证券之星消息，11月26日非白酒板块较上一交易日上涨0.0%，会稽山领涨。当日上证指数报收于 3864.18，下跌0.15%。深证成指报收于12907.83，上涨1.02%。非白酒板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 601579 | 会稽山 | | 696.89万 | 2.88% | 484.47万 | 2.00% | -1181.36万 | -4.88% | | 600132 重庆啤酒 | | | 578.41万 | 5.06% | 966.96万 | 8.46% | -1545.37万 | -13.53% | | 002568 自润股份 | | | 479.24万 | 6.36% | -405.07万 | -5.38% | -74.17万 | -0.98% | | 000752 | ST西发 | | 463.72万 | 8.59% | -407.45万 | -7 ...

重庆啤酒股份有限公司 二零二五年第二次临时股东会 会议资料 二零二五年十二月四日 股东会会议须知 尊敬的股东及股东代表： 您好！ 欢迎参加重庆啤酒股份有限公司 2025 年第二次临时股东会。为保证本次会议的顺利 进行，以下事项希望得到您的配合和支持。 一、董事会以维护全体股东的合法权益、维持大会正常秩序和提高议事效率为原则， 认真履行《公司章程》规定的职责，做好召集、召开股东会的各项工作。 二、股东参加股东会依法享有发言权、质询权、表决权等权利。股东参加股东会， 应认真履行其法定权利和义务，不得侵犯其他股东的权益，不得扰乱大会的正常秩序。 三、大会设立秘书处，具体负责大会有关程序方面的事宜。 四、参加会议的基本情况 网络投票时间为：2025 年 12 月 4 日（星期四）上午 9:30－11:30，下午 13:00－15:00。 五、投票表决的有关事宜 1、出席本次现场会议的股东或股东委托代理人和参加网络投票的股东，按其所代表 的有表决权股份数额行使表决权，每一股份享有一票表决权。 2、参加本次会议的公司股东只能选择现场投票和网络投票表决方式中的一种。同一 表决权出现重复表决的以第一次投票结果为准。本次会议采 ...

【中国国际啤酒网】11月23-25日，由中国酒业协会主办、重庆啤酒股份有限公司支持的第八届国 家级啤酒评酒委员换届选拔在重庆南坪会展中心会议中心举行，384名来自全国各地的啤酒品评高手齐 聚一堂。中国酒业协会秘书长何勇表示，这是该项选拔活动首次在渝举办，旨在借助重庆成熟的啤酒产 业基础和多样饮食文化，进一步丰富中国啤酒感官评价体系。 中国啤酒品评最高水平赛事 持续加大在品评领域投入 重啤派出76名品评员参考 在为期三天的选拔活动，参赛选手将经历严格的理论考试和感官品评测试。考核内容涵盖啤酒风味 特征识别、品质缺陷诊断、啤酒风格判断等多个方面，全面评估选手的专业素养和实践能力。 考完当即出结果 前20名获评首席评酒委员 对于专业选手，何勇说，最难的应该是复合风味识别。他介绍说，仪器能够检测出来的风味物质有 3000多种，人的味觉能够识别的有200多种，而考试会在基酒中加2-4种风味，要求品评员一一识别出 来，识别错误不得分，多识别倒扣分。"风味物质加的量可以说是微乎其乎，比如每一升啤酒只加1-2毫 克。" 与往届考试不同的是，此次考试将在25日考完当天出结果。"这也是开展这项选拔以来，首次在考 试结束后1小时出 ...

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [4] Core Insights - The food and beverage sector in A-shares has shown a 1.34% increase over the past two weeks, outperforming major indices such as the Shanghai Composite Index by 5.41 percentage points [12] - The Consumer Price Index (CPI) turned positive in October, with a year-on-year increase of 0.2%, indicating a potential recovery in consumer sentiment [3][62] - The report highlights a structural shift in dairy imports towards high-value products, driven by changing consumer preferences for low-fat, high-protein, and organic options [7][62] Summary by Sections 1. Market Review - A-shares in the food and beverage industry rose by 1.34% from November 10 to November 21, outperforming the Shanghai Composite Index by 5.41 percentage points [12] - Within the sector, dairy (+6.67%), processed foods (+2.60%), and liquor (+2.52%) saw the highest gains, while soft drinks (-4.27%), health products (-2.25%), and snacks (-1.02%) experienced declines [12] 2. Key Data Tracking - The average price of fresh milk in major production areas is 3.03 yuan/kg, down 2.9% year-on-year [39] - The national market price for pork is 23.13 yuan/kg, reflecting a year-on-year decrease of 19.7% [44] - The price of PET (water bottle grade) is 6,100 yuan/ton, down 3.9% year-on-year [44] 3. Key Events Tracking - The October CPI data showed a year-on-year increase of 0.2%, with food prices decreasing by 2.9% [3][62] - Retail sales in October grew by 2.9% year-on-year, with significant increases in the sales of grain, oil, and beverages [3][62] - Dairy imports have returned to positive growth, driven by strong demand for high-end products [7][62] 4. Important Company Announcements - Yili Group plans to maintain a cash dividend payout ratio of no less than 75% over the next three years [63] - Huangtai Liquor's major shareholder intends to increase their stake in the company through market purchases [63] 5. Investment Recommendations - For liquor, focus on high-end brands with strong market positions such as Kweichow Moutai and Wuliangye [8][65] - In the consumer goods sector, consider companies in the snack and energy drink markets, as well as those benefiting from the recovery of the dairy and restaurant supply chains [8][65]

Core Viewpoint - Carlsberg is considering selling part of its Asian business, with Sapporo Brewery as a potential buyer, but the deal may not proceed if key terms are not agreed upon [1] Group 1: Potential Transaction - Sapporo Brewery has established a business partnership with Carlsberg in 2023, focusing on production and sales in Hong Kong, Singapore, and Malaysia [1] - If the transaction occurs, Sapporo could leverage Carlsberg's distribution network in Asia, aligning with its strategy to strengthen its core beer business [1] Group 2: Financial Performance - Carlsberg is facing growth pressure in the Chinese market, with a slight decline of 2% expected in the overall beer market [1] - In Q3, Chongqing Brewery reported revenue of 4.22 billion yuan, a year-on-year increase of 0.41%, but net profit decreased by 12.71% to 376 million yuan [1] - For the first three quarters of 2023, Chongqing Brewery's revenue was 13.06 billion yuan, a slight decrease of 0.03%, and net profit was 1.24 billion yuan, down 6.83% [2] Group 3: Strategic Initiatives - Carlsberg is actively expanding non-current drinking channels, enhancing its premium strategy, and increasing investment in innovative products [3] - Chongqing Brewery has introduced several new products, including "Ushu Craft Red Robe Beer" and "Dali Craft," to boost market share in canned products [3] - Carlsberg's CEO noted an 8% growth in its premium market segment, largely driven by growth in China [3] Group 4: Market Dynamics - Despite a 1.18% increase in revenue from high-end products, mainstream and economy products saw declines of 1.66% and 1.21%, respectively, leading to only a slight overall increase in main business revenue [4] - Chongqing Brewery is accelerating its entry into non-beer categories to meet diverse consumer demands, particularly in dining [4] - Carlsberg is strengthening its brand association with football, having established partnerships with both European and local Chinese football events [4] - Looking ahead to Q4, Carlsberg anticipates a slight decline in the overall Chinese beer market but expects positive sales growth in its own operations [4]

Core Viewpoint - The article emphasizes that in the food and beverage industry, "safety," "transparency," and "responsibility" have become new cornerstones of brand value, moving beyond traditional competitive advantages like taste and convenience [2]. Group 1: ESG Performance Overview - Most food companies are currently at the industry average in mainstream ESG ratings, with few leading companies such as Mengniu, Yili, Chongqing Beer, Budweiser Asia Pacific, and Ausnutria rated AA or above by MSCI [2]. - The food industry is increasingly recognizing the importance of ESG as a strategic tool for enhancing competitiveness and achieving resilient development due to regulatory pressures and consumer awareness [5]. Group 2: Environmental Dimension - Key areas of focus for environmental performance include climate change response, greenhouse gas emissions management, packaging management, water resource management, and biodiversity protection [7]. - Leading companies like Mengniu and Yili have demonstrated advanced performance in environmental disclosures, producing specialized reports on climate-related risks and sustainability [8][10]. - The complexity of the food industry's value chain presents challenges in accurately calculating greenhouse gas emissions, particularly in agricultural activities [11]. Group 3: Social Dimension - The critical performance metrics for social responsibility include product quality and safety, nutrition and health improvement, supply chain management, responsible marketing, and customer service [14]. - Food safety remains a fundamental issue for survival, with a reported overall non-compliance rate of 2.61% in food safety inspections, indicating an improving trend [16]. - Companies are increasingly adopting digital management tools for traceability and enhancing food safety management systems [16]. Group 4: Governance Dimension - Key governance performance metrics include the establishment of independent ESG committees, integration of ESG risk management into overall risk management processes, and the independence and diversity of the board [20][21]. - Companies like Mengniu have established dedicated sustainability committees within their boards, demonstrating effective oversight of ESG issues [23]. - There is a growing trend to link executive compensation to ESG performance, although this practice is still relatively rare [23]. Group 5: Industry Trends and Challenges - The food and beverage industry is moving from a basic understanding of ESG to a more nuanced and systematic approach, with leading companies building barriers through comprehensive ESG strategies [25]. - Despite advancements, many companies still face challenges in collecting and reporting Scope 3 emissions data, which is critical for comprehensive ESG assessments [13].

Market Overview - The non-liquor sector experienced a decline of 0.33% on the previous trading day, with *ST Yedao leading the drop [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Stock Performance - Key stocks in the non-liquor sector showed varied performance, with Kuaijishan (601579) rising by 1.47% to a closing price of 22.76, while *ST Yedao (600238) fell by 3.60% to 6.69 [1][2] - Other notable movements included ST Xifa (000752) increasing by 1.22% and Zhangyu A (000869) rising by 0.28% [1] Trading Volume and Value - Kuaijishan recorded a trading volume of 174,100 shares, with a transaction value of approximately 3.95 million yuan [1] - The total net outflow of main funds in the non-liquor sector was 12.99 million yuan, while retail investors saw a net inflow of 9.51 million yuan [2][3] Fund Flow Analysis - Main funds showed a net outflow in several stocks, including Kuaijishan with a net outflow of 23.57 million yuan, while Zhangyu A had a net inflow of 7.98 million yuan [3] - Retail investors contributed positively to the fund flow in stocks like 百润股份 (002568), which saw a net inflow of 20.47 million yuan despite a main fund outflow [3]

Investment Highlights - The report indicates a clear turning point for the food and beverage industry following accelerated clearance, with expectations for leading sectors to initiate recovery [2][7] - The overall revenue for the food and beverage sector showed a slight increase of 0.2% year-on-year, while net profit decreased by 4.6% in the first three quarters of 2025 [18][20] - In Q3 2025, the sector experienced a significant decline, with revenues and net profits dropping by 4.9% and 14.6% respectively [18][20] Sector Review 1. Overall Review - The food and beverage sector faced continuous pressure and adjustments, with traditional consumption accelerating clearance while new consumption trends continued to grow [18][20] - The white liquor segment saw a revenue decline of 18.4% and a net profit decline of 22.2% in Q3 2025, indicating significant pressure on the sector [20][22] - In contrast, sectors like snacks and beverages maintained double-digit growth due to product and channel innovations [20][21] 2. White Liquor - The white liquor industry is undergoing accelerated clearance, with varying rhythms among companies. The demand has weakened, leading to noticeable declines in revenue and net profit for most companies [22][25] - High-end liquor maintained some growth, with Moutai achieving a revenue increase of 0.3% in Q3 2025, while other brands like Wuliangye saw declines exceeding 50% [23][25] - The report emphasizes the importance of supply-demand balance and pricing as key indicators for the industry's recovery [22][23] 3. Low-Alcohol Beverages and Drinks - The beer segment showed stable performance with a revenue increase of 2.0% and a net profit increase of 11.8% in the first three quarters of 2025 [21][22] - The report highlights the potential for recovery in demand for low-alcohol beverages and drinks, driven by health trends and product innovation [22][23] 4. Consumer Goods - The dairy sector is gradually stabilizing, with upstream supply clearing and downstream processing demand increasing, leading to a potential balance in the raw milk cycle [31][33] - The snack sector, particularly the konjac and oat categories, is expected to maintain high growth rates, supported by the expansion of new retail channels [31][36] - The report notes that the overall demand for dining remains weak, but specific segments like Western-style condiments and frozen baking show structural opportunities [31][33] Investment Recommendations - The report suggests focusing on companies that are early in their clearance processes and have strong brand momentum, such as Gujing Gongjiu and Luzhou Laojiao [11][12] - For low-alcohol beverages, attention is drawn to leading companies like Kweichow Moutai and Tsingtao Brewery, which are expected to benefit from demand recovery [11][12] - In the consumer goods sector, companies with strong performance and cost advantages, such as Yili and Modern Dairy, are recommended for investment [11][12]

Core Viewpoint - The report highlights the growth of China's beer production, indicating a positive trend in the industry with a year-on-year increase in production volume. Industry Summary - As of September 2025, China's beer production reached 3.04 million kiloliters, reflecting a year-on-year growth of 3.1% [1] - From January to September 2025, the cumulative beer production in China was 30.952 million kiloliters, showing a cumulative growth of 3.7% [1] Company Summary - Listed companies in the beer industry include Zhujiang Beer (002461), Chongqing Beer (600132), Yanjing Beer (000729), Lanzhou Yellow River (000929), and Huichuan Beer (600573) [1] - The report by Zhiyan Consulting provides insights into the non-alcoholic beer market dynamics and competitive strategies from 2025 to 2031 [1]

Market Overview - The non-liquor sector experienced a decline of 0.95% on November 18, with Yanjing Beer leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Stock Performance - Key stocks in the non-liquor sector showed varied performance, with ST Xifa closing at 12.32, up 0.49%, while other notable declines included Caijing Beer down 2.41% to 12.14 and Huichuan Beer down 2.41% to 12.15 [2] - The trading volume and turnover for selected stocks indicated significant activity, with Chongqing Beer recording a turnover of 1.33 billion and ST Xifa at 47.48 million [1][2] Capital Flow - The non-liquor sector saw a net outflow of 109 million from major funds, while retail investors contributed a net inflow of 115 million [2] - Detailed capital flow data showed that ST Xifa had a net inflow of 671,900 from major funds, while other stocks like ST Yedao experienced significant outflows [3]