Core Viewpoint - Chengdu's rich intangible cultural heritage (ICH) is showcased through the launch of the "Chengdu ICH Map," inviting exploration of the city's unique cultural offerings and experiences [1][9]. Group 1: Clothing and Accessories - Chengdu, historically known as "Jincheng" due to its silk production, continues to celebrate its heritage through various forms of traditional clothing and embroidery, such as Shu brocade and embroidery [2][3]. - The Chengdu Shu Brocade and Embroidery Museum offers a comprehensive experience, allowing visitors to appreciate, purchase, and learn about these traditional crafts [3]. - The Jinmen Silk Culture Town provides insights into the historical significance of silk, featuring educational exhibits and workshops related to Shu brocade and embroidery [3]. Group 2: Culinary Heritage - Chengdu is recognized as Asia's first "City of Gastronomy," with a deep-rooted culinary culture that reflects the city's identity [4]. - The map highlights key culinary experiences, including the traditional production of Pixian Doubanjiang (broad bean paste) and various Sichuan cooking techniques at the Chengdu Sichuan Cuisine Museum [4][5]. - Visitors can engage in hands-on experiences at tea-making workshops and enjoy a variety of local delicacies at the Chengdu Sichuan Cuisine Museum, which also features an all-you-can-eat snack street [5]. Group 3: Home and Living - The Chengdu ICH Map emphasizes the beauty of traditional crafts in home decor, showcasing items like lacquerware and bamboo crafts that blend functionality with artistic value [6][7]. - The Chengdu Lacquerware Factory offers workshops where visitors can witness the craftsmanship behind traditional lacquer products and participate in cultural exchange activities [7]. - The bamboo weaving village in Chongzhou highlights the integration of traditional crafts into modern aesthetics, with new designs appealing to contemporary consumers [7]. Group 4: Artistic Experiences - The map encourages visitors to engage with local art forms, such as Sichuan opera, which combines visual and auditory experiences in a unique cultural setting [8][9]. - The Jinjiang Theater, recently renovated, offers a diverse range of performances, enhancing the cultural experience for both locals and tourists [8]. - The Wenshu Monastery area features a blend of dining, cultural exhibitions, and traditional crafts, providing a comprehensive exploration of Chengdu's heritage [8][9].

在全球化浪潮奔涌向前的今天，中国以更加开放的姿态拥抱世界，众多企业在这股浪潮中乘风破浪。水井坊周苑忻，便是其中一颗熠熠生辉的明珠，水井坊周苑忻以其卓越的发展成就，水井坊周 水井坊的发展历程，是一部传统与现代交织、本土与国际融合的传奇。其渊源可追溯至元末明初的水井街酒坊，那段绵延600余年的酿酒技艺传承，如同一条深邃的历史长河，为水井坊注入了深 在时代发展的浪潮中，水井坊敏锐地捕捉到机遇，积极拥抱国际合作。2006年，与全球最大烈酒集团帝亚吉欧达成合作意向，开启了传统白酒行业的新征程。帝亚吉欧的加入，为水井坊带来了 与此同时，水井坊不断深化与中国科学院微生物研究所的合作，对"一号菌群"微生物宝库展开深入研究，发现了众多对酒体品质和生香起关键作用的菌种，为水井坊酒体独特风味的形成提供了科 此外，水井坊还联合两大协会共同发布《水井坊古窖池保护性生产规范》，填补了业内空白，以科学、规范的方式守护着600余年古窖池的活态传承。在数字化领域，邛崃全产业链基地项目一期 水井坊在实现自身发展的同时，也积极履行社会责任。文化传承上，"水井坊酒传统酿造技艺"荣膺"国家级非物质文化遗产"，公司组建"非遗保护委员会"，确保技艺传承有 ...

Core Insights - The Chinese liquor industry is experiencing a trend of decreasing volume but increasing prices, with leading brands like Moutai and Wuliangye seeing revenue and net profit growth despite a decline in overall industry production [2][5][13] - Brand building has become crucial for all liquor companies, especially for small and medium enterprises, which can seek growth through regional market focus, transforming into specialty wineries, and enhancing consumer interaction [2][5][16] - The rise of low-alcohol and fruit wines poses challenges for traditional liquor companies, which must prioritize product quality and innovation to adapt to changing consumer preferences [2][22][25] Industry Trends - The overall production capacity of the liquor industry has been declining, with current capacity at about 30% of its peak in 2016, reflecting a shift in consumer preference towards premium and aged liquors [5][6][8] - The competition is increasingly characterized by a "survival of the fittest" dynamic, where leading brands grow at the expense of smaller players, leading to a phenomenon described as "this consumes that" [5][13] - The market is witnessing a bifurcation where high-end brands are facing price adjustments, with Moutai's actual transaction price dropping nearly 30% from its peak [14][29] Company Strategies - Companies like Gujinggong and Jinshiyuan have benefited from the industry's increasing concentration and have successfully leveraged regional economic growth to enhance their market positions [16][17] - Watering brands like Shui Jing Fang are focusing on brand building and product quality, positioning themselves well in the competitive landscape [19] - Small liquor companies are encouraged to either dominate a specific regional market or transform into local wineries that resonate with community sentiments, potentially leading to profitable operations [20][21] Consumer Behavior - Consumers increasingly demand specific brands when purchasing liquor, indicating a strong brand loyalty that drives market dynamics [12][19] - The perception of liquor as a premium product has led to a decline in the acceptance of non-branded or lower-quality offerings, emphasizing the importance of brand reputation [6][8][12] - The younger generation's shift towards lighter alcoholic beverages and fruit wines presents both a challenge and an opportunity for traditional liquor companies to innovate and adapt [22][23][25] Investment Outlook - The liquor sector is currently undergoing a valuation correction after a period of rapid growth, with investors advised to approach the market with a rational mindset based on their investment goals [27][29] - The potential for mergers and acquisitions in the liquor industry remains high, with significant interest in brands that can demonstrate strong growth potential [28][29] - The evolving economic landscape and changing consumer preferences necessitate a careful evaluation of investment strategies within the liquor sector [28][29]

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, particularly highlighting the white wine sector as it is expected to clear and stabilize, with gradual improvements in the mass market [1]. Core Insights - The white wine sector is currently in a clearing and bottoming phase, with expectations for marginal improvement in the second half of the year. The industry has seen risks transition from off-balance sheet channels to on-balance sheet for most listed companies, leading to a slight slowdown in payment and delivery progress in Q1. However, leading companies have largely completed their initial targets for the year [4][9]. - In the mass market, beer shows signs of marginal improvement, with standout performance in the snack category, particularly for konjac products. The dairy sector is expected to rebound in Q2 after a period of adjustment [19][25]. Summary by Sections White Wine Sector - The white wine sector is in a clearing and bottoming phase, with expectations for improvement in the second half of the year. Q1 saw a slowdown in payment and delivery, but leading companies have met their initial targets [4][9]. - High-end brands like Moutai and Wuliangye are expected to see revenue and profit growth of approximately 9% and 10%, and 4% and 3% respectively in Q1 [10][12]. - The mid-range segment is experiencing varied performance, with brands like Fenjiu and Gujing showing growth, while others like Yanghe are facing challenges [10][12]. Mass Market - The beer sector is showing signs of recovery, with leading brands like Qingdao and Yanjing achieving revenue growth of 4% and 6% respectively in Q1 [26][29]. - The snack segment, particularly konjac products, is performing well, with brands like Salted and Wei Long seeing significant growth [19][25]. - The dairy sector is expected to improve as inventory levels stabilize, with companies like Yili and Mengniu showing resilience [25]. Investment Recommendations - The report suggests bottom-fishing in the white wine sector, with a focus on brands like Moutai, Wuliangye, and Fenjiu, while also recommending attention to the mass market for potential turning points in beer and dairy [5][19].