国际合作更加深入。拟邀请马来西亚担任主宾国，将设置全球好物馆，国外企业近百家参展，举办"国 际经贸代表团走进地标博览会"等系列活动，联合呈现一场"中西合璧""精彩亮眼"的经贸交流盛宴。预 计本届博览会将迎来4个国家的近50名外国嘉宾，集中展示17个国家的近100款独具特色的海外地理标志 产品。 中国发展网讯 2025年9月8日，泸州市人民政府新闻办在四川新闻发布厅召开第四届国际地理标志产品 博览会新闻发布会。四川省泸州市人民政府副市长靳地胜，泸州市农业农村局局长陈光明，泸州市商务 会展局局长唐一，泸州市市场监督管理局局长宋庆，泸州市叙永县委常委、宣传部部长袁涛出席新闻发 布会介绍情况并回答记者提问。发布会由泸州市委宣传部副部长、市委外宣办（市政府新闻办）主任陈 敏主持。 记者从发布会现场获悉，第四届国际地理标志产品博览会将于9月26日至28日在泸州国际会展中心举 办。本届地理标志产品博览会聚焦"强化地标赋能·惠享美好生活"，拟邀请马来西亚担任主宾国。届 时，国家有关部委、省直部门代表以及国际友人等近100位重要嘉宾将莅临泸州，共襄盛举！ 据泸州市人民政府副市长靳地胜介绍，本届博览会共策划18项活动，展出和活动 ...

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].

Core Viewpoint - Luzhou is transforming its consumption ecosystem by leveraging its reputation as a "Chinese Liquor City" and integrating cultural tourism with commerce to create a globally influential destination for liquor culture tourism [5][6]. Group 1: Economic Development - Luzhou's total retail sales of consumer goods reached 60.56 billion yuan from January to May, marking a year-on-year growth of 6.8%, ranking third in the province [5]. - The city is investing 1.5 billion yuan in the construction of the China Baijiu Museum, which aims to enhance the city's appeal and extend visitor stay [5]. Group 2: Tourism and Cultural Integration - Luzhou is focusing on deepening the integration of culture, tourism, and commerce, aiming to create a leisure vacation area and a vibrant health zone [5]. - The city plans to develop themed commercial districts and enhance the night-time economy by promoting the "Night Tour of the Two Rivers" brand [5][6]. Group 3: Consumer Experience Enhancement - Luzhou is introducing diverse consumption experiences, such as immersive liquor culture tours and themed food festivals, to attract more visitors [6]. - The city is also developing outdoor sports and cultural events to boost local tourism and consumer engagement [6]. Group 4: Policy and Infrastructure Support - Luzhou's government is set to implement 19 policies aimed at enhancing consumer experiences and supporting local businesses, focusing on performance in entertainment, first-store economy, and consumer incentives [6]. - The Luzhou Wanxianghui shopping center has introduced over 80 first stores in the region, maintaining a high percentage of new brands to attract younger consumers [6].

Group 1 - The event "Intelligent Manufacturing, Winning the Future" was successfully held in Shanghai, focusing on AI technology, application landing, and industry practices [1][3] - Experts from various fields participated in discussions about the current and future landscape of AI, emphasizing the importance of collaboration and innovation [1][3][41] Group 2 - Lin Feng, General Manager of Luzhou Laojiao, highlighted the transformative impact of AI across industries, suggesting a shift towards a new "Industry 5.0" era [7] - Luzhou Laojiao has significantly reduced its workforce from 6,000 to 164 through the establishment of a new supply chain system, leading to lower construction costs and enhanced operational efficiency [8] - The company is actively exploring financial technology applications, including the launch of a customized digital currency to expand its digital ecosystem [8] Group 3 - Tencent Cloud's Vice President, Cheng Wei, noted that AI technologies, represented by large models, are reshaping various industries at an unprecedented pace [10] - Tencent Cloud has invested 70.7 billion yuan in R&D in 2024, marking a 220% year-on-year increase, to support the integration of AI technologies into industries [11] - The Tencent Cloud TVP program has gathered over 500 top experts to promote technical exchanges and experience sharing [11] Group 4 - The discussion on embodied intelligence highlighted the challenges and opportunities in developing robots that can interact with the physical world [14][24] - The need for large amounts of training data for robots was emphasized, with current methods like imitation learning and simulation being explored [16][25] Group 5 - AI is being leveraged in the automotive industry by companies like Altec, which is integrating AI into the entire vehicle development process to enhance efficiency and adaptability [19][20] - Altec has developed a comprehensive AI technology architecture to support its automotive design innovations [19] Group 6 - Luzhou Laojiao's digital transformation journey has been divided into four stages, with significant achievements in marketing, supply chain, and management digitalization [33] - The company is focusing on building a cloud data system and mobilizing employees for AI initiatives, aiming to enhance its competitive edge [43] Group 7 - The event concluded with a brainstorming session where experts discussed future AI investment directions and the integration of AI into various business processes [41][67] - The discussions underscored the importance of collaboration between technology and business to drive successful AI implementations [54][58]

Core Viewpoint - The newly implemented "strictest alcohol ban" is expected to have significant impacts on the liquor industry, particularly the high-end segment, raising concerns about potential downturns similar to those experienced after the 2012 "Three Public Expenses" restrictions [3][12]. Summary by Sections Background of the Alcohol Ban - The "strictest alcohol ban" was introduced on May 18, 2023, as part of the revised regulations aimed at promoting frugality and opposing waste in government settings [4][5]. - This ban marks a shift from previous regulations that primarily targeted high-priced liquor to a complete prohibition of all alcoholic beverages in government-related events [6][7]. Implications for the Liquor Industry - The ban extends beyond just prohibiting public funds from purchasing alcohol; it encompasses various scenarios including official receptions, work meals, and even during work hours [6][7]. - The immediate market reaction saw a decline in stock prices for major liquor companies, with a collective market value loss exceeding 30 billion yuan in a single day following the announcement [14]. Historical Context and Comparisons - The liquor industry previously experienced a significant downturn after the 2012 restrictions, which curtailed approximately 40% of government-related consumption, leading to a rapid decline in sales and market value [11][12]. - In contrast, the current reliance on government consumption has decreased to around 5%, suggesting that the impact of the new ban may be less severe than in 2012 [12][15]. Market Reactions and Future Outlook - Analysts are divided on the potential impacts of the ban, with some believing that the effects will be limited and primarily emotional, while others express concerns about the broader implications for business-related alcohol consumption [12][13]. - The industry is expected to accelerate its transformation towards a consumer-driven market, focusing on appealing to younger demographics and enhancing brand engagement [15][16]. Strategies for Adaptation - Liquor companies are increasingly exploring tourism and experiential marketing to attract younger consumers, with initiatives such as music festivals and cultural experiences [16][17]. - The shift towards lower-alcohol and more affordable products is seen as a necessary adaptation to changing consumer preferences, particularly among younger generations [17].

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 rates the food and beverage sector as "Overweight" for 2024 and Q1 2025 [1] Core Insights - The food and beverage sector is experiencing a slowdown, with 2024 revenue and net profit expected to grow by 2% and 4% year-on-year, respectively. For Q1 2025, revenue and net profit are projected to increase by 1% and 0.2% year-on-year, indicating overall deceleration [2][4] Summary by Sections 1. Food and Beverage Sector Overview - The food and beverage sector's total revenue for 2024 is projected at 1,089.8 billion, with a year-on-year growth of 2%, and net profit at 220.2 billion, with a year-on-year growth of 4%. The growth rate has decreased by 4.9 percentage points for revenue and 12.7 percentage points for net profit compared to the previous year [7][8] 2. Subsector Performance 2.1. Baijiu (Chinese liquor) - The baijiu sector is facing demand pressure, with revenue growth for high-end, mid-range, and regional baijiu expected to be 12%, 3%, and 0% respectively in 2024. Net profit growth is projected at 11%, -1%, and -7% respectively, indicating a clear performance differentiation among brands [12][14] 2.2. Beer - The beer sector is showing signs of recovery, with Q1 2025 revenue increasing by 4% and net profit by 11%. However, the average price per ton is under pressure, with a slight decline in prices observed [47][48] 2.3. Snacks - The snack segment is experiencing structural growth, with revenue growth of 18% in Q4 2024 and 2% in Q1 2025, although the latter is affected by high base effects and the timing of the Spring Festival [4][8] 2.4. Soft Drinks - The soft drink sector maintains a good growth trajectory, with revenue growth of 3% and net profit growth of 1% in Q1 2025, driven by strong performance from leading brands [4][8] 2.5. Dairy Products - The dairy sector faced a decline in 2024, with revenue down 7% and net profit down 27%. However, there are signs of improvement in Q1 2025 [4][8] 2.6. Seasonings - The seasoning sector is showing marginal improvement, with revenue growth of 3% and net profit growth of 7% in Q1 2025 [4][8] 2.7. Food Supply Chain - The food supply chain sector is under pressure due to increased competition, with revenue down 5% and net profit down 13% in Q1 2025 [4][8] 3. Investment Recommendations - The report suggests overweight positions in high-quality growth stocks within the baijiu sector, such as Shanxi Fenjiu and Guizhou Moutai, as well as in snack companies like Three Squirrels and Yanjin. In the beer sector, it recommends stocks like Qingdao Beer and Zhujiang Beer [4][8]

Summary of Industry and Company Insights from Conference Call Records Industry Overview Alcohol Industry - The liquor industry is currently in a bottoming phase, with overall deceleration and rising costs. High-end liquor brands like Moutai, Wuliangye, and Luzhou Laojiao show strong resilience, with combined revenue and profit growth of 7.4% and 7.9% respectively in Q4 2024 and Q1 2025 [1][12][11] - The high-end liquor segment is crucial, with brands such as Moutai, Wuliangye, and Luzhou Laojiao being particularly noteworthy. Other brands like Fenjiu and regional brands such as Jiuqu Hong and Gujing Gongjiu are also significant [4][12] - The overall revenue for the liquor sector in 2024 was 442.2 billion yuan, with a year-on-year growth of 7.3% [11] - The sales expense ratio for the liquor sector was approximately 9.7%, an increase of 0.4 percentage points year-on-year, indicating a strategy to maintain market share through increased spending [13] Beer Industry - The beer industry is facing sales pressure, with a slowdown in price upgrades. However, some companies are achieving excess profits through volume growth and improved operational efficiency [5][35] - In 2024, the beer sector's revenue was generally under pressure, but Q1 2025 saw a rebound in sales for most brands, excluding Budweiser [35][37] Food and Beverage Industry - The food and beverage sector is experiencing a shift from high-end to low-end consumption, influenced by government policies and consumer expectations [2] - The condiment sector is in a phase of stock competition, with weak sales environments but better profit expectations due to sustained raw material cost advantages [3][43] Key Insights Financial Performance - The liquor sector's combined revenue growth for Q4 2024 and Q1 2025 was 1.5%, with profit growth of 0.2% [11] - High-end liquor brands maintained stable profit margins, while mid-tier and regional brands experienced declines in revenue and profit [12][27] - Online sales for liquor reached 10.38 billion yuan in 2024, a year-on-year increase of 10.8%, indicating a strong trend towards online sales [20] Consumer Trends - The consumer trend in 2025 shows a notable shift towards value-oriented purchases, with a more rational approach from investors in selecting companies for potential rebounds [2] - The snack food sector is seeing a divergence in performance, with production-oriented companies benefiting from category advantages while channel-oriented companies face pressure [46][47] Investment Recommendations - Investment focus should be on high-end stable brands in the liquor sector, such as Moutai and Wuliangye, as well as promising regional brands with strong market performance [25][22] - The beer sector is expected to recover in Q2 2025, with companies like Qingdao and Yanjing showing potential for growth due to low base effects from the previous year [42] Future Outlook - The liquor industry is anticipated to see significant differentiation in performance during the Mid-Autumn Festival and National Day in 2025, with ongoing monitoring of market dynamics [23] - The overall valuation of the liquor sector is at historical lows, with a price-to-earnings ratio (PETTM) below 20 times, suggesting potential for recovery [24] Additional Considerations - The health supplement and additive sectors are expected to expand in the long term, with companies that have strong R&D capabilities showing stability and competitiveness [7][57] - The beverage market is experiencing significant differentiation, with energy drinks and electrolyte beverages launching new products, while competition in the sugar-free tea segment intensifies [9][58]

Summary of Key Points from Conference Call Records Industry Overview Alcohol Industry - The liquor industry is showing a stable recovery with major companies like Moutai setting a 9% revenue growth target, Wuliangye aligning with macro indicators, and Luzhou Laojiao emphasizing steady growth. The supply-side pressure in the industry has significantly eased, and channel feedback is expected to improve [1][3]. - Moutai and Wuliangye have reported double-digit growth, slightly exceeding market expectations, while Luzhou Laojiao's cash flow performance is better than its apparent data [3]. Beer Industry - The beer sector performed well in Q1 2025, with small breweries like Zhujiang and Yanjing showing outstanding results. Qingdao Beer and Chongqing Beer met expectations, and structural improvements are noted despite pressure on ton prices [4][5]. Beverage Industry - The beverage sector continues to trend towards health and functionality, with Dongpeng Beverage showing high growth and new products like health water from Lululemon gaining attention. Nongfu Spring is also highlighted as a company to watch [6]. Dairy Industry - The dairy sector is experiencing supply-side adjustments, with Yili's Q1 report showing positive revenue growth. The improvement in demand is expected to resonate with the raw milk cycle, while Mengniu is noted for its defensive attributes [7]. Snack Industry - The snack sector is exhibiting a new consumption growth trend, with companies like Weilong and Yuyou revising their forecasts upward. Yuyou has entered new channels, and Ganyuan's overseas market prospects for Q2 are promising [8]. Textile and Apparel Industry - The textile and apparel industry is showing a trend of low performance followed by high recovery, particularly in sports apparel. Anta Sports is effectively managing multiple brands, while home textile companies like Luolai and Mercury Home Textile are seen as defensive investments [11][12]. Key Recommendations - **Liquor**: Recommended stocks include Moutai, Luzhou Laojiao, and regional leaders like Fenjiu and Wuliangye [10]. - **Beer**: Focus on Qingdao Beer and its strong dividend yield [5]. - **Dairy**: Yili and Mengniu are highlighted as key players [10]. - **Beverages**: Nongfu Spring and Lululemon are recommended [10]. - **Snacks**: Weilong, Yuyou, and Ganyuan are noted for their growth potential [10]. - **Textiles**: Anta Sports and home textile brands like Luolai are recommended for their defensive qualities [11][12]. Additional Insights - The pig farming sector is currently valued highly, with pig prices remaining elevated, but the breeding sector's outlook is cautious due to limited capacity recovery. Key companies to watch include Muyuan, Shennong Group, and Dekang [2][20]. - The poultry industry, particularly yellow feathered chickens, is facing challenges with prices down from last year, but companies like Lihua and Wens continue to expand [21]. - The retail sector is experiencing rapid growth, especially in the snack segment, with companies like Liangpinpuzi expected to open numerous new stores [33][34]. - The home appliance industry is focusing on tariff adjustments and new consumption trends, with companies like Vanward Electric and TCL Electronics showing strong performance [37][38].

十年相思情，寻香四月天。4月11日-13日，由泸州老窖·国窖1573研究院主办的中欧国际工商学院飞鸿班毕业10周年活动走进泸州老窖。中欧国际工商学 院教授、复旦大学教授、国际问题研究院前常务副院长、上海美国学会前副会长沈丁立以及来自中欧国际工商学院2013年深圳1班的30余位师生嘉宾一行 走进泸州老窖，探秘浓香圣地，再话同窗情谊，共同探寻浓香鼻祖泸州老窖的企业发展之道。 中欧国际工商学院飞鸿班嘉宾一行先后走进1573国宝窖池群、泸州老窖博物馆、泸州老窖三大天然藏酒洞之纯阳洞、乾坤酒堡，全方位沉浸式体验泸州老 窖"浓香鼻祖""浓香正宗"的文化魅力和白酒行业"活态双国宝"——泸州老窖酒传统酿制技艺和1573国宝窖池群的历史底蕴。 在1573国宝窖池群，嘉宾们近距离感受老窖池历经数百年的岁月沉淀，现场品味新酿出的浓香佳酿。泸州老窖博物馆内的丰富展品与详实史料，生动讲述 了泸州老窖从历史走来、迈向现代创新发展的故事，让嘉宾对泸州老窖的品牌内涵有了更深刻的认知。纯阳洞与乾坤酒堡中，弥漫在空气中的醇厚酒香及 亲手参与调制专属佳酿，更让嘉宾们沉浸式感受到泸州老窖洞藏陈酿与定制文化的独特魅力。 泸州老窖作为在明清36家酿酒作 ...