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0.511]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 10, "global_sentence_id": 930, "edu_l1_label": "IOS"}, {"txt": "此外我们预计啤酒销量从3月开始应有明显变化。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21000000, "bbox": [[0.41, 0.501, 0.798, 0.511]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 10, "global_sentence_id": 931, "edu_l1_label": "IOS"}, {"txt": "8、风险提示", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21100000, "bbox": [[0.296, 0.565, 0.432, 0.578]]}]}, "tags": ["title"], "label": "title1", "web_segment_id": 11, "global_sentence_id": 932, "edu_l1_label": "BOS"}, {"txt": "（1）宏观经济表现低于预期：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21200000, "bbox": [[0.341, 0.602, 0.554, 0.613]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 12, "global_sentence_id": 933, "edu_l1_label": "IOS"}, {"txt": "宏观经济环境直接影响居民收入水平和消费意愿，如果宏观经济下行，将影响白酒、大众品消费需求。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21200000, "bbox": [[0.554, 0.602, 0.935, 0.614], [0.296, 0.621, 0.692, 0.632]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 12, "global_sentence_id": 934, "edu_l1_label": "IOS"}, {"txt": "（2）食品安全问题：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21300000, "bbox": [[0.341, 0.648, 0.49, 0.659]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 13, "global_sentence_id": 935, "edu_l1_label": "IOS"}, {"txt": "产品出现食品安全问题可能对公司品牌形象、生产销售、经营发展等方面造成较大负面影响。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21300000, "bbox": [[0.49, 0.648, 0.939, 0.66], [0.297, 0.667, 0.569, 0.678]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 13, "global_sentence_id": 936, "edu_l1_label": "IOS"}, {"txt": "（3）行业竞争加剧：", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21400000, "bbox": [[0.341, 0.695, 0.49, 0.705]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 14, "global_sentence_id": 937, "edu_l1_label": "IOS"}, {"txt": "白酒、啤酒、乳制品、烘焙等行业存在行业竞争环境加剧的问题，部分品牌可能有业绩波动风险。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21400000, "bbox": [[0.49, 0.695, 0.935, 0.706], [0.297, 0.713, 0.603, 0.724]]}]}, "tags": ["text"], "label": "content", "web_segment_id": 14, "global_sentence_id": 938, "edu_l1_label": "IOS"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.06, 0.935, 0.942, 0.947]]}]}, "tags": ["footer"], "label": "O", "web_segment_id": 15, "global_sentence_id": 939, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.079, 0.019, 0.371, 0.065]]}]}, "tags": ["header"], "label": "O", "web_segment_id": 1, "global_sentence_id": 940, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.825, 0.066, 0.934, 0.078]]}]}, "tags": ["header"], "label": "O", "web_segment_id": 2, "global_sentence_id": 941, "edu_l1_label": "EDU_O"}, {"txt": "特别声明", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.061, 0.107, 0.14, 0.12]]}]}, "tags": ["title"], "label": "O", "web_segment_id": 3, "global_sentence_id": 942, "edu_l1_label": "EDU_O"}, {"txt": "《证券期货投资者适当性管理办法》、《证券经营机构投资者适当性管理实施指引（试行）》已于2017年7月1日起正式实施。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.069, 0.126, 0.932, 0.137], [0.063, 0.145, 0.121, 0.156]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 4, "global_sentence_id": 943, "edu_l1_label": "EDU_O"}, {"txt": "根据上述规定，开源证券评定此研报的风险等级为R3（中风险），因此通过公共平台推送的研报其适用的投资者类别仅限定为专业投资者及风险承受能力为C3、C4、C5的普通投资者。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.121, 0.145, 0.935, 0.156], [0.063, 0.165, 0.659, 0.175]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 4, "global_sentence_id": 944, "edu_l1_label": "EDU_O"}, {"txt": "若您并非专业投资者及风险承受能力为C3、C4、C5的普通投资者，请取消阅读，请勿收藏、接收或使用本研报中的任何信息。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.659, 0.165, 0.933, 0.175], [0.064, 0.183, 0.766, 0.194]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 4, "global_sentence_id": 945, "edu_l1_label": "EDU_O"}, {"txt": "因此受限于访问权限的设置，若给您造成不便，烦请见谅！", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.063, 0.201, 0.51, 0.211]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 5, "global_sentence_id": 946, "edu_l1_label": "EDU_O"}, {"txt": "感谢您给予的理解与配合。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.51, 0.201, 0.722, 0.212]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 5, "global_sentence_id": 947, "edu_l1_label": "EDU_O"}, {"txt": "分析师承诺", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.061, 0.237, 0.161, 0.249]]}]}, "tags": ["title"], "label": "O", "web_segment_id": 6, "global_sentence_id": 948, "edu_l1_label": "EDU_O"}, {"txt": "负责准备本报告以及撰写本报告的所有研究分析师或工作人员在此保证，本研究报告中关于任何发行商或证券所发表的观点均如实反映分析人员的个人观点。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.065, 0.258, 0.936, 0.268], [0.062, 0.276, 0.39, 0.287]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 7, "global_sentence_id": 949, "edu_l1_label": "EDU_O"}, {"txt": "负责准备本报告的分析师获取报酬的评判因素包括研究的质量和准确性、客户的反馈、竞争性因素以及开源证券股份有限公司的整体收益。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.39, 0.276, 0.935, 0.287], [0.061, 0.295, 0.598, 0.306]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 7, "global_sentence_id": 950, "edu_l1_label": "EDU_O"}, {"txt": "所有研究分析师或工作人员保证他们报酬的任何一部分不曾与，不与，也将不会与本报告中具体的推荐意见或观点有直接或间接的联系。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.598, 0.295, 0.936, 0.305], [0.061, 0.314, 0.774, 0.324]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 7, "global_sentence_id": 951, "edu_l1_label": "EDU_O"}, {"txt": "股票投资评级说明", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.06, 0.349, 0.227, 0.363]]}]}, "tags": ["table_caption"], "label": "O", "web_segment_id": 8, "global_sentence_id": 952, "edu_l1_label": "EDU_O"}, {"txt": "table", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.06, 0.366, 0.939, 0.639]]}]}, "tags": ["table"], "label": "O", "web_segment_id": 9, "global_sentence_id": 953, "edu_l1_label": "EDU_O"}, {"txt": "分析、估值方法的局限性说明", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.061, 0.661, 0.322, 0.673]]}]}, "tags": ["title"], "label": "O", "web_segment_id": 10, "global_sentence_id": 954, "edu_l1_label": "EDU_O"}, {"txt": "本报告所包含的分析基于各种假设，不同假设可能导致分析结果出现重大不同。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.062, 0.681, 0.668, 0.692]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 11, "global_sentence_id": 955, "edu_l1_label": "EDU_O"}, {"txt": "本报告采用的各种估值方法及模型均有其局限性，估值结果不保证所涉及证券能够在该价格交易。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.668, 0.681, 0.936, 0.692], [0.062, 0.7, 0.546, 0.711]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 11, "global_sentence_id": 956, "edu_l1_label": "EDU_O"}, {"txt": "footer", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.06, 0.935, 0.942, 0.947]]}]}, "tags": ["footer"], "label": "O", "web_segment_id": 12, "global_sentence_id": 957, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.079, 0.019, 0.371, 0.066]]}]}, "tags": ["header"], "label": "O", "web_segment_id": 1, "global_sentence_id": 958, "edu_l1_label": "EDU_O"}, {"txt": "header", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.825, 0.066, 0.934, 0.078]]}]}, "tags": ["header"], "label": "O", "web_segment_id": 2, "global_sentence_id": 959, "edu_l1_label": "EDU_O"}, {"txt": "法律声明", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.062, 0.107, 0.14, 0.121]]}]}, "tags": ["title"], "label": "O", "web_segment_id": 3, "global_sentence_id": 960, "edu_l1_label": "EDU_O"}, {"txt": "开源证券股份有限公司是经中国证监会批准设立的证券经营机构，已具备证券投资咨询业务资格。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.062, 0.129, 0.81, 0.139]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 4, "global_sentence_id": 961, "edu_l1_label": "EDU_O"}, {"txt": "本报告仅供开源证券股份有限公司（以下简称“本公司”）的机构或个人客户（以下简称“客户”）使用。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.063, 0.151, 0.857, 0.163]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 5, "global_sentence_id": 962, "edu_l1_label": "EDU_O"}, {"txt": "本公司不会因接收人收到本报告而视其为客户。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.857, 0.151, 0.935, 0.162], [0.063, 0.17, 0.353, 0.181]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 5, "global_sentence_id": 963, "edu_l1_label": "EDU_O"}, {"txt": "本报告是发送给开源证券客户的，属于商业秘密材料，只有开源证券客户才能参考或使用，如接收人并非开源证券客户，请及时退回并删除。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.353, 0.17, 0.933, 0.181], [0.061, 0.189, 0.563, 0.2]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 5, "global_sentence_id": 964, "edu_l1_label": "EDU_O"}, {"txt": "本报告是基于本公司认为可靠的已公开信息，但本公司不保证该等信息的准确性或完整性。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.063, 0.213, 0.759, 0.224]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 6, "global_sentence_id": 965, "edu_l1_label": "EDU_O"}, {"txt": "本报告所载的资料、工具、意见及推测只提供给客户作参考之用，并非作为或被视为出售或购买证券或其他金融工具的邀请或向人做出邀请。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.759, 0.213, 0.936, 0.222], [0.063, 0.232, 0.936, 0.242], [0.062, 0.25, 0.087, 0.261]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 6, "global_sentence_id": 966, "edu_l1_label": "EDU_O"}, {"txt": "本报告所载的资料、意见及推测仅反映本公司于发布本报告当日的判断，本报告所指的证券或投资标的的价格、价值及投资收入可能会波动。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.087, 0.25, 0.939, 0.261], [0.063, 0.269, 0.282, 0.28]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 6, "global_sentence_id": 967, "edu_l1_label": "EDU_O"}, {"txt": "在不同时期，本公司可发出与本报告所载资料、意见及推测不一致的报告。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.282, 0.269, 0.858, 0.28]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 6, "global_sentence_id": 968, "edu_l1_label": "EDU_O"}, {"txt": "客户应当考虑到本公司可能存在可能影响本报告客观性的利益冲突，不应视本报告为做出投资决策的唯一因素。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.858, 0.269, 0.935, 0.279], [0.062, 0.287, 0.846, 0.298]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 6, "global_sentence_id": 969, "edu_l1_label": "EDU_O"}, {"txt": "本报告中所指的投资及服务可能不适合个别客户，不构成客户私人咨询建议。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.846, 0.287, 0.936, 0.298], [0.063, 0.306, 0.563, 0.316]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 6, "global_sentence_id": 970, "edu_l1_label": "EDU_O"}, {"txt": "本公司未确保本报告充分考虑到个别客户特殊的投资目标、财务状况或需要。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.563, 0.306, 0.935, 0.316], [0.062, 0.324, 0.279, 0.335]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 6, "global_sentence_id": 971, "edu_l1_label": "EDU_O"}, {"txt": "本公司建议客户应考虑本报告的任何意见或建议是否符合其特定状况，以及（若有必要）咨询独立投资顾问。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.279, 0.324, 0.935, 0.334], [0.063, 0.343, 0.244, 0.354]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 6, "global_sentence_id": 972, "edu_l1_label": "EDU_O"}, {"txt": "在任何情况下，本报告中的信息或所表述的意见并不构成对任何人的投资建议。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.244, 0.343, 0.859, 0.354]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 6, "global_sentence_id": 973, "edu_l1_label": "EDU_O"}, {"txt": "在任何情况下，本公司不对任何人因使用本报告中的任何内容所引致的任何损失负任何责任。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.859, 0.343, 0.937, 0.354], [0.062, 0.362, 0.701, 0.372]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 6, "global_sentence_id": 974, "edu_l1_label": "EDU_O"}, {"txt": "若本报告的接收人非本公司的客户，应在基于本报告做出任何投资决定或就本报告要求任何解释前咨询独立投资顾问。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.701, 0.362, 0.936, 0.372], [0.063, 0.38, 0.739, 0.391]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 6, "global_sentence_id": 975, "edu_l1_label": "EDU_O"}, {"txt": "本报告可能附带其它网站的地址或超级链接，对于可能涉及的开源证券网站以外的地址或超级链接，开源证券不对其内容负责。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.063, 0.404, 0.936, 0.414], [0.062, 0.423, 0.159, 0.433]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 7, "global_sentence_id": 976, "edu_l1_label": "EDU_O"}, {"txt": "本报告提供这些地址或超级链接的目的纯粹是为了客户使用方便，链接网站的内容不构成本报告的任何部分，客户需自行承担浏览这些网站的费用或风险。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.159, 0.423, 0.936, 0.433], [0.063, 0.441, 0.474, 0.452]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 7, "global_sentence_id": 977, "edu_l1_label": "EDU_O"}, {"txt": "开源证券在法律允许的情况下可参与、投资或持有本报告涉及的证券或进行证券交易，或向本报告涉及的公司提供或争取提供包括投资银行业务在内的服务或业务支持。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.063, 0.465, 0.936, 0.476], [0.062, 0.483, 0.475, 0.495]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 8, "global_sentence_id": 978, "edu_l1_label": "EDU_O"}, {"txt": "开源证券可能与本报告涉及的公司之间存在业务关系，并无需事先或在获得业务关系后通知客户。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.475, 0.483, 0.936, 0.494], [0.062, 0.502, 0.35, 0.514]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 8, "global_sentence_id": 979, "edu_l1_label": "EDU_O"}, {"txt": "本报告的版权归本公司所有。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.063, 0.526, 0.283, 0.537]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 9, "global_sentence_id": 980, "edu_l1_label": "EDU_O"}, {"txt": "本公司对本报告保留一切权利。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.283, 0.526, 0.526, 0.536]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 9, "global_sentence_id": 981, "edu_l1_label": "EDU_O"}, {"txt": "除非另有书面显示，否则本报告中的所有材料的版权均属本公司。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.526, 0.526, 0.935, 0.536], [0.062, 0.544, 0.161, 0.555]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 9, "global_sentence_id": 982, "edu_l1_label": "EDU_O"}, {"txt": "未经本公司事先书面授权，本报告的任何部分均不得以任何方式制作任何形式的拷贝、复印件或复制品，或再次分发给任何其他人，或以任何侵犯本公司版权的其他方式使用。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.161, 0.544, 0.936, 0.555], [0.063, 0.564, 0.629, 0.574]]}]}, "tags": ["text"], "label": "O", "web_segment_id": 9, "global_sentence_id": 983, "edu_l1_label": "EDU_O"}, {"txt": "所有本报告中使用的商标、服务标记及标记均为本公司的商标、服务标记及标记。", "language": "chinese", "position": {"pdf_position": [{"page_number": 0, "shape": [1650, 1275], "position_id": 21500000, "bbox": [[0.629, 0.564, 0.935, 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# 2月电商数据分析：白酒线上消费回暖，重视零食板块成长性-行业点评报告
## 1、酒类：线上销售额上升，白酒集中度环比上升
### 2025年2月酒类销售额上升，清酒烧酒表现相对较好。
### 白酒行业龙头企业中，贵州茅台、五粮液线上销售额增长，山西汾酒下降。
### 白酒行业集中度环比上升。
### 啤酒行业青岛、百威、雪花线上销售额均同比下降。
### 啤酒行业集中度环比下降。
### 2025年2月预调酒线上销售额下降，锐澳品牌销售额下降。
## 2、休闲食品：线上销售额下降，奶酪零食表现相对较好
### 2025年2月休闲食品销售额下降，奶酪零食表现相对较好。
### 休闲食品行业龙头企业中三只松鼠、百草味、良品铺子线上销售额均下降。
### 休闲食品行业集中度环比下降。
## 3、粮油速食：线上销售额增长，烘焙原料表现相对较好
### 2025年2月粮油速食行业销售额增长，烘焙原料表现相对较好。
### 龙头品牌海天味业、李锦记线上销售额增长，千禾味业线上销售额下降。
### 行业头部集中度环比下降。
## 4、乳制品：线上销售额增长，低温调制乳增速较快
### 2025年2月乳制品行业销售额增长，低温调制乳类增速较快。
### 乳制品头部品牌伊利、认养一头牛线上销售额增长，蒙牛线上销售额下降。
### 乳制品行业集中度环比下降。
## 5、冲饮麦片：线上销售额上升，行业集中度环比下降
### 2025年2月冲饮麦片行业销售额上升，西麦市占率最高。
### 燕麦头部品牌中西麦销售额增长，桂格、王饱饱销售额下降。
### 行业集中度下降。
## 6、包装饮料：线上销售额增长，植物蛋白饮料增长较快
### 2025年2月包装饮料行业销售额增长，植物蛋白饮料增速相对较快。
### 主要品牌线上销售额表现分化。
## 7、投资建议：白酒线上消费回暖，重视零食板块成长性
## 8、风险提示
### （1）宏观经济表现低于预期：
### （2）食品安全问题：
### （3）行业竞争加剧：
