中报压力释放，关注估值修复行情 相关研究： | 1.《7月CPI环比转正，同比持平》 | | | --- | --- | | 2025.08.10 | | | 2.《茅台业绩符合预期，关注新 | | | 消费布局机遇》 | 2025.08.17 | | 3.《中报陆续披露，关注底部布 | | | 局机遇》 | 2025.08.24 | 行业评级：买入（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -3.8 -17.7 -20.4 绝对收益 5.0 -0.5 15.5 注：相对收益与沪深 300 相比 分析师：李育文 证券研究报告 2025 年 8 月 31 日 湘财证券研究所 行业研究 食品饮料行业周报 ❑ 8 月 25 日-8 月 29 日，食品饮料行业上涨 2.13% 根据Wind，8月25日-8月29日，上证指数上涨0.84%，深证成指上涨4.36%， 沪深 300 指数上涨 4.18%，创业板指上涨 7.74%。申万食品饮料行业上涨 2.13%，涨跌幅排名 7/31，跑输沪深 300 指数 0.59pct，食饮子板块涨跌不 一，其中零食上涨 3.71%，烘焙食品上涨 0.7 ...

【#1500万人次涌入青岛啤酒大厂旅游##啤酒博物馆火了热度堪比演唱会#】这个暑期，工业旅游备受关注。曾经机器轰鸣、闲人免进的工厂车间，成为游客热衷探访的目的地。青岛市登州路5 来源：@央视财经微博 ...

"火车来，商埠开"。在济南老商埠的青岛啤酒1903 MIX 酒馆中，消费者自行穿梭在"火车厢"般的啤酒 空间中，感受自助打酒的新奇体验，酒头开启的瞬间，青岛啤酒的鲜爽立刻抵达，酒香漫溢。 近日，青岛啤酒1903 MIX 酒馆，在济南市市中区老商埠商业广场正式开门纳客，这里有与众不同的新 鲜啤酒，有创意无限的"啤"味料理，也是音乐潮人、时尚达人的聚集地。玩法多样、场景融合、鲜活有 趣，吸引了无数年轻消费者前往品鉴、打卡。 多元体验： 啤酒搭万物 啤酒列车新鲜启航 原浆、纯生、白啤、黑啤、IPA、皮尔森……刚刚下线的新鲜啤酒，全程冷链运输至餐桌前，或醇厚、 或爽口，或果香四溢、或苦爽回甘，青岛啤酒全系产品都能在青岛啤酒1903 MIX 酒馆痛快畅饮。"很新 鲜，像是乘坐了一辆啤酒列车，这里不光有各色啤酒，还有啤酒茶饮、烘焙、创意菜。" 青岛啤酒1903 MIX 酒馆新意涌动，以啤酒为媒延伸出多元的消费体验场景。 文旅融合： 白天，这里是"茶愉久"与"膨胀酵主"的轻食天地，喝不醉的茶饮搭配吃不醉的面包，交织出慢生活节 奏；傍晚"落日微醺"舞台亮起，夕阳透过落地窗洒在民谣歌手的吉他上，举杯轻酌间便能在啤酒泡沫里 品味 ...

免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经头条（nbdtoutiao）——英伟达股价连续跳水，1.28万亿元市值蒸发！投资者：都认为你能考100 分，但你只考了98！2亿美元"业绩缺口"，为何引发恐慌？ （记者 王晓波） 每经AI快讯，海通国际8月30日发布研报称，给予青岛啤酒（600600.SH，最新价：69.5元）优于大市评 级。评级理由主要包括：1）盈利能力持续提升，结构升级趋势验证；2）收入端：产品升级对冲价格压 力，新渠道贡献增量；3）盈利端：成本红利释放，现金创造能力增强。风险提示：需求恢复缓慢、居 民消费力下降、原材料价格上涨。 ...

Market Overview - The Shanghai Composite Index closed at 3857.93 points, above the annual line, with a change of 0.37% [1] - The total trading volume of A-shares reached 28,301.97 billion yuan [1] Stocks Breaking Annual Line - A total of 22 A-shares have surpassed the annual line today, with notable stocks including Guoan Co., Transsion Holdings, and ST Huawen, showing divergence rates of 6.70%, 5.14%, and 4.43% respectively [1] - Stocks with smaller divergence rates that just crossed the annual line include Changjiang Electric, ST Zhongzhuang, and Laobaigan Liquor [1] Top Divergence Rates - The top three stocks with the highest divergence rates are: - Guoan Co. (10.07% increase, 6.70% divergence) - Transsion Holdings (7.17% increase, 5.14% divergence) - ST Huawen (4.86% increase, 4.43% divergence) [1] Additional Stock Performance - Other notable stocks include: - Shenyang Machine Tool (4.49% increase, 3.75% divergence) - Shangong Shenbei (4.20% increase, 3.64% divergence) - ST Boda (4.10% increase, 3.48% divergence) [1]

Group 1 - The core point of the news is the recent large transaction of Qingdao Beer, which involved a volume of 50,000 shares and a transaction amount of 3.725 million yuan, with a transaction price of 74.50 yuan, representing a premium of 7.19% over the closing price of the day [2][3] - In the last three months, Qingdao Beer has recorded a total of two large transactions, with a cumulative transaction amount of 7.485 million yuan [2] - On August 29, Qingdao Beer closed at 69.50 yuan, up 1.59%, with a daily turnover rate of 1.85% and a total transaction amount of 914 million yuan, indicating a net inflow of main funds of 22.2484 million yuan for the day [2] Group 2 - The latest margin financing balance for Qingdao Beer is 574 million yuan, which has increased by 26.6935 million yuan over the past five days, reflecting a growth rate of 4.88% [3] - In the past five days, 20 institutions have rated Qingdao Beer, with the highest target price set by Huachuang Securities at 90.00 yuan as of August 27 [3]

研究报告 Research Report 29 Aug 2025 青岛啤酒 Tsingtao Brewery (600600 CH) 2025 半年报点评：品质为锚，稳健前行 1H25 Results: Rooted in Quality, Forging Ahead Steadily [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 Rmb69.50 目标价 Rmb88.00 HTI ESG 2.4-1.7-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 义利评级 BBB+ 来源 : 盟浪 . Reproduced by permission; no further distribution 市值 Rmb79.27bn / US$11.10bn 日交易额 (3 个月均值) US$67.60mn 发行股票数目 704.70mn 自由流通股 (%) 40% 1 年股价最高最低值 Rmb8 ...

在中国啤酒行业总量趋稳的背景下，青岛啤酒通过产品结构优化、渠道创新和精准市场策略，今年上半 年，公司呈现销量、营收、净利三增的良好态势，交出净利润历史新高答卷。 青岛啤酒公布的2025年半年度报告显示，公司上半年实现产品销量473.2万千升，同比增长2.3%；营业 收入达204.9亿元，同比增长2.1%；归属于上市公司股东的净利润约39亿元，同比增长7.2%。 这一成绩在今年上半年中国啤酒行业总量基本稳定、规模以上企业产量同比微降0.3%的背景下显得尤 为亮眼。公司表示，报告期内，公司坚持以创新驱动高质量发展，充分发挥青岛啤酒的品牌、品质、渠 道网络等优势积极开拓海内外市场，持续优化产品结构提升及提高运营效率，主要经营指标保持稳健增 长。 加速培育大单品 报告期内，青岛啤酒加速培育大单品及创新品类产品，持续推进品牌优化和产品结构提升。与此同时， 加快青岛主品牌"1+1+1+2+N"产品组合发展，做强主力大单品，加速打造高端生鲜及超高端产品。其 中，经典系、青岛白啤、高端生鲜1L铝瓶及超高端产品销量均保持稳健增长。 数据显示，报告期内，青岛啤酒主品牌共实现产品销量271.3万千升，同比增长3.9%；其中中高端以 ...

8月29日，青岛啤酒大宗交易成交5万股，成交额372.5万元，占当日总成交额的0.41%，成交价74.5元，较市场收盘价69.5元溢价7.19%。 | 2025-08-29 | 青岛啤酒 | 600600 | 74.5 372.5 | 东北证券股份有限 公司上海北艾路证 | 粤开证券股份有限 公司深圳分公司 | | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 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 | ...

Core Viewpoint - Qingdao Beer demonstrated steady growth in the first half of 2025, benefiting from cost advantages and maintaining its leading position in the industry [1] Industry Summary - In the first half of 2025, the domestic beer industry saw a total production of 19.04 million tons, a slight decline of 0.3% year-on-year [1] - Despite the overall industry stability, Qingdao Beer achieved a sales increase [1] Company Summary - In the first half of 2025, Qingdao Beer’s main brand achieved product sales of 2.713 million tons, representing a year-on-year growth of 3.9% [1] - Sales of mid-to-high-end products reached 1.992 million tons, with a year-on-year increase of 5.1% [1] - The classic series, Qingdao White Beer, high-end fresh 1L aluminum bottles, and ultra-high-end products all maintained steady growth in sales [1] - The company continues to strengthen its market position across all channels, with emerging channels leading the industry [1] - The instant retail business has experienced rapid growth in transaction volume for five consecutive years [1] - The company’s leading position in the industry remains solid, with a projected dividend yield of 3.52% for 2025, maintaining a "buy" rating [1]