新华锦9月24日发布的公告中披露，公司收到青岛证监局出具的《关于对山东新华锦国际股份有限公 司、新华锦集团有限公司、张建华采取责令改正措施的决定》（【2025】11 号），截至 2025 年半年度 报告披露日，新华锦集团有限公司及其关联方非经营性占用公司资金余额 4.06 亿元，所有占用资金应 在收到《行政监管措施决定书》之日起六个月内归还。截至本公告披露日，新华锦集团及其关联方尚未 归还占用资金。 根据《上海证券交易所股票上市规则》（2025年4月修订）相关规定，若新华锦未能在规定期限内清收 被占用的资金，公司股票将面临一系列逐步升级的风险警示措施。 即墨黄酒厂收购案再起波澜，一场被寄予厚望的"老字号"收购案，正因卖方的资金困局而陷入僵局。10 月10日，山东省即墨黄酒厂有限公司（简称"即墨黄酒"）的1575.007671万元股权突遭冻结，冻结期限 至2028年10月9日。这让本已复杂的青岛啤酒收购案再添变数。 | ■ 司法协助信息 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 麻号 | 核执行人 | 股权益额 | 执行法院 | 执行 ...

Group 1 - The core point of the article highlights a significant block trade of Qingdao Beer on October 13, with a transaction volume of 27,200 shares and a transaction amount of 2.0128 million yuan, at a price of 74.00 yuan, which represents a premium of 10.12% over the closing price of the day [2][3] - The buyer of the block trade was GF Securities Co., Ltd. Hangzhou Yan'an Road Securities Business Department, while the seller was Northeast Securities Co., Ltd. Shanghai Beiai Road Securities Business Department [2][3] - Over the past three months, Qingdao Beer has recorded a total of four block trades, with a cumulative transaction amount of 12.3018 million yuan [2] Group 2 - As of October 13, the closing price of Qingdao Beer was 67.20 yuan, reflecting a decrease of 0.34%, with a daily turnover rate of 0.69% and a total transaction amount of 329 million yuan [2] - The net outflow of main funds for the day was 33.7116 million yuan, and over the past five days, the stock has increased by 0.96%, with a total net outflow of funds amounting to 37.5724 million yuan [2] - The latest margin financing balance for Qingdao Beer is 555 million yuan, which has decreased by 14.3715 million yuan over the past five days, representing a decline of 2.52% [3]

Core Insights - The article highlights the increasing popularity of Qingdao as a tourist destination, driven by the implementation of a convenient departure tax refund policy that enhances the shopping experience for international visitors [1][3]. Group 1: Departure Tax Refund Policy - Qingdao has introduced an "immediate refund" service for departure tax, allowing foreign tourists to enjoy a quicker and easier refund experience [1]. - Currently, there are 71 departure tax refund stores in Qingdao, including the Qingdao Beer Museum, which offers a variety of shopping options for tourists [1][10]. Group 2: Visitor Statistics - During the recent National Day holiday, the Qingdao Beer Museum received approximately 4,000 foreign visitors, marking a year-on-year increase of about 130%, with over 80% of these visitors coming from South Korea [3]. Group 3: Shopping Experience at Qingdao Beer Museum - All products in the Qingdao Beer Museum's cultural and creative mall are eligible for tax refunds, featuring a range of Qingdao beers and unique local cultural products, which are particularly favored by international tourists [6]. - Foreign tourists shopping at the Qingdao Beer Museum can enjoy a 9% tax refund on purchases over 200 RMB, provided they meet specific conditions, including leaving the country within 17 days and using certain credit cards [7]. Group 4: Enhanced Visitor Services - To improve the international visitor experience, the Qingdao Beer Museum has implemented various measures, including multi-language guides, upgraded payment systems, and customized services for tourists from different countries [8]. - The museum has received positive feedback from international visitors, indicating that the upgraded tax refund service and enhanced offerings contribute to Qingdao's goal of becoming a leading international tourism destination [8].

- Model Name: Expected High Dividend Portfolio; Model Construction Idea: The model uses a two-stage approach to construct the expected dividend yield indicator. The first stage calculates the dividend yield based on the annual report's profit distribution, and the second stage predicts and calculates the dividend yield using historical dividends and fundamental indicators. Additionally, two short-term factors affecting dividend yield—reversal factor and profitability factor—are used to assist in screening, and the selection is made from the CSI 300 constituent stocks to construct the expected high dividend portfolio. The portfolio holds 30 stocks each period and rebalances monthly[3][8] - Model Construction Process: 1. Exclude suspended and limit-up stocks from the CSI 300 constituent stocks to form the candidate stock pool[13] 2. Exclude the top 20% of stocks with the highest short-term momentum (i.e., the top 20% of stocks with the highest 21-day cumulative gains) from the stock pool[13] 3. Exclude stocks with declining profitability (i.e., stocks with a negative year-on-year growth rate of quarterly net profit)[13] 4. Rank the remaining stocks in the stock pool by expected dividend yield and select the top 30 stocks with the highest expected dividend yield to construct the portfolio equally weighted[9] - Model Evaluation: The model's historical performance is outstanding, with a cumulative return of 358.90% and a cumulative excess return of 107.44% relative to the CSI 300 Total Return Index. The annualized excess return is 8.87%, with a maximum rolling one-year drawdown of only 12.26% and a monthly excess win rate of 60.19%[11] Model Backtest Results - Expected High Dividend Portfolio, average return in September 2025: -5.35%, underperformed the CSI 300 Index by 8.09% and the CSI Dividend Index by 3.87%[3][14] - Best performing stocks in September 2025: CITIC Special Steel (3.81%), Yutong Bus (-0.35%), Industrial and Commercial Bank of China (-1.75%), Shuanghui Development (-1.90%)[15] Factor Construction and Evaluation - Factor Name: Expected Dividend Yield Factor; Factor Construction Idea: The factor is constructed by predicting dividend distribution using the method of dividend distribution combined with fundamental indicators. Two short-term factors affecting dividend yield—reversal factor and profitability factor—are used to assist in screening[14] - Factor Construction Process: 1. Calculate the dividend yield based on the annual report's profit distribution[8] 2. Predict and calculate the dividend yield using historical dividends and fundamental indicators[8] - Factor Evaluation: The factor is used to assist in screening and constructing the expected high dividend portfolio, which has shown outstanding historical performance[3][8] Factor Backtest Results - Expected Dividend Yield Factor, average return in September 2025: -5.35%, underperformed the CSI 300 Index by 8.09% and the CSI Dividend Index by 3.87%[3][14]

Group 1 - A total of 78 stocks in the A-share market experienced block trading today, with a total transaction value of 2.925 billion yuan [1] - The top three stocks by transaction value were SF Holding, Zhongwei Company, and Guangqi Technology, with transaction values of 717 million yuan, 357 million yuan, and 299 million yuan respectively [1] - Among the stocks, 20 were traded at par, 7 at a premium, and 51 at a discount; Midea Group, Northern Shares, and Qingdao Beer had the highest premium rates of 10.71%, 10.68%, and 10.12% respectively [1] Group 2 - The top stocks by institutional buying were Zhongwei Company (354 million yuan), Tianshan Aluminum (127 million yuan), and Jinli Permanent Magnet (72.22 million yuan) [2] - The leading stocks by institutional selling included Cangge Mining (11.30 million yuan), Baiwei Storage (8.94 million yuan), and Ningde Times (7.53 million yuan) [2]

Group 1 - The core viewpoint of the article highlights that Qingdao Beer Co., Ltd. has been recognized as a respected enterprise for the 2024-2025 period due to its outstanding performance in quality operations, innovative breakthroughs, and social contributions [1] - The company has achieved continuous positive growth in net profit and R&D expenses for three consecutive years, according to the comprehensive value assessment system of the Economic Observer [1]

10月13日，青岛啤酒大宗交易成交2.72万股，成交额201.28万元，占当日总成交额的0.61%，成交价74 元，较市场收盘价67.2元溢价10.12%。 | 以示量工程的 交易日期 | 证券商标 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | | 卖出营业部 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | | 025-10-13 | 青岛啤酒 | 600600 | 74 201.28 | 2.72 | 交易在站高质量值 | 委书记者提督教授 150 | ...

央广网万宁10月12日消息（记者 付美斌）晚风裹着麦芽香掠过人群，舞台灯光与星光交映——10月12日晚8点， 2025万宁热浪消费季暨青岛啤酒嘉年华正式启幕。随着领导嘉宾共同按下启动键，现场掌声与欢呼声此起彼伏， 一场为期9天的"啤酒+消费"狂欢盛宴就此拉开帷幕。 当晚的万宁市文化体育广场，处处透着热闹的烟火气：舞台电子屏滚动播放着青岛啤酒宣传片；广场内，绿色与 蓝色交织的遮阳棚下，美食摊、啤酒售卖区已排起长队，重庆酸辣粉的红油香、碳烤大肉串的焦香与青岛啤酒的 清爽气息交织，引得提前到场的市民游客频频驻足。 舞台演出（央广网记者 付美斌 摄） "喝酒不开车，安全有保障！"开幕式上，主持人多次提醒现场市民游客注意安全，"不拼桌、不窜桌，观演时看好 孩子，不要让小朋友站在凳子上。"同时，主办方贴心安排工作人员提供"送餐到身边"服务，市民游客无需离开观 演区域，即可购买到美酒与美食。 启动仪式现场（央广网记者 付美斌 摄） 活动入口处（央广网记者 付美斌 摄） "万宁一半是大海，一半是南洋，既有'中国冲浪之都'日月湾，也有'海南第一山'东山岭，更有兴隆热带植物园、 兴隆热带花园这样的植物宝库。"据介绍，万宁不仅有碧 ...

Investment Rating - The report maintains a cautious outlook on the food and beverage industry, suggesting that the industry is still in a bottoming phase and requires patience for recovery [5][6]. Core Insights - The food and beverage sector is advised to focus on structural opportunities, particularly in leading companies that offer high dividends and have long-term investment value, such as high-end liquor brands and major dairy companies [5][6]. - The liquor industry is expected to face continued pressure, with inventory levels high and demand weak, particularly in the context of the upcoming Spring Festival [6][7]. - The report highlights the importance of new consumption trends and structural growth opportunities in the consumer goods sector, recommending companies that align with these trends [5][7]. Summary by Sections 1. Weekly Perspective on Food and Beverage - The food and beverage sector saw a slight decline of 0.15% last week, with liquor down 1.17%, underperforming the broader market [4]. - The top-performing stocks included Zhuangyuan Pasture and Yangyuan Beverage, while the worst performers included Huanlejia and Gujing Gongjiu [4]. 2. Market Performance of Food and Beverage Segments - The food and beverage industry outperformed the Shenwan A index by 0.27 percentage points, with beverage and dairy sectors showing the strongest performance [28]. 3. Liquor Sector Insights - The report indicates that the average price for Moutai is 1765 RMB per bottle, down 35 RMB from the previous period, while Wuliangye is priced at approximately 830 RMB, also showing a decline [6][11]. - Overall demand for liquor is projected to decrease by 20-30% year-on-year during the Mid-Autumn Festival and National Day period, with inventory levels expected to rise by 10-20% [6][7]. 4. Consumer Goods Sector Insights - The report expresses optimism regarding the dairy sector due to declining costs and improving supply-demand dynamics, recommending companies like Yili and New Dairy [7]. - The snack and beverage segments are highlighted for their structural growth potential, with recommendations for companies like Unified Enterprises and Weilong [7].

Investment Rating - The report maintains a "Positive" investment rating for the food and beverage industry, with a focus on structural opportunities within the sector [2][3]. Core Insights - The industry is in a bottoming phase, particularly for the liquor segment, which requires patience as it undergoes inventory destocking and price stabilization. The report emphasizes the importance of identifying structural opportunities in food companies [3][7]. - Key recommendations include high-dividend stocks such as Guizhou Moutai, Shanxi Fenjiu, and Luzhou Laojiao in the liquor sector, and Yili, Qingdao Beer, and Uni-President in the consumer goods sector [3][7][9]. - The report anticipates a 20-30% year-on-year decline in overall liquor demand during the 2025 Mid-Autumn Festival and National Day, with inventory levels expected to increase by 10-20% [8][9]. Summary by Sections 1. Weekly Insights on Food and Beverage - The food and beverage sector experienced a slight decline of 0.15% last week, with liquor down 1.17%, underperforming the Shanghai Composite Index by 0.52 percentage points [6][32]. - The report highlights the performance of various sub-sectors, noting that beverage and dairy products outperformed the benchmark index [32]. 2. Market Performance of Food and Beverage Sectors - The report indicates that the beverage and dairy sector outperformed the benchmark index by 3.16 percentage points, while the liquor sector underperformed by 0.75 percentage points [32][38]. 3. Liquor Sector Analysis - Current prices for Moutai are 1765 RMB for loose bottles and 1795 RMB for boxed sets, both down 35 RMB from the previous period. The report expects continued pressure on liquor companies' financials through Q3 2025 [8][14]. - The report notes that the liquor industry is entering a destocking phase, with a significant time required for inventory digestion and price stabilization [8][9]. 4. Consumer Goods Sector Analysis - The report maintains a positive outlook on the dairy sector, citing cost reductions and supply-demand improvements as key trends. Recommendations include Yili and New Dairy [9][30]. - The snack and beverage segments are highlighted for their structural growth opportunities, with specific recommendations for companies like Uni-President and Wei Long [9][30].