很多人没有想到，国庆中秋"双节"小长假期间，泸州一跃成为"黑马"。 根据飞猪发布的《2025国庆中秋假期出游快报》，多座城市旅游订单量出现暴涨，泸州正是其中的"佼佼者"——同比去年大增45%。 另一组数据也揭示了泸州消费的涨势：10月1日至8日，泸州各大商圈总人流量935万人次，带动消费6.49亿元，同比增长37.6%。 "带飞"泸州的是多场文体盛事： 10月3日，泸州本土人气乐队"三套车"主题音乐会，吸引人流超5.2万人次，带动周边餐饮、文创等消费1500余万元； 10月5日至7日，泸州酒要会·银河左岸音乐节，连开三天，15万年轻乐迷参与其中，市外观众占比超88%、省外观众占比超50%； 10月8日，"川超"比赛，泸州队主场赛事，1.4万球迷同台观赛，共享足球的"速度与激情"。 爆点连连，人潮涌动，年轻人跨越山海奔赴这座酒香四溢的城市。 图片来源：泸州酒要会·银河左岸音乐节主办方提供 在此之前，泸州城以酒兴，酒以城名，为外界熟知的标签是"酒城"。近年来，白酒产业深度调整，泸州抢先一步突围，从音乐节到体育赛事，文旅商深度融 合，锻造城市品牌的新鲜内核。 文旅商深度融合 转型路上"不鸣则已一鸣惊人" 今年3月， ...

（图片系AI生成） 今年中秋、国庆再次揭露白酒线上线下"冰火两重天"现状：线下动销持续"冷淡"，线上却格外热闹，美团闪购平台1499元的飞天茅台秒空，节前销量8倍增 长。 这截然不同的市场表现背后，是即时零售正从电商平台的"独角戏"，演变为全行业参与的 "重头戏"。从茅台与淘宝闪购达成合作、i茅台上线"即时配送"服 务，到十余家白酒企业联合美团闪购推出即时零售行业首个全链路保真体系，酒企正加速"上车"。 白酒企业加速登场 数据显示，酒类即时零售渗透率虽从2023年的1%起步，但业内预计2027年将飙升至6%，规模有望冲击千亿级别。然而，这场渠道革命在拓宽竞争赛道的同 时，也埋下了价格失控、经销商利润不断蒸发的隐患，一场关于效率、利益与生态的博弈已然拉开序幕。毕竟在这场冒险实验背后也有不少人担心经销商沦 为平台的"送货工具人"。 现状：平台主导，多元模式共舞 即时零售以"小时达""分钟达"的极致履约效率，重构了零售逻辑。在白酒领域，这股浪潮已从早期的垂类探索，发展为平台型、垂类型、仓店一体型等多模 式并存的竞争格局，其中综合电商平台凭借资源优势占据主导地位。 2014年酒仙网率先试水，推出"酒快到"平台，当年便 ...

文 | 酒讯 子煜 编辑 | 方圆 傍晚六点半，北京金台路的胡同里，一家云南菜Bistro迎来了熟客。一位年轻顾客点了份菌子水饺，再 加一杯低度梅子酒，开启了属于自己的安静夜晚。 这样的场景，如今在一、二线城市的街头越来越常见：不像大排档那样喧闹，也没有酒吧的躁动， Bistro里柔和的灯光、刚好能听清聊天的音乐，还有搭配着"漂亮饭"的酒，成了年轻人下班后"喘口 气"的地方。 Bistro的走红蕴藏着年轻人对吃与喝的新需求。不只是饱腹或微醺，更是一种能放松下来的情绪体验。 而这种需求，也正在悄悄改变餐酒搭配的逻辑，曾经偏向专业品鉴的餐酒融合，变得更贴近日常、更有 温度。 01 bistro的流行密码 要是在小红书上搜"Bistro"，会跳出上百万条笔记：评论里高频出现的词是"氛围感""适合聊天""不尴 尬"。 那么，Bistro是什么？ 该词源自法语，最早指法国巴黎那些提供平价法式家常菜和高性价比酒水的小酒馆，装修简单、环境休 闲，核心是价格亲民、菜品地道。 然而，当Bistro漂洋过海来到中国后，特别是在一线城市，其内涵和形式都发生了显著变化。 从环境看，国内Bistro大多走"小而美"路线，面积多在50- ...

Macro Economic Insights - The cumulative profit of national industrial enterprises from January to August 2025 showed a year-on-year increase of 0.9%, improving from a previous decline of 1.7% [4] - In August, the revenue of industrial enterprises improved slightly with a year-on-year increase of approximately 2.3%, which is an improvement of 1.2 percentage points from the previous value [5] - The profit growth rate in August saw a significant recovery of 21.9 percentage points to 20.4%, marking three consecutive months of marginal improvement [5] Industry Performance - The profit structure indicates an increase in the proportion of public utilities, with the profit share of upstream mining, midstream equipment, downstream consumption, and public utilities being 28.4%, 39.2%, 21%, and 11.4% respectively [7] - The cumulative profit of upstream industries improved by 3.8 percentage points to -9.1% year-on-year, with significant improvements in black metallurgy and non-ferrous metallurgy [7] - The "anti-involution" industries saw a larger profit improvement, with cumulative profit growth of 3.8 percentage points to -4.3% year-on-year, while non-anti-involution industries improved by 2.8 percentage points to 0.9% [7] Real Estate Sector - New housing transaction area increased month-on-month, with 20 cities showing a rise in second-hand housing transaction area [44] - The Shanghai "Good House" regulation was implemented to enhance residential quality through 17 specific measures [44][45] - The land transaction area increased year-on-year, with a decrease in premium rates, indicating a stabilizing real estate market [46] Coal Industry - The price of thermal coal rebounded above 700 yuan per ton, with a peak price of 706 yuan per ton [52] - Coking coal prices have shown a significant rebound, with a cumulative increase of 66.48% from the low of 719 yuan [52] - The report predicts that thermal coal prices will continue to recover, with a target price of around 750 yuan, while coking coal prices are expected to follow a market-driven model [53] Gaming and AI Applications - The gaming industry is experiencing a high growth cycle, with stable issuance of game licenses and a rich reserve of new games [49] - The upcoming National Day holiday is expected to boost game revenue and rankings due to promotional activities [49] - Major tech companies are increasing investments in AI infrastructure, which is anticipated to accelerate the commercialization of AI applications across various sectors [50] M&A Activity - The "M&A Six Guidelines" have led to a significant increase in merger and acquisition activities, with 163 new transactions disclosed since its implementation [38][39] - The focus of M&A activities has shifted towards industrial integration and new productivity acquisitions, particularly in the hard tech sector [39] - The report highlights that the new M&A projects have shown profitability effects, with several companies experiencing significant stock price increases post-merger [39] Small and Mid-Cap Stocks - Companies such as Tianyouwei, Hongjing Optoelectronics, and Huaxin Precision are highlighted as key players in their respective fields, with strong growth potential [33][34][36] - Tianyouwei is noted for its high gross margin of 37.19% and strong international sales growth [33] - Hongjing Optoelectronics is expanding into new markets such as AI hardware and industrial inspection, with a significant portion of revenue coming from new business areas [34][35]

Core Viewpoint - The "Micro-drunk Night Alley" event in Nanjing West Road aims to enhance nighttime consumption experiences by integrating beach vacation themes with cultural performances, creating a unique urban leisure environment [1] Group 1: Event Overview - The "Micro-drunk Night Alley" will take place from September 6 to 7, featuring beach-themed art installations and cultural activities [1] - The event is part of a broader initiative to cultivate a nighttime consumption ecosystem in Jing'an District, enhancing the urban experience [1] Group 2: Cultural and Entertainment Aspects - Jazz performances will occur throughout the evening, contributing to a vibrant cultural atmosphere [2] - Zhang Garden has extended its opening hours to midnight and improved its facilities to enhance the nighttime experience [2] Group 3: Commercial Integration - Local merchants will offer online ordering and delivery services, allowing visitors to enjoy food and drinks without leaving their seats [3] - The event promotes a blend of dining, shopping, and cultural experiences, catering to the demand for extended nighttime consumption [3] Group 4: Future Plans - Jing'an District plans to continue developing the nighttime economy with a focus on the "Wujiang Road - Fengshengli" area, aiming to create a lively and culturally rich nighttime environment [3]

Core Insights - High-end burger brand Blue Frog has transformed its Beijing Guomao store into a bakery, indicating a strategic shift to diversify its product offerings beyond burgers [2][3][4] - The bakery features a range of baked goods priced between 12-38 yuan, significantly lower than the starting price of 78 yuan for its signature burgers, suggesting an attempt to attract a broader customer base [3][4] - Blue Frog's initiative to expand its menu and introduce bakery items aligns with its promotional slogan "Not just burgers" as it aims to enhance customer engagement and adapt to changing market conditions [8][17] Company Strategy - The newly opened bakery offers products such as strawberry soufflé, carrot cake, and various breads, while still retaining its original burger and grill offerings [4][12] - Blue Frog has been experimenting with desserts and baked goods in its existing stores prior to the bakery launch, indicating a gradual approach to product line expansion [6][7] - The company has introduced promotional packages, such as afternoon tea sets and discounts on specific days, to stimulate sales and increase foot traffic [11][12] Market Context - The high-end burger segment has faced challenges in recent years, with several brands, including Blue Frog, experiencing stagnation in store growth and customer interest [13][16] - The market for premium burgers, which once thrived, has seen a decline in consumer enthusiasm, prompting brands to seek new revenue streams through diversification [15][16] - Competitors in the high-end burger space are also adapting by introducing new product lines and promotional strategies to remain relevant in a more price-sensitive market [17][18]

Core Viewpoint - The article discusses the decline of the Chinese liquor industry, particularly the white liquor segment, highlighting the shift in consumer preferences among the younger generation, which is leading to a significant drop in white liquor consumption and production [5][8][37]. Industry Overview - In the first half of 2023, the production of white liquor in China decreased by 5.8% year-on-year, totaling 1.916 million kiloliters, with June's production down 6.5% compared to the previous year [5][6]. - This marks the ninth consecutive year of production decline in the white liquor industry, with projections indicating that total annual production may not exceed 4 million kiloliters, a level not seen in nearly 20 years [6][8]. Company Performance - Kweichow Moutai reported a 9.1% increase in revenue for the first half of 2023, but this is the first time in a decade that its growth rate has fallen to single digits [9]. - Moutai's contract liabilities dropped to 5.507 billion yuan, a decrease of 42.59%, indicating reduced willingness from distributors to prepay for products due to declining sales [9][10]. - Other leading companies like Wuliangye and Shanxi Fenjiu also experienced slowed growth, while smaller companies faced severe profit declines, with some reporting net profit halving or even losses [11][12]. Consumer Behavior - The younger generation, particularly those aged 18-30, is showing a preference for lower-alcohol beverages and is less inclined to consume traditional white liquor, which is often associated with formal dining and business settings [14][15][23]. - Research indicates that 83% of young consumers prefer beverages with an alcohol content below 20%, with beer, fruit wine, and cocktails being more popular than white liquor [25][30]. Market Trends - The market for low-alcohol beverages is projected to grow significantly, with a compound annual growth rate of 25%, while traditional white liquor is experiencing a contraction [26][30]. - New brands targeting younger consumers are emerging, offering products that align with their preferences for lower prices and more casual consumption experiences [30][31]. Strategic Shifts - Traditional liquor companies are attempting to adapt by introducing lower-alcohol products and modern packaging, but these efforts often fail to resonate with younger consumers who seek authentic and relatable brands [28][29]. - The article emphasizes that the liquor industry is undergoing a structural adjustment, with traditional white liquor's market share declining as new beverage categories gain traction among younger consumers [37][38].

Market Performance - The Shanghai and Shenzhen 300 Index increased by 0.82% during the week of August 11 to August 15, 2025, with the Shenwan Food and Beverage Index also rising by 0.82% [1] - The top five performing stocks in the food and beverage sector were Guifaxiang, Angel Yeast, Tianwei Food, Gujing Gongjiu, and Shanxi Fenjiu [1] Institutional Insights - Guizhou Moutai is facing short-term demand pressure in the liquor market but is committed to deepening reform and focusing on sustainable development, with an increased dividend payout ratio [2] - Shanxi Fenjiu is also experiencing short-term demand challenges but has strong medium-term growth potential due to product upgrades and accelerated national expansion [2] - Ximai Food is seeing stable growth in its oat business, with improvements in raw material costs expected to enhance profitability [2] - Wancheng Group is expanding its snack retail operations and introducing new discount supermarket formats targeting young consumers [2] - Bairun Co. is witnessing an improvement in its pre-mixed cocktails segment, with a focus on enhancing cash flow from new products [2] Macro Events - The State Administration for Market Regulation reported a 0.57% defect rate in beverage products from 111,900 batches tested, indicating overall good quality and safety in the beverage sector [4] Global Food Prices - The FAO reported that global food prices reached a two-year high in July 2025, driven by rising meat and vegetable oil prices, with the FAO Food Price Index averaging 130.1 points, up 1.6% from June [5] Industry Trends - There is a growing divergence in views among public and private equity institutions regarding traditional consumer stocks, with some seeing potential for valuation recovery [7] - Major liquor brands are shifting towards lower-alcohol products to attract younger consumers, with Moutai, Wuliangye, and Luzhou Laojiao introducing new low-alcohol offerings [10] Company Developments - Guizhou Moutai reported a net profit of 45.4 billion yuan for the first half of 2025, a year-on-year increase of 8.89%, with total revenue reaching 91.09 billion yuan, up 9.16% [11] - Moutai's new product, the "Moutai Five-Star 70th Anniversary Commemorative Wine," has seen significant market speculation, with prices on secondary markets soaring [12] - Moutai has announced a partnership with Meituan Flash Purchase to enhance consumer access to its products through certified stores [13]

Core Insights - The article highlights the transformation of Hangzhou's commercial landscape, emphasizing the rise of non-standard commercial spaces that cater to diverse consumer needs and preferences [1][4][6] Group 1: Commercial Trends - In 2024, Hangzhou is expected to see the addition of 17 new commercial projects, with over half being non-standard commercial spaces, indicating a significant shift towards diverse and non-traditional retail formats [1][5] - Non-standard commercial areas like Shanzeli are becoming popular for their unique blend of shopping, socializing, and experiential activities, appealing particularly to younger consumers [2][4] Group 2: Consumer Experience - The non-standard commercial spaces are designed to create immersive experiences, allowing consumers to engage in various activities, from dining to social events, thus enhancing the overall shopping experience [3][4] - The shift from traditional retail to experiential consumption is evident, with businesses focusing on creating content and community rather than merely selling products [3][6] Group 3: Economic Impact - The retail sector in China is projected to grow, with a 3.5% increase in social retail sales expected in 2024, reaching 48.8 trillion yuan, highlighting the importance of consumer spending in economic growth [5][6] - Non-standard commercial spaces are contributing to this growth by attracting higher foot traffic and repeat customers, with data showing a 38% higher repurchase rate compared to traditional malls [4][5] Group 4: Policy and Development - The Chinese government is actively promoting the transformation of retail spaces, with initiatives aimed at enhancing the quality and diversity of commercial offerings in cities like Hangzhou [5][6] - Hangzhou's approach to integrating culture and ecology into commercial development is seen as a model for enhancing urban competitiveness and consumer engagement [6]

Core Viewpoint - The Chinese liquor industry, particularly the baijiu segment, is experiencing a significant decline in production and consumption, primarily driven by changing preferences among younger consumers who are moving away from traditional high-alcohol spirits [1][4][31]. Industry Overview - In the first half of 2023, the production of baijiu in China decreased by 5.8% year-on-year, totaling 1.916 million kiloliters, with June's production dropping by 6.5% [1][2]. - This marks the ninth consecutive year of declining production in the baijiu industry, with projections suggesting that total production for the year may not exceed 4 million kiloliters, a level not seen in nearly 20 years [2][4]. Company Performance - Kweichow Moutai reported a 9.1% increase in revenue for the first half of 2023, but this is the first time in a decade that its growth rate has fallen to single digits [4][5]. - Moutai's contract liabilities dropped to 5.507 billion yuan, a 42.59% decrease, indicating reduced willingness among distributors to prepay for products [4][5]. - Other leading companies like Wuliangye and Shanxi Fenjiu also showed slower growth, while smaller firms faced severe profit declines, with some reporting net profit halving or even dropping by over 90% [5][6]. Consumer Behavior - The younger demographic (ages 18-30) represents a significant portion of the potential alcohol market, contributing over 400 billion yuan, yet only 18% of baijiu consumers belong to this age group [6][19]. - Young consumers prefer lower-alcohol beverages and are increasingly drawn to products like craft beer, fruit wine, and cocktails, which are perceived as more enjoyable and suitable for casual settings [18][19][24]. Market Trends - The market for low-alcohol beverages is projected to grow significantly, with a compound annual growth rate of 25%, while traditional baijiu is experiencing a contraction [24][31]. - New brands targeting younger consumers are emerging, offering products that align with their preferences for lower prices and more casual consumption experiences [24][31]. Strategic Shifts - Traditional baijiu companies are attempting to adapt by introducing lower-alcohol products and modern packaging, but these efforts often fail to resonate with younger consumers who seek authentic and relatable brands [21][22][30]. - The marketing strategies of established baijiu brands remain rooted in traditional approaches, which may not effectively engage the younger audience that prioritizes convenience and modern consumption habits [26][30].