Market Overview - The non-white liquor sector experienced a decline of 0.31% compared to the previous trading day, with *ST Lanhuang leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Stock Performance - Notable gainers in the non-white liquor sector included: - Guyue Longshan (600059) with a closing price of 9.72, up 3.96% and a trading volume of 481,300 shares [1] - ST Xifa (000752) closed at 11.35, up 3.56% with a trading volume of 65,300 shares [1] - Huaiqian Beer (600573) closed at 12.07, down 0.74% with a trading volume of 62,800 shares [2] - The overall trading volume and turnover for the non-white liquor sector were significant, with major stocks showing varied performance [1][2] Capital Flow - The non-white liquor sector saw a net outflow of 91.04 million yuan from institutional investors, while retail investors contributed a net inflow of 16.87 million yuan [2] - The capital flow for specific stocks indicated: - Guyue Longshan had a net inflow of 21.72 million yuan from institutional investors [3] - *ST Lanhuang experienced a net outflow of 6.46 million yuan from institutional investors [3] Summary of Key Stocks - The following stocks had notable capital movements: - Guyue Longshan (600059): Institutional net inflow of 21.72 million yuan, retail net outflow of 49.43 million yuan [3] - *ST Lanhuang (000929): Institutional net outflow of 6.46 million yuan, retail net inflow of 7.77 million yuan [3] - ST Xifa (000752): Minor institutional net inflow of 0.48 million yuan, with retail investors showing a slight net inflow [3]

Core Viewpoint - The non-liquor sector experienced a slight increase of 0.18% on January 23, with *ST Lanhuang leading the gains, while the overall market indices also showed positive movement [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4136.16, up by 0.33% [1]. - The Shenzhen Component Index closed at 14439.66, up by 0.79% [1]. - The non-liquor sector stocks showed varied performance, with *ST Lanhuang rising by 2.72% to a closing price of 10.96 [1]. Group 2: Stock Performance - The top performers in the non-liquor sector included: - *ST Lanhuang: 10.96, +2.72%, trading volume of 49,400 shares, turnover of 54.08 million [1]. - Zhongxin Niya: 6.34, +1.44%, trading volume of 87,300 shares, turnover of 54.87 million [1]. - Huijuan Beer: 12.16, +0.16%, trading volume of 51,800 shares, turnover of 62.91 million [1]. - Conversely, stocks like Weilang Co. and ST Xifa saw declines of 2.12% and 1.88%, respectively [2]. Group 3: Capital Flow - The non-liquor sector experienced a net outflow of 23.53 million from institutional funds and 36.39 million from speculative funds, while retail investors contributed a net inflow of 59.92 million [2]. - Notable capital flows included: - Qingdao Beer: -35.13 million from institutional funds, with a retail outflow of -49.91 million [3]. - *ST Yedao: +5.45 million from institutional funds, with a retail inflow of +1.50 million [3].

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]

Core Viewpoint - The "Yellow River Cultural Tourism Night" event in Lanzhou aims to promote winter and spring tourism consumption through a variety of cultural and tourism activities, including the launch of the "Youyou Lanzhou" card for visitors [1][3][4] Group 1: Event Overview - The event features a comprehensive tourism promotion with elements of intangible cultural heritage, local agricultural products, performances, and a discount card system [3] - The "Youyou Lanzhou" card is priced at 88 yuan and is valid for 7 days, allowing nationwide tourists to access multiple key attractions in Lanzhou [3][4] Group 2: Activities and Attractions - The event showcases the "Horse Element" themed lanterns and includes various performances such as street dance, ethnic dance flash mobs, and community art exhibitions [3] - A dedicated area for intangible cultural heritage displays features works from provincial and municipal representatives, while a local agricultural product exhibition meets the demand for festive shopping [3] Group 3: Economic Impact - The "Youyou Lanzhou" card also connects with the Jin Chengguan Yellow River Cultural Tourism Street and various partner hotels and dining establishments, providing comprehensive consumer discounts [4] - This initiative is expected to effectively extend the tourism consumption chain and invigorate the winter and spring tourism market in Lanzhou [4]

Core Viewpoint - Lanzhou Yellow River Ecological Holding Group Co., Ltd. has been recognized as an "Excellent Case of Industrial Upgrade" in the 2025 Zhihui Finance "Bond Market Star" evaluation, highlighting its strong development momentum and responsibilities as a state-owned enterprise [1] Group 1: Reform Driven - Under the strong leadership of the Lanzhou Municipal Party Committee and Government, the company actively implements the 1139 work deployment and focuses on the "three major battles," accelerating its restructuring process [2] - The company has established a solid development foundation through a systematic approach of "risk isolation - resource integration - value enhancement," ensuring a clear main business and controllable risks [2] - Continuous optimization of corporate governance structure and improvement of the regulatory system have been implemented, providing a solid institutional guarantee for high-quality development [2] Group 2: Brand Building and Business Integration - The company leads with its core brand "Yellow River Lan Yu" and has cultivated a series of distinctive products, enhancing market competitiveness and brand influence [2] - The innovative path of "brand upgrade driving service quality improvement and integrated development activating urban momentum" has been explored [2] Group 3: Market Recognition - The recognition as an "Excellent Case of Industrial Upgrade" reflects the capital market's high regard for the company's reform achievements and industrial upgrade effectiveness [3] - The company has achieved a breakthrough in financing capabilities, with new comprehensive credit reaching 7 billion and a reduction in loan interest rates, significantly lowering financing costs [3] - Enhanced corporate image positively impacts investment attraction, accelerating the implementation of multiple cooperation projects and injecting new vitality into the regional economy [3] Group 4: Future Outlook - The company will continue to leverage its "Double AAA" credit rating and focus on the "3+2" modern industrial system, aiming to optimize existing resources and enhance new growth areas [4] - There will be an emphasis on integrating artificial intelligence and big data technologies into its seven business sectors, driving innovation in business models and service efficiency [4] - The company aims to contribute to regional economic confidence and ecological protection in the Yellow River basin, showcasing the new role and responsibilities of state-owned enterprises in the new era [4]

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-baijiu sector experienced a decline of 0.63% on January 14, with Yanjing Beer leading the drop [1] - The Shanghai Composite Index closed at 4126.09, down 0.31%, while the Shenzhen Component Index closed at 14248.6, up 0.56% [1] Stock Performance - Key stocks in the non-baijiu sector showed varied performance, with Kuaijishan closing at 20.88, up 0.68%, and Zhangyu A at 20.75, down 0.24% [1] - Other notable declines included ST Xifa at 10.54, down 0.38%, and Qingdao Beer at 51.80, down 0.97% [2] Trading Volume and Value - Kuaijishan had a trading volume of 104,000 shares and a transaction value of 218 million yuan, while ST Xifa had a volume of 40,100 shares and a value of 42.62 million yuan [1] - The non-baijiu sector saw a total net outflow of 76.61 million yuan from main funds, with retail investors contributing a net inflow of 43.96 million yuan [2] Fund Flow Analysis - Main funds showed a net inflow of 10.61 million yuan for Kuaijishan, while Zhangyu A experienced a net outflow of 2.52 million yuan [3] - The overall fund flow indicates a mixed sentiment, with retail investors showing interest in certain stocks despite the overall outflow from main funds [3]

证券代码：000929 证券简称：*ST 兰黄 公告编号：2026-001 兰州黄河企业股份有限公司 关于申请综合授信为子公司提供担保额度预计的 进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈 述或重大遗漏。 一、担保情况概述 兰州黄河企业股份有限公司（以下简称"公司"）分别于 2025 年 12 月 12 日召开第十二届董事会第十八次会议、2025 年 12 月 30 日召开 2025 年第六次临时股东会，审议通过了《关于 2026 年度申请综合授信为子公 司提供担保额度预计的议案》，同意公司及子公司（含现有及在授权期内 新设立或通过收购等方式纳入合并报表范围的全资及控股孙/子公司，下 同）2026 年度为子公司提供担保总额度不超过人民币 35,000.00 万元，其 中向资产负债率低于 70%的子公司提供担保额度合计不超过 32,000.00 万 元，向资产负债率为 70%以上的子公司提供担保额度合计不超过 3,000.00 万元。具体内容详见公司于 2025 年 12 月 13 日在《中国证券报》《证券 时报》和巨潮资讯网（http://www.cninfo. ...

Market Overview - The non-baijiu sector increased by 0.86% compared to the previous trading day, with *ST Lanhua leading the gains [1] - The Shanghai Composite Index closed at 4083.67, up 1.5%, while the Shenzhen Component Index closed at 14022.55, up 1.4% [1] Stock Performance - The top-performing stock was *ST Lanhua, closing at 676 with a rise of 4.98% and a trading volume of 25,300 shares [1] - Other notable stocks included Zai Liang Beer, which rose by 1.78% to 12.00, and Mogaogongsi, which increased by 1.31% to 5.42 [1] - The overall trading volume and turnover for various stocks in the non-baijiu sector were significant, with Zai Liang Beer achieving a turnover of 418 million yuan [1] Capital Flow - The non-baijiu sector experienced a net outflow of 16.92 million yuan from institutional investors, while retail investors saw a net outflow of 6.90 million yuan [2] - Conversely, speculative funds recorded a net inflow of 23.83 million yuan [2] Individual Stock Capital Flow - Qingdao Beer had a net inflow of 22.44 million yuan from institutional investors, representing 8.06% of its total capital flow [3] - *ST Lanhua saw a net inflow of 6.04 million yuan from institutional investors, accounting for 25.51% of its capital flow [3] - In contrast, Huichuan Beer experienced a net outflow of 2.87 million yuan from institutional investors, indicating a negative sentiment [3]

北京德恒（兰州）律师事务所 关于兰州黄河企业股份有限公司 2025 年第六次临时股东会的 法律意见 甘肃省兰州市城关区雁园路 601 号甘肃省商会大厦 A 座 15 层 电话：（0931）8260111 邮编：730011 北京德恒（兰州）律师事务所 关于兰州黄河企业股份有限公司 2025 年第六次临时股东会的法律意见 北京德恒（兰州）律师事务所 关于兰州黄河企业股份有限公司 2025 年第六次临时股东会的 法律意见 德恒 37G20240250 号 致：兰州黄河企业股份有限公司 北京德恒（兰州）律师事务所（以下简称：本所）受兰州黄河企业股份有限 公司（以下简称：公司/贵公司）委托，就贵公司 2025 年第六次临时股东会（以 下简称：本次股东会）召开的有关事宜，根据《中华人民共和国公司法》（以下 简称：《公司法》）、《上市公司股东会规则》（以下简称：《股东会规则》）、《兰州 黄河企业股份有限公司章程》（以下简称：《公司章程》）的有关规定，本所律师 就本次会议的召集、召开程序、现场出席会议人员资格、表决程序等相关事项进 行见证，并发表本《法律意见》。 为出具本《法律意见》，本所律师出席了本次会议，并审查了公司提 ...