Group 1 - The low-alcohol beverage segment in the Chinese liquor market is gaining momentum, with major companies like Gujing Gongjiu and Shede Liquor launching new products [6][7][8] - Companies are responding to declining sales and high inventory levels by introducing low-alcohol products to attract younger consumers and expand market demand [7][11][12] - The overall inventory of 20 listed liquor companies reached 168.39 billion yuan, indicating a significant increase in stock levels and underscoring the need for new consumer demand [8][11] Group 2 - Gujing Gongjiu launched its first low-alcohol product, "Gujing Gongjiu·Nianfen Yuanjiang Light 20," with an alcohol content of 26 degrees, targeting urban young professionals [6][24] - The pricing strategy for Gujing Gongjiu's new product has raised questions about its acceptance among the target demographic, as it is priced at 375 yuan for 375ml, which translates to approximately 500 yuan for 500ml [22][24] - The competition in the low-alcohol segment is intensifying, with other major brands like Wuliangye and Luzhou Laojiao also preparing to launch similar products, potentially impacting consumer attention and market dynamics [18][27]

Investment Rating - The report maintains a rating of "Outperform" for the food and beverage industry [5] Core Insights - The liquor sector is currently in a bottom consolidation phase due to policy and demand recovery pressures, but there are opportunities for bottom-fishing as performance concerns have eased [1][3] - The beverage sector is experiencing good sales momentum, driven by health and functional demand, indicating a potential continuation of industry prosperity [1][3] - The report recommends focusing on ETFs such as the CSI Consumer ETF and the Hang Seng Consumer ETF, which are seen as scarce new consumption targets in the A-share market [1][3] Industry ETF Market Review - During the week of August 11-15, 2025, major food and beverage ETFs saw an overall increase, with the liquor ETF (512690.SH) and consumer ETF (159928.SZ) rising by +1.40% and +0.98% respectively [2][10] - The liquor ETF had a trading volume of 5.736 billion, marking it as the highest in the observed ETFs [2][11] - The total inflow for food and beverage-related ETFs was 1.101 billion, with the liquor ETF experiencing a net inflow of 658 million [11] Industry Sector Performance Review - The Shanghai Composite Index rose by 1.70% while the food and beverage sector only increased by 0.48%, underperforming both the Shanghai Composite and the CSI 300 Index [19] - The liquor sub-sector showed a slight increase of +0.93%, while soft drinks experienced the largest decline at -3.12% [21] - Year-to-date, the food and beverage sector has decreased by 6.11%, significantly underperforming the broader market indices [19][23] Industry News - Market demand remains weak, with prices continuing to decline, reaching new lows for the year [3][26] - Moutai's half-year revenue for 2025 was reported at 91.094 billion, a year-on-year increase of 9.16%, aligning with expectations [3][26] - New packaging specifications for Moutai have been introduced to meet market demand, including adjustments to box sizes and materials [3][60]

Investment Rating - The industry investment rating is "Outperform" [2] Core Viewpoints - The white liquor sector is entering a low base period for operations, and the dividend yield advantage is becoming evident. The performance of mass-market products is showing differentiation, with a focus on the potential of new business models [4][14] - The food and beverage sector has shown signs of recovery, with expectations for improved revenue and profit performance in the second half of 2025 due to a low base effect [4][16] Summary by Sections White Liquor Sector - The implementation of the "Regulations on Strict Economy and Opposition to Waste by Party and Government Agencies" has impacted normal consumption scenarios, but recent media corrections may help restore some consumption [4][14] - The overall sales volume in the white liquor industry has declined year-on-year, with high-end brands experiencing manageable declines while mid-range brands have seen more significant drops [4][14] - The stock price declines for major brands like Kweichow Moutai and Wuliangye have been substantial, with maximum declines of -47.48% and -65.98% respectively since 2021 [5][15] - The expected dividend yields for major brands in 2025 are competitive with other sectors, indicating a potential for investment [6][17] Mass-Market Products - Companies like Angel Yeast and Weilong have shown robust performance, with Angel Yeast reporting a revenue increase of 10.1% year-on-year in the first half of 2025 [18][29] - Weilong's new product lines have performed well, and the company is focusing on expanding its product categories and improving operational efficiency [18][20] - The mass-market segment is entering a reporting period, with companies like Anqi Yeast and Weilong showing positive growth trends [18][21] Industry Performance - The food and beverage sector index has shown a slight increase of +0.48% in the recent week, but it has underperformed compared to the CSI 300 index [8][21] - Year-to-date, the food and beverage sector has faced challenges, with a cumulative decline of -6.11%, indicating a lag in recovery compared to other sectors [21][22] - The highest performing sub-sectors this week included seasoning and fermentation products, with a notable increase of +2.19% [21][25]

21世纪经济报道肖夏 综合报道 古井贡酒、舍得酒业将先后推出不到30度的新品，抢在其他名酒的低度新品之前问世，继续为这一轮低 度酒热潮添砖加瓦。与此同时，小酒风潮再起，近期白酒企业密集推出100ml左右的小酒，此次古井贡 酒的新品就同时覆盖了低度、小酒两大热点。 7月烟酒类零售总额增长2.7% 前7月销售总额3740亿元 国家统计局8月15日披露的数据显示，7月全国烟酒类零售总额433亿元，同比增长2.7%；今年前7个 月，全国烟酒类零售总额3740亿元，同比增长5.2%。而从制造环节来看，7月全国酒、饮料和精制茶制 造业增长0.1%，前7个月同比增长4.1%。 今年秋糖会已有3000多家企业确定展位 8月12日，第113届全国糖酒会新闻发布会透露，目前已有3000多家企业确定展位，其中酒类板块有茅 台、洋河、汾酒、习酒、今世缘、国台、酒鬼酒、长城酒业等。 糖酒会官方表示，本届糖酒会将通过7大主题活动、70余家餐饮终端联动、700+消费场景的活动矩阵， 构建覆盖全城的消费生态体系，预计将有超过40万人次专业观众到会采购。今年秋糖会的展会部分将在 10月16日至18日在南京国际博览中心拉开帷幕。 贵州茅台酒将推 ...

2025 年 08 月 17 日 关注底部白酒和休闲零食，新消费业绩持续兑现 —食品饮料行业周报 推荐(维持) 投资要点 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | 行业相对表现 表现 1M 3M 12M 食品饮料(申万) 0.4 -6.9 5.9 沪深 300 4.2 8.1 25.6 市场表现 -20 -10 0 10 20 30 (%) 食品饮料 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《食品饮料行业周报：进入中报 披露期，新消费基本面延续高景 气》2025-08-12 2、《食品饮料行业周报：白酒持续 磨底，关注资金切换节奏》2025- 08-04 3、《食品饮料行业周报：白酒配置 性价比显现，中报披露期将至》 2025-07-27 ▌ 一周新闻速递 行业新闻：1）上半年青岛啤酒产量 110.37 万吨；2）《董香 型白酒》国标新进展；3）1-7 月酒类价格同比下降 2.0%。 公司 ...

Investment Rating - The investment rating for the food and beverage industry is "Positive" (maintained) [1] Core Insights - The food and beverage index increased by 0.5% from August 11 to August 15, ranking 18th among 28 sectors, underperforming the CSI 300 by approximately 1.9 percentage points. The sub-sectors of seasoning and fermented products (+2.2%), baked goods (+1.5%), and health products (+1.3%) performed relatively well [10][12] - The report highlights that the liquor industry remains a core component of the food and beverage sector, with varying performances among companies. Kweichow Moutai showed stable mid-year results, maintaining its strong brand and market position. Other companies like Zhenjiu Lidu experienced a decline but are focusing on product innovation and channel optimization for future recovery [10][11] - The overall liquor industry is in an adjustment phase, with expectations for a fundamental low point to appear in the second half of the year. Some quality liquor companies are seen to have a high safety margin from a valuation perspective, suggesting opportunities for low-position investments in the second half [10][11] - The beer sector is facing pressure due to intensified market competition and product downgrading, although companies like Zhujiang Beer and Yanjing U8 are performing well in their respective regions. China Resources Beer, as a leading player, is expected to benefit from industry recovery in the long term [11] - The snack food sector is showing strong growth potential, with new consumption-related companies likely to become market leaders again in the second half of the year. Recommended companies for investment include Salted Fish Pulp, Ximai Food, Dongpeng Beverage, and Wancheng Group, with notable beneficiaries being Weilong Delicious [10][11] Summary by Sections Market Performance - The food and beverage index increased by 0.5%, ranking 18th out of 28 sectors, and underperformed the CSI 300 by about 1.9 percentage points. The leading sub-sectors were seasoning and fermented products (+2.2%), baked goods (+1.5%), and health products (+1.3%) [10][12] Upstream Data - On August 5, the GDT auction price for whole milk powder was $4,012 per ton, a year-on-year increase of 23.1%. However, domestic fresh milk prices were 3.0 yuan per kilogram, down 5.9% year-on-year [14][16] Liquor Industry News - Kweichow Moutai announced an investment of approximately 774 million yuan for infrastructure improvements. Additionally, Shede Liquor is set to launch a new low-alcohol product, "Shede Zizai," on August 30, focusing on high flavor and low alcohol content [37][38] Recommended Companies - Recommended companies for investment include Kweichow Moutai, Shanxi Fenjiu, Ximai Food, Wancheng Group, and Bai Run Co. [4]

据了解，该款新品为29度舍得老酒，主打"舒适、高风味"。"舍得自在"依托舍得酒业优质老酒储量核心 优势，在"降醇固香""温和降度""陈年基酒风味靶向遴选"等关键技术领域实现突破，达到了低酒度与高 风味的平衡。"舍得自在"经过负压膜过滤及梯度温和降度固香技术、低温无氧保鲜等一系列先进工艺制 取而成，毫升成本更高。 相关人士透露，这款产品基于《低度坛贮老酒（浓香型白酒）》标准打造，是首款"低酒度高风味型老 酒"，代表了名酒企业数十年老酒储备和技术工艺积累的成果。 （文章来源：每日经济新闻） 当行业还在关注29度五粮液、28度国窖1573到底何时上市的时候，舍得酒业却悄悄"定档"了低度酒新品 发布时间。 今日，《每日经济新闻·将进酒》记者获悉，舍得酒业将于8月30日推出首款低酒度高风味型老酒"舍得 自在"。 ...