在免税业务之外，珠免集团在粤港澳大湾区的多元商业项目同样表现亮眼，成为假日经济的重要引擎。 10月9日，珠免集团(600185)在其官方公众号公布了今年国庆中秋长假期间重点项目的经营情况。据 悉，珠免集团三亚湾壹号、拱北口岸免税店等重点项目节日期间人气高涨，带动有税商业与免税零售同 步升温。 在珠免集团的基石业务口岸免税业务方面，长假期间展现出稳健而鲜活的运营力。据官方统计，截至10 月4日，拱北口岸进出境旅客总量突破157万人次，日均客流量达39万人次，较去年同期增长8.3%；10 月1日至5日，港珠澳大桥珠海口岸出入境客流量超50万人次，同比增长13.2%。 在跨境消费热度高企的背景下，珠免集团旗下各口岸免税店节前提前完成"备货—场务—安保"等全链条 部署，为国庆中秋长假平稳运营筑牢基础。 为迎接"双节"，珠免集团旗下拱北口岸进境免税店全面优化动线，焕新空间陈列，使品牌展示更集中、 购物节奏更流畅，截至10月6日，门店特色手信销售额同比增长超130%，赫莲娜等高端美妆品牌销售额 同比增长逾120%。 与此同时，珠免集团旗下港珠澳大桥免税店客流持续攀升，高端酒水等核心品类表现突出，销量较去年 同期增长近一倍 ...

Core Viewpoint - The recent cultural events in London, supported by Kweichow Moutai, highlight the internationalization of Guizhou's culture and the brand's role in promoting cultural exchange and heritage [1][6]. Group 1: Cultural Events - The "Boundless Mountains and Seas: Music Transcends the Globe" concert featured over 300 attendees, showcasing a blend of Chinese ethnic music and Western classical music [1][2]. - The first half of the concert presented diverse ethnic performances, including the lively ensemble "Horse Racing" and the elegant "Jasmine Flower," reflecting Guizhou's rich cultural heritage [2]. - The subsequent "Sound and Picture Guizhou: The Charm of Intangible Cultural Heritage" event displayed Guizhou's natural beauty and cultural richness, engaging British audiences through traditional music and local delicacies [1][2]. Group 2: Moutai's Role - Moutai's international presence goes beyond product sales; it serves as a cultural ambassador for Guizhou, embodying the region's spirit and craftsmanship [6][8]. - The brand's involvement in these cultural exchanges emphasizes the importance of protecting and promoting intangible cultural heritage, allowing traditional sounds and practices to resonate on a global stage [6][8]. - Moutai's innovative approach, such as introducing cocktails made with its liquor, aims to broaden its appeal and acceptance among international audiences [4].

你看那烟酒店，每天都是几个人在那儿打麻将，心里想，这烟酒店一天也没几个顾客，怎么还能维持得下去呀？ 你别看，这烟酒店能生存，那可都是资源和人脉，平时可能就卖几包烟、几瓶，真正撑起这个店的，是那些不常露面却出手大方的老熟人。 我就认识一个烟酒店老板刘姐，她的店就开在一个居民楼下面，店也不大，30多平，平常看她就是卖饮料、调味副食这些，就说今年国庆吧，那 位在开发区当经理的老陈推门进来，二话不说定了二十箱茅台，说是要给重要客户送礼。 刘姐说除了这种节假日，还有就是固定的餐厅老板，街口那几家饭店的老板，每周一准时准点搬啤酒，一搬就是十几箱，都是多年的老交情了。 一般做烟酒店的，都会有一些资源和人脉，这些藏在日常生意背后的大单子，才是烟酒行这行能稳稳当当开下去的底气。 所以说啊，你看那些烟酒店虽然平时没几个人，但是那几十平的店，也维持着一家人的生计，那肯定是有赚钱的门道的。 *本文由鸿旺酒礼曾姐原创编辑，转载请备注来源！ 烟酒店怎么赚钱 这行靠的是资源变现的真本事，您别看烟酒店里那些酒摆得整整齐齐，那可都是明码标价的广告位——茅台啊五粮液这些品牌方都是要给占位费 的。 更值钱的是烟草证，现在要新办得多难呀。去年斜对门 ...

消费总量指标的变化固然重要，但结构性分化亦不容忽视。 去年9月中央政治局会议后，中国宏观政策出现两大转变，即财政政策明显加力和政策重心转向消费。 受此带动，去年四季度以来，中国消费市场明显回暖，以旧换新相关商品消费尤为亮眼。不过，今年7 月开始，由于补贴规模减少、透支效应显现以及基数抬升，消费下行压力已经开始显现。 在笔者看来，消费总量指标的变化固然重要，但结构性分化亦不容忽视。本文梳理总结了中国消费市场 呈现出的七大结构性分化，一方面提示当前消费增长面临的问题堵点，另一方面也展现了未来消费发展 的潜力所在。 分化一：商品消费改善，服务消费放缓 去年四季度以来，中国消费市场最为明显的一个趋势分化是，商品消费在以旧换新等政策带动下触底回 升，而服务消费增长步伐逐步放缓，两者之间的增速差距明显收敛。 今年1-8月，商品零售额同比增长4.8%，较去年全年3.2%的增速大幅提升，主要得益于家电、办公用 品、家具、通讯器材等以旧换新相关品类的拉动。居民人均商品性消费支出增速也从去年三季度的 2.2%一路攀升至今年二季度的5.9%，这也是2022年四季度以来的最快增速。 相比之下，服务消费虽然保持一定增长，却显得有些"后 ...

Core Viewpoint - Huazhi Wine's stock has risen over 26% since September 16, despite a general downturn in the liquor sector, primarily due to a government subsidy of 21.25 million yuan received on September 19, which accounts for nearly half of its net profit for the first half of the year [1][2]. Group 1: Financial Performance - Huazhi Wine's revenue dropped by over 30% and net profit fell by more than 60% in the first half of the year due to external factors and industry cycles [1]. - The government subsidy received in September is expected to help stabilize the company's performance in the third quarter, potentially reversing the decline in net profit [1]. - Historically, Huazhi Wine has received government subsidies annually, with 61.32 million yuan and 19.7 million yuan expected in 2023 and 2024, respectively [2]. Group 2: Market Dynamics - The upcoming National Day and Mid-Autumn Festival are expected to provide a boost to liquor sales, particularly for premium brands like Moutai and Wuliangye, which Huazhi Wine has allocations for [4]. - Despite a weak overall market demand, premium liquor products have maintained relative stability due to their strong brand influence [4]. Group 3: Cost Management - In response to the industry downturn, Huazhi Wine has implemented cost-cutting measures, with sales expenses down 40.5% and management expenses down 24.8% in the first half of the year [4]. - The company's inventory decreased by 13.39% quarter-on-quarter, indicating effective inventory management amidst declining demand [4]. - Huazhi Wine has improved cash flow through adjustments in procurement payment cycles and the use of deferred payment methods, resulting in significant cash flow growth despite declining performance [4].

Group 1 - The food and beverage sector is experiencing a low-level fluctuation, with the Food ETF (515710) down by 1.11% as of the report time [1] - Key stocks in the sector, including liquor and consumer goods, are underperforming, with notable declines such as a 3% drop in JiuGuiJiu and over 2% declines in DongPeng Beverage and SheDe Liquor [1] - The overall valuation of the food and beverage sector is at a low point, suggesting a potential good time for investment, with the food ETF's price-to-earnings ratio at 20.74, which is in the 7.06% percentile of the last decade [3] Group 2 - Pacific Securities indicates that the liquor sector is at a dual bottom of fundamental stabilization and low valuation, with demand expected to show weak recovery as the Mid-Autumn Festival and National Day approach [3] - Xiangcai Securities suggests focusing on high-quality stocks with alpha opportunities, emphasizing the importance of innovation in categories, channels, and consumption scenarios [4] - The management of Moutai Group is committed to maintaining a price above 1800 yuan, emphasizing a balance between volume and price, which may positively impact the liquor market [1][4]

Investment Rating - The report maintains a cautious outlook on the industry, suggesting that the white liquor sector is in a bottoming process and that food companies should seek structural opportunities from the bottom up [2][6]. Core Insights - The industry is expected to experience a recovery in consumption scenarios as it enters the September peak season, although year-on-year sales pressure remains significant. The report emphasizes the importance of monitoring demand recovery during this peak season [2][6]. - Long-term investment value is seen in leading companies from a dividend and yield perspective, including high-end liquor brands and major consumer goods companies. The report highlights that institutional holdings are at historical lows, indicating potential for valuation recovery [2][6]. - The white liquor sector is entering a destocking phase, with expectations of continued pressure on corporate reports in Q3. The report recommends key companies such as Guizhou Moutai, Shanxi Fenjiu, and Luzhou Laojiao, while also monitoring Wuliangye and others [2][6][7]. Summary by Sections 1. Weekly Insights on Food and Beverage - The food and beverage sector saw a decline of 2.53% last week, with white liquor down 2.95%, underperforming the Shanghai Composite Index by 1.23 percentage points [5][29]. - The report notes that the white liquor price for Moutai is 1755 RMB per bottle, down 25 RMB week-on-week, and 1770 RMB per case, down 200 RMB week-on-week [7][13]. 2. Market Performance of Food and Beverage Sectors - The food and beverage industry underperformed the Shenwan A index by 2.41 percentage points from September 15 to September 19, with white liquor lagging by 2.83 percentage points [29][30]. 3. Key Company Updates - Companies like Jiangsu's Jiuziyuan are expected to see a slight recovery in consumption scenarios in September, although the overall market remains competitive [10]. - Shuanghui Development anticipates improved sales in the second half of the year due to internal channel and product optimizations, with stable profitability in the meat products segment [10].

Group 1 - The atmosphere in the liquor market is gradually warming up as the Mid-Autumn Festival approaches, with an increase in inquiries, but the transaction rate remains low [1][2] - Compared to last year, the purchasing quantity and quality of liquor have decreased, with many clients adopting a more conservative purchasing strategy [5][7] - The overall market sentiment is low, with many distributors choosing to adjust their inventory based on actual customer demand rather than making large bulk purchases [4][5] Group 2 - There is a noticeable decline in the purchasing quantity and quality of high-end liquor, with sales expected to drop by over 20% compared to last year [5][7] - The demand for mid-range liquor is shrinking, with customers increasingly inquiring about lower-priced options, indicating a shift towards lower-end products [5][7] - The gifting demand has shifted towards "less but better," with clients focusing on core customers and making smaller, more selective purchases [8]

Core Viewpoint - Recent reports of fraudulent recruitment for opening Wuliangye experience stores have emerged, similar to previous false claims regarding Moutai, prompting the company to clarify that these are untrue and have been reported to authorities [1][3]. Group 1: Fraudulent Recruitment Claims - Social media has seen a surge of messages claiming that Wuliangye is opening nationwide store operating rights, with a starting investment of 300,000 yuan to open a store in county-level cities [2][3]. - This follows a pattern where similar false claims were made about Moutai, suggesting a coordinated effort to exploit the brands' reputations for fraudulent purposes [2]. Group 2: Company Response and Background - Wuliangye has officially stated that it has not released any information regarding the opening of store operating rights and has reported these fraudulent activities to relevant authorities [3]. - The company celebrated the 30th anniversary of its franchise system, with over 1,700 stores across more than 300 cities and annual sales exceeding 15 billion yuan [3].

Core Points - JD.com held a wine tasting event in collaboration with Kweichow Moutai, where Liu Qiangdong expressed his honor and happiness at the presence of the Moutai Group's elder, Ji Keliang [1] - Liu Qiangdong shared that Ji Keliang, despite being 86 years old, appears to be in great health and maintains a strong interest in the world [2] - Liu Qiangdong emphasized the importance of health and happiness, proposing a toast to Ji Keliang and wishing everyone eternal youth and joy [2]