新京报讯（记者陈琳）9月25日，以"国货经典，潮品焕新"为主题的老字号及各地特产精品展示推广活 动，在北京隆福寺中心广场拉开帷幕。这场由商务部流通产业促进中心主办的展会，汇聚了全国19个省 区市的100余家老字号及特色品牌，打造一场融合传统与创新的消费文化盛宴，将持续至9月28日。 "国货经典，潮品焕新"活动在隆福寺举行。新京报记者 王贵彬 摄 据统计，本次参展企业中老字号占比近八成，包括29家中华老字号和40家地方老字号，折射出老字号品 牌创新发展的蓬勃活力。东城区商务局相关负责人表示，自2023年实施老字号三年行动方案以来，通过 搭建平台、优化环境等举措，区域老字号品牌价值显著提升。 此次大展不仅是全国老字号精华的集中展示，更是北京建设国际消费中心城市的重要实践。通过"展会 +市集"双轮驱动，老字号正以更年轻的姿态走进现代生活。 编辑 张树婧 校对 李立军 位于故宫-王府井-隆福寺"文化金三角"核心区的隆福寺广场，这次成了老字号焕新的重要舞台。展区面 积超3000平方米，集中展示美食饮品、中医中药、工艺美术等领域的创新成果。观众可现场品鉴山西汾 酒、泸州老窖等美酒，体验李时珍中医药文化，欣赏国瓷永丰源等工 ...

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the liquor industry, particularly focusing on the performance and strategies of major companies like Guizhou Moutai and Wuliangye during the recent sugar and liquor fair [1][2][3][4]. Key Points and Arguments 1. **Market Feedback from the Sugar and Liquor Fair**: Overall feedback from the fair was in line with expectations, with some channel operations exceeding expectations. Most liquor companies emphasized price stability in their channel operations [1]. 2. **Valuation Changes**: Post-Spring Festival, the market's perception of real estate stability has led to an increase in Guizhou Moutai's valuation from 18x to 22x, with many other stocks also experiencing valuation upgrades [2]. 3. **Seasonal Performance**: Despite being the off-season, banquet consumption has continued to show growth similar to the Spring Festival, with business consumption also receiving positive feedback due to a more favorable operating environment for private enterprises [3]. 4. **Confidence in Price Recovery**: There is a growing confidence in price recovery, although it remains untested during the off-season. The overall sentiment is that the liquor sector is not facing a downturn but is on an upward trend [4][7]. 5. **Foreign Investment Interest**: Foreign investors are likely to increase their allocation in liquor stocks, particularly Guizhou Moutai, due to strong earnings growth and attractive dividend yields. In contrast, domestic investors are more cautious due to previous significant gains in other sectors [5][6]. 6. **Inventory and Pricing Strategies**: Most liquor companies are maintaining stable prices and avoiding aggressive discounting to ensure natural sales growth. This strategy is crucial for maintaining market share in the mid-to-high price segments [14][15]. 7. **Channel Operations**: Wuliangye is undergoing significant channel reforms, focusing on reducing traditional channel volumes while enhancing direct sales and new market channels. The success of these reforms depends heavily on management execution [19][20][21]. 8. **Sales and Payment Trends**: The first quarter's sales performance is expected to show a mid-single-digit growth rate, with most companies nearing completion of their payment collection for the quarter [18][39]. 9. **Consumer Behavior Insights**: There is a notable recovery in consumer demand, particularly in banquet and business settings, although the overall market remains cautious about confirming a definitive recovery point [10][11][12]. Additional Important Insights - **Regional Performance Variations**: The performance of liquor sales varies significantly by region, with southern regions showing stronger recovery compared to northern areas [27]. - **Emerging Trends in Consumer Preferences**: There is a shift towards premium products, with some companies reporting substantial growth in high-end liquor sales [10][11]. - **Future Outlook**: The overall sentiment is cautiously optimistic, with expectations of gradual recovery in consumer demand and potential for further valuation increases in the liquor sector [6][12][13]. This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of the current state and future outlook of the liquor industry.