今年以来，白酒价格持续波动，降价成市场趋势，国家统计局最新数据为酒类市场释放更清晰信号。 根据国家统计局近日公布的数据，2025年6月份，全国居民消费价格同比上涨0.1%。但酒类价格同比下降1.7%， 环比下降0.3%；而纵观1-6月整体表现，酒类价格更是录得2.0%的同比降幅。持续走低的价格曲线背后，是消费市 场深层逻辑的悄然转变。 | | | 环比涨跌幅 | 同比涨跌幅 | 1-6月 | | --- | --- | --- | --- | --- | | | | (%) | (%) | 同比涨跌幅 (%) | | 居民消费价格 | | -0.1 | 0.1 | -0.1 | | 其中:城市 | | -0.1 | 0.1 | 0.0 | | 农村 | | 0.0 | -0.2 | -0.3 | | 其中:食品 | | -0.4 | -0.3 | -0.9 | | 非食品 | | 0.0 | 0.1 | 0.1 | | 其中:消费品 | | -0.1 | -0.2 | -0.4 | | 服务 | | 0.0 | 0.5 | 0.4 | | 其中:不包括食品和能源 | | 0.0 | 0.7 | 0.4 | | ...

Group 1 - The perception of Moutai's price floor is high among consumers, leading them to believe that prices will not drop below certain levels, such as 1500 yuan or 1000 yuan [1][4] - Many consumers purchase Moutai not for consumption but as a status symbol or investment, indicating its luxury brand status [3][5] - The demand for high-end liquor has significantly decreased due to changing consumption scenarios, particularly in business contexts, which has affected the overall market for premium liquor [5][12] Group 2 - The current market environment shows a lack of confidence in the future of high-end liquor, with excess production capacity and reduced consumer demand [6][12] - Liquor manufacturers face two potential strategies: controlling supply to stabilize prices or increasing market supply while lowering prices and quality [8][9] - Historical examples illustrate that many once-premium liquor brands have transitioned to lower-tier products, raising concerns about the long-term value of current high-end offerings [11][12] Group 3 - The recommendation for consumers is to assess their actual need for liquor rather than purchasing for speculative purposes, especially given the current market dynamics [12][13] - If Moutai's price were to drop significantly, it could lead to a shift in its perception as a premium product, impacting its use in high-end business settings [12][13]

白酒行业进入深度调整期的当下，酒企与"流量渠道商"的战略合作正掀起新一轮浪潮。7月10日，北京商报记者从胖东来创始人于东来社交平台账号处获 悉，胖东来与宝丰酒业合作推出的"自由爱"单品预计年内实现营收约10亿元。 8 搜同款 > 百有(本地 1987 071 酒鬼自由爱馥郁香型白酒 酒精度:52%vol ○ 净含量:550mL 酒鬼酒股份有限公司 @胖东来于东来 思想 · 文化·品位·品质 …… 湘西的精神、 湘西的传奇和胖东来的作品·让生活像艺 155 术一样浪漫和唯美! ... 展开 2025-6-29 19:33 IP属地:河南 图片来源 近年来，酒企与流量渠道商合作推出新品的案例并非个例。从胖东来与宝丰酒业推出"自由爱"，到京东与洋河股份推出"洋河大曲"，再到胖东来联手酒鬼酒 推出"酒鬼酒·自由爱"，近年来，酒企与流量渠道商频频通过推出联名定制产品上演跨界合作的戏码，早已成为行业引爆资本市场与终端市场的"流量密 码"。如今，当"自由爱"有望突破10亿元营收、洋河大曲48小时销量破万瓶时，"酒企+流量渠道商"模式能否复制以解决行业动销及压货难题？ 联手推新 知名酒企纷纷与流量渠道商展开深度合作推出联名定 ...

中国商报（记者 周子荑 文/图）低度白酒在这个夏天引来众多关注。近来，包括五粮液、泸州老窖、洋河、水井坊在内的多家头部酒企都宣布要上市低度白 酒。实际上，此前多家酒企就曾布局30多度、40多度的低度白酒产品，而此番上市的白酒甚至降至10度左右。 业内人士分析，白酒"降度"的话题多年前就被提及，而今年低度白酒尤其火。这反映出当前白酒行业消费场景、消费渠道都发生了巨大变化，酒企再推低度 酒是为了在新的市场环境下开拓新的增长点。不过，低度白酒存在口感难调和、保质期短等问题，这也是酒企需要解决的难点。 龙头酒企纷纷推出低度白酒 近日，五粮液宣布，公司将在9月推出29度五粮液·一见倾心等低度酒产品。据介绍，五粮液已调制出三款风味酒样，正面向社会各界开展测试调研。在调研 过程中，其不仅重点考察了商务人士需求，还兼顾了年轻人的想法。 另一家龙头酒企泸州老窖董事长刘淼也在股东大会上表示，目前公司旗下38度国窖1573大受欢迎，呈现良性快速增长态势。公司已经研发出28度的国窖 1573，并将适时投放市场。 为应对白酒行业年轻化、低度化趋势，洋河旗下微分子产品也有大动作。洋河相关负责人对记者表示，针对年轻群体，微分子将要推出的品 ...

Group 1 - The Jiangsu Province Urban Football League ("Su Super") has gained significant attention this summer, promoting tourism, dining, leisure, and sports consumption in various regions of Jiangsu, showcasing a successful integration of culture and tourism [2] - Yanghe Co., as a national brand rooted in Jiangsu, has fully sponsored the "Su Super" Suqian team, exploring innovative practices to empower regional cultural dissemination and support high-quality cultural tourism development [2][3] Group 2 - During a key match between Suqian and Yancheng, Yanghe Co. organized a fan group to enhance the atmosphere and showcase hospitality, while also creating industrial tourism routes for visiting fans to experience local culture [3] - Yanghe Co. has launched exclusive benefits for visiting fans, including free tours of two national 4A-level tourist attractions, enhancing the interaction between the event, brand, and fans [4] - The company has consistently invested in community sports, promoting sports culture and integrating it with liquor culture, thereby creating new consumption scenarios and supporting the development of cultural tourism [6]

Group 1 - Wuliangye Fund signed cooperation agreements with multiple capital institutions, aiming to create a "capital + industry think tank" ecosystem to promote high-quality development in Yibin [2] - Jiangsu's Yanghe Hai Zhi Lan is sponsoring a football carnival, engaging fans through various interactive activities across thirteen cities [2] - Moutai Sauce Fragrance announced its official e-commerce authorized store list, providing consumers with various platforms to purchase its products [2] Group 2 - Zhenjiu Lidu Group has donated 12 million yuan for educational purposes this year, fulfilling its corporate social responsibility [22] - The Henan Province Alcohol E-commerce Professional Committee was established to address industry pain points and enhance consumer trust [23] - Tianjin New Port imported 15,400 kiloliters of beer in the first half of 2025, with a year-on-year growth of 13.7% [24]

Core Viewpoint - The resignation of Zhang Liandong as chairman of Yanghe Co., Ltd. marks a significant leadership change amid declining performance, with the company facing challenges in the competitive high-end liquor market [3][6][11]. Company Overview - Yanghe Co., Ltd. announced the resignation of chairman Zhang Liandong on July 1, 2023, due to work adjustments, with his term originally set to end in April 2027 [3][6]. - Zhang Liandong's tenure saw a turnaround in company performance, with revenue increasing from 253.50 billion CNY in 2021 to 331.3 billion CNY in 2023, and net profit exceeding 100 billion CNY for the first time [6][7]. - However, in 2024, Yanghe became the only top five A-share liquor company to experience declines in both revenue and profit, with a 12.83% drop in revenue to 288.76 billion CNY and a 33.37% decrease in net profit to 66.73 billion CNY [6][11]. Strategic Initiatives - During Zhang's leadership, Yanghe implemented a "dual famous liquor, multi-brand, multi-category" strategy, enhancing brand influence through various marketing initiatives [7]. - The company launched its first equity incentive plan in 2021, aiming to motivate management and align interests with long-term growth [7]. Leadership Transition - Gu Yu, the current district mayor of Suqian, has been appointed as the new party secretary of Jiangsu Yanghe Distillery Co., Ltd., indicating a continuation of leadership from a similar governmental background [8][10]. - Analysts suggest that Gu Yu is expected to take over as chairman, following a pattern of leadership transitions within the company [11]. Market Challenges - Yanghe faces structural pressures from both high-end competitors and a slowing overall consumption market, necessitating management optimization to enhance market responsiveness [11]. - Recommendations for Yanghe's future include revitalizing the "Shuanggou" brand, upgrading traditional sales channels, and improving talent acquisition and incentive mechanisms [11]. Stock Performance - As of July 7, 2023, Yanghe's stock closed at 64.8 CNY, with a total market capitalization of 976.18 billion CNY [12].

Investment Rating - The investment rating for the industry is "Outperform the Market" [5][6]. Core Views - The report highlights that the liquor sector, particularly Moutai, is stabilizing in price, and attention should be paid to the second-quarter performance of the sector [3][12]. - The food and beverage sector saw a slight increase of 0.74% this week, underperforming the Shanghai Composite Index by 0.67 percentage points [2][22]. - The report emphasizes the importance of consumer demand and market health, with companies focusing on destocking and promoting sales in the short term while nurturing consumer engagement and internationalization in the long term [14][21]. Summary by Sections Liquor Sector - Moutai's stock buyback reached 3.3821 million shares, accounting for 0.27% of total shares, with a total expenditure of 5.202 billion yuan [3][12]. - The liquor index increased by 1.2%, indicating a potential valuation recovery driven by incremental policies [14]. - Recommended stocks include Moutai, Shanxi Fenjiu, and Wuliangye, which have demonstrated resilience through multiple cycles [14][21]. Consumer Goods - The report notes that the recent warm weather is favorable for beer consumption, with expectations for slight sales growth among major beer brands [15]. - The snack sector is experiencing a trend of differentiation, with recommendations for companies that are innovating in products and channels [16][17]. - The report suggests focusing on leading companies in the seasoning industry, such as Yihai International and Haitian Flavoring, as they show resilience [18]. Frozen Foods - The frozen food sector is stable, with companies actively developing new products despite the off-season [19]. - Anji Food's recent IPO on the Hong Kong Stock Exchange raised 2.302 billion HKD, which will be used to enhance sales networks and optimize supply chains [19]. Dairy Products - The dairy sector is expected to see a gradual recovery in demand, with supply pressures easing and potential policy catalysts on the horizon [20]. - The report recommends focusing on leading dairy companies that are well-positioned for upward elasticity in 2025 [20]. Beverages - The beverage industry is entering a peak season, with expectations for continued growth in segments like sugar-free tea and energy drinks [21]. - The report recommends East Peak Beverage, which is accelerating its national and platform expansion [21].

东 兴 晨 报 2025 年 7 月 4 日星期五 经济要闻 1.商务部：将充分释放制度型开放红利。商务部部长助理唐文弘在国务院政 策例行吹风会上表示，商务部将重点推进企业和群众急需的试点举措落地见 效，在更大范围内推动规则规制、管理标准相通相融，充分释放制度型开放 红利。《关于做好自由贸易试验区全面对接国际高标准经贸规则推进高水平制 度型开放试点措施复制推广工作的通知》近日对外发布。《通知》明确将向全 国或其他自贸试验区复制推广总计 77 条试点措施，涵盖服务贸易、货物贸易、 数字贸易、知识产权保护、政府采购改革、"边境后"管理制度改革、风险防 控等 7 个方面。（资料来源：同花顺） 2.工信部：对整治光伏行业无序竞争的力度将更大。由工业和信息化部组织 召开的第十五次制造企业座谈会，将范围锁定在光伏行业。共计 14 家光伏行 业企业及光伏行业协会负责人交流发言，并提出政策建议。参会的光伏企业 负责人表示，国家相关部门已经走访国内主要光伏企业，要求企业于近期尽 快上报成本价格，"如果后续继续低于成本价销售，就有可能会受到重罚。" 另据此次座谈会透露，工业和信息化部将进一步加大宏观引导和行业治理， 强化标准引领 ...

Core Viewpoint - The resignation of Zhang Liandong as chairman of Yanghe Co., Ltd. marks a significant leadership change amid the company's recent performance challenges, with the new leadership expected to navigate a critical period for the company and the industry [1][3][29]. Group 1: Leadership Changes - Zhang Liandong submitted his resignation from the board and various leadership roles due to work adjustments, effective immediately upon delivery to the board [1][3]. - The board confirmed that Zhang's departure would not affect the minimum number of board members required by law and would not disrupt normal operations [3]. - Gu Yu has been appointed as the new party secretary of Jiangsu Yanghe Distillery Co., Ltd., indicating a shift in leadership dynamics within the company [3][5]. Group 2: Company Performance - During Zhang's tenure from 2021 to 2023, Yanghe's revenue grew from 212.02 billion to 278.57 billion yuan, with a notable increase in net profit, reaching over 100 billion yuan for the first time in 2023 [11][13]. - However, the company faced a significant downturn in 2024, with revenue dropping to 288.8 billion yuan, falling below the 300 billion yuan threshold and trailing behind competitors [17][19]. - The decline continued into 2025, with Q1 revenue reported at 110.66 billion yuan, a 31.92% decrease year-on-year, and net profit down 39.93% [24][25]. Group 3: Strategic Challenges - Zhang acknowledged that the company's past success may have hindered its ability to adapt to current market demands, emphasizing the need for new strategies and management approaches [26][28]. - The company has been criticized for not effectively upgrading its brand and marketing strategies to engage younger consumers, leading to a loss of competitive edge [28][30]. - The leadership transition is seen as an opportunity for a "reset," with the new board expected to make critical decisions regarding the company's future direction and operational strategies [29][30]. Group 4: Recommendations for New Leadership - Industry experts suggest that the new chairman should focus on revitalizing the "Double Canal" brand to enhance market presence and drive growth [31]. - Recommendations include optimizing marketing strategies, enhancing talent acquisition, and improving operational efficiency to respond to competitive pressures in the industry [32][33].