2018年，华创鑫睿以51.6亿元受让山西汾酒11.45%股权，成为第二大股东。随后，华润集团成为山西汾酒多轮国企改革红利的分享者。 21世纪经济报道特约记者 文静 重庆报道 9月21日，山西汾酒（600809.SH）发布公告称，其大股东华创鑫睿（香港）有限公司（下称华创鑫睿）拟通过大宗交易方式减持所持有该公司股份，不超过 16,200,599 股(含本数)，自减 山西汾酒发布公告称，这是因华润创业有限公司（下称华润创业）旗下的基金面临到期退出安排，需要减持其间接持有的全部公司股份。目前，华润创业将通过华创鑫睿继续持有山西汾酒，并不 9月21日，山西汾酒有关负责人在接受21世纪经济报道记者采访时说，自华润创业通过控股子公司入驻该公司以来，双方强强联合、优势互补，此次减持不会影响双方深度协同的长期合作关系。 华创鑫睿减持 华润集团和汾酒集团的合作是通过华创鑫睿来实现的。 公告显示，华润集团旗下的华润创业有限公司持有华创鑫睿 87.36% 股份，华润创业联和基金一期(有限合伙)(下称"联和基金")持有华创鑫睿12.64%股份。 2017年，在经历了一轮白酒行业深度调整之后，汾酒集团和山西省国资委签订了目标责任书， ...

Core Viewpoint - The announcement details a share reduction plan by a major shareholder of Shanxi Fenjiu, indicating a strategic move due to the expiration of a fund agreement, while maintaining confidence in the company's long-term value [2][3][4]. Group 1: Major Shareholder Information - Huachuang Xinrui (Hong Kong) Limited holds 128,114,296 shares, representing 10.50% of the total share capital, making it a significant shareholder [2]. - Huachuang Xinrui is primarily owned by China Resources Venture Limited, which holds 87.36% of its shares, while the China Resources United Fund I (Limited Partnership) holds 12.64% [2]. Group 2: Share Reduction Plan Details - The reduction plan involves Huachuang Xinrui intending to sell up to 16,200,599 shares through block trading within three months after the disclosure of the plan [3]. - The reduction is necessitated by the fund's requirement to exit upon its expiration, and after the reduction, the fund will be liquidated and will no longer hold shares in Huachuang Xinrui [4]. Group 3: Future Outlook and Governance - The reduction plan is not expected to alter China Resources' confidence in the company's future development or its recognition of the company's long-term value [4]. - Huachuang Xinrui will continue to hold shares in the company and has no plans for further reductions [4].

Group 1 - Guanzhong Ecological is planning a change in control and will suspend trading from September 22, 2025, for up to two trading days [1] - Sunflower intends to acquire 100% equity of Xipu Materials and 40% equity of Beid Pharmaceutical, with trading resuming on September 22, 2025 [1] - Jintou City Development is adjusting its major asset restructuring plan [1] - Zhongke Tongda has terminated its major asset restructuring project [1] Group 2 - Huitian Co., Ltd. and other companies are planning to list in Hong Kong [2] - Taotao Automotive has approved its application for an initial public offering of H shares in Hong Kong [2] - Longxun Co., Ltd. is also planning to issue H shares and apply for listing in Hong Kong [2] Group 3 - Four companies will receive risk warnings, including Fudan Fuhua, which will change its stock name to ST Fuhua and be subject to a 5% price limit [3][4] - Juewei Food will also change its stock name to ST Juewei and be subject to a 5% price limit [3] - Chuangyi Information will change its stock name to ST Chuangyi and be subject to a 20% price limit [4] - Sikui will change its stock name to ST Sikui and be subject to a 20% price limit [4] Group 4 - Multiple companies are undergoing executive personnel changes, including China Petroleum, where Huang Yongzhang has resigned as president [6] - Huashan City A has seen the resignation of its chairman and vice chairman due to retirement and job changes [6] - China Ruilin's chairman has resigned due to age reasons [6] Group 5 - Sunflower is planning a major asset restructuring involving the acquisition of Xipu Materials and Beid Pharmaceutical, focusing on high-end semiconductor materials [9] - Jintou City Development is adjusting its major asset restructuring plan to sell real estate assets while retaining property management [10] - Zhongke Tongda has terminated its planned acquisition of a technology company due to failure to reach agreement on key terms [11] Group 6 - ST King Kong has been accepted for reorganization by the court, and its stock will be subject to additional delisting risk warnings [12] - ST New Power is under investigation by the China Securities Regulatory Commission for information disclosure violations [14] - Zhenlei Technology's chairman is under detention but the company states that control has not changed [14] Group 7 - Guotai Environmental has had its chairman's detention lifted, allowing him to resume duties [15] - Pingming Technology is planning a major matter that may lead to a change in control, resulting in continued suspension of trading [15] Group 8 - Shunhao Co., Ltd. plans to repurchase shares with a total amount between 100 million and 200 million yuan [16] - Baoli International is considering an investment in semiconductor testing equipment company Hongtai Technology [16] - Jindi Co., Ltd. is acquiring control of Guangzhou Yuni Precision Co., Ltd. [17] Group 9 - SF Holding reported a revenue of 24.787 billion yuan in August 2025, a year-on-year increase of 7.86% [18] - China Oil Engineering signed an EPC contract worth 513 million USD for a gas pipeline project in the UAE [18] - Linyang Energy is a recommended candidate for a procurement project with a total expected amount of approximately 142 million yuan [19] Group 10 - Wuzhou Transportation's major shareholder plans to increase its stake with a loan commitment of up to 153 million yuan [21] - Shanxi Fenjiu's shareholder plans to reduce its stake by up to 16.2006 million shares [21][22]

Mergers and Acquisitions - Jindi Co., Ltd. plans to acquire controlling stake in Guangzhou Yuni Precision Co., Ltd. If the acquisition is completed, Yuni Precision will become a subsidiary of Jindi [1] - Sunflower plans to purchase 100% equity of Zhangzhou Xipu Materials Technology Co., Ltd. and 40% equity of Zhejiang Beid Pharmaceutical Co., Ltd. through a combination of issuing shares and cash payment [2] - Huahai Chengke received approval from the China Securities Regulatory Commission for issuing shares and convertible bonds to purchase assets, with a fundraising limit of up to 800 million yuan [3] Shareholding Changes - DrakaComteq B.V. reduced its stake in Changfei Optical Fiber by selling 37.595 million H shares, accounting for 5% of the total share capital [4] - Huachuang Xinxin plans to reduce its stake in Shanxi Fenjiu by no more than 1.33%, intending to sell up to 16.2 million shares within three months after the disclosure [5] - Hong Kong Yuanshi plans to reduce its stake in Global Printing by no more than 1%, intending to sell up to 3.2004 million shares [6] Risk Matters - *ST Gaohong's stock price has been below 1 yuan for 15 consecutive trading days, posing a risk of delisting due to the price being below par value [7] - Chairman of Zhenlei Technology, Yu Faxin, has been placed under detention, affecting his ability to perform director duties [8] - Taimusi's stock price has experienced significant fluctuations, with a cumulative increase of over 20% in two consecutive trading days, indicating potential irrational trading behavior and risks of price retraction [9]

Core Viewpoint - Huachuang Xinrui plans to reduce its stake in Shanxi Fenjiu by up to 1.33% through block trading, due to the expiration of related funds [2][3]. Group 1: Shareholder Information - Huachuang Xinrui holds 128 million shares of Shanxi Fenjiu, accounting for 10.50% of the total share capital [3]. - The reduction plan involves selling up to 16.2 million shares, representing a maximum of 1.33% of the company [4]. - The reduction period is set from October 21, 2025, to January 20, 2026 [4]. Group 2: Financial Performance - Shanxi Fenjiu's stock price has increased by 12.40% year-to-date, with a current market capitalization of 244 billion [2][7]. - For the first half of 2025, the company reported revenue of 239.64 billion, a year-on-year increase of 5.35%, and a net profit of 85.05 billion, up 1.13% [7]. - In 2024, Shanxi Fenjiu achieved revenue of 360.11 billion, a 12.79% increase, and a net profit of 122.43 billion, growing by 17.29% [6]. Group 3: Historical Context and Strategic Partnerships - Huachuang Xinrui's previous reduction involved selling 6.3 million shares, decreasing its stake from 11.02% to 10.50% [5]. - The partnership between Huachuang and Shanxi Fenjiu began in 2018, with Huachuang acquiring a 11.45% stake for 5.16 billion [5]. - The collaboration has led to significant improvements in management and sales channels for Shanxi Fenjiu, including revenue growth from 40.21 billion in 2018 to 117.38 billion in 2021 [5][6].

Core Viewpoint - Shanxi Fenjiu (600809.SH) announced that its major shareholder, Huachuang Xinrui (Hong Kong) Co., Ltd., plans to reduce its holdings by up to 16,200,599 shares through block trading due to the expiration of a fund under China Resources Venture Co., Ltd. [2][4] Group 1: Shareholding Structure and Background - Huachuang Xinrui is 87.36% owned by China Resources Venture Co., Ltd., with the remaining 12.64% held by the United Fund [3] - In 2018, Huachuang Xinrui acquired an 11.45% stake in Shanxi Fenjiu for 5.16 billion yuan, becoming the second-largest shareholder [3] - Since entering Shanxi Fenjiu, Huachuang Xinrui has participated in the company's growth, including a significant increase in shareholding in 2021 when the company saw a revenue increase of 43% and a net profit increase of 72% [3] Group 2: Financial Performance - In the first half of 2023, Shanxi Fenjiu reported revenue of 23.94 billion yuan, a year-on-year increase of 5%, and a net profit of 8.5 billion yuan, a year-on-year increase of 1% [5] - The company has outperformed competitors, with revenue surpassing Luzhou Laojiao in 2023 and aiming to reach 36 billion yuan in revenue by 2024 [5] - Despite a slowdown in growth rates, Shanxi Fenjiu's performance remains strong compared to industry peers [5] Group 3: Strategic Cooperation - The long-term cooperative relationship between Shanxi Fenjiu and China Resources is expected to remain unaffected by the share reduction [6][7] - China Resources has supported Shanxi Fenjiu's national expansion through its extensive distribution network, significantly increasing the company's revenue from outside Shanxi [6] - Shanxi Fenjiu has engaged in various strategic collaborations with China Resources, focusing on marketing, research, and innovation, particularly in digitalization and low-carbon initiatives [6]

Major Events - Zhenlei Technology's actual controller and chairman, Yu Faxin, has been placed under custody by the Huangshi Municipal Supervisory Committee, but the company's control remains unchanged, and daily operations are managed by senior management [2] - ST Gaohong's stock price has closed below 1 yuan for fifteen consecutive trading days, raising the risk of delisting due to the Shenzhen Stock Exchange's regulations [2] - Sunflower plans to acquire 100% equity of high-end semiconductor materials company Xipu Materials and 40% equity of Zhejiang Beid Pharmaceutical, with stock resuming trading on September 22, 2025 [3] - Guotai Environmental's chairman, Chen Baixiao, has had his custody measures lifted and can resume normal duties [4] - Xingye Technology's stock price has shown abnormal fluctuations, but the company confirms that there are no undisclosed significant matters [5] - Taimusi's stock price has also experienced abnormal fluctuations, with a potential risk of significant price drop after a surge, as control changes are pending [5] - Guanzhong Ecology is planning a change in control, leading to a temporary suspension of its stock [5] Shareholding Changes - Changfei Fiber's major shareholder, Draka Comteq B.V., has reduced its stake by 5% through a block trade [6] - Shanxi Fenjiu's shareholder Huachuang Xinrui plans to reduce its stake by up to 1.33% due to fund exit arrangements [7] - Xiugang Co.'s major shareholders plan to reduce their holdings by up to 1.06% for personal funding needs [8] - Haitai Technology's shareholders plan to collectively reduce their holdings by 2.53% through trading [9] Major Contracts - China Oil Engineering's subsidiary has signed a $513 million contract for an LNG pipeline project in the UAE, expected to positively impact future revenues and profits [10]

Summary of Key Points Core Viewpoint - On September 21, no A-share listed companies disclosed any increase in shareholding, while eight companies announced plans to reduce their holdings [1]. Group 1: Companies Announcing Share Reductions - Changfei Optical Fiber: On September 19, Draka Comteq B.V. reduced its holdings by 5% of H-shares through block trading [2]. - Shanxi Fenjiu: Shareholder Huachuang Xinrui plans to reduce holdings by no more than 1.33% of the company's shares [2]. - Zhongjing Food: Director Liu Hongyu plans to reduce holdings by no more than 150,000 shares [2]. - Ruifeng High Materials: Shareholder Sang Peizhou plans to reduce holdings by no more than 2.4 million shares [2]. - Global Printing: Shareholder plans to reduce holdings by no more than 1% of the company's shares [2]. - Xiugang Co.: Shareholder plans to reduce holdings by no more than 1.06% of the company's shares [2]. - Haitai Technology: Shareholders plan to collectively reduce holdings by 2.53% of the company's shares [2]. - Changliang Technology: Huang Shizhao Weihong plans to reduce holdings by no more than 1.05 million shares [2]. Group 2: Market Signals - The MACD golden cross signal has formed, indicating a positive trend for certain stocks [2].

Investment Rating - The industry investment rating is maintained as "Buy" [2] Core Insights - The food and beverage industry experienced a decline of 2.53% from September 14 to September 19, 2025, underperforming the CSI 300 index by 2.09 percentage points [5][10] - The overall valuation of the food and beverage industry is at a relatively low level, with a PE ratio of 22X, ranking 22nd among Shenwan's primary industries [5][15] - In August 2025, the total retail sales of consumer goods increased by 3.4% year-on-year, indicating a recovery in consumer demand [6][7] Summary by Sections Industry Performance - The food and beverage industry underperformed the market, with a relative return of -5.3% over one month, -12.5% over three months, and -20.0% over twelve months [4] - The industry saw an absolute return of 1.3% over one month, 4.6% over three months, and 20.8% over twelve months [4] Valuation Analysis - As of September 19, 2025, the food and beverage industry's PE ratio is 22X, with sub-industries like other alcoholic beverages at 57X, health products at 44X, and snacks at 35X, while white liquor is at 19X, pre-processed foods at 21X, and beer at 24X [5][15] Consumer Demand - The retail sales of beverages increased by 2.8% year-on-year in August, while tobacco and alcohol sales decreased by 2.3% [6] - The Ministry of Commerce and other departments have introduced measures to expand service consumption, which may positively impact the food and beverage sector [7] Investment Recommendations - The report suggests focusing on companies with stable demand and strong risk resistance, as well as those actively innovating in new products, channels, and consumption scenarios [8][43] - Key companies to watch include New Dairy, Shanxi Fenjiu, Guizhou Moutai, Andeli, Yanjinpuzi, and Qingdao Beer [8][43]

Core Viewpoint - Shanxi Fenjiu's shareholder Huachuang Xinxin (Hong Kong) Co., Ltd. plans to reduce its holdings by up to 16.20 million shares due to fund liquidation, but this will not affect Huachuang's confidence in the company's long-term value [1][4] Group 1: Shareholder Actions - Huachuang Xinxin's reduction of shares is a routine operation following the expiration of its fund, which is a common practice in the private equity industry [1][4] - After the reduction, Huachuang will remain the largest shareholder outside of Shanxi state-owned assets, indicating continued support for Fenjiu's long-term investment value [1][4] Group 2: Historical Context and Performance - In 2018, Huachuang acquired an 11.45% stake in Fenjiu for 5.16 billion yuan, marking a significant investment that has proven successful over seven years [2] - Fenjiu's revenue increased from 9.38 billion yuan to an expected 36.01 billion yuan by 2024, demonstrating strong growth and resilience in a challenging industry environment [2][5] Group 3: Strategic Cooperation - The partnership between Fenjiu and Huachuang has deepened, with agreements signed in 2024 to enhance collaboration in marketing, research, and investment [3] - The cooperation is evolving towards digitalization and innovation, supported by Huachuang's research institute, which is expected to drive Fenjiu's high-quality development [3] Group 4: Financial Performance - In the first half of 2025, Fenjiu reported revenue of 23.96 billion yuan, a year-on-year increase of 5.35%, and a net profit of 8.51 billion yuan, up 1.13%, showcasing its ability to maintain growth amid industry challenges [4][5] - Fenjiu's strategy focuses on optimizing product structure and expanding its national market presence, with significant growth in sales outside Shanxi province [4][5]