泸州老窖 20250710 摘要 泸州老窖正经历数字化改革，从生产到销售端提升运营效率，旨在适应 未来市场发展，并发布报告以供市场参考，尤其是在禁酒令影响下。 当前泸州老窖市盈率接近历史低位，与 2013 年初白酒行业深度调整期 相似，但预测 2025 年股息率约为 5.4%，对估值形成支撑，下跌空间 有限。 三季度白酒量价指标预计平稳，二季度受扰动因素影响较大，但最差阶 段已过，环比改善迹象明显，各场景修复带来增量，年底或有积极政策 导向。 泸州老窖组织和渠道力突出，具有强市场化管理能力及战略前瞻性，同 时加大供应链数字化投入，布局低度和多规格产品，注重年轻化营销。 高度国窖提前调整，数字化渠道管理后库存合理、价格稳定，在川渝等 优势市场与竞品价格差收缩，厂商关系修复，经销商回款信心足。 短期内，泸州老窖估值有望从当前 13 倍修复至 15 倍，对标山西汾酒有 更高空间，报告详细探讨了公司折价原因、组织渠道优势及数字化增长 潜力。 公司通过导入五码合一的渠道价值链管控和实施挖井计划等改革举措， 旨在应对市场变化，实现更长远的发展和布局，符合白酒行业未来的调 整方向。 Q&A 为什么选择在当前时间点发布泸州老 ...

受访者供图 舞者在街区展示民族舞蹈。 受访者供图 青灰色的老建筑营造怀旧氛围，街边的非遗体验店带火消费……长辛店的老住户周健不禁感 叹："老街现在是既有烟火气，又有新'潮'范儿，看着心里特舒坦！" 今年"五一"假期，北京丰台长辛店国潮时尚街区全面亮相，这里既最大程度保留了老街风貌，又引 入深受年轻人喜爱的国潮业态，塑造出传统与时尚碰撞的新空间。 中共中央办公厅、国务院办公厅印发的《关于持续推进城市更新行动的意见》提出，推动老旧街区 功能转换、业态升级、活力提升，因地制宜打造一批活力街区。在这一过程中，怎样处理好保护和发展 的关系？怎样延续城市记忆？笔者赴长辛店进行了采访。 长辛店老住户周健 我是土生土长的长辛店人，打小喝着永定河的水、听着这片土地上的红色故事长大。2023年老街启 动更新，我和老街坊们亲眼看着家门口一天天变样：从前漏雨的青砖房，如今"修旧如故"；堆满杂物的 旧厂房，如今变成了文创园；就连过去堆垃圾的旮旯，都盖起了时尚的国潮中心。现在的长辛店，既留 着老街坊熟悉的烟火气，又添了新"潮"范儿。不少搬走的老邻居回来开了工作室，年轻人也扎堆儿来这 儿创业。这次改造，没搞大拆大建，还把文化根儿续上了。这 ...

Group 1 - The core viewpoint of the news is the launch of the "Heartfelt Travel City: Shanghai Station" annual cultural tourism brand by the Bank of Communications Shanghai Branch, aimed at enhancing financial services for the real economy and supporting Shanghai's development as a world-renowned tourist city and international consumption center [1] - The Bank of Communications Shanghai Branch signed a strategic cooperation agreement with the Shanghai Municipal Bureau of Culture and Tourism to promote the integration of finance and cultural tourism, establishing a benchmark for global recognition in this sector [1] - The bank's president, Yang Yong, emphasized the institution's commitment to leveraging financial supply-side reforms to stimulate new consumption engines, contributing significantly to Shanghai's goals [1] Group 2 - In recent years, the Bank of Communications Shanghai Branch has introduced innovative measures focusing on three core areas: "one-stop foreign card payment solutions," "paying tribute to intangible cultural heritage old brands," and "ticket root economy exclusive rights system" [2] - The bank has pioneered a "foreign card mobile POS" NFC payment solution in collaboration with Strong Rental, addressing cross-border payment challenges for international travelers [2] - To promote the inheritance of intangible cultural heritage and the development of Chinese aesthetics, the bank has launched a dedicated "paying tribute to intangible heritage" activity section in its "Buy Now" app, along with various themed activities [2]

按照《行动方案》，上海将增加离境退税商店数量。在大型商圈、步行街、旅游景区、度假区、文 博场所、机场、客运港口、酒店、体育场馆等增设退税商店，全面覆盖境外游客集中的购物中心、百货 商店、品牌专卖店、机场商店等。在16个区全覆盖基础上，推动离境退税商店开展"即买即退"业务，有 条件的商店设立"即买即退"集中退付点，推动"即买即退"集中退付点扩围。 同时，提升国产品牌商品供给水平。增加老字号产品、智能产品、非遗产品、工艺美术产品、地理 标志产品、文化创意产品、名优特产、体育用品等优质产品供应。上海还将提升离境退税便利化水平， 布设离境退税智能终端设备，拓宽离境退税退付渠道，并推出验核便利措施。 《行动方案》明确，同一境外旅客同一日在同一退税商店购买退税物品金额达到200元，可以申请 办理离境退税。同时，提高现金退税限额，同一境外旅客同一日在同一退税商店购买退税物品申请"即 买即退"退税限额上调至2万元。 记者 吴卫群 记者从上海市商务委获悉，最近，市商务委等6部门联合制定《上海市优化离境退税消费环境行动 方案（2025—2027年）》（以下简称《行动方案》），将上海打造成为离境退税网点布局合理，商品种 类丰富，客 ...

老字号蕴藏百年匠心工艺，其核心技艺、配方传承多依赖"口传心授"，师傅带徒弟，可一旦出现人 员流动，老字号的核心技艺、配方极易"外流"。这样的情况如何避免？日前，黄浦区市场监督管理局发 布了全市首个《老字号商业秘密保护和创新能力提升指南》（以下简称《指南》）。 联盟首批成员由上海中华老字号企业协会、上海老字号企业代表组成，联盟将充分发挥桥梁纽带作 用，探索解决老字号在工艺传承、数字化转型、跨界合作中的商业秘密保护难题。 "这是全市首个《指南》，旨在帮助企业从制度建设、技术防护等维度建立起一道'护城河'。"黄浦 区市场监督管理局副局长娄卫说。《指南》旨在从实务的视角，帮助老字号企业理解商业秘密基本概 念、识别商业秘密应用场景、构筑商业秘密保护体系、明晰维权救济路径以及厘清商业秘密保护与非遗 传承的关系，努力为老字号企业提升创新发展能级、焕发新生提供"最优解"。 "比如，《指南》根据老字号的特点，明确了哪些可能成为老字号商业秘密的'秘密点'，特别是帮 助我们厘清了非遗传承与商业秘密的内容区别，并指导企业制定非遗商业秘密的分层保护策略。"上海 豫园旅游商城（集团）股份有限公司副总裁王瑾说。 记者 唐烨 当天，黄浦区还 ...

Group 1 - The core event is the launch of the "Finding Authentic Old Brands" series, aimed at promoting innovation and cultural heritage of traditional brands through digital means [1][2] - Douyin Life Services will collaborate with the Beijing Old Brand Association from June to November 2025, focusing on "new products, new scenarios, new groups, new momentum, and new stories" with 15 special projects [1] - The initiative includes support for new merchants, operational training, and full-chain training for old brands to enhance their market presence and consumer engagement [1] Group 2 - In June 2024, Douyin Life Services introduced the "Heartfelt Old Brand Renewal Plan," committing significant resources to support traditional brands in product upgrades and sales growth [2] - The "Heartfelt Old Brand" IP will continue to evolve in 2024, providing deeper support in areas such as merchant onboarding, operational assistance, and brand communication [2] - The goal is for traditional brands to effectively share their stories, increase product sales, and ensure cultural longevity through the Douyin platform [2]

Core Insights - The "Party Building Leading Industry Innovation Joint Construction Mechanism" was officially launched, expanding from 3 to 15 member units within a year, focusing on product and service upgrades to meet evolving consumer demands [1][2] - The mechanism aims to integrate high-quality party building with high-quality enterprise development, addressing the disconnect between party building and business operations [1][2] Group 1 - The establishment of the joint construction mechanism is driven by a shared need among member units for "party building to lead innovative development" [1] - Member units have collaborated on over 60 projects with a total cooperation amount of nearly 27 million yuan, enhancing the health and elderly care industry [2] - The joint construction mechanism has successfully promoted the integration of party building and business practices, achieving significant results in both areas [2][3] Group 2 - The joint construction mechanism has facilitated the introduction of diverse health products, such as "Overnight Vitality Tea" and "Medicinal Diet Gift Boxes," which blend traditional Chinese medicine with modern health concepts [3] - Future activities will include initiatives like "Party Newspaper into Communities" and "Party Building Joint Construction into Communities, Enterprises, and Universities," aimed at delivering quality products to the public [3]

证券代码：002646 证券简称：天佑德酒 青海互助天佑德青稞酒股份有限公司 投资者关系活动记录表 编号：2025-003 | 投资者关系活动 | □特定对象调研√分析师会议 | | --- | --- | | 类别 | □媒体采访□业绩说明会 | | | □新闻发布会□路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称及 | 西南证券朱会振、杜雨聪；西部证券程乙峰、李磊，卢熠灿，刘弋 | | 人员姓名 | 仕；浙商证券杨骥、张家祯；国信证券张向伟；德邦证券尤诗超； | | | 黄建忠等。 | | 时间 | 年 月 日 (周四)下午 2025 6 19 16:00~17:00 | | 地点 | 青海互助天佑德青稞酒股份有限公司七楼会议室（现场+线上交流） | | 上市公司接待人 | 1、董事长李银会 | | 员姓名 | 2、董事、总经理万国栋 | | | 3、董事、副总经理范文丁 | | | 4、董事、副总经理冯声宝 | | | 5、副总经理、财务总监郭春光 | | | 6、董事、董事会秘书赵洁 | | 投资者关系活动 | 分析师与公司董事及高管交流。 | | ...

Core Points - The 2025 Shanghai International Cruise Festival has officially launched at the Wusongkou International Cruise Port, as a key part of Shanghai's "Five-Five Shopping Festival" [1] - Shanghai has initiated the establishment of a "Cruise + Consumption City Alliance" with nine other cities, aiming to enhance the cruise economy and service levels [1][3] - The festival aims to promote high-quality development of the cruise economy and support Shanghai's construction as an international consumption center [3] Group 1: Industry Development - The cruise industry in Shanghai is experiencing a new wave of development, with various sectors actively responding to the needs of the cruise industry [3] - The first multi-homeport cruise route in China has been launched, marking a shift from a single homeport to a multi-port collaborative operation [6] - The festival features diverse products and activities from major cruise companies, showcasing innovations in "Cruise + Culture" and "Cruise + Vacation" [6][4] Group 2: Regional Collaboration - The festival has established a "Cruise + Consumption" city alliance with nine coastal cities to enhance economic integration and consumer engagement [7] - Strategic cooperation has been signed between Shanghai's commerce committee and Hunan Broadcasting International Media to attract younger demographics through cruise-themed content [7] Group 3: Service and Innovation - Multiple innovative initiatives have been launched to enhance the cruise economy, including new transportation products and digital payment solutions [9] - Various service industry representatives have committed to providing high-quality experiences for cruise tourists, ensuring seamless integration between on-water and on-land services [9] - The festival will run until September 30, featuring various themed markets and cultural events across key commercial districts [9]

@ 11 . . 2 . es 4 . . s . 136 and the 信长星许昆林调研外贸优品中华行江苏站活动 大力提振消费扩大内需 0 利高 H AST PA p ( : s 199 . 3 . 11 20 在外贸优品展销现场，信长星、许昆林走进服装家纺、户外用品、消费电子、食品等展销区和苏美达、苏豪等企业展厅，与参展企业销售人员和购物市民交 流，详细了解产品价格、出口及内销等情况。信长星指出，外贸优品中华行江苏站活动举办以来，各方面反响都比较好，有关部门要持续办好此类活动，积 极搭建多元化平台，精准帮助有意愿、有需求的外贸企业拓展内销渠道，更好满足群众多样化的消费需求。 在老字号博览会现场，特色商品琳琅满目，传统技艺体验吸引了不少年轻人参与。信长星、许昆林驻足参观，询问销售情况。信长星指出，老字号具有很强 的品牌价值、经济价值和文化价值，希望参展企业坚持匠心传承，顺应消费需求新变化，推出更多有特色、有吸引力的国货"潮品"，让更多年轻人了解老字 号、喜爱老字号。 调研中，信长星强调，提振消费、扩大内需，是推动高质量发展的内在要求。要稳步推进内外贸一体化发展，促进内外贸渠道对接、品牌对接、产销对接、 标 ...