以下文章来源于西西定投 ，作者西西定投 西西定投 . 专注基金定投，手把手教你做好基金定投。兼顾可转债、各类打新、套利等。研究普通人可能复制的投资理财方法。 ↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 西西定投 来源：雪球 国庆长假已经过去了。 过节期间 ， 我跟身边的亲戚 、 朋友都见面 ， 聊了家常 ， 也聊了投资理财的问题 。 对我熟悉很清楚 ， 我身家基本上都在股市 ， 主要的钱都来源于这里 。 我一直觉得所有的家庭都需要做理财 ， 当然不一定要买股票 。 你可以把钱存银行 、 可以买债券基金 、 可以买黄金 （ 当然现在黄金不大合适 ） 。 每个家庭都需要管理好自己的家庭现金流 ， 要列一个表格 ， 收入的管道有哪些 ， 支出的管道有哪些 。 要学会量入而出 ， 要学会增加你的收入管道 。 尽量做到每年的收入大于你的支出 ， 每年都有点结余 ， 都有点钱做投资理财 。 这样慢慢积累 ， 后面你理财的收入会远超过你的工资 。 这个时候你的岁数也大了 ， 慢慢要退出职场 。 对我不熟悉的 ， 我说我在做投资理财 ， ...

Group 1 - The core viewpoint emphasizes the need for traditional brands to find new positioning strategies to navigate consumer cycles and for new brands to achieve rapid growth across categories [1] - Cultural strategy has become a key element in brand strategy, especially in the high-end market, where product characteristics alone are insufficient to build brand momentum [2][4] - The Chinese market shows a disparity in brand momentum between local and international brands, with examples like China Red Bull and Austrian Red Bull illustrating different market scales and brand strategies [4] Group 2 - The white liquor industry in China is experiencing a shift from quantity to quality, with market size increasing from 536.4 billion yuan in 2018 to 756.3 billion yuan in 2023, despite production halving [8] - Major liquor brands are adopting cultural strategies to connect with younger consumers, moving from traditional relationship-based consumption to self-expression and cultural values [9] - Successful brands like Moutai and Wuliangye are developing comprehensive cultural systems to enhance their brand value and consumer connection [9] Group 3 - The article discusses the pitfalls of brands that focus solely on product attributes, such as Wanglaoji and Six Walnut, which have struggled to maintain market relevance [4][5] - The case of Nongfu Spring illustrates the importance of evolving brand narratives beyond product quality to include cultural and environmental themes, leading to a resurgence in market leadership [7] - The need for liquor brands to embrace cultural strategies is highlighted, as many still rely on outdated marketing approaches that fail to resonate with modern consumers [12] Group 4 - The article notes that many liquor brands lack a strategic understanding of consumer culture, which hinders their ability to establish effective brand positioning [12] - It emphasizes the importance of emotional and ideological engagement in building brand culture, as seen in successful examples from both domestic and international markets [15] - The competitive landscape necessitates that brands connect consumer culture with added value to differentiate themselves effectively [17]

9月19日至20日，2025"一带一路"媒体合作论坛中外媒体联合采访团走进茅台。逛"茅酒之源"，游 酿酒车间，观《天酿》表演，在包装车间见证丝带飞舞的匠心之美……外媒嘉宾在行走中感悟顺天敬人 的酿造哲学，沉醉于中国白酒的千年文化。更精彩的是，外国友人现场深情背诵李白《将进酒》，以诗 会酒，以酒载道，将中国诗酒文化的故事生动讲给世界听！片尾还有彩蛋呦，一首《可可托海的牧羊 人》同样信手拈来！ 视频制作：王靖舒 蔡成干 统筹：李志强 叶琦 ...

Core Viewpoint - The article discusses the business models of two companies, Moutai and Pop Mart, comparing their profitability and sustainability, ultimately suggesting that both have strong business models but differ in market dynamics and future potential [2][3][8]. Profitability Metrics - Moutai has a gross margin of 90% and a net margin of 50%, making it one of the best globally [3]. - Pop Mart has a gross margin of 70% and a net margin of 35%, ranking among the top five but not surpassing Moutai [3]. Sustainability of Business Models - The white liquor market is expected to face a decline in consumer demographics, which poses challenges for Moutai in maintaining or increasing market share [5]. - Pop Mart has the potential for better sustainability due to its broader market appeal and the ability to tap into international markets, particularly the U.S. [6][7]. Market Opportunities - Pop Mart's IP, labubu, is considered significantly undervalued, with the potential to contribute substantial value alongside a matrix of top-tier IPs [6]. - The U.S. market is viewed as a major opportunity, with potential revenues estimated to be 2-3 times that of the domestic market, given the higher average revenue per store [6]. Management Quality - Moutai's management is seen as competent but not as strong as that of leading global companies like Apple [10]. - Pop Mart's management is viewed favorably, with aspirations to reach the level of Apple in the future [11]. Valuation Comparison - Current static PE ratios are approximately 25 for Pop Mart and 20 for Moutai, indicating they are in a similar valuation range [11]. - Both companies are expected to show stable performance in the short term, with earnings serving as a lower bound for future performance [11]. Revenue Growth Potential - Pop Mart is projected to reach 50 billion in revenue, with a trajectory towards 100 billion, indicating strong growth potential [12].

这场价格震荡背后，有几条清晰的线索值得深思： 昔日"硬通货"，今朝"烫手山芋"：茅台价格震荡下的众生相 福田CBD的这家烟酒行，9月10日的早晨，空气中弥漫着一丝不同寻常的沉寂。店主站在货架前，语气中带着掩饰不住的无奈，如同在清点上个季度的损 失。"2025年的茅台，现在标价1880元一瓶，"他喃喃道，"2024年的还要1920元。可惜，2025年的没现货，只有旧货。"话语间，仿佛勾勒出一幅经销商"嫌 弃"但又不得不面对的现实图景。 目光穿越时间长河，3月市场上整箱2300元、散瓶2200元的高价仿佛还在昨天，却已成过眼云烟。6月中旬，散瓶价格跌破2000元大关，月底更是跌至1780 元。尽管厂家短暂发力，将价格拉回1800元附近，但9月初的价格又悄然下探至1790元，原箱价也仅为1815元。一次次的心理关口被无情击穿，这些数字背 后，是经销商们不眠不休的噩梦。 "月亏数十万，真不是夸张。"一位经销商的倾诉道出了行业的普遍困境。价格的剧烈波动，让许多人选择连夜关闭仓库大门，暂停进货，观望成为主旋 律。"刚进就跌"，这种近乎市井小店的自保逻辑，如今在庞大的供应链中却异常奏效，连锁反应同步上演，市场弥漫着一种"风 ...

【守护行动】南通市市场监督管理局发布守护知识产权执法典型案例 今年以来，南通市场监管部门持续深入实施知识产权强国建设纲要，紧紧围绕守护"企业高质量发展、 群众高品质生活"，将保护知识产权作为市场监管综合执法的重要内容，深入推进商标、专利等知识产 权领域执法，严厉查处违法行为，切实依法平等保护各类经营主体的知识产权。现公开曝光一批典型案 例，希望全市生产经营者守法诚信经营，严格落实主体责任，促进市场健康规范发展。如发现相关案件 线索，请拨打12315热线投诉举报。 ·案例一· 海安市市场监管局查处某烟酒商行销售侵犯"茅台""五粮液""梦之蓝"等注册商标专用权的商品案 2025年1月，海安市市场监管局对当事人经营场所进行执法检查，发现当事人经营场所待售有标识"茅 台""五粮液""梦之蓝"等商标的白酒120瓶，货值109048元。当事人未能提供供货商相关资质证明和商标 授权文件。经商标权利人鉴定，上述产品为假冒侵权商品。 当事人销售假冒侵权商品，构成了《中华人民共和国商标法》第五十七条第三项所列情形，为侵犯他人 注册商标专用权行为。2025年3月5日，海安市市场监管局依据《中华人民共和国商标法》第六十条第二 款规定 ...

Group 1 - The core point of the article highlights the competition between Guizhou Moutai and Cambricon Technologies for the title of "A-share king," with Moutai temporarily retaining its position despite Cambricon's significant stock price increase [2][3] - Cambricon's stock price surged over 166% from July 10 to August 25, reaching 1384.93 yuan per share, closely approaching Moutai's price of 1490.33 yuan [3] - Moutai's stock price has been under pressure due to challenges in the high-end liquor industry, including slow sales and price inversion, indicating a deep adjustment phase starting in the second half of 2023 [3] Group 2 - Guizhou Moutai reported a total operating revenue of 91.09 billion yuan for the first half of 2025, reflecting a year-on-year growth of 9.2%, and a net profit of 45.4 billion yuan, up 8.9% year-on-year [4] - The growth rates for Moutai are consistent with the company's earlier targets but are lower than the double-digit growth seen in previous years [4] - Many liquor companies have reported varying degrees of decline in their second-quarter performance, indicating that the industry is in a process of adjustment and bottoming out [4]

Group 1: Market Overview - The food and beverage sector experienced fluctuations on August 13, with the Food ETF (515710) showing a slight increase of 0.16% [1] - Major stocks in the sector had mixed performances, with Kweichow Moutai declining over 1%, while Wuliangye, Shanxi Fenjiu, and Luzhou Laojiao saw slight gains [1] Group 2: Company Performance - Kweichow Moutai reported a total revenue of 91.094 billion yuan for the first half of 2025, reflecting a year-on-year growth of 9.16%, and a net profit of 45.403 billion yuan, up 8.89% year-on-year, primarily driven by increased sales volume [1][3] Group 3: Industry Insights - Analysts noted that the cultural value of Chinese liquor remains unchanged, with Moutai's scarcity and brand value still significant. The implementation of economic stimulus policies and Moutai's strategic transformations are expected to support sustainable growth in the second half of the year [3] - The food and beverage sector is anticipated to benefit from improving demand as macroeconomic policies take effect, with a focus on cyclical opportunities in the liquor segment [4] Group 4: Investment Strategy - The Food ETF (515710) is highlighted as a good investment opportunity, with approximately 60% of its portfolio allocated to leading high-end and mid-range liquor stocks, and nearly 40% to other segments like beverages and dairy [5] - The current price-to-earnings ratio of the food index is at 20.11, indicating a favorable long-term investment position [3]

Group 1 - The core viewpoint of the article is the emergence of a new trend called "brand value separation," where consumers are increasingly distinguishing between the tangible and intangible values of products, leading to a shift in purchasing behavior [1][3] - The article discusses how traditional brand value, which combines both tangible (functionality, material, design) and intangible (brand spirit, emotional connection, social status) aspects, is being challenged by the rise of "value-for-money" alternatives [3][4] - The phenomenon of "Dupe culture" is highlighted, where consumers are opting for cheaper alternatives that replicate the tangible aspects of high-end brands while disregarding the associated emotional and social values [3][4][10] Group 2 - Three driving factors behind brand value separation are identified: the demystification and openness of supply chains, the breakdown of information barriers through social media, and the maturation of consumer mindsets [4][7][10] - The article notes that the global supply chain has become more accessible, allowing new brands to offer similar quality products at lower prices by eliminating brand premiums [4][5] - Social media platforms like TikTok have played a significant role in revealing the actual costs of luxury items, leading consumers to question the value of high-priced products and seek out more affordable alternatives [7][8] Group 3 - The changing economic environment and the evolving identity of younger consumers are contributing to a more pragmatic approach to spending, with a focus on value rather than brand prestige [10][12] - The article emphasizes that consumers are increasingly aware of the hidden costs associated with brand premiums, leading to a decline in the willingness to pay for brand identity [12][13] - The article suggests that brands must adapt to this new landscape by creating deeper value propositions that cannot be easily replicated by cheaper alternatives [14][24] Group 4 - Brands are encouraged to rebuild their value barriers by focusing on extreme product quality, technological advantages, and creating ecosystems that enhance user engagement [15][21] - The article highlights that successful brands will need to offer unique experiences and emotional connections that go beyond mere product functionality [24][27] - The future of branding is framed as a shift from defining consumer identity to providing tailored services that meet specific consumer needs, emphasizing the importance of understanding human desires [27][28]

Summary of Key Points from Conference Call Records Industry Overview - **Consumer Retail Sector**: The retail sales growth rate in June 2025 fell to 4.8%, but the overall consumption trend has been improving since September 2024, with significant growth in post-real estate cycle products like home appliances (+32.4%) and furniture (+28.7%) [1][5] - **Service Industry**: The service sector saw a 5.3% year-on-year growth in sales in the first half of 2025, marking the highest overall consumption growth rate in the past year at 5.2% [6] - **Alcohol and Beverage Sector**: The liquor sector is experiencing short-term demand fluctuations, with major brands like Moutai performing steadily despite a seasonal downturn in Q2. The beverage sector showed strong performance in H1 2025, with companies like Yanjing Beer and Zhujiang Beer maintaining high growth [9][12] Core Insights and Arguments - **Retail Sales Trends**: The decline in retail sales growth in June was attributed to the early timing of the 618 e-commerce promotion and the temporary suspension of consumption subsidies in several regions. Retail sales growth fell by 1.2 percentage points to 5.3%, while the restaurant sector saw a significant drop from 5.9% in May to 0.9% in June [2] - **Consumer Pressure**: The disposable income growth rate for residents slowed to 5.1% in Q2, down 0.4 percentage points from Q1, with the real estate market cooling significantly impacting durable goods demand [7] - **Policy Opportunities**: Potential policy measures to stimulate consumer demand in the second half of the year may focus on stabilizing prices and addressing supply-demand dynamics, similar to past supply-side reforms [8] Important but Overlooked Content - **Jewelry and Beauty Sector**: The jewelry and beauty industry is entering a relatively quiet season in Q3, with gold prices expected to remain high. June saw a 6.1% year-on-year increase in gold and silver jewelry sales, with a focus on companies like Chow Tai Fook for product structure improvements [15] - **Pork Supply Side Reform**: The supply-side reform in the pork industry is expected to enhance pig price forecasts for the second half of 2025 and 2026, with key companies to watch including Muyuan Foods and Wen's Foodstuffs [27][30] - **Snack Industry Dynamics**: The snack industry is experiencing rapid store openings, with major players like Mingming and Wancheng Group leading the expansion. However, single-store revenue is declining, which may impact future growth despite the overall market potential [34][35] Investment Recommendations - **Beverage Companies**: Focus on leading companies like Nongfu Spring, Uni-President, and Dongpeng Beverage, which are expected to exceed market expectations in their mid-year reports [12] - **Pork Industry Stocks**: Companies like Muyuan Foods and Wen's Foods are recommended due to their strong fundamentals and expected profit increases despite production adjustments [31] - **Jewelry Brands**: Chow Tai Fook is highlighted for its improved product structure and store upgrades, while companies like Lao Pu Gold and Changhong Ji are also noted for their strong profit expectations [15] This summary encapsulates the key insights and trends from the conference call records, providing a comprehensive overview of the current state and future outlook of various industries.