今年以来，白酒价格持续波动，降价成市场趋势，国家统计局最新数据为酒类市场释放更清晰信号。 根据国家统计局近日公布的数据，2025年6月份，全国居民消费价格同比上涨0.1%。但酒类价格同比下降1.7%， 环比下降0.3%；而纵观1-6月整体表现，酒类价格更是录得2.0%的同比降幅。持续走低的价格曲线背后，是消费市 场深层逻辑的悄然转变。 | | | 环比涨跌幅 | 同比涨跌幅 | 1-6月 | | --- | --- | --- | --- | --- | | | | (%) | (%) | 同比涨跌幅 (%) | | 居民消费价格 | | -0.1 | 0.1 | -0.1 | | 其中:城市 | | -0.1 | 0.1 | 0.0 | | 农村 | | 0.0 | -0.2 | -0.3 | | 其中:食品 | | -0.4 | -0.3 | -0.9 | | 非食品 | | 0.0 | 0.1 | 0.1 | | 其中:消费品 | | -0.1 | -0.2 | -0.4 | | 服务 | | 0.0 | 0.5 | 0.4 | | 其中:不包括食品和能源 | | 0.0 | 0.7 | 0.4 | | ...

白酒行业进入深度调整期的当下，酒企与"流量渠道商"的战略合作正掀起新一轮浪潮。7月10日，北京商报记者从胖东来创始人于东来社交平台账号处获 悉，胖东来与宝丰酒业合作推出的"自由爱"单品预计年内实现营收约10亿元。 8 搜同款 > 百有(本地 1987 071 酒鬼自由爱馥郁香型白酒 酒精度:52%vol ○ 净含量:550mL 酒鬼酒股份有限公司 @胖东来于东来 思想 · 文化·品位·品质 …… 湘西的精神、 湘西的传奇和胖东来的作品·让生活像艺 155 术一样浪漫和唯美! ... 展开 2025-6-29 19:33 IP属地:河南 图片来源 近年来，酒企与流量渠道商合作推出新品的案例并非个例。从胖东来与宝丰酒业推出"自由爱"，到京东与洋河股份推出"洋河大曲"，再到胖东来联手酒鬼酒 推出"酒鬼酒·自由爱"，近年来，酒企与流量渠道商频频通过推出联名定制产品上演跨界合作的戏码，早已成为行业引爆资本市场与终端市场的"流量密 码"。如今，当"自由爱"有望突破10亿元营收、洋河大曲48小时销量破万瓶时，"酒企+流量渠道商"模式能否复制以解决行业动销及压货难题？ 联手推新 知名酒企纷纷与流量渠道商展开深度合作推出联名定 ...

酒鬼酒（000799）公告，公司拟向西藏洛扎县捐赠帮扶资金200万元，用于当地教育、医疗、科技、文 化等帮扶项目。此次捐赠不构成关联交易，且不会对公司经营产生重大影响。 ...

Investment Rating - The investment rating for the industry is "Outperform the Market" [5][6]. Core Views - The report highlights that the liquor sector, particularly Moutai, is stabilizing in price, and attention should be paid to the second-quarter performance of the sector [3][12]. - The food and beverage sector saw a slight increase of 0.74% this week, underperforming the Shanghai Composite Index by 0.67 percentage points [2][22]. - The report emphasizes the importance of consumer demand and market health, with companies focusing on destocking and promoting sales in the short term while nurturing consumer engagement and internationalization in the long term [14][21]. Summary by Sections Liquor Sector - Moutai's stock buyback reached 3.3821 million shares, accounting for 0.27% of total shares, with a total expenditure of 5.202 billion yuan [3][12]. - The liquor index increased by 1.2%, indicating a potential valuation recovery driven by incremental policies [14]. - Recommended stocks include Moutai, Shanxi Fenjiu, and Wuliangye, which have demonstrated resilience through multiple cycles [14][21]. Consumer Goods - The report notes that the recent warm weather is favorable for beer consumption, with expectations for slight sales growth among major beer brands [15]. - The snack sector is experiencing a trend of differentiation, with recommendations for companies that are innovating in products and channels [16][17]. - The report suggests focusing on leading companies in the seasoning industry, such as Yihai International and Haitian Flavoring, as they show resilience [18]. Frozen Foods - The frozen food sector is stable, with companies actively developing new products despite the off-season [19]. - Anji Food's recent IPO on the Hong Kong Stock Exchange raised 2.302 billion HKD, which will be used to enhance sales networks and optimize supply chains [19]. Dairy Products - The dairy sector is expected to see a gradual recovery in demand, with supply pressures easing and potential policy catalysts on the horizon [20]. - The report recommends focusing on leading dairy companies that are well-positioned for upward elasticity in 2025 [20]. Beverages - The beverage industry is entering a peak season, with expectations for continued growth in segments like sugar-free tea and energy drinks [21]. - The report recommends East Peak Beverage, which is accelerating its national and platform expansion [21].

Investment Rating - The report maintains a recommendation for the food and beverage industry, indicating a positive outlook for structural growth opportunities [20][21]. Core Insights - The report highlights a stabilization in the price of Moutai, suggesting a potential improvement in sentiment within the liquor sector. It notes that while short-term demand fluctuations may lead to a slowdown in the liquor sector in Q2 2025, leading companies are working to maintain price stability, and smaller companies are adapting to consumer trends [20][21]. - The snack segment is experiencing stable performance in traditional channels, with rapid growth in membership supermarket channels. New products are expected to be launched in the second half of 2025, and the pet food sector is also showing good growth [20][21]. - The report emphasizes the importance of product quality enhancement, channel expansion, and innovative marketing strategies as key methods for companies to navigate current market challenges [20][21]. Summary by Sections Core Company Tracking - Luzhou Laojiao is improving market inventory and plans to expand its distribution network to four million terminals over the next five years. The company is also developing lower-alcohol products [11][12]. - Yanghe Co. has appointed new leadership, which is expected to drive organizational adjustments and enhance operational dynamics. The company continues to innovate its product line [12]. - Jiugui Liquor is focusing on channel adjustments and has partnered with a retail chain to explore new growth avenues [13]. - New Dairy is benefiting from cost advantages, leading to stronger profit release capabilities, with a focus on low-temperature milk products [14]. - Jinzai Food is in a cautious operational phase, with stable performance in traditional and snack channels [15][16]. - Zhongchong Co. is seeing continued growth in its self-owned brands, despite some export challenges [17]. - Petty Co. is expanding its product offerings in both snacks and staple foods, with a focus on New Zealand's production capacity [18]. - Anji Food has successfully listed its H shares, raising approximately 2.302 billion HKD [19]. Investment Recommendations - The report suggests focusing on growth sectors influenced by changing consumer trends, with specific recommendations for companies like Zhongchong Co., Guobao Pet Food, and Nongfu Spring [21]. - It also highlights structural growth opportunities in the restaurant chain recovery, recommending companies such as Zhujiang Beer and Yanjing Beer [21]. - For traditional consumer goods, it advises investing in leading liquor companies and dairy products, with a focus on companies like Yili and New Dairy [21]. Industry Overview - The food and beverage industry is characterized by a total of 143 listed companies with a total market capitalization of 478.1 billion RMB [4]. - The industry has shown a mixed performance, with a 1-month absolute performance of -4.7% and a 12-month performance of 28.2% [6].

Core Insights - The 618 shopping festival has concluded, leading to varied price movements in the white liquor market, with some products experiencing price increases while others continue to decline [1][2][3] Price Trends in Major Cities - In Guangzhou, among 21 sampled white liquor products, 9 saw a decrease in average retail price, while 8 experienced an increase, and 4 remained unchanged [2] - Notably, high-end products like Moutai and Guojiao 1573 have seen price drops, with Moutai's average retail price falling to approximately 2304 RMB, a decrease of about 100 RMB from the previous period [2][3] - In Shenzhen, Moutai's average retail price is reported at 2298.5 RMB, with a notable decline in several high-end products due to ongoing market pressures [7][10] - East Dongguan's market shows a mixed trend, with 9 products increasing in price and 5 decreasing, highlighting the volatility in high-end liquor pricing [12][13] Online vs. Offline Pricing - Online platforms, particularly instant retail channels, are showing lower prices compared to offline supermarkets, with Moutai priced at 2229 RMB online, which is about 75 RMB lower than the overall average [3][8] - The price discrepancies between online and offline channels are significant, with products like Junpin Xijiu and Qinghua Lang being sold for much lower prices online compared to their offline counterparts [3][8] Impact of Regulatory Changes - The ongoing "ban on alcohol" has significantly impacted sales, particularly in high-end segments, leading to price reductions as businesses attempt to stimulate demand [9][10] - The combination of the 618 festival and regulatory changes has created a challenging environment for liquor companies, as they navigate maintaining sales volume and pricing stability [1][17] Summary of Average Prices - The average prices for key products as of July 4th are as follows: - Moutai: 2367.62 RMB [19] - Wuliangye: 1010.27 RMB [19] - Junpin Xijiu: 833.17 RMB [20] - Qinghua Lang: 943.11 RMB [20] - Guojiao 1573: 993.42 RMB [20]

Core Viewpoint - The article discusses the contrasting performance of cyclical sectors and technology stocks, highlighting a rebound in cyclical sectors such as banking, non-ferrous metals, liquor, and new energy, while technology stocks, particularly in the semiconductor and AI hardware sectors, experienced a pullback [1][4]. Group 1: Banking Sector - The banking sector saw significant gains, with stocks like China Construction Bank and Shanghai Pudong Development Bank reaching new historical highs [2]. - The stock of Changxin Bochuang (300548), a leader in AI hardware, initially dropped over 4% but later rebounded to close up 2.28%, also hitting a historical high during the session [2]. Group 2: Marine Economy - The marine economy sector showed strong performance, with sub-sectors such as marine engineering equipment, oil and gas extraction, aquaculture, and wind power experiencing notable increases [6]. - A surge in marine engineering equipment stocks was observed, with companies like Deepwater Haina and Daye Intelligent hitting the 20% daily limit up [6][8]. - Recent government meetings and policy announcements indicate a push towards developing a modern marine industry system, with a focus on various marine-related sectors [8][9]. Group 3: Consumer Sector - The consumer sector rebounded, particularly in the sugar substitute concept, with stocks like Sanyuan Biological and Bolingbao seeing significant gains [11]. - The liquor sector also performed well, with major brands like Moutai, Wuliangye, and Luzhou Laojiao all experiencing increases, and the stock of Jiu Gui Jiu rising over 7% [11][15]. - Analysts suggest that the liquor sector is currently at a historically low valuation, presenting potential bottom-fishing opportunities, especially for high-end brands and resilient regional leaders [15].

快刀财经 . 欢迎关注这个洞察商业真相的公号。快刀财经，商业快媒体、思维孵化器、价值试验场和洗欲中心。 作者： 唐纳德 来源：快刀财经（ID：kuaidaocaijing） 喝不喝白酒没关系！但白酒行业确实日子不那么好过。 先看今年618， 白酒的价格那叫一个"跌跌不休" 。在各大电商平台的补贴"大招"下，茅台、五 粮液等头部产品的"百亿补贴"价，直接击穿了批发价。就拿53度飞天茅台来说，限时补贴后，到 手价最低能到1840元/瓶，跟去年同期比，那可跌了不少。 往远处一点的2025年端午节，济南某经销商望着店内琳琅满目的白酒货架，却丝毫感受不到节日 带来的喜悦，尽管白酒销量勉强与去年持平，客单价却暴跌近60%，且往年备受追捧的头部酒被 冷落，300-600元的产品却成了消费者首选。 "高端酒卖不动了，普通酒也不那么吃香"，这是一些经销商老板最典型的感叹。 往深处讲， 现象背后，透露出的是中国白酒产业的集体阵痛 ，作为资本市场和食品消费领域的 一块核心资产，白酒尤其是高端白酒一度被赋予消费和收藏属性。 以下文章来源于快刀财经 ，作者快刀财经编辑部 然而，近年来白酒行业在宏观经济放缓和产业周期调整的双重背景下，迎 ...

上市进行时 镁信健康 36氪获悉，港交所文件显示，上海镁信健康科技集团股份有限公司向港交所递交上市申请，联席保荐人 为高盛、中金公司、汇丰。 极智嘉 36氪获悉，港交所文件显示，极智嘉将在香港首次公开募股（IPO）中发行约1.4亿股股票，每股发行价 16.8港元。该公司寻求通过此次发行筹资至多23.6亿港元（3.01亿美元），仍须视发行规模是否调整和 超额配售选择权而定。预计将于7月9日挂牌上市。摩根士丹利和中金公司为联席保荐人。 亿纬锂能 36氪获悉，据港交所，惠州亿纬锂能股份有限公司向港交所提交上市申请，独家保荐人为中信证券。 镁佳 6月29日深夜，有网民爆料称，《桂林市2025年度事业单位公开考试招聘工作人员进入考察人选名单》 中，考生苏某某与曾因虐猫被华中农业大学给予严重警告处分的苏某某同名同姓，疑似为同一人。6月 30日，记者从招聘单位桂林市同安镇获悉，二者确实为同一人。"已经关注到此事，目前处于政审考察 阶段，考察结果需持续关注桂林市人社局官网。" 据了解，2024年12月7日，华中农业大学曾发布情况通报称，在校生苏某某于10月至11月，共将5片人用 某类药物碾成粉末，分次兑水投喂了校内流浪猫。学 ...

招聘单位回应考生确系虐猫当事人，目前处于政审考察阶段，考察结果需持续关注桂林市人社局官网。 整理 ｜孙安雅 点击上方【36氪随声听】，一键收听大公司热门新闻。听完音频记得添加进入 【我的小程序】 中哟！ 镁信健康 36氪获悉，港交所文件显示，上海镁信健康科技集团股份有限公司向港交所递交上市申请，联席保荐人为高盛、中金公司、汇 丰。 极智嘉 36氪获悉，港交所文件显示，极智嘉将在香港首次公开募股（IPO）中发行约1.4亿股股票，每股发行价16.8港元。该公司寻求 通过此次发行筹资至多23.6亿港元（3.01亿美元），仍须视发行规模是否调整和超额配售选择权而定。预计将于7月9日挂牌上 市。摩根士丹利和中金公司为联席保荐人。 亿纬锂能 36氪获悉，据港交所，惠州亿纬锂能股份有限公司向港交所提交上市申请，独家保荐人为中信证券。 镁佳 36氪获悉，据港交所，镁佳股份有限公司在港交所递交上市申请，联席保荐人为中金公司、花旗、德意志银行。 蓝思科技 36氪获悉，蓝思科技公告，公司已按照有关规定在香港联交所网站刊登并派发本次境外发行上市H股招股说明书。公司本次全 球发售H股基础发行股数为2.62亿股，H股发行价格区间初步确定 ...