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]

关于股东通过大宗交易方式转让股份计划的公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 证券代码：600809 证券简称：山西汾酒 公告编号：临 2025-027 山西杏花村汾酒厂股份有限公司 大股东持股的基本情况 截至本公告日，华创鑫睿（香港）有限公司（以下简称"华创鑫睿"）持有 公司股份 128,114,296 股，占公司总股本的比例为 10.50%，为公司持股 5%以上 股东。其中：华润创业有限公司（以下简称"华润创业"）持有华创鑫睿 87.36% 股份，华润创业联和基金一期（有限合伙）（以下简称"联和基金"）持有华创鑫 睿 12.64%股份。 减持计划的主要内容 此次减持完毕后，联和基金将进行清算，不再持有华创鑫睿股份。 本次减持计划不会改变华润创业对公司未来发展前景的坚定信心和对公司 长期价值的高度认可，华润创业将通过华创鑫睿继续持有公司股份，没有减持公 司股份的计划。 | 股东名称 | 华创鑫睿 | | | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - In August, the growth rate of social retail sales declined, with the liquor sector stabilizing and a focus on niche segments in consumer goods. The food and beverage index fell by 2.5%, ranking 23rd among primary sub-industries, underperforming the CSI 300 by approximately 2.1 percentage points. The sub-industries of processed foods (+0.3%), soft drinks (+0.1%), and health products (0.0%) performed relatively well [4][13][15] - The total retail sales of consumer goods in August 2025 increased by 3.4% year-on-year, with a month-on-month decline of 0.3 percentage points from July. The weakening growth rate is attributed to the diminishing marginal effects of the "old-for-new" policy and a general weakness in consumer demand across various categories [4][13] - The liquor industry is currently in a destocking phase, with high inventory levels in some products. However, there are signs of improvement in terminal demand, and the sector is expected to see a recovery in consumption during the upcoming Mid-Autumn Festival and National Day holidays [5][14] Summary by Sections Market Performance - The food and beverage index experienced a decline of 2.5%, ranking 23rd out of 28 sectors, and underperformed the CSI 300 by about 2.1 percentage points. Leading individual stocks included Qianwei Yangchun, Rizhiyuan, and Weizhi Xiang, while Jiahe Foods, Jinzi Ham, and Junyao Health saw significant declines [15][17] Upstream Data - Some upstream raw material prices have decreased. For instance, the price of whole milk powder was $3,790 per ton, down 0.5% month-on-month but up 9.9% year-on-year. Conversely, the price of fresh milk was 3.0 yuan per kilogram, unchanged month-on-month but down 3.5% year-on-year [18][20] Liquor Industry Data - The cumulative production of liquor from January to August 2025 was 2.352 million kiloliters, a decrease of 9% year-on-year. In August alone, production fell by 18.2% year-on-year [41][43] Recommended Portfolio - The report recommends a portfolio including Guizhou Moutai, Shanxi Fenjiu, Ximai Foods, Wancheng Group, and Bairun Shares, highlighting their growth potential and market positioning [6][14]

Investment Rating - The report maintains a cautious outlook on the industry, suggesting that the white liquor sector is in a bottoming process and that food companies should seek structural opportunities from the bottom up [2][6]. Core Insights - The industry is expected to experience a recovery in consumption scenarios as it enters the September peak season, although year-on-year sales pressure remains significant. The report emphasizes the importance of monitoring demand recovery during this peak season [2][6]. - Long-term investment value is seen in leading companies from a dividend and yield perspective, including high-end liquor brands and major consumer goods companies. The report highlights that institutional holdings are at historical lows, indicating potential for valuation recovery [2][6]. - The white liquor sector is entering a destocking phase, with expectations of continued pressure on corporate reports in Q3. The report recommends key companies such as Guizhou Moutai, Shanxi Fenjiu, and Luzhou Laojiao, while also monitoring Wuliangye and others [2][6][7]. Summary by Sections 1. Weekly Insights on Food and Beverage - The food and beverage sector saw a decline of 2.53% last week, with white liquor down 2.95%, underperforming the Shanghai Composite Index by 1.23 percentage points [5][29]. - The report notes that the white liquor price for Moutai is 1755 RMB per bottle, down 25 RMB week-on-week, and 1770 RMB per case, down 200 RMB week-on-week [7][13]. 2. Market Performance of Food and Beverage Sectors - The food and beverage industry underperformed the Shenwan A index by 2.41 percentage points from September 15 to September 19, with white liquor lagging by 2.83 percentage points [29][30]. 3. Key Company Updates - Companies like Jiangsu's Jiuziyuan are expected to see a slight recovery in consumption scenarios in September, although the overall market remains competitive [10]. - Shuanghui Development anticipates improved sales in the second half of the year due to internal channel and product optimizations, with stable profitability in the meat products segment [10].

Core Insights - The report highlights the performance pressure in the liquor industry, particularly in the first half of 2025, with a focus on the upcoming festive season as a potential opportunity for investment [1][2][3] Performance Summary - In the first half of 2025, the liquor industry experienced a revenue decline of 0.8% year-on-year, totaling 241.42 billion yuan, with the second quarter seeing a more significant drop of 4.9% to 88.06 billion yuan due to policy impacts [9][10] - High-end liquor maintained growth with a revenue increase of 6.2% in the first half and 3.4% in the second quarter, while mid-tier and regional brands faced substantial declines, with some experiencing drops as severe as 31.1% [10][12] - The overall net profit for the liquor industry decreased by 1.18% in the first half and 7.5% in the second quarter, indicating a challenging environment for profitability [20][28] Short-term Strategy - The report suggests focusing on the upcoming festive season, with expectations of improved sales performance despite ongoing pressures [2][3] - It emphasizes the need for liquor companies to balance market share and structural upgrades while managing pricing and sales dynamics [2][3] Long-term Outlook - The liquor index shows a strong correlation with the Producer Price Index (PPI), with a potential turning point noted in August 2025, which could signal a recovery phase for the industry [2][3] - The report indicates that the liquor sector possesses high return on equity (ROE) and dividend characteristics, with valuations currently positioned in the mid-to-lower range of the industry [2][3] Investment Recommendations - The report recommends focusing on brands that are expected to perform well during the festive season, including high-end brands like Guizhou Moutai and Shanxi Fenjiu, as well as mid-tier brands like Zhenjiu Lidong and Luzhou Laojiao [3][4] - It suggests that the current market conditions may present a buying opportunity as the industry approaches a potential bottom in performance expectations [3][4]

山西杏花村汾酒厂股份有限公司 2025年第二次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1.出席会议的股东和代理人人数 | 944 | | --- | --- | | 2.出席会议的股东所持有表决权的股份总数（股） | 995,121,280 | | 3.出席会议的股东所持有表决权股份数占公司有表决权股 | 81.5697 | | 份总数的比例（%） | | 证券代码：600809 证券简称：山西汾酒 公告编号：临 2025-025 (五) 公司董事、监事和董事会秘书的出席情况 1. 公司在任董事9人，出席9人； 2. 公司在任监事4人，出席4人； 3. 董事会秘书许志峰先生出席本次会议； 4. 公司高级管理人员列席本次会议。 (一) 非累积投票议案 1. 议案名称：关于修订公司《章程》及其附件的议案 2. 议案名称：关于修订公司其他治理制度的议案 审议结果：通过 (一) 股东大会召开的时间：2025 年 9 月 19 日 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性 承担法律责任。 一、董事会会议召开情况 山西杏花村汾酒厂股份有限公司（以下简称"公司"）第九届董事 会第一次会议于 2025 年 9 月 19 日上午在公司会议室召开。会议应出席 董事 10 人，实际出席董事 10 人。参会董事共同推举袁清茂董事为会议 主持人，会议的召开、表决程序符合《公司法》和公司《章程》的规定， 合法有效。 证券代码：600809 证券简称：山西汾酒 公告编号：临 2025-026 山西杏花村汾酒厂股份有限公司 第九届董事会第一次会议决议公告 二、董事会会议审议情况 1.审议通过《关于选举董事长、副董事长的议案》； （3）会议同意选举李振寰先生为公司第九届董事会副董事长，任期 与第九届董事会任期一致。 1 同意票 10 票，反对票 0 票，弃权票 0 票。 （4）会议同意选举刘卫华先生为公司第九届董事会副董事长，任期 与第九届董事会任期一致。 同意票 10 票，反对票 0 票，弃权票 0 票。 2.会议选举产生公司第九届董事会各专门委员会委员及主任委员。 各委员会组成人员 ...

Group 1 - Shanxi Fenjiu held its ninth first board meeting on September 19, 2025, to discuss the appointment of the board secretary and other documents [1] - For the year 2024, Shanxi Fenjiu's revenue composition is 99.62% from the food industry and 0.38% from other businesses [1] - As of the report date, Shanxi Fenjiu's market capitalization is 244 billion yuan [2]