Economic Data - The People's Bank of China will release January CPI and PPI on February 11 [1] - The National Bureau of Statistics will publish the monthly report on January commodity residential sales price index on February 13 [1] - Financial data including January social financing and new RMB loans will also be released next week [1] - In the US, December retail sales month-on-month will be announced on February 10, followed by January unemployment rate and non-farm employment data on February 11 [1] Earnings Reports - The US earnings season continues with several notable companies reporting next week, including BP, Barclays, Marriott, Coca-Cola, and AstraZeneca on February 10 [2] - Other companies such as NetEase, Youdao, and Total will report on February 11, while TripAdvisor and Hyatt will report on February 12 [2] - In Hong Kong, SMIC will report earnings on February 10, followed by Budweiser APAC and NetEase Cloud Music on February 11 [2] New Stock Issuance - One new stock, Tongbao Optoelectronics, will be available for subscription on February 9, with Ai De Technology listing on the Beijing Stock Exchange on February 10 [2] - Several new stocks will list in Hong Kong, including Lanke Technology on February 9 and Aixin Yuanzhi on February 10 [2] Stock Unlocking - A total of 33 restricted stocks will be unlocked next week, with a total market value exceeding 36 billion yuan, led by Hunan YN with 24.096 billion yuan [3][10] Central Bank Operations - The central bank will have 4.055 billion yuan of reverse repos maturing next week, with specific amounts maturing each day [3][10] Government Bonds - The Ministry of Finance will issue the first phase of RMB government bonds in Hong Kong on February 11, with a scale of 14 billion yuan [13]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 百威亞太控股有限公司 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 本月底法定/註冊股本總額： USD 180,000 FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 1. 股份分類 普通股 股份類別 不適用 於香港聯交所上市 (註1) 是 證券代號 (如上市) 01876 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 13,243,397,000 0 13,243,397,000 增加 / 減少 (-) 本月底結存 13,243,397,000 0 13,243,397,000 足夠公眾持股量的確認(註4) | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- ...

Industry Overview - The beer industry in China is defined as an alcoholic beverage made primarily from malted barley and wheat, with various classifications based on brewing techniques and yeast types [1] - The industry has a significant degree of product homogeneity due to similar brewing processes among most beer products [1] Industry Chain Analysis - The beer industry has a mature supply chain in China, with upstream suppliers providing raw materials, brewing equipment, and packaging [2][4] - Major beer producers dominate the midstream market, with the top five brands (China Resources Beer, Tsingtao Brewery, Budweiser APAC, Chongqing Brewery, and Yanjing Beer) accounting for over 90% of the market share [2][5] Industry Development History - The Chinese beer industry has evolved from foreign control in the late 19th century to a more localized production model post-1949, with significant growth following the economic reforms [7] - The industry experienced a rapid expansion from 1980 to 1994, followed by a consolidation phase from 1994 to 2005, leading to the establishment of major players [7] - Since 2017, the focus has shifted towards high-end beer production as low-end market growth has plateaued [7] Current Industry Status - Beer production in China has stabilized around 35 million kiloliters, with a slight recovery noted after a decline from 2015 to 2020 [10] - The sales revenue of the beer industry saw a significant increase in 2022, reaching 175.11 billion yuan, a 10.1% year-on-year growth [11] - The demand for high-quality beer products is rising, prompting leading companies to invest in the high-end market segment [14] Pricing Trends - The average price of beer in China has been on the rise, increasing from 14.6 yuan per liter in 2019 to an expected 17.2 yuan per liter by 2024 [15] Competitive Landscape - The beer industry in China exhibits a clear oligopolistic trend, with the top five companies dominating the market [18] - The regional concentration of beer production is high, particularly in coastal areas, with Shandong and Guangdong provinces leading in production capacity [23] Future Industry Outlook - The market size of the beer industry is projected to exceed 240 billion yuan by 2031, driven by increasing consumer demand for quality and unique beer products [24] - The industry is expected to see a rise in concentration and a shift towards high-end products, with digital marketing and innovative strategies becoming key growth drivers [28]

Investment Rating - The report provides various investment ratings for companies in the consumer staples sector, with several companies rated as "Outperform" and one as "Neutral" [1]. Core Insights - The report indicates that price hikes in the consumer staples sector are weaker than expected, while costs remain low [1]. - The monitored spot cost indices for six consumer goods categories have declined, while futures cost indices have primarily increased [34]. Summary by Category Beer - The spot cost index decreased by 1.87% month-on-month, while the futures index increased by 3.15%. Year-to-date, the spot index has changed by -0.6% and the futures index by +1.81% [35]. - Glass prices have shown a month-on-month decrease of 1.2% for spot prices and an increase of 3.4% for futures prices [35]. Condiments - The spot cost index decreased by 1.37% month-on-month, while the futures index increased by 3.03%. Year-to-date changes are -0.42% for spot and +2.23% for futures [36]. - Soybean prices have decreased by 2.4% month-on-month for spot prices, while futures prices increased by 6.7% [36]. Dairy Products - The spot cost index decreased by 1.93% month-on-month, while the futures index increased by 1.58%. Year-to-date changes are -0.43% for spot and +1.68% for futures [37]. - Fresh milk prices rose to 3.04 yuan/kg, with corn prices increasing by 0.4% month-on-month [37]. Instant Noodles - The spot cost index decreased by 0.51% month-on-month, while the futures index increased by 3.31%. Year-to-date changes are +0.79% for spot and +3.46% for futures [38]. - Palm oil prices increased by 9.6% month-on-month for spot prices [38]. Frozen Food - The spot cost index decreased by 1.74% month-on-month, while the futures index decreased by 0.61%. Year-to-date changes are -1.44% for spot and -0.14% for futures [39]. - Vegetable prices fell by 1.8% month-on-month [39]. Soft Drinks - The spot cost index decreased by 3.71% month-on-month, while the futures index remained unchanged. Year-to-date changes are -1.12% for spot and -0.19% for futures [40]. - PET chip prices increased by 5.4% month-on-month [40].

百威亞太控股有限公司（「本公司」）宣佈本公司董事（「董事」）會（「董事會」）委員 會將於2026年2月11日（星期三）（交易時段後）舉行會議，以審議及批准發佈截至 2025年12月31日止年度的經審核業績（「年度業績」），並考慮建議派發末期股息 （如有）。 本公司預期將於2026年2月12日（星期四）上午七時正（香港時間）或前後發佈年度 業績及建議派發末期股息（如有）的公告。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Budweiser Brewing Company APAC Limited 百威亞太控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1876） 批准截至2025年12月31日止年度 經審核業績及 派發末期股息建議的 董事會委員會會議日期 於本公告日期，本公司董事會包括聯席主席兼執行董事程衍俊先生、聯席主席兼 非執行董事鄧明瀟先生、非執行董事Fernando Tennenbaum先生及Ricardo Tadeu 先生，以 ...

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the consumer staples sector, including Guizhou Moutai, Wuliangye, Luzhou Laojiao, and others, indicating a positive outlook for these stocks [1]. Core Insights - There is an intensified divergence among mid-to-high-end baijiu products, with no discount contraction observed in food and beverage categories [1]. - The report highlights that the wholesale prices of various baijiu brands have shown stability or slight changes, with some brands experiencing price increases while others remain flat or decrease [3][4][35]. - Discounts on representative products in condiments, liquid milk, and soft drinks have widened compared to the end of December, indicating a shift in pricing strategies [19][32]. Summary by Relevant Sections Baijiu Pricing - Guizhou Moutai's wholesale prices for Feitian (case and single bottle) and Moutai 1935 are reported at 1600, 1580, and 630 yuan respectively, with changes of 0, -10, and -10 yuan compared to last month [35]. - Wuliangye's eighth-generation price is 830 yuan, reflecting a +10 yuan increase from the previous month [35]. - Luzhou Laojiao's Guojiao 1573 remains at 850 yuan, unchanged from last month [35]. Discount Trends - The average discount rate for condiments decreased from 87.1% to 85.0%, while liquid milk discounts fell from 62.8% to 61.4% [19][22]. - In contrast, discounts for beer, infant formula, and convenience foods remained stable, with beer discounts slightly increasing from 80.3% to 80.7% [20][22][32]. Company Ratings - The report lists several companies with an "Outperform" rating, including: - Guizhou Moutai - Wuliangye - Luzhou Laojiao - Qingdao Beer - China Feihe - Others [1].

Core Insights - The article discusses how young consumers are redefining the Chinese New Year experience, moving away from traditional family gatherings to more personalized and diverse celebrations [2][3] - It highlights the shift in consumer behavior from functional purchases to emotional and aesthetic expressions during the festive season, emphasizing the need for brands to adapt to these changes [2][3] Consumer Behavior Changes - "Gift-giving" during the New Year is evolving from standardized purchases to personalized emotional expressions, with consumers seeking gifts that convey emotional connections [3][4] - The consumption scenarios are expanding beyond traditional festive moments to include everyday activities, necessitating brands to engage with consumers in various contexts [3][4] - Consumer demographics are becoming more segmented, with distinct groups identified based on preferences and characteristics, requiring brands to tailor their communication strategies accordingly [3][4] Brand Strategies - Brands are encouraged to understand consumer emotions more deeply and create products that resonate with these feelings, enhancing their connection with consumers [4][5] - The example of Budweiser illustrates how brands can leverage emotional themes in their marketing, focusing on small joys in life rather than grand aspirations [5][6] - A strategic approach to product offerings is suggested, incorporating a mix of popular products, new innovations, and gift boxes to enhance brand presence during the festive season [6][7] Content and Engagement - High-quality content is essential for brands to attract and retain consumer attention, especially during the emotionally charged New Year period [7][8] - Utilizing various innovative content formats, such as short dramas and celebrity collaborations, can significantly enhance brand visibility and consumer engagement [8][9] - Integrating online and offline marketing efforts is crucial for driving sales, particularly in the food and beverage sector, where in-person experiences still play a significant role [8][9] Conclusion - Douyin (TikTok) is positioned as a key platform for capturing New Year consumption trends, providing brands with opportunities to connect emotionally with consumers [9] - The article emphasizes the importance of leveraging insights and innovative tools to transform festive traffic into sustainable business growth and brand value [9]

Core Viewpoint - The article discusses how young consumers are redefining the celebration of the Spring Festival, moving from traditional family gatherings to personalized experiences that blend emotional and aesthetic elements into their celebrations [3][4]. Group 1: Changes in Consumer Demand - The concept of "gift-giving" during the Spring Festival is shifting from standardized purchases to personalized emotional expressions, with consumers seeking gifts that convey emotional connections [5]. - Consumption scenarios are expanding beyond traditional festive moments to include everyday activities, such as enjoying tea or health supplements after workouts, indicating a trend towards "daily integration" of Spring Festival consumption [5][6]. - Consumer demographics are becoming more segmented, with distinct groups identified based on preferences and characteristics, necessitating a deeper understanding of their unique needs for effective communication [6]. Group 2: Brand Strategies for New Year Flavor - Brands are encouraged to adopt a more nuanced understanding of consumers, focusing on product features and audience needs to strengthen brand presence and emotional connections [6]. - Suggestions for brands include creating ceremonial gift boxes to enhance the Spring Festival experience, focusing on sensory experiences, and engaging with trending content on platforms like Douyin [6][10]. - The case of Budweiser illustrates the importance of emotional resonance in product marketing, with their campaign emphasizing "small happiness" and integrating emotional themes into product design and consumer interaction [9][10]. Group 3: Leveraging Content and Innovation - High-quality content is essential for brands to engage consumers during the emotionally charged Spring Festival period, with a focus on creating "mind-blowing" content that resonates with users' real-life experiences [13]. - Brands can utilize various innovative formats, such as short dramas and celebrity marketing, to enhance brand exposure and emotional connection with consumers [14]. - Integrating online and offline marketing strategies is crucial for driving sales, particularly in the food and beverage sector, by linking online engagement with offline purchasing behaviors [14][16].

近日，花旗、摩根大通等多家大行发布了对百威亚太（01876.HK）的研报分析，普遍预测其2025年全年业绩不及预期，主要原因为中国市场需求疲 软。 花旗预测，百威亚太2025年下半年在中国市场的业务前景不及预期，全年销售和核心净利润预计下调3%和10%，且年底销售情况会因农历新年时间 较迟受到更大影响，预计其2026年营收利润下行的趋势将继续。对此，花旗将百威亚太的目标价从12.4港元降至11.4港元。 摩根大通则将百威亚太目标价由8.5港元下调至7.9港元。 其上周发布研报预测，百威亚太2025年自然销售额将下降6.4%，中国区业务持续走弱，虽然增加了广告和营销投放，销量和利润方面仍然承压；韩 国市场基数高、增长有所放缓；印度市场的强劲增长未能推动集团表现。 作为亚太地区最大的啤酒公司，百威亚太旗下经营着百威、科罗娜、福佳白、哈尔滨啤酒等超50个品牌。以往，中国市场是其最重要的增长引擎，现 在情况变了。 水芙蓉/摄 百威亚太全年业绩将于2月12日正式披露，不过从券商给出的预测来看，"新帅"还未能改变公司的下行趋势。 2025年上半年，百威亚太在中国区的啤酒销量同比减少8.2%，净收入下降9.5%，每百升收入 ...

运营商财经网讯 百威是世界知名的啤酒品牌，1876年诞生于美国，并在1984年就已经进入中国市场，成为当时珠江啤酒 第二大股东。2019年，百威英博拆分出百威亚太，并成功在港交所上市。 程衍俊在2025年4月获任为公司首席执行官，且是百威亚太近年来首位中国籍首席执行官。在他上任 后，对公司的战略、渠道与组织进行了系统性改革。而在2025年前三季度，百威亚太实现营业收入 46.91亿美元，净利润为5.94亿美元，实现了稳健发展。 运营商财经网食品快消部主任刘慧敏表示，百威亚太近年来加大非即饮渠道的拓展，重点发力百威与哈 尔滨啤酒这两大品牌，优化产品结构，通过产品创新来满足不同渠道的消费者需求。 近日，由运营商财经网独家编制的"2025年度啤酒企业五大杰出总裁"名单正式揭晓，百威亚太首席执行 官程衍俊成功入选！ （责任编辑：周颖） ...