证券研究报告·行业跟踪周报·食品饮料 食品饮料行业跟踪周报 从"历史经典产业"到"传统优势民生产业" ， 新五年酿酒产业提质发展 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2026 年 02 月 22 日 证券分析师 苏铖 执业证书：S0600524120010 such@dwzq.com.cn 证券分析师 孙瑜 执业证书：S0600523120002 suny@dwzq.com.cn 行业走势 -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 20% 2025/2/24 2025/6/22 2025/10/18 2026/2/13 食品饮料 沪深300 2026-02-10 东吴证券研究所 1 / 9 请务必阅读正文之后的免责声明部分 ◼ 从"历史经典"到"优势民生"产业，再度定调酿酒产业重要地位，鼓 励高质量发展。继 2025 年 10 月工信部发布《关于推动历史经典产业高 质量发展的指导意见（2026—2030 年）（征求意见稿）》，近期工信部、 人社部、市场监管总局再度印发《酿酒产业提质升级指导意见（2026— 2030 年）》，明确定调 ...

Group 1 - The core argument is that despite the U.S. imposing tariffs on China during the Trump administration, China has not only remained unscathed but has made significant advancements in various sectors, even surpassing the U.S. in some areas [1] - Steven Ratner, a former advisor during the Obama administration, noted that the U.S. has not won the trade war, highlighting China's progress in fields like electric vehicles, industrial robotics, and pharmaceuticals [1] - China has doubled the U.S. in installed power generation capacity and has a clear cost advantage, while the U.S. lacks coherent industrial policies, which hampers its global competitiveness [1] Group 2 - The U.S. attempts to extend tariff threats to Iran's trade partners, particularly targeting China, which imports 80% of Iran's oil, indicating a miscalculation of China's response [3] - The U.S. struggles with internal issues, including a focus on short-term profits by private capital, which hinders long-term investments in research and innovation, leading to a competitive disadvantage against China [3] - The bipartisan consensus in the U.S. on blaming China for domestic issues reflects a misunderstanding of the root causes of its economic challenges [3] Group 3 - France's call for the EU to impose a 30% tariff on Chinese goods is seen as misguided, as it fails to address the deeper issues affecting European industry, such as the loss of cheap energy sources due to the Russia-Ukraine conflict [5] - France's significant trade relationship with China, particularly in wine and brandy, highlights the potential economic repercussions of its aggressive stance against China [5] - The EU's lack of unity on trade policies towards China suggests that France's actions could harm its own interests while benefiting the U.S. [5] Group 4 - The essence of international competition lies in strengthening domestic capabilities rather than engaging in tariff wars, as emphasized by Ratner [7] - The U.S. and Europe must recognize that protectionism is not a viable solution and that deep cooperation with China is necessary to enhance competitiveness in emerging sectors [7] - The interconnectedness of the global economy means that protectionist measures could ultimately harm the countries that implement them [7]

Group 1 - The core idea of the article revolves around French President Macron's proposal to impose a 30% tariff on Chinese goods, reflecting Europe's growing anxiety about its competitiveness in the global market [1][3] - The proposal is seen as a protective measure for French industries, particularly in the context of Europe's struggling economic growth and the rapid advancements in green technology and digital economy [3][5] - Germany's hesitation regarding the tariff proposal highlights the complexities within the EU's decision-making process, as it has strong trade ties with China and fears potential retaliation that could destabilize its economy [3][5] Group 2 - France's wine and brandy exports to China are significant, and any retaliatory measures from China could severely impact these sectors, particularly affecting Bordeaux wine producers [5] - The divergence in strategies between France and Germany illustrates a broader debate within the EU on how to address challenges posed by China, with Germany favoring internal reforms over tariffs [5][7] - A long-term solution requires a reevaluation of cooperation with China, emphasizing the need for open collaboration and addressing internal structural issues rather than relying solely on protectionist measures [7]

2月14日，工业和信息化部、人力资源社会保障部、市场监管总局印发的《酿酒产业提质升级指导意见（2026—2030年）》（以下简称《意见》）迅速引 发业内外高度关注。 新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 （来源：华夏酒报） 在酒业整体步入周期性低谷、深度调整的关键节点，这份政策的出台，无疑是一剂"强心剂"。从昔日被归为"限制性产业"，到如今被重新定义为"历史经 典产业"；从去年多地层层加码的"禁酒令"，到现在三部门联合定向扶持，态度逆转的背后，是酿酒产业定位的深刻重塑。《意见》不仅勾勒出"百亿园 区、千亿集群、万亿产业"的宏伟蓝图，更释放出一个明确信号：酒业的游戏规则，或将被重写。 7大方面×21项任务，解码酒业升级路径 值得关注的是，《意见》开宗明义指出，酿酒产业是我国传统优势产业和基础民生产业，在传承中华文化、发展区域经济、推进乡村振兴、带动就业增收 等方面发挥重要作用。为落实《工业和信息化部等八部门关于加快传统制造业转型升级的指导意见》，推动酿酒产业主动适应市场需求新变化，实现高质 量发展，制定本意见。 提升产业科技创新水平方面，鼓励企业由"经验酿造"向科学酿造、智能酿造转型，开展高 ...

Core Viewpoint - The Ministry of Industry and Information Technology, along with two other departments, has issued the "Guidance on Quality Improvement and Upgrading of the Brewing Industry (2026-2030)", focusing on enhancing product development capabilities in the brewing sector [1] Group 1: Product Development - The guidance emphasizes the need for enterprises to create a series of competitive flagship products that align with personalized, fashionable, and health-conscious consumption trends [1] - It encourages deep exploration and rational development of data related to wine design, nutritional characteristics, consumer preferences, and popular trends [1] - There is a push for the expansion into product types such as "craft beer" and "specialty wine", promoting flexible design, customized production, and individual consumption [1] Group 2: Product Innovation - The document supports the development of unique fruit liqueurs, craft beers, ready-to-drink cocktails, and cross-border fusion foods [1] - It also advocates for the localization of products such as whiskey, brandy, and vodka, aiming to enhance their market presence [1]

Core Viewpoint - The Ministry of Industry and Information Technology and two other departments have issued the "Guidance on Quality Improvement and Upgrading of the Brewing Industry (2026-2030)", focusing on enhancing product development capabilities and adapting to consumer trends [1] Group 1: Product Development - The guidance emphasizes the need for enterprises to create a series of competitive flagship products that align with personalized, fashionable, and health-conscious consumption trends [1] - It encourages deep exploration and rational development of data related to wine design, nutritional characteristics, consumer preferences, and popular trends [1] - There is a push for the expansion into product types such as "craft beer" and "specialty wines", promoting flexible design, customized production, and individual consumption [1] Group 2: Product Innovation - The document supports the development of unique fruit liqueurs, craft beers, ready-to-drink cocktails, and cross-border fusion foods [1] - It also advocates for the localization of products such as whiskey, brandy, and vodka, enhancing their market presence [1]

Group 1 - France has proposed a significant government report suggesting that EU member states impose a 30% tariff on Chinese goods to address the trade deficit with China [2][10] - The report indicates that 55% of manufacturing output in the EU faces direct competition from China, with Germany at 70% and France at 36% [10][12] - The proposed tariffs are seen as a desperate measure to level the playing field, as Chinese products have a cost advantage of approximately 30% [12][14] Group 2 - The report reflects France's panic over its industrial decline, as it attempts to unify EU member states against China, despite differing interests among countries like Germany [15][18] - The U.S. Treasury Secretary's comments about being in a "comfortable position" regarding U.S.-China relations suggest a shift in strategy, moving from aggressive confrontation to a more pragmatic approach [20][22] - The U.S. has recognized that a hardline approach against China has not yielded the desired results, leading to a focus on "de-risking" rather than complete decoupling [24][26] Group 3 - France's proposal to manipulate the euro's value against the yuan is reminiscent of the 1985 Plaza Accord, which aimed to address trade imbalances through currency intervention [30][31] - The differences between China and Japan during the Plaza Accord era highlight China's current economic independence and robust domestic market, making such proposals less feasible [33][35] - The report indicates that France's protectionist measures may not effectively address the underlying issues of industrial competitiveness and could lead to further economic challenges [35][37]

Group 1 - The core point of the article is the implementation of anti-subsidy taxes on EU dairy products by China, which has sparked internal dissent among EU member states regarding protectionist policies [1][3][11] - Starting February 13, 2026, all importers sourcing dairy products from the EU must pay an anti-subsidy tax ranging from 7.4% to 11.7% for a period of five years, affecting a wide range of dairy products [3][5] - The timeline of China's anti-subsidy investigation against EU dairy products aligns closely with the EU's imposition of high anti-subsidy taxes on Chinese electric vehicles, indicating a tit-for-tat trade response [5][7] Group 2 - Six EU member states, including Estonia and Finland, have jointly issued a warning against the EU's protectionist measures, highlighting concerns that prioritizing European goods may hinder technological access and investment [11][13] - The controversial "Industrial Accelerator Act" proposed by the EU requires foreign investors to form joint ventures with a maximum 49% ownership and mandates technology transfer, which has drawn criticism for potentially stifling innovation [13][15] - French President Macron has been a vocal advocate for the "European First" approach, expressing urgency in addressing competition from China and the U.S., while facing challenges in achieving consensus among EU member states [18][20] Group 3 - The anti-subsidy tax on dairy products is part of a broader strategy by China to target key agricultural exports from the EU, including brandy and pork, which are vital to the economies of several member states [7][29] - The internal dissent within the EU regarding the protectionist policies reflects the economic pressures that such measures impose on member states, particularly those reliant on trade and technological collaboration [31][25] - China's approach to trade retaliation is characterized by legal rigor and economic strength, emphasizing adherence to international rules while maintaining open channels for dialogue [27][33]

Group 1: Core Viewpoint - The company, Wilong Co., Ltd. (603779), is facing multiple pressures including expected performance losses, asset disposal, risks related to the actual controller, and business adjustments [1] Group 2: Performance and Operational Situation - The company anticipates a net profit loss attributable to shareholders of between 40.92 million to 66.11 million yuan for the fiscal year 2025, marking a shift from profit to loss year-on-year. This loss is primarily due to a sluggish wine market, decreased main business revenue, and non-recurring losses related to the disposal of grapevines and impairment provisions for raw wine [2] Group 3: Financial Condition - To alleviate cash flow pressures, the company plans to dispose of 600 acres of grapevines at the Longkou Longhu grape planting base, which is expected to incur a loss of approximately 11.177 million yuan. Additionally, the company will recognize an impairment provision of about 38.75 million yuan for raw wine [3] Group 4: Company Status - The actual controller, Yan Pengfei, is under residential surveillance due to allegations of fund misappropriation as of December 2024. The controlling shareholder, Xinghe Xirang, has a high proportion of shares frozen, with 86.47% of shares frozen as of November 2025, which may impact the stability of the company's control [4] Group 5: Stock Price Fluctuation Reasons - As of December 6, 2025, the controlling shareholder's pledge ratio reached 78.76%, with the stock price nearing the estimated liquidation line, triggering a "high risk" alert from Eagle Eye, necessitating caution regarding potential stock price volatility due to forced liquidation [5] Group 6: Strategic Advancement - The company plans to conduct quality assessments of its raw wine inventory in 2026, with some being used for distilling brandy, and aims to develop entry-level wine products targeting younger demographics and third- and fourth-tier markets to optimize its product structure [6]

Core Viewpoint - Yantai Changyu Pioneer Wine Co., Ltd. has announced a valuation enhancement plan due to its B shares trading below the net asset value for 12 consecutive months, aiming to improve investment value and shareholder returns through various strategic measures [12][13]. Group 1: Board Meeting Details - The board meeting was notified on February 4, 2026, and held on February 11, 2026, via telecommunication [2][3]. - All 14 board members attended the meeting, which was chaired by Chairman Zhou Hongjiang [4][5]. - The meeting complied with relevant laws and regulations [6]. Group 2: Resolutions Passed - The board approved the proposal for expected daily related transactions for 2026 with a unanimous vote of 5 in favor [7]. - The board also unanimously approved the valuation enhancement plan [8]. Group 3: Valuation Enhancement Plan - The plan was triggered by the continuous trading of B shares below the net asset value, with prices ranging from 7.40 to 9.00 HKD per share [13]. - The plan includes measures for operational improvement, long-term incentive mechanisms, cash dividends, investor relations management, information disclosure, and share buybacks [12][13]. Group 4: Operational Improvement Strategies - The company aims to enhance its core business by adapting to market trends such as lower alcohol content and healthier options, optimizing production systems, and improving internal processes [14][15]. - The company will focus on expanding its market presence in both red and white wines while innovating new product categories [15]. Group 5: Long-term Incentive Mechanisms - The company plans to implement stock incentives to motivate employees and align compensation with industry standards and performance [16]. Group 6: Cash Dividend Strategy - The company aims to establish a stable and scientific profit distribution mechanism to ensure consistent cash dividends for investors [16]. Group 7: Investor Relations Management - The company will enhance investor relations through various communication channels, including strategy meetings and performance briefings [17]. Group 8: Information Disclosure - The company will improve transparency in information disclosure, ensuring that investors are well-informed about the company's performance and strategic direction [18]. Group 9: Share Buyback Strategy - The company plans to utilize share buybacks to enhance investment value and signal confidence in its future development [19]. Group 10: Related Party Transactions - The company has outlined expected related party transactions for 2026, including leasing agreements and sales of products and services, with a total estimated value of 2,260 million CNY [26][31].