证券日报网讯2月13日，明泰铝业（601677）在互动平台回答投资者提问时表示，公司现阶段将坚持高 端化、绿色化、智能化发展战略，加快新能源、汽车轻量化、高端铝材等领域布局，进一步提升产品附 加值与核心竞争力。未来公司会在稳定分红、市值管理、技术创新、产业链延伸、海内外产能布局等方 面积极作为。 ...

Core Viewpoint - Budweiser is facing unprecedented growth pressure in the Chinese market, with declining sales and profits reported in its latest earnings report [1][2]. Financial Performance - Budweiser APAC reported a revenue of $5.764 billion (approximately 39.787 billion RMB) for 2025, a year-on-year decrease of 6.1% [1]. - Beer sales reached 7.966 billion liters, down 6.0% year-on-year [1]. - The profit attributable to equity holders was $489 million (approximately 3.375 billion RMB), a significant decline of 32.6%, marking a low point in net profit over recent years [1]. Market Challenges - The company has experienced a continuous decline in key metrics, with beer sales and revenue in China dropping by 8.6% and 11.3% respectively in 2025 [2]. - The decline is attributed to a slowdown in high-end dining and entertainment channels, which have traditionally been strong for Budweiser [2]. - The company has been slow to adapt to new retail and e-commerce channels, with a lower proportion of non-on-premise sales compared to competitors [2]. Strategic Initiatives - Budweiser is increasing investments in non-on-premise channels and enhancing its sales team capabilities, particularly in Guangdong [2]. - The company is also focusing on marketing its core sub-brands, including new endorsements for Harbin Beer to strengthen connections with younger consumers [2]. Cost Pressures - Increased investments to support distributors and brand promotion in emerging channels have created additional profit pressures for Budweiser [3]. - The company plans to maintain high-intensity marketing and channel investments in 2026, coinciding with the World Cup events [3]. Industry Context - The domestic beer industry is entering a contraction phase, with local brands accelerating their premiumization and channel transformation, increasing pressure on international giants like Budweiser [3][4]. - Competitors such as Yanjing Beer and Chongqing Beer are forecasting significant profit growth, with Yanjing expected to achieve a net profit of 1.584 billion to 1.742 billion RMB, a year-on-year increase of 50%-65% [3][4]. Leadership Focus - CEO Cheng Yanjun has emphasized the need to reignite growth and rebuild market share in China as a primary task [4].

销量端，中国区4Q25销量同比下滑3.9%，主因公司核心的餐饮、夜场等渠道表现持续疲软。单价端， 4Q25中国区ASP同比-7.7%，主因公司加大对非现饮渠道的投入加之非现饮渠道占比提升对应产品结构 中枢下移。利润端，4Q25公司享受一定的原料成本下降与运营优化红利，但受经营杠杆刚性、总部营 销费用摊派及政府补助减少因素影响，中国区EBITDA同比-42.3%。 其他区域：印度延续增长态势，韩国盈利等待修复 亚太东部：销量端，因韩国消费环境疲软加之同期高基数，4Q25东部销量同比-1.3%。单价端，受益于 4Q25核心品类提价动作及2024年高端部分提价红利延续，东部四季度ASP同比+2.5%，利润端，因总部 费用摊派及韩国区员工薪资调整，使得4Q25东部EBITDA同比-9.8%。此外，公司的印度市场在结构升 级延续下保持高增长态势，对冲部分中国区压力。 中金发布研报称，考虑百威亚太(01876)或适度加大投入，下调26年EBITDA7.1%至15.93亿美元，引入 27年EBITDA16.37亿美元。当前股价对应26/27年6.5/6.2倍EV/EBITDA，因股息率托底，该行维持目标 股价9.80港元/ ...

Group 1 - The core viewpoint of the report indicates that China International Capital Corporation (CICC) has lowered Budweiser APAC's (01876) 2026 EBITDA forecast by 7.1% to $1.593 billion and introduced a 2027 EBITDA forecast of $1.637 billion, maintaining a target price of HKD 9.80 per share, which implies a 25.2% upside potential from the current stock price [1] Group 2 - For Q4 2025, the company's performance was in line with CICC's expectations, with revenue, sales volume, average selling price (ASP), and EBITDA showing year-on-year declines of -4.2%, -0.7%, -3.5%, and -24.7% respectively, particularly in China where these figures were -11.4%, -3.9%, -7.7%, and -42.3% [2] Group 3 - In the China region, Q4 2025 faced weak demand and deepened channel adjustments, leading to a 3.9% year-on-year decline in sales volume, primarily due to the poor performance in key channels like dining and nightlife, while ASP dropped by 7.7% due to increased investment in off-premise channels [3] Group 4 - Other regions showed mixed results, with India continuing to grow while South Korea's profitability awaited recovery; in the Eastern Asia region, sales volume declined by 1.3% year-on-year due to a weak consumption environment in South Korea, although ASP increased by 2.5% due to price hikes in core categories [4] Group 5 - The company has set a growth-first strategy for 2026, aiming to proactively address market challenges, with the current on-premise channel share at a historical low, suggesting limited downside potential; if the on-premise channel recovers, Budweiser could exhibit stronger-than-industry elasticity [5]

Core Insights - The company's 4Q25 performance aligns with expectations, showing a decline in revenue, sales volume, ASP, and EBITDA, particularly in the Chinese market [1] - The company aims for growth in 2026, adopting a proactive approach to market challenges, with potential for recovery in the on-premise channel [2] Financial Performance - 4Q25 revenue, sales volume, ASP, and EBITDA decreased by 4.2%, 0.7%, 3.5%, and 24.7% year-on-year, respectively, with the Chinese market showing declines of 11.4%, 3.9%, 7.7%, and 42.3% [1] - The EBITDA forecast for 2026 is adjusted down by 7.1% to $1.593 billion, with a new estimate for 2027 at $1.637 billion [2] Market Trends - In China, weak demand and channel adjustments continue to pressure volume and pricing, with a 3.9% decline in sales volume attributed to poor performance in key channels [1] - The Indian market continues to show strong growth, helping to offset pressures from the Chinese market [1] Strategic Outlook - The company is prioritizing growth in 2026, with expectations for stabilization as the macro environment improves and strategic adjustments are made [2] - The current stock price reflects a valuation of 6.5x and 6.2x EV/EBITDA for 2026 and 2027, respectively, with a target price of HKD 9.80 per share indicating a potential upside of 25.2% [2]

Core Viewpoint - Shanxi Fenjiu has established itself as a benchmark in the national clear fragrance liquor market through strong performance, high-end leadership, and expansion beyond its home province [1] Group 1: Industry Position and Performance - In Q3 2025, Shanxi Fenjiu achieved a revenue of 89.6 billion, marking a 4.05% year-on-year growth, positioning it as the second-largest player in the liquor industry, following Kweichow Moutai [4][5] - Only Kweichow Moutai and Shanxi Fenjiu maintained positive growth in revenue and net profit among 20 listed liquor companies during the first three quarters of 2025, showcasing its strong operational resilience [5][7] - The weighted ROE of Shanxi Fenjiu has consistently ranked first in the A-share liquor industry, with 39.7% in 2024 and 31.8% in the first three quarters of 2025, indicating superior capital return performance compared to Moutai [6][10] Group 2: Market Dynamics and Product Strategy - The liquor industry is experiencing a structural shift towards increased concentration, with top companies like Moutai, Shanxi Fenjiu, and others accounting for 88% of total industry revenue and 95% of net profit in 2025 [8] - Shanxi Fenjiu has developed a comprehensive product matrix that covers all price ranges, focusing on high-end products to drive profit upgrades, with a significant increase in the proportion of mid-to-high-end liquor revenue from 72.7% in 2022 to 75.2% in mid-2025 [11][12] Group 3: National and International Expansion - Shanxi Fenjiu has successfully expanded its market presence from a regional player to a national leader, with revenue from outside its home province surpassing that from within, reaching 62.4% by the end of 2024 [16][17] - The number of distributors has increased significantly, from 1,847 in 2020 to 3,718 in 2025, enhancing its distribution network and market coverage [18] Group 4: Management and Innovation - The company benefits from a stable and experienced management team, which has been instrumental in executing long-term strategies and optimizing operational management [21] - Shanxi Fenjiu is embracing innovation through technology and digital transformation, enhancing its production processes and expanding its online sales, which reached 21 billion in 2024, a 26% increase year-on-year [23][24] Group 5: Future Outlook - With a strong brand heritage and a commitment to innovation, Shanxi Fenjiu is well-positioned to maintain its leadership in the clear fragrance liquor market and expand its influence both nationally and globally [25]

Core Viewpoint - China State Construction Engineering Corporation (CSCEC) reported a steady growth in new contract signings for January 2026, indicating resilience in its business operations and a positive outlook for the construction industry [1][2]. Group 1: Contract Performance - In January 2026, CSCEC achieved a total new contract signing amount of 399.5 billion yuan, representing a year-on-year increase of 1.8% [1]. - The construction business segment saw new contract signings of 383.8 billion yuan, with a year-on-year growth of 1.6% [1]. - The housing construction segment specifically recorded new contract signings of 274.3 billion yuan, reflecting a significant year-on-year increase of 15.9% [1]. - Domestic new contract signings amounted to 361.7 billion yuan, showing a modest year-on-year growth of 0.3%, while overseas new contract signings reached 22.1 billion yuan, marking a robust year-on-year increase of 29.5% [1]. Group 2: Physical Indicators - The physical indicators for housing construction included a total construction area of 1.388 billion square meters, with new construction area of 16.71 million square meters and completed area of 15.57 million square meters [1]. Group 3: Real Estate Business - In January 2026, CSCEC's contract sales in the real estate sector totaled 15.7 billion yuan, which is a year-on-year increase of 6.9%, with a contract sales area of 520,000 square meters [1]. - The company reported a land reserve of 67.73 million square meters, indicating a sufficient supply of land for future projects [1]. Group 4: Major Projects - CSCEC has been steadily advancing major project constructions, with a total of 37.24 billion yuan in significant project amounts recently secured [1]. - This includes four housing construction projects, such as the Singapore Alexandra Hospital IP segment, totaling 18.37 billion yuan, and four infrastructure projects, including the reconstruction of the Fuyin Expressway in Xiangyang, amounting to 18.87 billion yuan [1]. Group 5: Future Outlook - Looking ahead to 2026, CSCEC aims to align closely with national policy directions, seizing industry development opportunities while accelerating its transformation towards high-end, intelligent, and green construction [2]. - The company is focused on enhancing both development quality and efficiency, with the goal of maintaining its leading position in the global industry and creating greater value for shareholders, clients, and society [2].

2月10日，高明区迎来开年首个重大项目签约，由华南优质钢管企业振鸿钢制品有限公司投资25亿元的 振鸿金属制品生产制造基地项目正式签约落户，项目选址杨和镇252.44亩地块，预计达产后实现年主营 业务收入50亿元。 在签约仪式上，振鸿钢制品有限公司相关负责人表示，高明连片的工业熟地和完善的产业配套让企业对 项目发展充满信心，后续将严把质量与技术标准，推动项目早动工、早达产，打造企业高端产品核心生 产基地，为高明产业发展贡献力量。 开年以来，高明区以"开局就是决战、起步就要冲刺"的奋斗姿态，抢抓全省开展大走访大对接和面向重 点群体招商工作先机，全力以赴推动引进项目数量、投资规模和项目质量上实现新突破，一批优质项目 相继签约、开工、投产。今年1月，全区共引进项目20个，投资总额44.96亿元。截止1月底，全区新开 工项目9个、新投产项目2个，超亿元项目1月新增固定资产投资10.35亿元。 高明区招商相关负责人表示，此次签约是高明区招商引资"开门红"的重要成果，为全年招商工作奠定了 坚实基础。为实现"十五五"良好开局，高明区将聚焦临空经济、新型电力系统装备、高端装备制造、新 能源等战略性新兴产业，精准对接500强企业 ...

（来源：经济日报） 中国制造规模有望连续16年稳坐全球制造业"头把交椅"。这是了不起的成绩，也是中国制造的底气所 在。2026年是"十五五"开局之年，大家可能会问：已经领跑全球的中国制造，未来还要怎么造、怎么变 得更强？答案就在四化里。哪四化？——高端化、智能化、绿色化、融合化。 转自：经济日报 ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨比亚迪（002594.SZ） [Table_Title] 比亚迪 2026 年 1 月销量点评：海外表现优异国 内持续去库，蓄势待发迎接新周期 报告要点 [Table_Summary] 比亚迪发布 1 月产销。公司 1 月整体销量 21.0 万辆，同比-30.1%，环比-50.0%，乘用车销量 20.6 万辆，同比-30.7%，环比-50.5%。分品牌来看，1 月海洋王朝/方程豹/腾势销量分别为 17.8/2.2/0.6 万辆，同比分别-36.2%/+247.0%/-48.8%，环比分别-48.4%/-57.6%/-66.9%。出海 销量维持高位，1 月出口销量 10.0 万辆，同比+43.3%。 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% 事件评论 丨证券研究报告丨 2026-02-10 公司研究丨点评报告 research.95579.com 1 [Table_sco ...