白酒消费升级的底层逻辑是品质升级，茅台极致化工艺凸显酱酒品质。相较其他主流香型，酱香品牌发展仍处在初期，行业正着力规范化、品牌化，茅台与品类共同受益。

1. 回不去的味道：酱酒的极致工艺与表达 ................................................................................... 6
1.1 中国酒类主流消费历史变迁 ................................................................................................. 6
1.2 白酒消费升级的底层逻辑是品质升级 ................................................................................. 7
2. 回不去的价格带：白酒消费的本质属性 ............................................................................ 11
3. 酱酒发展尚在初期，圈层营销势如破竹 ............................................................................. 12
3.1 酱酒产能受限，发展起步较晚 ........................................................................................... 12
3.2 酱酒营销起步晚，更适合圈层营销到消费者端 ............................................................... 16
3.3 圈层营销路径下，酱酒渠道利润推力强 ........................................................................... 18
4. 酱酒的消费升级与价格带下沉 ................................................................................... 19
4.1 工艺复杂，稀缺决定高价 ................................................................................................... 19
4.2 茅台打开价格天花板，次高端酱酒补位 ........................................................................... 20
4.3 酱酒优酒率高，品类价值更高 ........................................................................................... 22
5. 极致产品力的追求胜过各种“商业模式” ................................................................................ 22
风险因素 ...................................................................................................................... 22