香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CHINA TONTINE WINES GROUP LIMITED 中國通天酒業集團有限公司 （於百慕達註冊成立的有限公司） （股份代號：389） 達成復牌指引及恢復買賣 本公佈乃由中國通天酒業集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據 香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09(2)(a)條及香港法例第571章 證券及期貨條例第XIVA部內幕消息條文（定義見上市規則）作出。 茲提述(i)本公司日期為二零二四年八月二十九日之公佈，內容有關延遲刊發二零二四年 中期業績及延遲寄發二零二四年中期報告；(ii)本公司日期為二零二四年九月二日之公佈， 內容有關本公司股份暫停買賣；(iii)本公司日期為二零二四年九月三十日之公佈，內容有 關進一步延遲刊發二零二四年中期業績及進一步延遲寄發二零二四年中期報告；(iv)日期 為二零二四年十二月二日之公佈，內容有關復牌指引及有關復牌進 ...

近日，世界酒业巨头帝亚吉欧公布了截至2025年12月31日的2026上半财年报告。受中美市场表现拖累， 帝亚吉欧半年销售额为105亿美元，同比下降2.8%。在业绩说明会上，帝亚吉欧管理层再次回应了出售 水井坊的传言。 帝亚吉欧管理层表示，上半财年欧洲、拉丁美洲和加勒比海地区、非洲等区域的销售业绩实现了较好增 长，而集团业绩的下滑主要受美国烈酒和中国白酒业务的影响。其中，中国白酒销售的持续下滑对亚太 区域市场销售有所冲击，该区域销售额同比下降11%。如果剔除中国白酒业务的影响，集团净销售额降 幅将收窄至同比下降0.5%。 http://mapi/0026p7eXgy1iantvnybaqj60qy0f6ad202 【#帝亚吉欧再次回应出售水井坊的传言#】 中国酒业消费尚未走出深度调整期，洋酒巨头们的日子同样不好过。 ...

帝亚吉欧预计2026财年有机销售额将下降2%至3%，而有机营业利润预计将持平或增长至低个位数。此 前的预期为有机净销售额持平至略微下降，有机营业利润增长在低至中个位数之间。在股东分红方面， 董事会宣布每股中期股息为0.20美元，低于去年的0.405美元每股。 "董事会做出了艰难的决定，将股息降至更适当的水平，这将加速我们资产负债表的强化，"首席执行官 Dave Lewis表示，并指出集团需要提高财务灵活性。"我们相信这是正确的举措，能够确保帝亚吉欧巩 固其作为领先的国际烈酒企业的地位，并在未来几年推动更强的股东价值。" 周三，帝亚吉欧(DEO.US)盘前大跌超12%，报89.76美元。消息面上，帝亚吉欧下调了其股息，同时下 调了截至2026财年的有机销售和利润指引，主要原因是美国和中国市场的疲软，以及上半年持续的艰难 交易环境。 ...

近期有关法国及欧盟可能对中国商品加征高额关税的讨论，在国际舆论场引发强烈关注，部分媒体甚至 将之解读为"法国要对华打贸易战"。这一风波由法国政府咨询机构提出的战略报告点燃。该报告认为， 面对中国商品大量涌入、对欧洲制造业造成压力，欧盟应当采取更大力度的贸易政策调整，建议对中国 商品统一征收约30%的关税或者让欧元对人民币贬值约30%，以缓解所谓"廉价进口冲击"。许多媒体予 以报道，并引用"相当于贸易宣战"的表述来描述这一建议。 第二种反制是对欧盟整体一系列对华不友好举措启动"反歧视调查"，这一策略在多边贸易规则框架内有 其法律依据。中方观点认为，如果欧盟成员国采取有针对性的贸易限制措施，中国可以申请通过世贸组 织等国际机构审视这些措施是否违反规则，从而通过制度路径寻求纠正。这将使贸易争端的解决回归规 则框架，而非纯粹的单边对抗。 第三种反制是直接对等加征关税，即在欧盟单边对中国商品加征关税后，中方可对欧盟相关产品加征同 等税率的关税。这一策略在中美贸易摩擦中已有先例，双方曾多次通过对等关税表达各自立场。这种直 接对等措施虽然能迅速产生实际效果，但同时也可能加剧两边成本压力，最终转嫁给企业和消费者。 在这一建议 ...

Core Viewpoint - The recent trade agreement between the US and India marks a significant reduction in tariffs, facilitating deeper economic cooperation and market access for both nations [1][2][3]. Group 1: Tariff Adjustments - The US has implemented an 18% "reciprocal tariff rate" on Indian-origin goods, a substantial decrease from previous rates that could reach 50% or more [3][21]. - India has committed to significantly lowering tariffs on a range of US industrial and agricultural products, including specific items that benefit US agricultural states and manufacturing hubs [4][5][6]. Group 2: Non-Tariff Barriers - India has agreed to address long-standing non-tariff barriers that have hindered US companies, including the import licensing process for medical devices and market access restrictions for ICT products [7][8]. - The agreement includes a commitment from India to evaluate the adoption of US standards or international testing requirements within six months of the agreement's effectiveness [9]. Group 3: Strategic Goals - The US aims to expand exports, deepen market access, and strengthen regulatory frameworks, seeking not only to sell more products but also to lower entry barriers for US workers and producers in India [13][14][15]. - The agreement reflects a broader strategy where both countries are positioning themselves for future economic and technological collaboration, moving beyond mere tariff reductions [12][32]. Group 4: Procurement Commitments - A notable aspect of the agreement is the procurement commitment of $500 billion over five years, which includes high-value items such as energy, aircraft parts, and technology products [26][27]. - This procurement list is seen as a means to translate political agreements into tangible business contracts, particularly in the technology sector [28][29]. Group 5: Energy and Geopolitical Considerations - The agreement subtly ties tariff reductions to India's commitment to reduce imports of Russian oil, indicating a complex geopolitical exchange [35][37]. - India is gradually diversifying its oil supply sources, reflecting a strategic approach to balance its energy needs while maintaining relations with both the US and Russia [41][53]. Group 6: Future Cooperation and Challenges - The agreement is viewed as a first step towards a more comprehensive bilateral trade deal, with mechanisms in place to adjust commitments if either party alters its tariff arrangements [49][66]. - The real test will be whether the commitments translate into effective execution, particularly in areas like non-tariff barriers and digital trade rules [64][65].

2月10日，法国葡萄酒与烈酒出口商联合会（FEVS）发布年度出口报告。最新数据显示，法国酒业出口 已连续第三年收缩，出口量创下至少25年来的最低水平，而中美两大市场同步遭遇的贸易壁垒压力，正 是这场持续低迷无法触底的核心症结。 美国市场：高关税持续压制需求 美国市场同样深陷贸易壁垒的持续压制，FEVS发布的数据显示，2025年法国酒类对美出口额下降21% 至30亿欧元，出口量跌破3000万箱整数关口。 Gabriel Picard分析称，美国潜在的200%追加关税威胁，在2025年下半年显著抑制了进口商的采购意 愿，叠加此前批发环节的去库存周期尚未完成，导致法国对美出口连续两年录得两位数跌幅，他同时警 告，"美国市场的量级修正或许尚未到位，2026年仍可能出现新一轮下探。" 欧洲市场：英国逆势提供缓冲 相较中美两大市场的剧烈收缩，欧洲本土则展现出显著的韧性。FEVS统计显示，2025年法国酒类对欧 出口总额稳定在41亿欧元，其中，英国市场录得3%的进口量增长，成为欧洲板块中为数不多的正向贡 献者。 整体出口量价跌至25年冰点 FEVS披露的数据显示，2025年法国葡萄酒与烈酒出口总量滑落至1.68亿箱，同比下 ...

Group 1 - The global market capitalization of the top 50 publicly listed beer, wine, and spirits producers has decreased by $830 billion, a 46% drop from the historical peak in June 2021 [1] - Changing lifestyle habits among younger generations, with a shift towards health-centric living, are leading to a decline in alcohol consumption [1] - Economic slowdown resulting in reduced household spending is also contributing to the challenges faced by the alcohol industry [1] Group 2 - Heineken announced plans to cut 6,000 jobs globally, representing nearly 7% of its workforce, due to weak demand [3] - The layoffs will primarily affect Europe and non-priority markets, as well as supply chain networks and regional business units [3] - Heineken's profit growth forecast for 2026 has been revised down to 2% to 6%, lower than the previous forecast of 4% to 8% for 2025 [3] Group 3 - Global beer sales declined by 2.8% in the fourth quarter of last year, reflecting a broader trend of cost-cutting and asset sales among alcohol producers [3] - Gallup polling indicates that the willingness to consume alcohol in the U.S. has reached its lowest level since records began in 1939 [3] - Concerns from health organizations are diminishing alcohol demand among Generation X, while enthusiasm for drinking is also waning among Millennials and Generation Z [3]

按照协议，印度对九成以上的欧盟货开绿灯，欧盟更狠，直接对印度近99%的出口商品实施关税减让。 这种让利幅度，在国际贸易史上确实少见，简直就像是两个老对头突然决定把家里的围墙拆了，合伙过日子。 说起这段"姻缘"，那可真是一把辛酸泪。 早在2007年，双方就开始眉来眼去了，但因为汽车关税、农产品保护还有知识产权这些硬骨头，谈谈停停，甚至在2013年彻底闹掰，各回各家了。 谁知时隔十三年，这桩婚事竟然按下了快进键，火速成交。 这场联姻的动静搞得非常大，印度总理莫迪甚至激动地给它冠上了"所有协议之母"的称号。 欧盟那边也没闲着，冯德莱恩更是直抒胸臆，说这是"史上最棒的交易"。 这可不是王婆卖瓜自卖自夸，看看数据就知道，这个超级贸易区覆盖了全球四分之一的GDP，贸易额占了全世界的三分之一，整整20亿人口被圈在了一个圈 子里。 其实明眼人都看得出来，这背后全是给逼出来的，而那个拿鞭子在后面抽的人，正是大洋彼岸的美国。 特朗普重返白宫后，那关税大棒舞得叫一个密不透风。 印度作为美国的"战略伙伴"，也没能逃过被"薅羊毛"的命运， 50%的关税直接砸在了印度商品头上。 老特还拿印度买俄罗斯石油的事儿说事，威胁要再加码。 这一下 ...

2022 年以来，法国葡萄酒及烈酒出口额累计下跌17%，从法国第二大出口品类滑落至第三位，次于航 空航天与化妆品行业。 展望未来，FEVS 主席加布里埃尔・皮卡德表示，行业有望从欧盟与印度、南方共同市场的新贸易协定 中受益，这些地区需求正在增长；但若市场准入条件得不到改善，2026 年形势仍将艰难。 去年，美国对相关产品加征更高关税，甚至威胁最高加征200%关税，严重抑制需求，下半年尤为明 显。对美出口额大跌21%，至 30 亿欧元，出口量跌破 3000 万箱。 皮卡德在巴黎酒展前接受路透社采访时表示："美国市场确实在萎缩，仅靠调整出口量可能不够，2026 年或许还会再降。" 2025 年，受反倾销税严重抑制干邑、雅文邑及其他葡萄基烈酒对华出口影响，法国对华酒类销售额大 跌20%，至 7.67 亿欧元。 法国烈酒旗舰品类干邑出口量暴跌15%，出口额暴跌24%，成为贸易摩擦升级的最大受害者之一。 法国葡萄酒与烈酒出口商协会（FEVS）周二表示，受美国加征关税、中国实施相关税负影响，法国葡 萄酒及烈酒出口在 2025 年连续第三年下滑，行业前景依然充满挑战。 受美中贸易壁垒抑制需求影响，法国葡萄酒及烈酒去年出口额 ...

Core Points - India and the US have reached a temporary trade agreement framework after a year of negotiations, with India asserting that the agreement protects its core agricultural interests, while domestic opposition views it as a compromise to the US [1][4] - The agreement includes provisions for India to lower tariffs on US industrial products and various food items, while the US will reduce its "reciprocal tariffs" on certain Indian goods from 25% to 18% [3][4] - The agreement aims to facilitate a bilateral trade deal, with plans for a formal signing in March [4] Trade Agreement Details - India will eliminate or reduce tariffs on US industrial products and multiple food and agricultural products, while the US will lower tariffs on some Indian goods [3] - India has committed to increasing imports from the US, targeting approximately $500 billion in energy products, aircraft, precious metals, technology products, and coking coal over the next five years [3] - The agreement also addresses non-tariff barriers, market access, economic security, and digital trade [3] Domestic Reactions - Indian officials, including Commerce and Industry Minister Piyush Goyal, have praised the framework as beneficial for Indian exporters, particularly farmers and small businesses, claiming it opens a $30 trillion market [5] - However, the agreement has faced strong criticism from opposition parties and organizations in India, which argue it compromises farmers' interests and national sovereignty [5][6] - The "United Farmers Front" has condemned the agreement, warning of potential nationwide protests if it is signed, citing concerns over tariff imbalances favoring US agricultural products [6] Key Factors Influencing Agreement - Analysts suggest that India's ability to reduce imports of Russian oil and the protection of Indian farmers' interests will be crucial for the successful finalization of the agreement [7][8] - The US has indicated that if India continues to import Russian oil, it may reinstate tariffs, complicating negotiations [7] - The potential impact on Indian agriculture and the trade balance with the US is a significant concern, with warnings that increased imports could erase India's trade surplus with the US [8] Future Negotiations - The issue of Russian oil procurement remains a focal point for future negotiations, with India likely to seek a compromise that satisfies both the US and its own energy needs [9] - There is a belief that India may gradually reduce its Russian oil imports to meet US demands while maintaining a balance in its foreign relations [9]