- 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]

机构专用席位买入额排名：中微公司(3.54亿元)、天山铝业(1.27亿元)、金力永磁(7222.25万元)、灿芯股 份(7068万元)、盐湖股份(5942.21万元)、晋控电力(5920.88万元)、晶科能源(5650万元)、锦龙股份 (5319.86万元)、湖南白银(4888万元)、云天励飞-U(4743.6万元)、利民股份(1765.87万元)、超图软件 (1425.06万元)、宁德时代(1168.46万元)、藏格矿业(1130.23万元)、融发核电(892万元)、国盛智科(800.12 万元)、创业慧康(776.1万元)、概伦电子(734.16万元)、北京君正(356.92万元)、康泰医学(308.2万元)、国 轩高科(257.4万元)、天孚通信(235.32万元)、海得控制(205.95万元)、浪潮信息(202.28万元)。 Wind数据显示，今日(10月13日)A股共78只个股发生大宗交易，总成交29.25亿元，其中顺丰控股、中微 公司、光启技术成交额居前，成交额依次为7.17亿元、3.57亿元、2.99亿元。 成交价方面，共20只股票平价成交，7只股票溢价成交，51只股票折价成交；美的集团、北方股 ...

2025年10月13日，青岛啤酒（600600）股份有限公司在优质运营、创新突破、社会贡献等指标中表现优 异，入围《经济观察报》2024—2025年度受尊敬企业。根据经观中国上市公司综合价值评估体系，净利 润、研发费用连续三年实现正增长。 ...

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].

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights structural growth opportunities in new products and channels within the consumer goods sector, particularly in the context of the 25Q3 performance forecast [2] - The performance of various sub-sectors is expected to vary, with specific companies showing significant growth potential due to category advantages and new channel expansions [10][12][14][15][16][19][21][22] Sub-sector Summaries 1.1 Snack Foods - The performance in 25Q3 is expected to be differentiated, with companies like Wanchen Group projected to achieve a revenue growth of 39% and a net profit growth of 382% [2][25] - Emphasis is placed on companies that can leverage category trends and new channel opportunities for sustained growth [10][11] 1.2 Soft Drinks - The energy drink segment is showing improved market conditions, with companies like Dongpeng Beverage expected to see a revenue growth of 31% and a net profit growth of 33% [2][25] - The report suggests focusing on companies with strong brand power and channel capabilities for long-term growth [12][13] 1.3 Dairy Products - The dairy sector is anticipated to experience flat demand in 25Q3, with companies like Yili expected to see only a 2% revenue growth [2][25] - The report indicates that profitability may improve once raw milk prices stabilize [14] 1.4 Tea Drinks - The market is characterized by a leading player, Mixue Group, which is expected to expand its competitive edge through enhanced product offerings [2][15] - The mid-price segment is highlighted as a key growth area, with recommendations for companies like Guming [15] 1.5 Health Supplements - The report notes a trend towards increased concentration in the B-end market, with companies like Xianle Health projected to achieve a revenue growth of 15% [2][25] - The C-end market is advised to focus on high-growth single products [16][17] 1.6 Ready-to-Drink Alcohol - The performance in 25Q3 is expected to be strong, with companies like Bairun expected to see an 8% revenue growth [2][25] - New product launches are anticipated to drive sales growth [18] 1.7 Beer - The impact of the "drinking ban" is expected to be limited, with Qingdao Beer projected to achieve a 2% revenue growth and an 8% net profit growth [2][25] - The report suggests that the beer sector will see stable growth driven by structural upgrades and cost improvements [19][20] 1.8 Condiments - Leading companies like Haitian Flavoring are expected to maintain stable performance, with a revenue growth of 7% [2][25] - The report emphasizes the importance of robust market strategies during periods of flat demand [21] 1.9 Frozen Foods - The sector is facing weak demand, with companies like Anjixin expected to see a 6% revenue growth [2][25] - The report advises monitoring the recovery of the restaurant supply chain for potential investment opportunities [22][23] 1.10 Marinated Products - The focus is on improving store operations as the sector continues to recover from previous challenges [24] Key Company Tracking - The report provides a detailed forecast for various companies across different segments, highlighting expected revenue and net profit growth rates for 25Q3 [25]

央广网万宁10月11日消息（记者 蔡文娟）10月12日晚7点，2025万宁热浪消费季暨青岛啤酒嘉年华将在万宁市文化体育广场火热启幕。届时，这场持续9天 的嘉年华活动，将有"吃、展、演、游、购、娱"六大板块轮番上阵，让大家在"双节"后继续嗨玩不停。 往届活动现场（央广网发 受访者供图） 据活动组委会有关负责人介绍，本次活动最大亮点在于对"票根经济"模式的创新探索：市民游客无需购票即可入场，现场各商户还搭配了诸多专属优惠，从 而形成一个"消费—观演—再消费"的完整闭环。这一创新旨在尝试探索文旅消费新模式，通过将优质演艺资源、啤酒文化与全域消费场景等有机结合，实现 市场主体互利共赢，助力地方政府真正将文旅产业打造成为支柱产业、民生产业、幸福产业。 往届活动现场（央广网发 受访者供图） 本次活动由央广网文化传媒（海南）有限公司主办，万宁市旅游和文化广电体育局、万宁市商务局指导，青岛啤酒等支持。目前，活动各项筹备工作已基本 就绪。10月12日—20日，每天晚上7点—10点，我们不见不散！ 往届活动现场（央广网发 受访者供图） 本次活动以啤酒为媒，旨在融合文化、旅游、经贸等多领域元素，深挖音乐、美食文化为旅游赋能添韵，打 ...

李沧区诺世源综合商行则在标注"青岛啤酒（600600）"的专用售卖机中销售其他品牌啤酒，该行为违反 《中华人民共和国反不正当竞争法》。专用售卖机标注特定品牌本是为让消费者清晰识别购买商品，而 商家此举涉嫌误导消费者，破坏公平竞争的市场环境，也可能对"青岛啤酒"这一地方知名品牌形象造成 不良影响。 齐鲁晚报.齐鲁壹点记者张晓鹏 为保障市民游客权益，维护市场良好秩序，青岛市场监管部门坚守"群众过节、干部在岗"原则，围绕计 量器具、热销食品、安全保障等关键领域开展全天候值守与全方位巡查，近期查处5起典型违法案件并 对外通报。 市南区渔家鲜餐饮店因涉嫌使用不合格电子秤，违反《山东省计量条例》相关规定被查。电子秤作为餐 饮行业计量商品重量的关键工具，其准确性直接关系到消费者切身利益，不合格电子秤的使用涉嫌短斤 少两，损害消费者公平交易权。 青岛盛远润泽电梯科技有限公司未按安全技术规范要求，对李沧区某酒店电梯进行维护保养，还出具虚 假维保记录，违反《中华人民共和国特种设备安全法》。电梯作为酒店等公共场所常用的特种设备，其 安全运行至关重要，维保不到位且出具虚假记录，相当于给电梯安全埋下"定时炸弹"，可能危及乘客生 命安全 ...