现代公司制的起源，在教科书上通常指向17世纪欧洲的远洋贸易公司。其以股份制聚拢资本，以两权分离规范运营。 然而，当回望东方，中国现代公司制的源头活水，在山西、在晋商。 "纵横欧亚九千里，称雄商界500年。"从泪洒西口到汇通天下，晋商创造了"海内最富"的奇迹，也在探索中构建了超前的商业规则与信用体系。 1919年，晋商的探索结出了标志性的硕果，中国白酒业第一家股份制公司——山西晋裕汾酒股份有限公司在太原成立。 清晰的股份制结构、明确的所有权与经营权分离、倚重专业的职业经理人——大掌柜、创新的"身股"激励……这些现代企业治理的核心要素，在晋裕汾酒公 司身上已经清晰可见。 公司制的本土化实践 晋裕汾酒公司的成立直接推动民族传统产业从家族作坊向现代企业转型。但事物并不是一蹴而就，变革也有青涩的雏形。 光绪初年，山西汾阳南垣寨的王家三兄弟合股在杏花村开设酒坊"宝泉益"，地址选在尽善村。"宝泉益"一开张便气象不凡：修建有高大院墙、宏阔厂房、酿 造工具，连同精心设计的宿舍、店铺、账房等建筑，为后面的建设奠定了基础。 除了这些物质设施外，更为核心的，是其内在治理的突破。 彼时，"宝泉益"力聘经验丰富的杨得龄担任大掌柜，将经营 ...

中新网太原8月23日电 (记者 杨杰英)"山西22家企业签约参加第四届中国国际供应链促进博览会(以下简 称"链博会")。"近日，山西省贸促会会长李慧义接受记者采访时表示，山西签约企业从2024年的6家到 2025年的13家，再增至现在的22家，企业的参与度显著提升，企业通过参加展会链接上下游，开拓国际 国内市场，提升品牌影响力。 第四届链博会山西推介会暨签约仪式21日在太原举办。会上，霍尼韦尔、GE医疗、中国工商银行山西 省分行、晋能控股集团、山西鹏飞集团等企业代表，就借助链博会深度参与全球产业链供应链合作，发 挥链博会对推动山西能源转型、产业升级、适度多元发展的作用进行了交流发言。 组织企业参加展会、举办专题推介会……山西省贸促会通过搭建国际政策交流、协调平台等积极推动产 业融合和国际合作。通过"山西品牌丝路行""山西品牌中华行"等系列活动，提升山西品牌知名度，推动 山西企业"走出去"与"引进来"。 李慧义介绍，山西省贸促会以共建"一带一路"国家和地区、东南亚、欧洲、拉美为重点，组织驻华贸易 投资促进机构、商协会、外资企业、跨国公司等开展"山西行"活动，邀请他们走进山西省，深入了解山 西省的投资环境、产业优 ...

Investment Rating - The investment rating for the food and beverage industry is "Positive" and maintained [10] Core Insights - The liquor industry is undergoing adjustments, with leading brands in high-end and regional segments remaining relatively stable. The industry is currently in a phase of active destocking, with expectations of demand recovery as macroeconomic conditions improve. High-end brands such as Kweichow Moutai and Wuliangye are recommended [5][18] - The yellow wine sector is entering a new price increase cycle, with significant concentration in the market. Leading brands are collaborating strategically and expanding into new markets, particularly focusing on high-end product lines [6][19] - The mass consumer goods segment is facing pressure from the restaurant chain demand, but certain sub-sectors like dairy products and condiments show promising growth potential. The dairy sector is expected to stabilize with the introduction of child-rearing subsidies, while condiment companies are managing inventory pressures effectively [7][22][24] Summary by Sections Liquor Industry - The liquor industry is currently in a destocking phase, with a short-term impact from policy changes. However, the demand structure differs from previous cycles, and recovery is anticipated as consumer confidence improves. High-end brands are expected to perform well, with Kweichow Moutai projected to achieve a 7% revenue growth in Q2 2025 [5][18] - The yellow wine market has seen a significant increase in concentration, with the top three brands holding approximately 43% market share as of 2023. Price increases are expected for key products, with brands like Kuaijishan actively promoting high-end offerings [6][19] Mass Consumer Goods - The dairy sector is experiencing a slight decline in production, but demand is showing signs of improvement. The introduction of a national child-rearing subsidy is expected to enhance long-term demand for dairy products [7][22] - The condiment industry is managing inventory pressures better than in previous years, with leading companies expected to achieve stable growth despite short-term challenges. Key players include Haitian Flavoring and Qianhe Flavoring [24] - The beer sector is facing challenges in the on-premise consumption channel, but companies are adapting by exploring new retail channels. Qingdao Beer and Yanjing Beer are highlighted as key recommendations [25][27] Restaurant Supply Chain - The restaurant supply chain is entering a new normal with stable demand. The total revenue for the restaurant sector in the first half of 2025 reached 27,480 billion yuan, reflecting a year-on-year growth of 4.3%. Companies are seeking new channels for growth, with recommendations for Guoquan and Lihai Foods [8][28] Key Individual Stocks - Kweichow Moutai is expected to maintain a strong market position with a projected revenue of 396.5 billion yuan in Q2 2025, reflecting a 7.26% year-on-year increase [31] - Wuliangye is anticipated to outperform the industry average, with revenue and profit growth expected to remain positive [31] - Yili Group is projected to achieve a revenue growth of around 8% in Q2 2025, benefiting from a favorable inventory situation [39]

Core Viewpoint - The company is focusing on quality-driven growth in the Chinese liquor market, particularly in the clear aroma liquor segment, which is aiming for a 20% market share. This strategy is supported by systematic practices in raw material control, process innovation, and full-chain standards [2][11]. Group 1: Quality Control and Raw Material Strategy - The company has established its "first workshop" for liquor production in the barley golden production area at 45°N latitude, emphasizing the importance of quality in the liquor market [2]. - The core process of the company relies on high-quality Daqu, with barley being a key raw material that influences fermentation efficiency and flavor transformation [4][6]. - The company has locked in its barley seed base in Qitai County, Xinjiang, recognized as a "barley hometown," combining 4,000 years of agricultural history with modern breeding techniques to ensure raw material quality [4][6]. Group 2: Innovation in Barley Varieties - In 2024, the company will launch a customized barley variety, "Fenjiu Barley No. 1," developed in collaboration with agricultural research institutions, which shows a 15% yield increase and a 20% improvement in saccharification efficiency [6][7]. - The new barley variety is designed to meet the specific needs of clear aroma liquor production, enhancing the flavor profile and fermentation process [6][7]. Group 3: Integrated Supply Chain Management - The company has established approximately 1.4 million acres of raw material bases across several provinces, ensuring the uniformity of raw material quality through a standardized management model [8][9]. - The management model includes land registration and unified standards for planting, management, procurement, storage, and transportation, ensuring high-quality raw materials for liquor production [9]. Group 4: Industry Leadership and Future Outlook - The company has achieved significant revenue growth and aims to maintain its position among the top players in the liquor industry, focusing on high-quality development and brand value enhancement [11][15]. - The company is positioned to lead the revival of the clear aroma liquor segment, with high-end products like Qinghua 30 and Qinghua 40 expected to drive brand value and market growth [15].

在清香品类的整体复兴下，高品质给汾酒增长提供了强劲动 力，汾酒对品质的坚守和追求，也将引领一个全新高质量发展 的清香时代。 作者： 周远 封图：图虫创意 从山西杏花村到新疆奇台，跨越五千多里山河，汾酒将 " 汾酒第一车间 " 布局在北纬 45° 的大麦黄金产区，以一场跨越山海的品质之约，寻找中国 白酒的黄金起点。 在清香型白酒不断开疆拓土、整个品类向 20% 市场份额奋勇进发的当下，品质已成为决胜市场的关键。汾酒以原粮自控、工艺创新、全链标准的系统 性实践，共同熔铸为 " 品质驱动增长 " 的底层逻辑。这不仅为清香白酒的可持续增长注入澎湃且确定的动能，更在波澜壮阔的中国品质白酒宏大叙事 中，深深刻下了无可替代的汾酒坐标。 天山沃野启种源，科研匠心链品质 " 这里的气候条件几乎为大麦量身定制。 " 国家大麦青稞产业技术体系首席科学家郭刚刚指出，奇台大麦以 " 高产、优质、抗逆 " 著称，其蛋白质含 量、淀粉结构等指标天然契合白酒酿造需求，成为汾酒选定此地作为制种基地的核心原因。 作为清香型白酒的典型代表，汾酒的核心工艺依赖优质大曲。大麦是制作大曲的关键原料，其发达的酶系和适中的淀粉含量为固态发酵微生物提供了理 ...

Core Viewpoint - The article emphasizes the significance of high-quality barley in the production of premium liquor, particularly for Fenjiu, highlighting the establishment of a dedicated barley cultivation base in Xinjiang to ensure superior raw materials for brewing [3][5][12]. Group 1: Barley Cultivation and Quality - Fenjiu has initiated the production experiment of a specialized barley variety, "Fenjiu Barley No. 1," in Xinjiang, which has shown promising results in terms of quality and yield [3][9]. - The unique climatic conditions of Qitai, Xinjiang, including ample sunlight and fertile soil, make it an ideal location for barley cultivation, contributing to high-quality production [6][9]. - The "Fenjiu Barley No. 1" variety is specifically bred to meet the requirements of high-quality liquor production, ensuring optimal fermentation processes [9][12]. Group 2: Strategic Development and Industry Impact - Fenjiu has integrated grain base construction into its corporate strategy since 2009, establishing over 1.4 million acres of raw material bases across suitable geographical regions [12][14]. - The company has experienced significant revenue growth, with projections indicating an increase from 14 billion yuan in 2020 to 36 billion yuan by 2024, reflecting a growth rate of over 157% [12]. - The establishment of the barley cultivation base is seen as a vital support for the entire barley industry, promoting research and development in barley cultivation and enhancing the overall quality of liquor production [9][14].

Core Viewpoint - The Fenyang Fenjiu 2030 technological transformation project aims to significantly enhance the production and storage capacity of the company, reinforcing its leadership position in the domestic liquor industry with a total investment of 9.1 billion yuan [1][2]. Group 1: Project Overview - The project is located in the Fenyang Xinghua Village Economic and Technological Development Zone, covering an area of 1,716 acres, and is described as a "super aircraft carrier" in the liquor industry with a total investment of 9.1 billion yuan [1]. - Upon completion, the project will achieve an annual production capacity of 51,000 tons of raw liquor and a storage capacity of 134,400 tons, contributing to the formation of a liquor industry cluster [2]. Group 2: Technological and Structural Aspects - The project emphasizes technological innovation and green development, establishing a complete industrial chain that includes raw material processing, brewing production, storage allocation, and supporting guarantees [2]. - The construction includes various facilities such as grain cleaning, storage silos, brewing workshops, and wastewater treatment stations, with 20 main construction units currently in the main construction phase [2]. Group 3: Economic and Social Impact - The project is a key part of the Luliang Municipal government's initiative to promote the "985" key industrial chain, focusing on upgrading the liquor industry and optimizing the regional economic structure [3]. - It is expected to create numerous job opportunities in Fenyang City, leading to both economic and social benefits [3].

Investment Rating - The investment rating for the food and beverage industry, specifically for alcoholic beverages, is "Outperform the Market" [1]. Core Insights - The alcoholic beverage instant retail sector is entering a rapid development phase, with significant room for channel penetration. Instant retail is defined as a "supply revolution" and "efficiency revolution" driven by consumer lifestyles. Major platforms are increasing capital investment, suggesting a new development stage for local living, with instant retail platforms likely transitioning from "selling products" to "selling scenarios" [3][11]. - The market size for alcoholic beverage instant retail is projected to reach 36 billion yuan in 2024, with a penetration rate of approximately 1.8%. By 2030, the market could expand to between 60 billion and 90 billion yuan, driven by both supply and demand [3][17]. - The current instant retail channels are categorized into two models: platform models that integrate resources and self-operated models that maintain strong supply chain control [3][19]. - Alcoholic beverage companies are actively embracing channel transformation, with a focus on instant retail and online channels. This shift is seen as a crucial attempt for brands to integrate into consumers' lifestyles [3][4]. Summary by Sections 1. Development of Alcoholic Beverage Instant Retail - Instant retail is creating "all-weather scenarios" for consumers, accelerating supply-side development [7][11]. - The demand for alcoholic beverages in instant retail is increasing, particularly during nighttime hours, with younger consumers driving this trend [11][12]. 2. Necessity of Channel Transformation - The transformation of alcoholic beverage channels is deemed inevitable due to changing consumer lifestyles and the need for supply chain efficiency [3][31]. - The competition landscape for white and beer products is stabilizing, with consumers forming brand loyalty [3][4]. 3. Potential Opportunities and Highlights - Instant retail channels provide a testing ground for younger products, allowing companies to innovate with lower costs and better data feedback for product development [5][27]. - The shift towards high-end products in the beer sector is facilitated by instant retail, which allows for rapid turnover and the introduction of craft and fresh beer products [5][41]. 4. Accelerated Layout of Instant Retail Channels - Alcoholic beverage companies are increasingly investing in instant retail channels, viewing them as essential for integrating into consumer lifestyles [3][4]. - Companies like Moutai and others are actively recruiting operators on platforms like Meituan and Douyin to expand their consumer base [3][4]. 5. Profit Forecast and Investment Recommendations - Short-term impacts of instant retail on the competitive landscape of white and beer products may be limited, but long-term opportunities exist for companies that adapt to channel changes [4][5]. - Recommended stocks include Shanxi Fenjiu, Luzhou Laojiao, Guizhou Moutai, Yanjing Beer, and Chongqing Beer [4].

Key Insights - The report highlights the importance of high-quality urban renewal and the need for a new model of real estate development as emphasized by national leaders [3][4] - It notes a significant increase in broad fiscal spending intensity, with public budget expenditures reaching 28,318 billion yuan in June, reflecting a year-on-year growth of 0.4% [8][10] - The report discusses the ongoing transformation in the banking sector regarding interest rate risks and the expected upward trend in bond market yields due to increased volatility in funding rates [29][51] Macro Economic Analysis - The focus on urban renewal and domestic circulation is expected to enhance economic growth, with policies aimed at boosting consumption and diversifying supply [3][4] - The government is pushing for a balanced housing system through the newly released housing rental regulations [4] - The report indicates that the fiscal revenue growth rate has slowed, with a marginal improvement in tax revenue, while non-tax revenue continues to decline [10][11] Industry Insights - The AI application sector is highlighted as a growth area, with companies like Tuolisi and Songlin Technology positioned to benefit from advancements in AI and robotics [40][41] - The dietary supplement industry is projected to grow significantly, driven by increasing health awareness and an aging population, with global sales expected to reach 223 billion dollars by 2026 [42][43] - The report identifies opportunities in the liquor sector, particularly low-valuation white liquor stocks, as they are seen as defensive assets amid economic uncertainties [45][46] Financial Sector Overview - The report notes a significant increase in trading volume, with daily transactions surpassing 20 trillion yuan, indicating a recovery in market activity [49][50] - The insurance sector is experiencing a reduction in preset interest rates, which is expected to lower liability costs and support the transition of traditional insurance products [51][52] Energy and New Materials - The solid-state battery industry is making progress with breakthroughs in materials and acceleration in pilot production, indicating a positive outlook for the sector [54]

Investment Rating - The report maintains a positive outlook on the food and beverage industry, particularly on traditional consumer brands and companies with long-term competitive advantages [3][7]. Core Insights - The report highlights that traditional consumer brands have adjusted and now possess long-term investment value from a dividend and yield perspective. The food sector is expected to see performance differentiation based on company fundamentals [3][7]. - In the liquor segment, the report anticipates continued pressure on sales due to slow macroeconomic recovery and limited consumption scenarios, with key recommendations including Kweichow Moutai, Shanxi Fenjiu, and Luzhou Laojiao [3][7]. - The report emphasizes the growth potential in the dairy sector, driven by supply-demand rebalancing and supportive policies, recommending companies like Yili and Qingdao Beer [3][9]. Summary by Sections 1. Weekly Insights on Food and Beverage - The food and beverage sector saw a 0.74% increase last week, with liquor up 0.94%, but underperformed the broader market by 0.93 percentage points [6][39]. 2. Market Performance of Food and Beverage Sectors - The liquor sector's heavy stock holdings in public funds decreased to 6.79% in Q2 2025, down 1.71 percentage points from the previous quarter, indicating a low position compared to historical averages [8][39]. 3. Industry Events and Updates - The report notes that the liquor sector is currently in a consumption off-season, with significant downward pressure expected in Q3, particularly in August [8][9]. 4. Valuation Table - The food and beverage sector's dynamic PE is at 18.72x, with a premium rate of 29%, while the liquor sector's dynamic PE is at 17.35x, with a premium rate of 19% [22].