Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the liquor industry is in a bottoming phase, with signs of stabilization in fundamentals. The high-end liquor sector is expected to see a recovery in demand and valuation in the second half of the year. The report emphasizes focusing on leading regional high-end liquor companies while waiting for demand recovery and valuation repair to resonate [3][11] - The report highlights significant opportunities in the yellow wine sector, which is experiencing a revival driven by changing consumer preferences towards healthier and lighter drinking options. The report notes that yellow wine is well-positioned to cater to the "self-consumption" trend and is gradually breaking the stereotype of being a traditional drink for older consumers [4][12] Summary by Sections Weekly Insights - From May 26 to May 30, the food and beverage index declined by 1.1%, ranking 24th among 28 sub-industries, performing in line with the CSI 300 index. The soft drink (+9.3%), other alcoholic beverages (+7.1%), and beer (+3.2%) sectors showed relatively strong performance [3][11][13] Market Performance - The liquor industry continues to show weak recovery, with terminal demand remaining sluggish. The report attributes this to slow consumer recovery and a reduction in business banquet scenarios. The recent re-emphasis on the prohibition of alcohol consumption in government settings has raised market concerns, but the actual impact is considered limited due to already low levels of government consumption [3][11][12] Upstream Data - As of May 20, the auction price for whole milk powder was $4,332 per ton, a year-on-year increase of 27.1%. Meanwhile, the domestic fresh milk price was 3.1 yuan per kilogram, showing a year-on-year decrease of 8.9%. The report suggests that domestic milk prices are still on a downward trend in the short term [21][24] Liquor Industry News - The report mentions that the Guizhou Moutai (Walking Series) is set to launch soon, and during the recent promotional event, the overall sales of liquor exceeded 300 million yuan within 12 hours, marking a significant increase compared to the previous year [44][45]

华夏时报（www.chinatimes.net.cn）记者 黄兴利 成都报道 持续加码开瓶！酒鬼酒"最后一公里"攻坚战｜春糖风向 白酒行业深度调整期，湘酒龙头酒鬼酒的战略转型进程正在加速。自程军年初履新总经理以来，其推行的一系列 改革组合拳释放出战略转型的清晰信号。3月23日春糖期间，酒鬼酒于成都举办馥郁大会，新管理团队以务实作风 展开厂商深度战略对话，深度剖析了过往发展中的渠道淤积、动销阻滞等历史遗留问题，并系统对外阐释了2025 年营销战略框架，在行业复苏窗口期展现出强劲复苏动能。 央企联合打开增量"天花板" 3月25日，第112届成都春糖正式拉开帷幕。《华夏时报》记者在位于成都世纪城新国际会展中心酒类展区走访时 关注到，"中粮品牌"集中出道，酒鬼酒、长城、名庄荟等一同亮相，吸引不少观众驻足参观，其中酒鬼酒展厅 内，沉浸式还原中国酒谷的自然文化之美，以可触、可感、可听、可视的方式让观众近距离感受馥郁香的魅力。 中国食品工业协会副会长、秘书长马勇表示，随着消费升级和产业转型的深入推进，白酒行业正迎来新的发展契 机。酒鬼酒作为中国白酒行业具有代表性的优势企业，必须准确把握形势，坚定发展信心，以创新为驱动，以文 ...

中国食品工业协会副会长、秘书长马勇为酒鬼酒的发展战略，提出三点建议：一是优化营销战线，创建根据地市场；二是强化自身建设，提升核心竞争力； 三是加强文化赋能，打造品牌新高度。 酒鬼酒公司党委书记、总经理程军定义2025年为酒鬼酒战略攻坚年，打好四场关键战役，一是作风建设主动战，酒鬼酒团队坚持"不搞形式、不避问题、不 妥不等"态度转变工作作风。二是精耕细作阵地战，全员深入市场，以"扫雷行动"增加区域覆盖、开拓空白网点、提升产品动销、提升渠道信心。三是消费 者培育攻坚战，让消费者喝起来、消费氛围动起来、品牌形象活起来。四是品牌复兴持久战，以内参高端引领，酒鬼价值向上，湘泉口感培育为目标，逐步 实现品牌复兴和价值价格双回归。 酒鬼酒供销有限责任公司总经理王恒俊阐述了酒鬼酒2025年的营销规划，展现了酒鬼酒以"渠道高利润的BC联动模式"驱动，实现市场动销、终端渠道建设 和价值链重塑的决心。 值得关注的是，会上酒鬼酒三款战略新品重磅发布：52度500mL内参·大师酒十五年、52度500mL 酒鬼酒·妙品、52度500mL 酒鬼酒红坛30，三款战略新品承 载了酒鬼酒对市场的深度洞察、对消费者需求的精准把控，将为酒鬼酒带来销 ...