Investment Focus - The report emphasizes the strategy of investing in stocks with high dividends and improved fundamentals, particularly in the essential consumer sector [1][6] - Key stocks recommended for investment include Kweichow Moutai, Wuliangye, and Yili, all rated as "Outperform" [1] Industry Overview - In May 2025, six out of eight tracked industries maintained positive growth, with the restaurant sector growing by 3.7%, beer by 3.3%, and soft drinks by 3.1% [3][8] - The industries experiencing negative growth include mass-market and above mid-range liquor, with declines of 13.0% and 2.5% respectively [3][8] Price Trends - In May, the price of Moutai continued to decline, while high-end products like Wuliangye stabilized [4] - The overall price trend in the liquor market showed more declines than increases, particularly in the mid-range segment [4][10] Cost Analysis - The cost index for soft drinks, seasonings, and other categories showed slight increases, while beer and instant noodles experienced declines [4] - Packaging material prices have decreased significantly compared to last year, with aluminum can prices up by 12.01% [4] Fund Flows - As of the end of May, net inflows into Hong Kong Stock Connect amounted to 41.99 billion yuan, with the essential consumer sector's market capitalization share at 5.65% [5] - The food additives sector saw an increase in market share, while the dairy sector experienced a slight decrease [5] Valuation Metrics - The PE historical percentile for A-share food and beverage stocks was 19% (21.5x), a decrease from the previous month [5] - H-share essential consumer sector PE historical percentile increased to 34% (18.8x), reflecting a rise in valuation [5] Recommendations - The report suggests waiting for opportunities or buying high-dividend stocks, as the current fundamentals lack catalysts for growth [6] - Key stocks with high dividend yields include Master Kong, Uni-President, and China Feihe, among others [6]

Investment Strategy - The report suggests gradually increasing risk appetite for thematic trading as June approaches, noting that thematic trading often performs well in June, with high market attention on sectors like innovative pharmaceuticals and IP economy [2][8] - The trading strategy is shifting from focusing on individual stocks with unexpected performance to high-growth industries, recommending attention to sectors such as feed, motorcycles, plastics, animal health, and batteries [2][8] June Stock Recommendations 1. **Yinlong Co., Ltd. (603969.SH)**: Expected to achieve over 30% compound annual growth in profits over the next 2-3 years due to the high-end trend in prestressed materials and strong order visibility [9][10] 2. **Cambricon Technologies (688256.SH)**: Anticipated to enter a profit explosion phase, with significant increases in inventory and cash flow indicating strong demand for main chips [11][12] 3. **Yanjing Beer (000729.SH)**: The main product U8 is expected to maintain over 30% growth, supported by seasonal demand and improved market conditions [17][18] 4. **Xintian Green Energy (600956.SH)**: Projected revenue growth driven by stable wind power generation and ongoing expansion in natural gas operations [19][20] 5. **Huaneng International (600011.SH)**: Expected profit growth due to reduced fuel costs and ongoing expansion in renewable energy capacity [23][24] 6. **Salted Fish (002847.SZ)**: Anticipated revenue growth from successful product launches in the konjac category and effective channel expansion strategies [14][15]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Views - The report emphasizes investment opportunities in the soft drink and low-alcohol segments due to new products, low base effects, and the upcoming peak season [4][5][15] - The white liquor sector is recommended with a focus on Moutai and Fenjiu, while the yellow wine sector is under observation for data validation [3][18] - The report identifies four key themes in the consumer goods sector: cost control, new consumption trends, potential performance elasticity in Q2, and thematic expectations [18][22] Summary by Sections Market Performance Review - From May 26 to May 30, the food and beverage sector declined by 1.06%, while the Shanghai Composite Index fell by 0.03% [24] - Notable performances included soft drinks (+9.27%), other alcoholic beverages (+7.13%), and beer (+3.22%) [24] White and Yellow Liquor - The white liquor sector saw a decline of 2.76%, attributed to recent regulations and seasonal factors [3] - Shanxi Fenjiu aims for national expansion and product growth, indicating a strategic opportunity during the industry's adjustment phase [3][18] Beer and Beverage - The beer sector increased by 3.22%, supported by seasonal demand and promotional activities [14] - The report highlights the potential of the soft drink and low-alcohol segments, with significant growth in companies like Li Ziyuan and Dongpeng Beverage [15][22] Consumer Goods - The consumer goods sector is recommended based on four main themes: cost control, new consumption, potential performance elasticity, and thematic expectations [18][22] - The report suggests focusing on companies that can leverage these themes, such as Ximai Food and H&H [22] Investment Recommendations - Top picks include soft drinks and low-alcohol products like Li Ziyuan, Chengde Lulou, and Dongpeng Beverage [5][22] - For the white liquor sector, leading companies like Shanxi Fenjiu and Guizhou Moutai are recommended [5][22] - The report also suggests monitoring companies in the consumer goods sector that align with the identified themes [22]

Group 1 - The company will hold its 2024 Annual General Meeting (AGM) on June 24, 2025, at 14:30 [3][53] - The meeting will be convened by the company's board of directors and is compliant with relevant laws and regulations [2][30] - Shareholders can participate in the meeting either in person or through online voting [4][53] Group 2 - The record date for shareholders to attend the AGM is June 18, 2025 [5] - The agenda includes the review of the 2024 Annual Report and the proposal for the remuneration of directors and senior management [7][10] - Independent directors will present their reports during the AGM, although these reports will not be subject to voting [8][10] Group 3 - The company will provide a platform for online voting through the Shenzhen Stock Exchange systems [4][16] - Voting will be available on June 24, 2025, with specific time slots for both online and in-person voting [3][21] - Shareholders must register for the meeting by providing necessary identification and documentation [11][14]

Group 1 - The board meeting of Beijing Yanjing Beer Co., Ltd. was held on May 30, 2025, with all six directors participating [1][2][3] - The board approved several amendments to internal management systems, including the fundraising management system and major investment management system, with unanimous votes of 6 in favor and none against [2][3][4] - The company plans to hold the 2024 annual shareholders' meeting on June 24, 2025, combining on-site and online voting methods [4][5] Group 2 - The amendments to the management systems will be submitted for approval at the shareholders' meeting before implementation [2][3] - The full text of the amended systems will be published on the Giant Tide Information Network on June 3, 2025 [2][3][4]

Core Viewpoint - Yanjing Beer announced its annual shareholder meeting scheduled for June 24, 2025, with a record date for voting on June 18, 2025 [1] Group 1: Shareholder Meeting Details - The meeting will take place at Yanjing Beer Technology Building, No. 9 Shuanghe Road, Shunyi District, Beijing [1] - The meeting will include 23 agenda items for audit and approval [1] Group 2: Agenda Items - The agenda includes the 2024 Board of Directors report, 2024 Supervisory Board report, and 2024 financial statements [1] - Profit distribution plan for 2024 and financial report audit remuneration for 2024 and 2025 are also on the agenda [1] - Proposals regarding the remuneration of directors, senior management, and supervisors for 2024 and 2025 will be discussed [1] - Several amendments to company regulations and management systems, including the Articles of Association and various internal management rules, are proposed [1]

北京燕京啤酒股份有限公司 资金理财管理办法 （2025 年 6 月） 第一章 总 则 第一条 为加强资金管理，规范资金理财的范围、审批流程与权限，防范资 金理财的风险，提高资金理财的效益，依据《企业内部控制应用指引第 6 号—资 金活动》、《深圳证券交易所股票上市规则》、《深圳证券交易所上市公司自律 监管指引第 1 号——主板上市公司规范运作》（以下简称"上市公司规范运作指 引"）、《深圳证券交易所上市公司自律监管指引第 7 号——交易与关联交易》 等法规及《公司章程》规定，特制订本办法。 第二条 资金理财范围 （一）交易性金融资产：公司购买银行、证券公司、信托公司等金融机构发 行的货币基金等收益率随着市场价格波动的理财产品； （二）持有至到期投资：公司购买银行、证券公司、信托公司等金融机构发 行的短期融资券、优质客户信贷资产类理财产品、票据类理财产品以及通过证券 交易系统进行国债逆回购等投资人不可在到期日前提前赎回的理财产品； （三）可供出售金融资产：公司购买信托公司发行的投资人可申请提前终止 或转让收益权的信托计划； 理财产品不包括对外股权投资，对外股权投资按《公司章程》等相关规定执 行。 第三条 资金理 ...

北京燕京啤酒股份有限公司 信息披露暂缓与豁免业务管理制度 （2025 年 6 月） 第一章 总则 第一条 北京燕京啤酒股份有限公司(以下简称"公司")为进一步规范信息 披露暂缓与豁免行为，确保公司及相关信息披露义务人依法依规履行信息披露 义务，保护投资者的合法权益，根据《上市公司信息披露管理办法》（以下简称《 信息披露管理办法》）《上市公司信息披露暂缓与豁免管理规定》（以下简称《信息 披露暂缓与豁免管理规定》）《深圳证券交易所股票上市规则》（以下简称《股票上市规 则》）《深圳证券交易所上市公司自律监管指引第5号——信息披露事务管理》等 法律法规、规范性文件及《公司章程》的有关规定，结合公司实际情况，制定本制度 。 （一）公司董事会秘书和董事会办公室； （二）公司董事和董事会； 1 （三）公司高级管理人员； （四）公司总部各部门以及各分公司、子公司的负责人； 第二条 公司和相关信息披露义务人按照《股票上市规则》及深圳证券交 易所（以下简称"深交所"）其他相关业务规则的规定，办理信息披露暂缓、 豁免事务的，适用本制度。 第三条 公司及相关信息披露义务人应当真实、准确、完整、及时、公平 地披露信息，不得滥用暂缓或者 ...

北京燕京啤酒股份有限公司 年报信息披露重大差错责任追究制度 （2025 年 6 月） 第一章 总 则 第一条 为了提高公司的规范运作水平，增强信息披露的真实性、准确性、 完整性和及时性，提高年报信息披露的质量和透明度，根据有关法律、法规规定， 结合公司实际情况，制定本制度。 第二条 本制度所指责任追究制度是指年报信息披露工作中有关人员不履行 或者不正确履行职责、义务或其他个人原因，导致年报信息存在虚假陈述和重大 差错，对公司造成重大经济损失或造成不良社会影响时的追究与处理制度。 第三条 本制度适用于公司董事、高级管理人员、各子公司负责人、控股股 东及实际控制人以及与年报信息披露工作有关的其他人员。 第四条 实行责任追究制度，应遵循以下原则：实事求是、客观公正、有错 必究；过错与责任相适应；责任与权利对等原则。 第五条 公司董事会办公室在董事会秘书领导下负责收集、汇总与追究责任 有关的资料，按制度规定提出相关处理方案，逐级上报公司董事会批准。 第二章 年报信息披露重大差错的责任追究 第六条 有下列情形之一的应当追究责任人的责任： 1. 违反《公司法》、《证券法》、《企业会计准则》和《企业会计制度》等国 家法律法 ...

北京燕京啤酒股份有限公司 重大投资管理制度 （修订预案，待股东会审批） 第一章 总则 第一条 为促进北京燕京啤酒股份有限公司（以下简称"公司"或"本公司"） 的规范运作和健康发展，规避经营风险，保证公司资金、财产安全，维护公司及 股东利益，明确公司重大投资、财务决策的批准权限与批准程序，根据《中华人 民共和国公司法》、《中华人民共和国证券法》、《深圳证券交易所股票上市规则》 及本公司《公司章程》等有关法律法规和规章制度的规定，结合本公司的实际情 况，制定本制度。 第二条 本制度所称"重大投资"包括下列事项： 1、购买或出售资产； 4、租入或者租出资产； 5、签订管理方面的合同（含委托经营、受托经营等）； 2、对外投资（含委托理财、对子公司投资等） 按照投资目的分类，对外投资分为短期投资和长期投资。短期投资包括股票 投资和债券投资，长期投资包括长期股权投资和长期债权投资。 公司对外投资类型包括但不限于： （一）公司独立兴办企业或独立出资的经营项目； （二）公司出资与其他境内外独立法人实体、自然人成立合资、合作公司或 开发项目； （三）通过购买目标企业股权的方式所实施的收购、兼并行为； （四）股票、债券、基金投资 ...