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 ...

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 相关研究 《AI 营销：新风口剑指千亿，服务商 乘势而进》 2026-02-11 《渠道变革大时代，优质连锁零售业 态蓬勃发展》 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 ...

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 ...

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：云酒头条） 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。 总体要求 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《酿酒产业提质升级指导意见（2026—2030年）》的通知。 据了解，该意见明确了阶段性发展目标，到2028年，原料种植、生产酿造、流通消费融合发展水平持续优化，产品丰富度、品质认可度、品牌美誉度明显 增强，企业生产方式、经营模式加快转型升级，消费场景和消费模式持续丰富拓展。产业布局进一步优化，产区引领、园区驱动作用进一步增强，培育3 个以上千亿级传统优势酒产区，10个以上百亿级特色酿酒产业园区，形成"百亿园区、千亿集群、万亿产业"发展格局，标准供给、质量安全、人才培养等 配套能力建设取得积极进展。 到2030年，数智化、绿色化、国际化发展水平持续提升，发展质量效益大幅提高，产业规模稳中有进，产能布局、产品结构持续优化，形成产品种类丰 富、生产流通有序、区域布局合理、产业生态健康的产业体系。 ...

Core Viewpoint - The company emphasizes the importance of technological innovation and product development, highlighting its collaboration with Jiangnan University on the "Guyue Longshan Yeast No. 1" project as a significant achievement in technological innovation [2] Group 1: Technological Innovation - The company is actively promoting product innovation and upgrades based on market demand [2] - The collaboration with Jiangnan University is a key part of the company's technological innovation strategy [2] Group 2: Product Development - The company has developed a diverse range of products, including fruit liquor, herbal series liquor, glutinous rice whiskey, and craft lager [2] - Future industrialization plans will be advanced steadily based on market research and technical validation [2]

Core Viewpoint - ST Tongpu, a long-established player in the domestic wine industry, is facing challenges in revenue and profit performance, ranking last in its industry for both metrics as of Q3 2025 [2][3]. Group 1: Business Performance - In Q3 2025, ST Tongpu reported revenue of 492 million yuan, ranking 3rd in the industry, with the top competitor, Guolian Co., achieving 38.78 billion yuan [2]. - The company's net profit for the same period was -48.71 million yuan, also ranking 3rd, while Guolian Co. reported a net profit of 1.327 billion yuan [2]. - The main business composition includes 331 million yuan from liquor (86.02%), 47.74 million yuan from wine (12.42%), and 5.99 million yuan from other sources (1.56%) [2]. Group 2: Financial Ratios - As of Q3 2025, ST Tongpu's debt-to-asset ratio was 66.11%, slightly up from 65.29% year-on-year, which is below the industry average of 67.51% [3]. - The company's gross profit margin was 12.91%, down from 16.49% year-on-year, and also below the industry average of 13.03% [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 3.56% to 13,300, while the average number of circulating A-shares held per account increased by 5.56% to 32,200 [5]. Group 4: Leadership Compensation - The chairman of ST Tongpu, Wu Yuhua, received a salary of 393,000 yuan for the year 2024 [4].

Core Insights - The rise of Generation Z is transforming the consumption landscape, making them a central force in the market, particularly in the liquor industry [1][3] - The Z generation, born between 1995 and 2009, values cultural identity, social connections, and experiences, leading to a shift in consumption patterns [3][6] - Embracing Generation Z is not just a strategic choice but a necessity for the liquor industry to remain competitive [3][6] Industry Trends - The Z generation's consumer preferences are characterized by a focus on health, rational consumption, and a decrease in drinking frequency and quantity [3][4] - Digital technology and innovative consumption scenarios are providing strong support for the youth-oriented transformation of the liquor industry [4][6] - The liquor industry is witnessing a multi-faceted transformation, with companies innovating across product offerings, consumption scenarios, supply, and cultural aspects [6][8] Product Innovation - Product innovation is a core focus for attracting the Z generation, with trends leaning towards lower alcohol content and fruit-flavored beverages [6][8] - Cross-industry collaborations, such as tea and alcohol fusion products, are emerging as new growth points in the market [6][7] Cultural Engagement - Cultural values and storytelling are becoming essential in attracting young consumers, as they seek products with meaningful backgrounds [7][8] - Companies are shifting from traditional marketing to more engaging methods like short videos and social media interactions to resonate with the Z generation [8] Strategic Directions - Long-term commitment to innovation is crucial for companies aiming to capture the young market [8] - The integration of online and offline experiences, along with personalized services, is vital for appealing to the Z generation [8]

Core Viewpoint - Companies with high ESG ratings are increasingly becoming preferred partners in the supply chain and a focus of capital market attention, with Guyue Longshan being a benchmark in the yellow wine industry, achieving a BBB ESG rating and ranking first among other alcoholic beverage industries [1][2] ESG Commitment and Achievements - Guyue Longshan released its first ESG report in 2025, demonstrating its commitment to high-quality development through environmental friendliness, product service, talent cultivation, public welfare, and cultural advocacy [2] - The company has been recognized for its sustainable practices, including green brewing processes and community engagement, which reflect its dedication to sustainable development [1][2] Quality Control and Food Safety - Guyue Longshan has established a comprehensive quality control system from raw material sourcing to production, achieving a 100% compliance rate in various quality metrics and zero major food safety incidents in the year [3] - The company has implemented strict environmental management standards for its raw material production bases, ensuring compliance with pesticide and heavy metal regulations [4] Innovation and Technology - The company combines traditional brewing techniques with technological innovation, maintaining a lineage of over 362 generations of brewing skills, and has a strong talent pool including national-level artisans and masters [5][6] - In 2024, Guyue Longshan invested 30.2 million yuan in R&D, a 7.03% increase year-on-year, focusing on projects that enhance the quality and safety of yellow wine [6] Market Adaptation and Consumer Engagement - Guyue Longshan is actively pursuing a strategy to attract younger consumers, with its new business division and online channels seeing revenue growth of 22.64% and 15.31% respectively in the first half of 2025 [8] - The company has launched innovative products like coffee yellow wine and bubble yellow wine, achieving significant sales growth and appealing to modern consumer preferences [9] Digital Transformation and Sustainability - Guyue Longshan's intelligent factory was recognized as an advanced-level smart factory in Zhejiang Province, showcasing its commitment to digital transformation and sustainable practices [10] - The company is investing 2.3 billion yuan in a new industrial park, which aims to achieve smart brewing and green production [10] Shareholder Engagement and Financial Performance - The company has a history of returning value to investors, with a total dividend payout of 1.415 billion yuan since its listing, and a cash dividend of 273 million yuan in the last three years [12] - In 2025, Guyue Longshan announced a share buyback plan of 200-300 million yuan to enhance investor confidence and align interests among shareholders, investors, and employees [11] Social Responsibility and Community Engagement - Guyue Longshan is committed to social responsibility, engaging in rural revitalization and community development projects, including the establishment of a co-prosperity base for plum cultivation [13] - The company has signed contracts for the cultivation of 6,400 acres of rice, providing employment opportunities and increasing income for local farmers [13]

Core Viewpoint - Guyue Longshan (古越龙山) demonstrates robust growth in its 2024 annual report, showcasing strong resilience and market competitiveness, with significant increases in revenue and profit [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 1.936 billion yuan, a year-on-year increase of 8.55% [1] - The net profit attributable to shareholders, excluding non-recurring items, was 198 million yuan, up 3.52% year-on-year [1] - The main business revenue from alcoholic beverages reached 1.905 billion yuan, growing by 10.41% [1] - Online sales revenue amounted to 267 million yuan, marking a 35.16% increase [1][5] Brand and Product Development - Guyue Longshan ranked 14th in the Asia Brand 500 for the 14th consecutive year, entering the top 300 for the first time with a brand value of 53.398 billion yuan [1] - The company focuses on high-end product strategies, launching premium series such as "Guoniang 1959" and "Qinghua Zui," contributing to a 12.47% increase in high-end product revenue [2] - The gross profit margin for mid-to-high-end alcoholic beverages reached 44.32% [2] Market Expansion - The company held over 1,000 promotional events in more than 100 cities and regions, including 23 large-scale overseas events [3] - Guyue Longshan opened its first overseas Shaoxing wine tasting hall in France and expanded e-commerce channels in Japan and North America [3] - Overseas sales revenue reached 42.4766 million yuan, reflecting strong international market competitiveness [3] Innovation and Technology - The company is advancing its smart factory initiative, with plans to complete the production and R&D service center by 2025 [2] - R&D expenses increased by 7.03% to 30.201 million yuan, with collaborations with top research institutions [5] - Guyue Longshan has been recognized for its technological advancements, winning several awards for its research achievements [5] Social Responsibility and Governance - The company invested over 500,000 yuan in rural revitalization and established a charity fund, benefiting nearly 1,000 individuals [7] - Guyue Longshan emphasizes employee welfare, achieving a 100% contract signing rate and providing comprehensive benefits [7] - The company has implemented strict food safety measures, achieving a 100% compliance rate in product inspections [7] Future Outlook - Guyue Longshan aims to continue its commitment to cultural heritage and sustainable development, focusing on innovation and quality [8]