以下文章来源于斑马消费 ，作者陈晓京 斑马消费 . 寻找泛消费领域的斑马企业 刚刚过去的饮料旺季，各大品牌竞争激烈，细心的消费者发现，昔日的"老朋友"白砂糖，已悄然回到配料表中。 原因是用户健康认知的升级。 文 ｜ 陈晓京 来源｜ 斑马消费（ID：banmaxiaofei） 封面来源 ｜ unsplash 在互联网上，有一个对配料表排序规则的民间分析：配料含量的多寡，决定了名称的前后位置。 一瓶饮料，排序第一位大多是水，其次是白砂糖，后面的配料，基本是为辅助调整产品口感而存在。 减糖控糖的风口下，无糖茶这几年席卷整个饮料市场，白砂糖几乎一夜之间从配料表中消失。即便在有糖茶中，白砂糖也被赤藓糖醇、三氯蔗糖等代糖替 代，逐渐让出了原有的配料表位置。 但在今年饮料旺季，一批传统饮料企业先后推出新品，白砂糖再次回到配料表中。对白砂糖不再排斥，是消费端对健康的认知升级、对口感的可控需求，以 及传统企业重塑产品，共同促成了这位"老朋友"的回归。 白砂糖重回配料表 2018年，元气森林推出无糖风味气泡水，迅速点燃无糖饮料市场的战火，随着各大品牌及厂商跟进，白砂糖渐渐消失在配料表中。 在赤藓糖醇的"加持"之下，产品口感没有白 ...

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for the sector [5]. Core Insights - The implementation of the childcare subsidy policy is expected to stimulate growth in the food and beverage sector, particularly benefiting the infant formula and dairy product markets [4]. - The report highlights three main investment themes in the liquor segment: strong leading brands, sustained regional advantages, and recovery-driven elastic stocks [1][2]. - In the beer and beverage segment, Budweiser faces sales pressure but is seeing price recovery, while the sugary tea category is gaining market share during peak seasons [3]. Summary by Sections Liquor Industry - Leading brands such as Moutai, Wuliangye, and Luzhou Laojiao dominate the global rankings, with Moutai valued at $58.4 billion, maintaining its position as the most valuable liquor brand globally [2]. - The liquor sector is transitioning from scale growth to high-quality development, with a focus on brand strength and market positioning [2]. Beer and Beverage Sector - Budweiser's Q2 2025 results show a revenue decline of 3.9% and a profit drop of 31.1%, with a notable 6.2% decrease in sales volume [3]. - The sugary tea segment is experiencing a resurgence, with brands like Kang Shifu and Uni-President maintaining leading positions, and sales of Yuanqi Forest's iced tea growing by 53.9% year-on-year [3]. Food Sector - The national childcare subsidy program, effective from January 1, 2025, is projected to enhance birth rates and subsequently increase demand for dairy products [4]. - New product launches by companies like Qiaqia and Ximai are aimed at expanding market presence and tapping into health-oriented consumer trends [4][7].

Core Viewpoint - The consumption industry in China has undergone significant changes and innovations over the past few years, leading to a unique economic structure that balances both consumption and production. The evolution of consumer demand, product innovation, and management innovation is driven by factors such as demand stratification, technological iteration, the rise of domestic brands, and emotional value needs [1][3]. Macro Observations - The "three-phase overlap" in China will ultimately create a unique economy that emphasizes both consumption and production. Changes in population dynamics, such as aging and smaller family units, influence different consumption categories [5][6]. - By the end of 2023, household consumption expenditure is expected to account for less than 40% of GDP, but this trend is on the rise due to a decrease in the weight of real estate in household asset allocation [6][8]. - China's high savings rate has seen household savings increase from over 90 trillion to nearly 160 trillion in the past five years, improving the overall asset-liability structure and cash flow of households [8]. - The structural changes in population demographics, particularly the rise of Generation Z as a consumer force, are significantly impacting demand structures and consumption patterns [8][9]. - The unique structure of the Chinese market, being both the largest producer and the second-largest consumer, allows for distinctive business model evolution, characterized by integrated commercial models that combine multiple brands and products [9][10]. Technological Progress and Management Innovation - Technological advancements are driving the integration of business models and management innovations, allowing for rapid response and product iteration in the consumer services sector [10][12]. - The digital capabilities of companies in China enable them to analyze consumer behavior data effectively, leading to optimized operations and improved profitability [12][13]. - Over time, technological progress will amplify differences in corporate capabilities and accelerate the differentiation among companies within the same industry [13]. Industry Observations and Case Studies - Consumption trends in China reflect a coexistence of upgrading, downgrading, and stratification, with different consumer segments experiencing varying trends [15][16]. - International brands are losing their allure in China, while domestic brands are gaining market share in sectors like cosmetics and durable goods due to improved product quality and consumer perception [18][19]. - The rise of domestic brands in high-end markets, such as automobiles, indicates a shift in consumer preferences and a growing confidence in local products [19]. - The industrialization of IP (intellectual property) in China is supported by a strong talent pool in software engineering and design, leading to significant advancements in various sectors [20][21]. - The penetration and concentration of the chain service industry in China are expected to increase, with the current penetration rate in the hotel industry being only around 30%, significantly lower than in developed countries [22][23]. Conclusion - Despite recent challenges in the consumption industry, there are abundant investment opportunities across various segments as the economy gradually recovers and new consumption patterns emerge. China is poised to become a unique market that balances manufacturing and consumption, with significant potential for domestic brands to expand both locally and internationally [24].