如果说文化是遂宁引客的核心底气，科技则催生独具特色的游玩新体验。除夕夜，1400架无人机在圣莲岛夜空组 成奔腾骏马与"遂心康宁"的字样，这场"科技烟花"在遂宁人的朋友圈里"刷了屏"。春节假期，遂宁经开区西部未 来空天产业园"空天幻境·新春飞行"嘉年华还推出直升机低空游览、VR太空体验等项目，累计接待游客超万人 次。 同时，遂宁用细致服务传递城市温度，从出行、消费到保障各环节，筑牢"引客留客"根基。春节期间，遂宁全市 112处党政机关的5835个车位免费开放，配套设置173个新能源充电车位；对外地车辆实施柔性执法，500余名"遂 心愿"志愿者遍布交通枢纽、景区、商圈，提供一站式服务。此外，"智慧旅游"平台实时监控客流，12345热线文 旅专席24小时畅通，以高效稳固的安全保障护航游客游玩体验。 新谋划 让消费者"舍得来，舍不得走" □李宜佳 四川日报全媒体记者 阚莹莹 马年春节假期，遂宁交出一份亮眼的文旅"成绩单"。数据显示，全市累计接待游客601.35万人次，同比增长 17.83%；广德、灵泉景区农历正月初一、初二游客接待量位居全省前列，船山区龙凤古镇民俗迎春会接待量同比 增长123%。 亮眼数据背后，藏着遂 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：棱镜 文 | 温世君编辑 | 孙春芳 出品 | 棱镜·腾讯小满工作室 硬木书桌、紫砂茶具，墙上一幅装裱妥当的"舍得"，这是大江南北老板们的办公室里，常见的"装置艺 术"。 在那个遍地机遇的时代，"舍得"曾是商界备受追捧的座右铭：舍小谋大，进退有据。或者说，这两个字 也是时代的得利者们跨越阶层的勋章，是在酒桌酩酊半醉半醒，口吐"真言"时，最常被洞察的人生真 谛。 即便如此，郭广昌仍是最理解"舍得"二字的资本大佬。不仅仅因为他是舍得酒的老板。 2026年1月底，舍得酒业（600702.SH）间接控股股东、也是复星系旗下六大A股上市公司之一的豫园股 份（600655.SH）发布业绩预告：2025年归母净利润预计亏损48亿元。这家上交所"老八股"，迎来1992 年上市以来首次年度亏损。 在官方解释中，豫园股份的亏损源于地产下行与消费疲软的双重压力。但在当下，选择一次性大举计提 资产减值、推进库存去化，也颇具复星系一贯"舍"的风格：用阵痛，换取腾挪的生存空间。 复星系一切的开端，也是从34年前的一次"舍"开始：1992年，25岁的郭广昌从复 ...

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智通财经记者 | 王婷婷 "复星系"成员企业上海豫园旅游商城（集团）股份有限公司（简称"豫园股份"）出现首亏。 近日，豫园股份（600655.SH）发布2025年度业绩预告，预计全年归母净利润亏损约48亿元，归母扣非 净利润亏损47亿元左右。而2024年豫园股份盈利1.25亿元，同比由盈转亏。 除此之外，豫园股份近日还因2025年12月出售宁波星健资产管理有限公司相关事项引来上交所发监管 函，要求其说明关于出售资产的必要性与合理性。 据智通财经了解，豫园股份前身为豫园商城，主营珠宝首饰、百货、工艺品等相关消费业务。2018年， 豫园股份完成重大资产重组，整合了复星系地产业务。 如今，豫园股份是一家涵盖珠宝时尚、文化饮食、美丽健康、国潮腕表、商业管理及复合功能地产等多 领域的综合性商业集团。公司旗下拥有老庙黄金、豫园商城、南翔小笼、上海老饭店、舍得酒等众多知 名老字号品牌，同时也是郭广昌旗下核心上市平台之一。 从长期盈利到上市34年首亏，这家"老八股"企业经历了怎样的业绩转折？ 上市34年首亏 这是这家A股老牌上市企业自1992年上市以来首次年度亏损。根据最新业绩预告，豫园股份预计2025年 将由盈转亏，全年归 ...

Core Viewpoint - The overall sales of liquor during the Spring Festival period are expected to decline by 8%, which is better than previous pessimistic forecasts, with varying performance across different consumption categories [1]. Group 1: Consumption Environment - The Spring Festival sales have fully commenced, with an overall expected decline of 8% in liquor sales during this period [1]. - Gift consumption (mass premium) is expected to see slight growth, while business consumption is projected to decline by 20% [1]. - Residential consumption is expected to remain flat with slight growth, and government consumption is anticipated to drop by 90% [1]. Group 2: Company Performance - **Kweichow Moutai**: The return of funds for the March flying Moutai is not fully completed, with zero inventory and low channel stocking willingness, focusing more on turnover rates. The post-holiday price is expected to stabilize at 1550 yuan [1]. - **Wuliangye**: Current shipments are up by 30% year-on-year, with sales performance showing a 10% increase compared to the previous year [1]. - **Luzhou Laojiao**: The current return progress for Guojiao 1573 is at 35%, with approximately three months of inventory. However, both shipment and sales are down by over 30% and 25% respectively, despite stable pricing [1]. - **Honghua Lang**: Currently, sales are up by 9% year-on-year [2]. - **Jian Nan Chun**: Sales are flat year-on-year [2]. - **Shede and Shui Jing Fang**: Both brands have seen slight declines despite low base comparisons [2].

Investment Rating - The report maintains a stable investment rating for the Chinese liquor industry, indicating that the overall credit quality of the industry is not expected to change significantly in the next 12 to 18 months [5]. Core Insights - The liquor industry is closely tied to macroeconomic conditions and per capita income levels. Recent years have seen consumption pressures due to economic slowdown, low investment, and policy restrictions, leading to negative revenue and profit growth for large-scale enterprises [6][8]. - The white liquor sector has been experiencing a continuous decline in production since 2017, with a "volume and price drop" scenario expected to persist into 2025 due to high inventory and slow market movement [6][14]. - The beer industry remains stable with high market concentration, but faces challenges from reduced consumption in dining and entertainment venues. The trend towards product premiumization and innovation continues to drive growth [5][26]. - Overall, the liquor industry is under pressure from weak economic recovery and consumption policies, with expectations of continued downward pressure on revenue and profits in the future [10][39]. Summary by Sections Key Points - The liquor industry's demand is significantly affected by macroeconomic conditions and per capita income. Recent economic factors have led to a decline in revenue and profit growth for large-scale enterprises [6][9]. - White liquor production has been decreasing since 2017, with a projected "volume and price drop" scenario continuing into 2025 due to high inventory levels and slow market activity [14][25]. - The beer industry maintains a high concentration level, with stable production capacity utilization. However, the reduction in dining and entertainment venues has negatively impacted beer consumption [26][37]. Analytical Approach - The analysis focuses on the credit fundamentals of the liquor industry, examining key indicators affecting consumption since 2025, including disposable income, consumer confidence, and policy adjustments [7]. Industry Fundamentals - The liquor industry's demand is closely linked to macroeconomic conditions and disposable income levels. Recent years have seen consumption pressures due to economic slowdown and policy restrictions [8][9]. - The white liquor sector has been facing a continuous decline in production, with a significant drop in output expected in 2025 due to high inventory and slow market movement [14][25]. Financial Performance - Since 2025, white liquor enterprises have generally experienced significant declines in operating performance, while beer companies have benefited from optimized product structures [39][40]. - The overall debt levels of liquor companies are low, and while debt service indicators have declined, they remain favorable. Group companies have access to financing channels that support their debt repayment capabilities [39][40].

Group 1 - The upcoming Spring Festival is a crucial marketing period for the liquor industry, with a long holiday expected to boost consumption opportunities [1] - The CCTV Spring Festival Gala has announced four major liquor sponsors: Wuliangye, Yanghe, Gujinggong, and Langjiu, with each having a significant presence in the event [1][2] - There are expectations of additional liquor brands participating in the Spring Festival Gala, despite a perceived reduction in sponsorship compared to previous years [1] Group 2 - In recent years, the Spring Festival Gala has typically featured a core group of four liquor sponsors, with additional brands appearing in various capacities [2][3] - The number of liquor brands participating in the Spring Festival Gala has varied, with a peak of nine brands in 2024, indicating a trend of increasing brand involvement [4] - Some liquor companies are shifting their focus to local television programs to strengthen brand presence in their key markets, while still maintaining participation in major events like the CCTV Spring Festival Gala [5] Group 3 - Various liquor brands are exploring partnerships with social media platforms to enhance engagement and marketing reach during the Spring Festival [8] - Companies like Xijiu are entering into direct sales partnerships with platforms like Meituan to facilitate quicker delivery and boost sales [9] Group 4 - New product launches are occurring, such as the introduction of a low-alcohol liquor by Shui Jing Fang, which has seen significant pre-sale success [10] - The UMEET blueberry sparkling wine from Moutai has achieved impressive sales figures on its launch day, indicating strong market interest [11] - Luzhou Laojiao aims to enhance its market position and is targeting a top-three industry ranking, reflecting competitive ambitions within the sector [12] Group 5 - Chongqing Beer reported growth in revenue, profit, and sales volume for 2025, indicating a recovery and positive trend in the beer market [14]

Core Insights - The article highlights the strategic marketing campaign by Shede Liquor for the Spring Festival, focusing on emotional connections and social interactions through the creative short film "Shede Expresses Heartfelt Intent" [1][2][3] Group 1: Marketing Strategy - Shede Liquor launched a creative short film featuring hosts Li Jing and Dai Jun to address the challenges of expressing gratitude and emotions during the Spring Festival, positioning the brand as the ideal choice for heartfelt gifts [2][3] - The marketing campaign emphasizes the theme of "expressing heartfelt intent" and includes interactive elements such as a live-streaming event with the hosts, enhancing consumer engagement and driving sales [4][6] Group 2: Emotional Engagement - The short film portrays Shede Liquor as a "voice of heartfelt intent," connecting with various social scenarios such as company gatherings and family reunions, thereby deepening the association of the brand with genuine emotions [3][9] - By leveraging the familiarity of the hosts and their long-standing friendship, the campaign effectively bridges the gap between the brand and consumers, making the concept of "heartfelt intent" more relatable and tangible [3][9] Group 3: Integrated Marketing Approach - The campaign utilizes a comprehensive marketing strategy that includes online challenges and offline promotions, creating a seamless connection between digital engagement and physical retail experiences [8][9] - Shede Liquor's initiatives include partnerships with restaurants for promotional events and targeted offerings for corporate clients, enhancing brand visibility and sales during the festive season [9]

Core Viewpoint - The visit of UK Prime Minister Starmer to Yuyuan Garden and his purchase of the butterfly crisp signifies recognition of the Yuyuan brand and Chinese cultural influence, highlighting the need for Yuyuan to maximize its cultural value and promote Chinese culture globally [1] Group 1: Yuyuan's Role in International Consumption - Yuyuan Garden is a key player in Shanghai's development as an international consumption center, focusing on upgrading the jewelry fashion industry and enhancing urban consumption capabilities [1] - Yuyuan plans to enhance its appeal to international tourists by improving payment convenience and language services, aiming to create a welcoming experience for overseas visitors [3] Group 2: Brand Expansion and Cultural Promotion - Yuyuan has initiated cultural and brand expansion through events like the "Lantern Festival," with plans to open its first flagship store in London by 2025 and expand its presence in Southeast Asia [5] - The company emphasizes the importance of a solid business model and industry chain layout for successful international expansion, with a focus on key regions and replicable business models by 2026 [5] Group 3: Lantern Festival Enhancements - The Lantern Festival this year will see significant upgrades, including an expanded geographical area and the introduction of a "ticket root economy" model, where tickets serve as both entry passes and redeemable vouchers at local merchants [6] - The expected visitor count for this year's festival is projected to exceed 4 million, with a focus on enhancing the overall experience rather than just increasing numbers [6] Group 4: Jewelry Fashion Functional Zone Development - The establishment of the International Jewelry Fashion Functional Zone is seen as a significant opportunity for Yuyuan, aiming to enhance the cultural and aesthetic appeal of jewelry products [6] - The company is working on integrating the jewelry industry with cultural elements, focusing on reducing the financial attributes of gold products while enhancing their wearable and aesthetic qualities [7] Group 5: Revitalizing Traditional Brands - To invigorate the consumption vitality of traditional brands, Yuyuan suggests enhancing product cultural integration, creating immersive cultural consumption experiences, and establishing a robust system for Shanghai's signature gifts [8][9] - The company advocates for collaborative efforts between market entities and government to ensure the jewelry fashion functional zone becomes a hub for top brands and consumer experiences [7]

Core Insights - The seventh season of the high-end interview program "Shede Wisdom Figures" concluded on January 15, featuring 12 influential figures from various fields, achieving over 7.2 billion total exposures and appearing on 80 trending lists [1][3] Group 1: Program Overview - The program's theme "Gathering Life's Strength" resonated with public sentiment, showcasing stories of perseverance and success from guests like Zhou Guanyu and Yang Liping [5][7] - The series has evolved into a cultural IP that strengthens brand value and market dynamics, serving as a model for "content-driven growth" in the industry [3][9] Group 2: Marketing Innovations - The seventh season innovatively linked program content with annual marketing timelines, achieving synergy between content exposure, audience resonance, and sales conversion [3][9] - The program's integration into marketing strategies included live interactions and targeted events, effectively driving sales during key promotional periods [11] Group 3: Cultural Impact - The program has established a strong cultural presence, transforming abstract cultural concepts into relatable narratives that deepen public understanding of the brand's spirit [7][11] - The inclusion of international guests expanded the program's cultural reach, enhancing its global influence and appeal [5][7] Group 4: Brand Strategy - The series has transitioned from being a content benchmark to a market engine, facilitating a shift from cultural assets to market dynamics [9][11] - The brand's commitment to long-term cultural marketing has fortified its value proposition, creating a sustainable competitive advantage in the market [11]