Core Viewpoint - The non-baijiu sector experienced a 0.72% increase on January 22, with Weilong Co., Ltd. leading the gains, while the Shanghai Composite Index rose by 0.14% and the Shenzhen Component Index increased by 0.5% [1] Group 1: Market Performance - The closing price of Weilong Co., Ltd. was 7.07, with a rise of 6.00% and a trading volume of 181,700 shares, amounting to a transaction value of 127 million yuan [1] - Other notable performers included CITIC Neya with a closing price of 6.25, up 5.57%, and Mogaoguan Co. at 5.84, up 1.92% [1] - The overall trading volume in the non-baijiu sector showed varied performance, with some stocks like Feike Beer and Jinfeng Wine also recording positive gains [1] Group 2: Capital Flow - The non-baijiu sector saw a net outflow of 18.218 million yuan from institutional investors and 35.8685 million yuan from retail investors, while there was a net inflow of 54.0864 million yuan from individual investors [2] - The capital flow data indicates that while institutional and speculative funds withdrew, retail investors were actively buying into the sector [2] Group 3: Individual Stock Analysis - Chongqing Beer experienced a net outflow of 16.9419 million yuan from institutional investors, while retail investors contributed a net inflow of 1.2597 million yuan [3] - Weilong Co., Ltd. had a net inflow of 14.4287 million yuan from institutional investors, but faced a net outflow of 1.19562 million yuan from retail investors [3] - Qingdao Beer saw a net inflow of 11.5279 million yuan from institutional investors, indicating strong institutional interest despite retail outflows [3]

股票代码：000752 股票简称：ST 西发 公告编号：2026-002 西藏发展股份有限公司 关于筹划重大资产重组的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 提别提示： 一、本次筹划交易的基本情况 西藏发展股份有限公司（以下简称"公司"）持有西藏拉萨啤酒有限公司（以下简称"拉 萨啤酒"）50%股权，为拉萨啤酒控股股东。为更好地聚焦实业、突出主业、深耕专业领域， 公司拟筹划以现金方式购买嘉士伯国际有限公司（以下简称"嘉士伯国际"）所持有的拉萨 啤酒 50%的股权。若本次交易能够顺利完成，公司将持有拉萨啤酒 100%的股权，有利于提 高公司资产的完整性，增强公司的持续经营能力，不会导致公司财务状况发生重大不利变化， 并且有利于公司突出主业、增强抗风险能力，提升整体竞争力。 1 /西藏发展股份有限公司 本次交易不涉及发行股份，不构成关联交易，也不会导致上市公司控股股东和实际控制 人发生变更。 二、筹划交易的进展情况 2025 年 7 月 21 日，公司第十届董事会第三次会议审议通过了《西藏拉萨啤酒有限公司 50%股权转让及其他事项的条款清单》，具体 ...

Market Performance - The non-liquor sector increased by 1.82% compared to the previous trading day, with *ST Lanhua leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] Stock Highlights - The top-performing stocks in the non-liquor sector included: - *ST Lanhua: Closed at 10.56, up 3.53% with a trading volume of 85,700 shares and a turnover of 90.20 million yuan [1] - Zhirun Co.: Closed at 22.30, up 3.19% with a trading volume of 115,800 shares and a turnover of 258 million yuan [1] - ST Xifa: Closed at 11.34, up 3.18% with a trading volume of 55,600 shares and a turnover of 62.75 million yuan [1] Capital Flow - The non-liquor sector saw a net inflow of 19.12 million yuan from institutional investors, while retail investors contributed a net inflow of 25.07 million yuan [1] - Retail investors experienced a net outflow of 44.20 million yuan from speculative funds [1] Individual Stock Capital Flow - Key stocks with significant capital flow included: - Huaiqi Mountain: Net inflow of 13.72 million yuan from institutional investors, with a net outflow of 15.01 million yuan from speculative funds [2] - Xianjing Beer: Net inflow of 13.16 million yuan from institutional investors, with a net outflow of 29.92 million yuan from speculative funds [2] - ST Xifa: Net inflow of 12.87 million yuan from institutional investors, with a net outflow of 5.68 million yuan from speculative funds [2]

Market Overview - The non-white liquor sector experienced a decline of 0.45% on January 15, with Kuaijishan leading the drop [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index rose by 0.41% to 14306.73 [1] Stock Performance - Notable gainers in the non-white liquor sector included: - *ST Yedao: Closed at 6.44, up 3.21% with a trading volume of 86,100 shares and a turnover of 54.65 million yuan [1] - ST Xifa: Closed at 10.83, up 2.75% with a trading volume of 54,700 shares and a turnover of 58.89 million yuan [1] - *ST Lanhong: Closed at 9.71, up 1.68% with a trading volume of 31,700 shares and a turnover of 30.79 million yuan [1] - Conversely, Kuaijishan saw a decline of 2.25%, closing at 20.41 with a trading volume of 85,300 shares and a turnover of 175 million yuan [2] Capital Flow Analysis - The non-white liquor sector experienced a net outflow of 5.02 million yuan from institutional investors and 10.70 million yuan from retail investors, while retail investors saw a net inflow of 15.72 million yuan [2] - Key capital flows for selected stocks included: - Jinfeng Wine Industry: Net inflow of 11.50 million yuan from institutional investors, but a net outflow of 6.69 million yuan from retail investors [3] - *ST Yedao: Net inflow of 10.16 million yuan from institutional investors, with a net outflow of 6.46 million yuan from retail investors [3] - ST Xifa: Net inflow of 0.94 million yuan from retail investors, but a net outflow of 0.42 million yuan from institutional investors [3]

Market Overview - The non-liquor sector increased by 0.6% compared to the previous trading day, with ST Xifa leading the gains [1] - The Shanghai Composite Index closed at 4120.43, up by 0.92%, while the Shenzhen Component Index closed at 14120.15, up by 1.15% [1] Stock Performance - ST Xifa (000752) closed at 10.96, with a rise of 3.01% and a trading volume of 79,000 shares, amounting to a transaction value of 84.38 million yuan [1] - Other notable performers include: - Zhirun Co. (002568) at 22.04, up 1.29% with a transaction value of 185 million yuan [1] - Pearl River Beer (002461) at 9.53, up 0.95% with a transaction value of 60.84 million yuan [1] - Huakai Mountain (601579) at 20.85, up 0.92% with a transaction value of 229 million yuan [1] Capital Flow - The non-liquor sector experienced a net outflow of 90.01 million yuan from institutional investors, while retail investors saw a net inflow of 86.62 million yuan [2] - The capital flow for individual stocks shows: - Yansheng Mingru (600600) had a net inflow of 7.66 million yuan from institutional investors [3] - ST Yedao (600238) saw a net inflow of 1.10 million yuan from retail investors [3] - Gu Yue Long Shan (600059) had a significant retail net inflow of 12.94 million yuan despite a net outflow from institutional investors [3]

股票代码：000752 股票简称：ST 西发 公告编号：2026-001 2、网络投票时间为：2026 年 1 月 7 日。其中，通过深圳证券交易所交易系统进行网络投 票的具体时间为：2026 年 1 月 7 日上午 9:15 至 9:25、9:30 至 11:30，下午 13:00 至 15:00；通 过深圳证券交易所互联网投票系统进行网络投票的具体时间为 2026 年 1 月 7 日上午 9:15 至下 午 15:00 的任意时间。 （二） 股东会现场会议召开地点：成都市高新区天府大道北段966号天府国际金融中心4 号楼9楼。 （三） 股东会召开方式：本次股东会采用现场表决与网络投票相结合的方式召开。 （四） 股东会的召集人和主持人：本次股东会由公司董事会召集，董事长罗希主持。 （五） 本次股东会的召开符合有关法律、行政法规、部门规章、规范性文件、深圳证券 交易所业务规则和公司章程的规定。 西藏发展股份有限公司 2026 年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、会议召开和出席情况 （一） 股东会召开时间： 1、现场会 ...

成都市锦江区东御街 18 号百扬大厦 1101 11F,Square One,No.18 Dongyu St. ,Jinjiang District,Chengdu,PRC 电话/TEL：（028）87747485 传真/FAX：（028）86512848 网址/WEBSITE：www.kangdacdlawyers.com/ 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 北京康达（成都）律师事务所 关于西藏发展股份有限公司 2026 年第一次临时股东会的法律意见书 康达（成都）股会字【2026】第【0001】号 致：西藏发展股份有限公司 北京康达（成都）律师事务所（以下简称"本所"）接受西藏发展股份有限公司（以 下简称"公司"）的委托，指派本所律师出席公司 2026 年第一次临时股东会（以下简称 "本次会议"）现场会议。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和 国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称"《股东会规 则》"）、《西藏发展股份有限公 ...

Core Viewpoint - The capital market in Tibet has made significant contributions to the high-quality development of the local economy during the "14th Five-Year Plan" period, with a focus on the dual growth of quantity and quality of listed companies, continuous innovation investment, improved investor return mechanisms, and robust risk prevention measures [1][2]. Group 1: Listed Companies' Performance - During the "14th Five-Year Plan," the number of listed companies in Tibet increased to 22, with a total market value rising from over 200 billion to 320 billion yuan, and 14 companies entering the "100 billion club," accounting for nearly 60% [7]. - The total operating revenue of these companies reached 40.98 billion yuan in the first three quarters of 2025, a year-on-year increase of 4.96%, while net profit attributable to shareholders was 6.63 billion yuan, up 37.2%, significantly outpacing national averages [7]. - The pharmaceutical and non-ferrous metal industries have emerged as the main drivers of regional economic development, with 8 pharmaceutical companies and 3 non-ferrous metal companies leading the way [7]. Group 2: Innovation and R&D - Innovation has been a core strategy for listed companies in Tibet, with R&D expenditures reaching 2.206 billion yuan in 2024, a 53.09% increase from 1.441 billion yuan in 2020, and R&D intensity rising to 4.06%, exceeding the national average by about 2 percentage points [12]. - In the first three quarters of 2025, R&D expenses totaled 1.74 billion yuan, a year-on-year increase of 18.8%, with R&D intensity reaching 4.24, nearly double the national average [12]. Group 3: Investor Returns - Listed companies in Tibet have focused on enhancing investor returns, with cumulative cash dividends during the "14th Five-Year Plan" period amounting to 17.012 billion yuan, a 28.79% increase compared to the "13th Five-Year Plan" [14]. - The stability and predictability of dividends have improved significantly, with companies like Meihua Biological achieving the highest cumulative dividends of 6.218 billion yuan during this period [14][15]. Group 4: Financing and Capital Tools - The capital market in Tibet has diversified financing tools, with direct financing amounts growing from 13.92 billion yuan in 2021 to 25.528 billion yuan in 2024, reflecting a compound annual growth rate of 22.40% [16]. - The issuance of asset-backed securities (ABS) marked a significant milestone, with a local state-owned enterprise issuing 7 ABS products in 2024, achieving a "zero breakthrough" in ABS issuance in Tibet [16]. Group 5: Risk Prevention and Regulation - Regulatory authorities in Tibet have adopted a "zero tolerance" approach to risk prevention, handling 13 cases of capital market violations during the "14th Five-Year Plan," with penalties exceeding 30 million yuan [19]. - The region has maintained a "zero default" status for corporate bonds, with no companies facing delisting risks during this period [19]. Group 6: Future Outlook - Looking ahead to the "15th Five-Year Plan," the capital market in Tibet aims to empower regional economic development through innovation, industrial upgrades, and risk prevention, with a focus on nurturing quality enterprises in sectors like pharmaceuticals and new materials [22].

Market Overview - The non-liquor sector increased by 0.17% compared to the previous trading day, with BaiRun Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3968.84, up by 0.09%, while the Shenzhen Component Index closed at 13525.02, down by 0.58% [1] Stock Performance - BaiRun Co., Ltd. (002568) closed at 21.81, with a rise of 2.11% and a trading volume of 102,200 shares, amounting to a transaction value of 222 million yuan [1] - ST XiFa (000752) closed at 66.01, up by 1.57%, with a trading volume of 26,400 shares [1] - GuYueLongShan (600059) closed at 9.26, increasing by 0.87% with a trading volume of 83,400 shares [1] - Other notable stocks include ZhongXinNiYa (600084) at 5.25 (+0.77%), ZhangYu A (000869) at 20.58 (+0.59%), and XianJing Beer (000729) at 11.23 (+0.45%) [1] Capital Flow - The non-liquor sector experienced a net outflow of 36.52 million yuan from institutional investors, while retail investors saw a net inflow of 54.50 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Qingdao Beer (600600) had a net inflow of over 9.80 million yuan from institutional investors, while retail investors had a net outflow of 9.96 million yuan [3] - WeiLong Co., Ltd. (603779) saw a net inflow of 4.23 million yuan from institutional investors, but a net outflow of 4.59 million yuan from retail investors [3] - Other stocks like ZhongXinNiYa (600084) and ZhangYu A (000869) also showed varied capital flows, with institutional and retail investors reacting differently [3]

Core Viewpoint - The non-white liquor sector experienced a slight increase of 0.12% on December 25, with Kuaijishan leading the gains. The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1]. Group 1: Market Performance - Kuaijishan (601579) closed at 21.10, with a rise of 1.98% and a trading volume of 109,700 shares, resulting in a transaction value of 230 million yuan [1]. - Weilang Co. (603779) saw a closing price of 6.65, up 0.91%, with a trading volume of 60,800 shares [1]. - Zhirun Co. (002568) closed at 21.60, increasing by 0.84%, with a trading volume of 55,200 shares [1]. - The overall non-white liquor sector had a net inflow of 38.61 million yuan from main funds, while retail investors experienced a net outflow of 17.34 million yuan [2]. Group 2: Fund Flow Analysis - Huichuan Beer (600573) had a main fund net outflow of 29.06 million yuan, with a retail net outflow of 13.31 million yuan [3]. - Kuaijishan (601579) recorded a main fund net inflow of 10.01 million yuan, but a retail net outflow of 6.47 million yuan [3]. - Jinfeng Wine Industry (600616) experienced a main fund net inflow of 6.48 million yuan, with a significant retail net outflow of 5.36 million yuan [3].