打造多元体验业态 海控免税推动"免税 文旅"深度融合 抢抓海南自贸港封关运作政策机遇，释放离岛免税消费潜力。1月31日，海控全球精品免税城迎来 五周年庆典，活动吸引了大量消费者，提前感受海南春节文旅消费市场的热闹氛围。 据悉，海南自贸港全岛封关运作后，海南免税政策更趋稳定，营商环境持续优化，免税商品品类、 价格、服务全面升级，消费吸引力显著增强。海控免税相关负责人表示，企业将依托自贸港政策优势， 深耕"旅游零售 "模式，引入年轻化IP，创新消费场景，推动免税购物向生活方式体验升级。（海南日 报全媒体记者 邵长春 通讯员 胥圣兰） 实在的价格优势与全新的消费体验，获得消费者好评。广东游客张先生坦言，封关后明显感觉免税 商品更丰富了，价格也更实惠。"这次店庆的秒杀活动，我抢到了心仪已久的手机，比预期节省了近千 元！" 游客林女士在体验后也表示："以前觉得免税店就是买买买，现在发现它更像一个城市生活新地 标，有文化、有互动、有温度。" 该活动通过全渠道优惠让利、沉浸式场景打造、线上线下融合联动，推出系列促消费举措，以实景 化、体验化、便利化的免税消费新场景，承接封关政策红利，助力海南新春旅游消费升温。 此次店庆恰逢 ...

Summary of the White Wine Industry Conference Call Industry Overview - The white wine market is experiencing a slow recovery, with channel payment sentiments not significantly improving, leading to weaker payment performance compared to actual sales [1][3] - The market is currently in a destocking phase, with large enterprises selling to distributors rather than returning payments to manufacturers, resulting in a pessimistic outlook for upstream production [1][6] Key Insights - **Consumer Demand**: - Demand is differentiated, with a focus on mass consumption below 300 yuan from late July to August, while September saw a shift towards business hospitality and gifting, heavily influenced by social customs and consumer sentiment [1][5] - Overall demand is suppressed, with expectations of a 20% year-on-year decline in sales during the Mid-Autumn Festival and National Day period [1][6] - **Pricing Trends**: - The wholesale price of Feitian Moutai has decreased to approximately 1,750 yuan due to increased supply from September quotas [1][8] - Other high-end brands like Wuliangye are facing greater price pressure, with continuous declines since June [4][10] - **Regional Performance**: - Demand varies significantly by region, with better performance in Zhejiang, southern Jiangsu, and Sichuan, while northern Jiangsu, Shandong, and some northwest areas are weaker due to stricter enforcement of alcohol bans [2][9] Financial Performance - Most white wine brands are still operating at a loss under the rebate mechanism, although brands with strong regional sales and brand recognition are performing relatively better [7][17] - The current market conditions are leading to a gradual decrease in sales feedback from downstream to upstream, indicating a larger drop in actual sales felt by producers [7] Market Challenges and Opportunities - The industry faces multiple challenges, including constrained consumption scenarios, low consumer sentiment, and significant destocking pressures [4][17] - However, there are opportunities for growth if the economic environment improves and consumer confidence is restored post-holiday season [17][19] Future Outlook - The short-term outlook for Feitian Moutai suggests continued slight price fluctuations, while Wuliangye may continue to face downward pressure without major market disruptions [12][16] - The overall sentiment towards the white wine sector remains cautious, but there is potential for improvement in market fundamentals, particularly after the National Day holiday [19][23] Investment Strategy - It is recommended to adopt a standard allocation strategy for the white wine sector, categorizing companies into three groups for investment: high-end brands like Moutai and Wuliangye, strong regional brands, and companies with potential for national expansion [20] Additional Notes - The recent reduction in holdings by the Huachuang Innovative Fund in Fenjiu is not expected to significantly impact its stock price due to the nature of the transaction [21][22]