本文来自微信公众号： 秦朔朋友圈 （ID：qspyq2015） ，作者：何菲，题图来自：AI生成 明显感觉到，我生活的时代，我生活的城市和这座城市的人，到处都在转型。 大约在千禧初年到2017、2018年左右，我们友人之间小酌多数是喝红酒，不管真懂还是假懂，总得 在饮上一口后，用风雅感性的词汇评价一番。为此我还浮光掠影地研究过几年红酒，写过不少相关文 章。 后来，红酒热潮渐渐退去，进入平台期，身边友人们小酌的风格偏好渐渐往白酒方向转化。 前几年某次友人小聚，我坐在中医药大学少壮派教授身边，他执意鼓励我喝点白酒，说是补气、抗病 毒。从此我小酌时的主流佐餐酒换成了白酒。记得那天还有友人往白酒壶里加了半壶蒜瓣，说是能杀 灭病毒。坊间也有"加了蒜片的光瓶玻汾，能喝出青花汾的味道来"的传说。 杯里乾坤大，壶中日月长。 世界六大蒸馏酒的诞生地都分布在北纬25～40度之间，中国的两大名酒带——川贵名酒带和江淮名 酒带，都处于这个地理位置。 有很多年，白酒一直延续高端化的宏大叙事，有"向天再借五百年"的气势，代言人都是影视剧里常常 出现的帝王将相，再低调也是千里江山、雄厚激荡的调性，白酒似乎是传统文化的集大成者。 那些年，飞 ...

在消费升级与市场竞争加剧的当下，啤酒与饮料行业正掀起一场前所未有的跨界浪潮。 啤酒巨头纷纷涉足饮料市场，饮料大佬也反向加码酒饮领域，两者之间的传统边界正在"你来我往"中逐渐模糊。 NEWS 啤酒和饮料的"双向奔赴" 跨界，作为当前品牌最常见的营销策略，对大多数人而言想必早已司空见惯。 然而，能够实现两大行业的"双向奔赴"，且行业内品牌参与规模持续扩大的跨界，啤酒与饮料恐怕也称得上是其中的"头几个"。 尤其是近几年，啤酒与饮料行业的双向跨界愈演愈烈。 重庆啤酒在云南、新疆、重庆等地推出了大理苍洱汽水和天山鲜果庄园汽水；燕京啤酒推出倍斯特嘉槟汽水，以"供货价比大窑汽水低10元"的低价策略抢 占餐饮渠道；乌苏推出功能饮料"电持"；青岛啤酒则整合崂山系饮品构建多元化矩阵…… 另一方面，饮料企业也反向渗透酒饮市场。 2024年，东鹏饮料推出了VIVI鸡尾酒；2025年，元气森林推出低度气泡酒"浪"，延续其"0糖0脂"的健康理念；可口可乐、娃哈哈、统一和农夫山泉等饮料 巨头也纷纷加码低度酒。 1 MARKET POTENTIAL 市场潜力：从"存量竞争"到"增量拓展" 啤酒行业自2013年达到产量顶峰后，便开启了长达十年 ...

Core Viewpoint - The Chinese liquor industry is currently in a period of adjustment, with leading companies focusing on "steady development" as their primary strategy amidst challenges such as slowing consumer demand and intensified competition [2][3][6]. Group 1: Financial Performance and Dividends - Major liquor companies like Moutai, Wuliangye, and Yanghe are showing a trend of increasing dividend amounts and ratios, reflecting their strong financial performance and commitment to shareholder returns [7][8]. - Moutai plans to distribute a total cash dividend of 646.72 billion yuan for 2024, with a distribution rate of around 80% [7]. - Wuliangye announced a record high total dividend of 223 billion yuan for 2024, with a dividend yield of 4.9%, and committed to maintaining a dividend ratio of no less than 70% from 2024 to 2026 [7][8]. - Luzhou Laojiao has also set a three-year cash dividend plan, with rates increasing from 65% to 75% over the next three years [8]. Group 2: Strategic Focus and Market Positioning - The keyword for the liquor industry in 2025 is "stability," as companies prioritize maintaining market share and quality over rapid growth [3][6]. - Wuliangye reported a revenue growth of 7.09% and a net profit growth of 5.44% for 2024, continuing its trend of steady growth for ten consecutive years [5]. - Shanxi Fenjiu emphasized the shift in competition from speed to quality, focusing on stabilizing markets, channels, and prices [5]. Group 3: International Expansion - Moutai's international revenue reached 5.189 billion yuan in 2024, marking a significant milestone in its global strategy, which includes transitioning from product export to brand and cultural promotion [9]. - Wuliangye has successfully opened 21 new overseas markets and established 29 new distributors, enhancing its international presence [10]. - Fenjiu is implementing a differentiated international strategy, successfully filling market gaps in 11 countries and increasing its overseas revenue by over 50% [10]. Group 4: Product Innovation and Market Trends - The trend towards lower alcohol content beverages is gaining traction, with several leading companies, including Moutai and Wuliangye, planning to launch low-alcohol products to cater to younger consumers [13][16]. - Moutai has introduced a blueberry sparkling wine and is actively recruiting distributors to capture more market share in the low-alcohol segment [16]. - The industry is recognizing the need to adapt to changing consumer preferences, with companies exploring new product lines to meet diverse market demands [16].

2008年金融海啸席卷全球，冰岛首当其冲。货币克朗（ISK）对欧元暴跌八成，三大银行倒闭，政府被迫全面接管。雪上加霜的是 2011年格里姆火山（Grímsvötn）爆发，火山灰覆盖农地，瘫痪北欧与英国航运。 然而，冰岛没有倒下。政府果断采取转型策略，加速投资地热能源，减少对进口燃料依赖；同时，把火山灾难形象转化为冒险旅游吸 引力，推出火山内部探险、地热温泉体验等。 危机处理得当，使得2011年旅客不减反增，全年上升12%。冰岛，从一座孤岛，逆风飞翔成世界旅人眼中的「Silicon of Nature」。 初踏蓝湖：一场矿泉的意外邂逅 Blue Lagoon: Beauty Born from Industry 2023年8月，我与梁芷????及团友一同踏上冰岛之旅。一下机直奔著名的蓝湖（Blue Lagoon）。这片如梦似幻的蓝色温泉，其实是地热 发电厂Svartsengi的副产品：高温海水流经熔岩地层后排出，富含Silicon（二氧化矽）与矿物质，形成乳白色池水，终年温度维持在37 至40°C。 在烟雾缭绕中浸泡，敷上白泥面膜、啜一口冰岛气泡酒，身心彷佛被火山拥抱。这不是温泉，而是一场美丽的工业副作用——令 ...

证券之星食品饮料行业周报：2025年6月30日-2025年7月4日，沪深300指数上涨1.54%，申万食品饮料指数上涨0.31%。前五大上涨个股分别为：煌上煌 （002695）、酒鬼酒（000799）、金字火腿（002515）、莫高股份（600543）、安记食品（603696）。 机构观点 国投证券本周观点(含个股)： 今年以来新消费(低度酒、饮料、零食、乳品)股价表现显著强于传统消费(白酒、啤酒)，股价上涨驱动为：1)渠道收入数据高增；2)新品起量预期。低基数及 原材料成本下降背景下，Q2食饮利润端压力不大，重点关注收入边际变化、产品结构、新品α。大众品配置优先级高于白酒。关注燕京啤酒（000729）、珠 江啤酒（002461）、万辰集团（300972）、卫龙美味、西麦食品（002956）、立高食品（300973）、新乳业（002946）、妙可蓝多（600882）、东鹏饮料 （605499）、李子园（605337）、莲花控股（600186）。 天风证券本周建议(含个股)： 【酒类板块】建议关注强α&持续享受集中度提升红利的酒类酒企：山西汾酒（600809）/贵州茅台（600519）/燕京啤酒等。 【大众品】 ...

Core Insights - JD Seven Fresh has launched a variety of lychee-related products during the peak season of lychee ripeness, enhancing consumer experience with unique culinary offerings [1][3][7] Group 1: Product Innovation - The company has developed innovative products such as lychee ice brew, which preserves the fresh taste and aroma of lychee while providing a refreshing experience [3][5] - Lychee sparkling wine creatively incorporates whole lychees, offering a unique flavor profile that enhances summer gatherings [5] - The lychee rose box cake combines the sweetness of lychee with the fragrance of rose petals, providing a rich and layered taste experience [5][7] Group 2: Supply Chain and Freshness - JD Seven Fresh employs a direct sourcing model from Guangdong, ensuring same-day harvesting and shipping of lychees, maintaining temperature-controlled transport [1][7] - The introduction of frozen "Meizi Xiao" lychees utilizes freezing technology to lock in flavor and nutrition, allowing consumers to enjoy fresh lychees even outside the peak season [7] Group 3: Consumer Engagement - The company has created a direct sales area in its stores, attracting customers with fresh lychees at competitive prices, enhancing the shopping experience [3] - The efficient 1+N model (1 central store + N satellite stores) allows for rapid delivery, with products reaching consumers in as little as 30 minutes [7]

21世纪经济报道记者贺泓源、实习生李晴报道 乳业需求继续下滑。 尼尔森IQ数据显示,2025年1-5月，全国液态奶销售额同比下滑7.5%。其中，线下同比下滑9.7%，线上增 长4.8%。此外，在4月，乳品全渠道销售额同比下滑9.5%。 如此态势下，有关部门下场救市。 据农业农村部官网，6月25日，农业农村部召开加快奶业纾困持续提升奶业高质量发展水平座谈会，农 业农村部党组书记、部长韩俊主持会议并讲话。 会上，韩俊指出，去年以来，针对肉牛奶牛生产面临的严峻形势，农业农村部会同有关部门和地方出台 一系列产业纾困政策，多措并举帮助行业渡过难关，在各方面共同努力下，肉牛产业纾困有了实质性进 展，但奶牛产业纾困任务依然艰巨。要持续推动产业纾困措施落地见效，在延长产业链、提升附加值、 增强竞争力上下功夫，推动奶业发展尽快迎来"拐点"。 仙坛股份：向全资子公司增资1亿元 韩俊强调，要加力实施产业纾困政策，指导各地尽快落实补助奖励项目，持续给予信贷支持，加强奶牛 养殖场户动态监测和帮扶支持，有序淘汰落后产能，控制新增产能，稳定生产主体信心和奶业发展根 基。 要多措并举提振奶类消费，持续加强乳品消费的科普宣传，提高国民对饮奶有 ...

葡萄糯米混合发酵酒、葡萄园机械作业全功能机器人、葡萄酒"国风"系列器皿器具、免埋土酿酒葡萄生 态栽培技术……在第五届中国（宁夏）国际葡萄酒文化旅游博览会期间，葡萄酒领域的24项"五新"成果 发布。正是依托在技术、产品、设计、装备等方面的创新突破，近年来，宁夏、新疆、甘肃、云南等地 一批新兴葡萄酒产区快速崛起，产品竞争力和品牌影响力显著提升，推动我国葡萄酒产业在困境中破 局，直面市场复杂挑战，香飘世界。 多元投资热土 不久前，全球葡萄酒巨头、澳大利亚富邑葡萄酒集团以1.3亿元完成了对宁夏贺兰山东麓青铜峡产区望 月石酒庄75%股权的收购，标志着富邑葡萄酒集团在我国葡萄酒市场的战略布局进入新阶段。 目前，我国已基本形成宁夏、新疆、甘肃、河北、山东、云南、辽宁和吉林等8个葡萄酒产区，拉菲、 保乐力加、富邑等全球葡萄酒巨头相继落地布局，推动我国从单一的全球潜在葡萄酒出口市场，向新兴 消费市场培育和全球生产投资布局并重转变。 宁夏产区，兼具东方美学与国际品质的全球酒庄投资新标杆；山东产区，中国葡萄酒产业投资目的地与 全球化出海桥头堡；新疆产区，葡萄酒现代化创意工厂和异域风情的酒旅新空间；云南产区，改写传统 纬度带认知的东 ...

"当前白酒消费深刻变革，消费年轻化、场景日常化、品质悦己化、渠道数字化、价值情感化等趋势变 量交织共振。对于企业而言，关键还是要善于化危为机、危中寻机，心无旁骛地走好自己的路、做好自 己的事，以自身发展的确定性应对外部环境的不确定性。" 6月2 0日举行的五粮液2 0 2 4年度股东大会上，面对远道而来的投资者，五粮液集团（股份）公 司党委书记、董事长曾从钦在投资者交流环节一开场就给出积极表态。 2 0 2 4年以来，白酒行业进入深度调整期，全方位考验企业的经营底色。面对形势变幻，五粮 液始终以"稳健发展"应万变——2 0 2 4年营收、净利润双增，连续十年保持稳健增长，2 0 2 5年 一季度营收、净利润继续保持稳健正增长。 尽管今年行业调整期持续，五粮液管理层在股东大会上表示将依旧保持"稳健"发展目标—— 今年将持续推动质的有效提升和量的合理增长，营业总收入与宏观经济指标保持一致。 "当前白酒行业已经进入全面深度调整的'深水区'，化解这一系列矛盾的核心，是回归消费需 求原点，以更好的产品、文化、服务和投资回报满足产品市场和资本市场的期待。"五粮液股 份公司党委副书记、副董事长、总经理华涛指出。 为 推 进 ...

Core Insights - The article highlights the rapid growth and potential of the instant retail market for alcoholic beverages, particularly beer and low-alcohol drinks, driven by changing consumer preferences and technological advancements [1][2][4]. Market Overview - The penetration rate of instant retail in the alcoholic beverage market is currently around 1%, with a market size of nearly 200 billion yuan in 2023. This is expected to reach 6% penetration and exceed 1 trillion yuan by 2027 [1]. - Instant retail is projected to grow significantly, with estimates suggesting a market size of approximately 780 billion yuan in 2024, a year-on-year increase of over 20%, and potentially reaching 1.2 trillion yuan by 2026 [2]. Consumer Trends - Low-alcohol beverages are experiencing remarkable growth in instant retail channels, with fruit wine accounting for 38% (annual growth rate of 72%), tea wine 25% (65% growth), and sparkling wine 17% (210% growth) [4]. - The demand for instant retail is driven by younger consumers who prefer convenience and immediate consumption scenarios, such as home gatherings and outdoor activities [7][11]. Competitive Landscape - Various instant retail platforms, including specialized alcohol delivery services, are competing aggressively in the market, indicating a strong potential for growth in the alcoholic beverage segment [2][8]. - The competition is expected to intensify as leading companies in the Internet of Things upgrade their flash purchase services into independent brands and increase investment in this area [1][2]. Challenges and Opportunities - While instant retail is gaining traction, it currently has a low penetration rate, which limits its impact on traditional sales channels. However, it can help traditional channels by reducing inventory pressure, especially for mid- to low-priced products [8][9]. - Instant retail is seen as a complementary channel that can address fragmented consumer needs, particularly for low-alcohol and craft beers, while high-end products will continue to rely on traditional channels [11]. Future Outlook - The future of instant retail in the alcoholic beverage sector will likely involve enhanced efficiency in the supply chain, deeper integration between manufacturers and platforms, and localized market strategies [11].