润股份 2025 年 10 月至 11 月低度酒累计销售额达 2.3 亿元，完成全 年目标的 30%，其中"强爽"系列占比最高，但四季度开始下滑；"微 醺"系列保持增长，而"轻享"系列动销不佳，引发对未来大规模推广 的担忧。 11 月各品类环比 10 月均有增长，但"强爽"略有下滑。2025 年 11 月 果冻酒发货金额约为 1,000 多万元。威士忌业务受促销活动影响，11 月较 10 月略有下降，但线上销售增长抵消部分影响，预计全年销售额 达 2.4 至 2.5 亿元。 公司计划通过小型订货会、临时条码入驻商超、推进莱州甄选系列铺货 （预计带来 1 亿元分销额）、尾牙品鉴会等措施，以及人力调整，推动 威士忌业务发展。万家终端计划达成率预计 50%左右，正解决商超入驻 延迟问题。 百利得系列小瓶装产品在盒马、零食店等渠道入驻受阻，春节后将重新 推进。大瓶装产品有机会以临时条码形式入驻卖场，春节期间销售表现 将决定是否成为永久性商品。 Q&A 请介绍一下百润公司在 2025 年 10 月和 11 月的经营情况，尤其是玉条酒和 威士忌的表现。 2025 年 10 ...

刚预计今年全年净利润下降，三得利就紧接着宣布多款产品明年涨价。 近日，南都湾财社-酒水新消费指数课题组记者注意到，酒水及饮料巨头三得利发布公告，表示将于 2026年4月1日起，对旗下187款产品进行价格调整，其中酒类方面，涉及品类包括威士忌、烧酒和进口 葡萄酒等。另外，前述提价主要针对产品的建议零售价，而非出厂价。 值得注意的是，今年4月三得利已经对旗下234款产品进行提价，上述提价正式落地，意味着三得利已完 成旗下全品类产品的涨价。 南都湾财社记者留意到，三得利的威士忌品牌山崎、白州、响的提价备受关注，这三个品牌涨价幅度在 5.6%至15.3%之间，其中高年份的响30年、山崎25年和白州25年，建议零售价都被提高至人民币约 20777元/瓶(未特别标注，单位均为人民币)，涨幅约2753.5元。据了解，这三款高年份产品在2024年大 幅提价125%之后，价格再一次上调。与此同时，山崎18年、白州18年以及响21年，这三款产品零售价 提高约300.5元/瓶，建议零售价达到约3055.46元/瓶。 对于本次涨价，三得利方面表示，主要是包材等原材料价格上调及进货成本提高，"仅凭借公司自身的 努力无法消化该成本，因此 ...

2024年11月，特朗普刚刚在美国大选中获胜，就开始对加拿大施压。他威胁要对加拿大征收25%的关税，声称这是为了应对边境的毒品问题和非法移民流 入。面对这种威胁，加拿大总理特鲁多急忙飞往佛罗里达的马阿拉歌庄园，与特朗普坐下来吃晚餐商讨对策。在晚餐上，特朗普毫不客气地提出了一个极端 的建议：不如让加拿大直接成为美国的第51个州，并且特鲁多可以担任这个州的州长。这个提议一出来，加拿大的高级官员们纷纷表态，表示加拿大是一个 主权国家，绝不会同意这一建议。 特朗普在上台之前，便在社交媒体上发出了类似的信号。2024年12月2日，他在一条帖子中暗示，如果加拿大无法解决贸易和边境问题，那就应该考虑并入 美国。不到一周的时间，12月11日，他再次公开称特鲁多为州长，并表示如果加拿大选择合并，那么美国每年给加拿大的1亿美元援助就不需要了，直接合 并更划算。对此，加拿大外交部长梅兰妮·乔利立即回应，强调这不是玩笑话，加拿大将全力抵抗特朗普施加的关税压力。 事实上，加拿大的经济确实在很大程度上依赖美国，尤其是出口。加拿大75%的出口都流向美国，包括汽车、木材和石油等。如果加征关税，可能会导致加 拿大的失业率大幅上升。2025年1 ...

Core Viewpoint - Suntory Holdings is facing pressure on its earnings, leading to a decision to raise prices on 187 products starting April 1, 2026, following a previous price increase on 234 products in April 2023. This move is primarily driven by rising costs of raw materials and packaging [2][3]. Financial Performance - For the first three quarters of 2025, Suntory reported revenue of 58.172 billion RMB, remaining flat year-on-year, while operating profit decreased by 9.2% to 5.757 billion RMB. The third-quarter profit saw a decline of 9.9% [3]. - The company has lowered its profit forecast, expecting a consolidated net profit of approximately 3.9 billion RMB for the fiscal year ending December 2025, a decrease of about 10% year-on-year [3][4]. Product Pricing Strategy - The price increase for Suntory's whiskey brands, including Yamazaki, Hakushu, and Hibiki, ranges from 5.6% to 15.3%, with high-aged products seeing significant price hikes. For instance, the suggested retail price for Hibiki 30 Year, Yamazaki 25 Year, and Hakushu 25 Year has been raised to approximately 20,777 RMB per bottle, reflecting an increase of about 2,753.5 RMB [2][3]. Market Challenges - Suntory's growth in China has been sluggish, with its beverage segment, particularly non-alcoholic drinks like Oolong tea, becoming a core focus. However, competition in the beverage market has intensified, leading to a gradual erosion of market share [5]. - The company has been overly reliant on its sugar-free tea products, and its innovation in flavors has lagged behind competitors like Nongfu Spring and Yuanqi Forest. Additionally, the relatively rigid channel structure has hindered deeper market penetration in China [5]. Management Changes - A significant management change occurred when former chairman Takashi Shina resigned on September 1 due to allegations of violating cannabis regulations. This incident has raised concerns about the company's leadership and its impact on operations [6]. Future Outlook - Following the price adjustments, there is ongoing speculation about whether Suntory's performance will improve in the coming year, with industry analysts closely monitoring the situation [7].

中国消费板块估值已至全球洼地。瑞士银行在最新报告中指出，当前环境下，投资机会隐藏在特定赛道和公司中的"阿尔法"（Alpha）机会。 据追风交易台消息，瑞银于11月18日发布的中国消费行业报告明确指出，中国消费股的估值吸引力已不容忽视。MSCI中国可选消费指数和必选消费指数 的12个月远期市盈率，已分别较全球同类指数低约40%和10%。今年以来，MSCI中国可选消费指数录得35%的回报，与MSCI中国指数38%的涨幅基本同 步。 在此背景下，瑞银策略的核心是"寻找Alpha"。瑞银看好餐饮加盟扩张、创新产品、潮玩与宠物等细分赛道，百胜中国与蜜雪冰城依靠轻资产模式具备强 劲门店增长潜力，威士忌与潮玩成为新蓝海。本土宠物消费亦展现韧性，相关龙头被视为具备稳健长期空间。 估值洼地凸显，新模式寻Alpha 瑞银报告的数据显示，中国消费板块的估值无论在历史维度还是全球比较中，均处于低位。可选消费板块的12个月远期市盈率（P/E）较全球平均水平低 约40%，必选消费板块的折价也达到10%。 可选消费35%的年初至今涨幅，表明投资者对与出行、娱乐相关的领域抱有更高期待。相比之下，必选消费区区录得10%的涨幅。 在消费行业面临 ...

Core Viewpoint - The recent provocative remarks by Japanese politicians regarding Taiwan have negatively impacted Japanese retail and consumer goods companies, leading to significant stock price declines, particularly for Shiseido, which saw an 11% drop [2]. Automotive Industry - Japanese automotive brands, particularly Lexus, Toyota, and Subaru, are increasingly reliant on the Chinese market, with Lexus imports reaching 138,412 units in the first nine months of the year, a 4% increase, although overall imports have been declining over the past four years [2]. - The market share of Japanese automakers in China has decreased to 11.2% in 2024, down 3.2 percentage points from 2023, with Toyota's sales dropping by 6.9% to 1.776 million units, Honda's sales down 30.9% to 852,000 units, and Nissan's sales down 12.2% to 696,000 units, marking the lowest levels since 2008 [3]. - If political tensions continue, Japanese automotive exports and local sales in China are expected to be significantly affected, with a noted decline in competitiveness for Japanese brands [4]. Consumer Electronics and Appliances - Japan's exports of home appliances to China have sharply decreased, with only about 50,000 units exported annually, including 30,000 refrigerators and 20,000 washing machines [5]. - The value of home appliance imports from Japan has declined from $1.016 billion in 2022 to $785 million in 2023 and is projected to be $708 million in 2024, indicating a downward trend in demand [5]. Sportswear Industry - ASICS, a prominent Japanese sports brand, has experienced rapid growth in China, with projected sales of approximately 5 billion yuan in 2024 and a sales growth rate of nearly 30%, outpacing most other major markets [6]. Alcohol and Beverage Industry - Japan ranks fourth in the import of spirits to China, with a total value of $3.0737 million in the first eight months of 2025, primarily driven by whiskey imports, which saw a 41.9% increase [7]. - Japanese sake exports to China have significantly increased over the past decade, with exports to mainland China and Taiwan growing by 495.9% and 165.9%, respectively, indicating a strong market presence [7]. Tourism Industry - The number of Chinese tourists visiting Japan is projected to exceed 6.98 million in 2024, a 187.9% increase, with Chinese tourists accounting for 20%-25% of total visitors [8]. - Chinese tourists are the largest spenders in Japan, contributing 1.73 trillion yen to the economy, which is 21.3% of total foreign tourist spending [9]. - The potential decline in Chinese tourists due to political tensions could lead to an estimated economic loss of 2.2 trillion yen for Japan, equivalent to approximately 101.16 billion yuan [9].

Core Viewpoint - The article discusses the impact of recent provocative remarks by Japanese politicians on various Japanese industries, particularly those reliant on the Chinese market, leading to significant stock price declines and potential market share losses in sectors such as retail, automotive, and tourism [3][12]. Automotive Industry - Japanese automotive brands, including Lexus, Toyota, and Subaru, are increasingly dependent on the Chinese market, with Lexus imports reaching 138,412 units in the first nine months of the year, a 4% increase, but showing a declining trend over the past four years [3][4]. - Toyota's imports fell by 5% year-on-year, with total imports around 17,700 units from March to September [5]. - Nissan and its luxury brand Infiniti are experiencing poor sales, with monthly sales around 100 units in China [6]. - The market share of Japanese automakers in China has dropped to 11.2%, a decrease of 3.2 percentage points from 2023, with Toyota's sales down 6.9% to 1.776 million units, Honda down 30.9% to 852,000 units, and Nissan down 12.2% to 696,000 units [7][8]. Consumer Goods and Retail - Japanese retail and consumer goods companies, such as Shiseido, saw stock prices drop significantly, with Shiseido's stock falling by 11% due to the political climate [3]. - ASICS, a well-known Japanese sports brand, reported a sales scale of approximately 5 billion yuan in China for 2024, with a growth rate of nearly 30% [10]. Tourism and Alcohol Industry - The tourism sector is heavily impacted, with Chinese tourists accounting for a significant portion of visitors to Japan, contributing to a consumption expenditure of 1.73 trillion yen [12]. - Japanese whiskey imports to China increased by 41.9% in the first eight months of 2025, with a total import value of 24.36 million USD [11]. Home Appliances - Japanese home appliance exports to China have been declining, with imports dropping from 1.016 billion USD in 2022 to 708 million USD in 2024 [9].

Group 1: Japanese Automotive Industry in China - Japanese automotive brands are experiencing a decline in competitiveness in the Chinese market, with potential further market share shrinkage if the Japanese government does not correct its course [1][3] - The market share of Japanese automakers in China has dropped to 11.2% in 2024, a decrease of 3.2 percentage points from 2023, with major companies like Toyota, Honda, and Nissan facing significant sales declines [3] - Toyota's sales in China for 2024 are projected at 1.776 million units, down 6.9%, while Honda's sales have plummeted by 30.9% to approximately 852,000 units, marking the lowest level since 2014 [3] Group 2: Impact of Political Relations - The deterioration of Sino-Japanese political relations, influenced by provocative statements from Japanese politicians, is expected to adversely affect Japanese industries reliant on the Chinese market, including automotive, alcohol, and tourism [1][8] - Analysts suggest that if political tensions continue, Japanese automotive exports and local sales in China will be significantly impacted [3][4] Group 3: Japanese Consumer Goods and Retail - Japanese retail and consumer goods companies are seeing stock price declines due to their reliance on Chinese consumers, with Shiseido's stock dropping by 11% following political tensions [1] - The import of Japanese household appliances to China has been decreasing, with a drop from $1.016 billion in 2022 to an estimated $708 million in 2024 [5] Group 4: Japanese Alcohol and Tourism - Japan's whiskey imports to China have shown significant growth, with a 41.9% increase in import value in the first eight months of 2025, amounting to $2.436 million [6] - Chinese tourists are a major consumer of Japanese sake, with exports to China growing by 495.9% over the past decade, making China the largest export market for Japanese sake [7] Group 5: Economic Impact of Reduced Tourism - A significant reduction in Chinese tourists visiting Japan could lead to a 0.36% decrease in Japan's GDP, equating to an estimated economic loss of 2.2 trillion yen (approximately 101.16 billion yuan) [9]