Group 1 - The 19th International Economic Advisory Council meeting in Chongqing focused on "building an AI application hub to empower high-quality industrial development" with representatives from 21 global Fortune 500 companies [1] - A total of 71 forward-looking suggestions were made, primarily in three areas: constructing a systematic AI application mechanism, enhancing talent recruitment and training, and deepening open cooperation [1] - Companies like Signify and Hitachi Energy expressed intentions to deepen investment cooperation, with Hitachi's CEO emphasizing the need for stable power supply to unlock AI's potential [1] Group 2 - Carlsberg has invested over 20 billion yuan in China, with more than 10 billion yuan in Chongqing, and is leveraging its global "AI+" experience in its local operations [2] - Carlsberg's executive vice president proposed the establishment of an "AI+ agriculture and food" innovation platform, advocating for government-led initiatives to enhance international standards and support AI applications across various business processes [2] - The proposal includes creating a tiered talent cultivation system leveraging local educational resources to support the "AI+ agriculture and food" sector [2] Group 3 - Siemens has been involved in Chongqing's industrialization since 1925 and is a long-standing advisor in the International Economic Advisory Council [3] - Siemens' executive vice president highlighted the transition of industrial AI from "technology heat" to "application depth," aligning with Chongqing's robust manufacturing base and the new "industrial brain + future factory" model [3] - The focus is on promoting applications, nurturing talent, and building ecosystems to fully realize the potential of "manufacturing + AI" in Chongqing [3]

Core Insights - Carlsberg views Chongqing as its home in China and is committed to leveraging its global "AI+" experience to enhance the quality of the food and agricultural processing industry in the region [1][4]. Investment and Operations - Carlsberg has invested over 100 billion yuan in Chongqing, part of a total investment exceeding 200 billion yuan in China, contributing to the growth of Chongqing Brewery Co., Ltd. into one of China's top five beer companies with nearly 15 billion yuan in annual revenue and approximately 2.6 billion yuan in taxes [4]. - The company operates a production network of 27 breweries and a nationwide sales network [4]. AI Integration - The "AI+" initiative is integrated throughout Carlsberg's operations, enhancing production efficiency and sustainability by enabling smarter brewing processes and closer consumer connections [4]. - In production, AI facilitates real-time monitoring and management through systems like MES, optimizing equipment performance and reducing waste [4]. - In energy management, AI acts as a "smart steward," optimizing resource usage and minimizing emissions through EMS [5]. Recommendations for Chongqing - Carlsberg suggests establishing an "AI+ Agriculture and Food" innovation platform led by the Chongqing government to enhance international collaboration and standard-setting [6]. - The company recommends creating special funds to support AI applications across the supply chain, from procurement to marketing, to develop replicable success models [6]. - It advocates for building a talent cultivation system leveraging local educational resources to supply skilled professionals for the "AI+ Agriculture and Food" sector [6]. - Carlsberg proposes hosting high-level international summits to gather global expertise and enhance Chongqing's innovative city brand [7].

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry, expecting the industry index to outperform the market index by over 10% in the next six months [53]. Core Viewpoints - The report highlights the focus on liquor sales during the Mid-Autumn Festival and National Day, suggesting that consumer demand remains under pressure, particularly for high-end liquor brands like Kweichow Moutai [4][48]. - The report indicates a structural opportunity in mass-market products, with varying performance across different sub-sectors, emphasizing the importance of monitoring demand and cost indicators in the beer sector and consumption recovery in the condiment sector [4][48]. Summary by Sections Market Review - From September 12 to September 25, 2025, the SW food and beverage industry index fell by 5.76%, underperforming the CSI 300 index by approximately 6.76 percentage points [11]. - All sub-sectors underperformed the CSI 300 index during this period, with the baking sector experiencing the largest decline at -7.80% [13][14]. - Approximately 7% of stocks in the industry recorded positive returns, with notable gainers including Qianwei Yangchu (+21.90%) and Yangyuan Beverage (+16.80%) [15] . Industry Important Data Tracking Liquor Sector - As of September 25, 2025, the price of Feitian Moutai decreased to 1,765 RMB per bottle, while the price of Guojiao 1573 increased to 840 RMB per bottle [22]. Condiment Sector - As of September 25, 2025, the price of soybean meal was 2,988 RMB per ton, down 72 RMB from September 11, while the price of white sugar was 5,780 RMB per ton, down 110 RMB [25]. Beer Sector - As of September 25, 2025, the average price of barley was 2,230 RMB per ton, while the price of aluminum ingots was 20,710 RMB per ton, down 100 RMB [30]. Dairy Sector - The average price of fresh milk remained stable at 3.03 RMB per kilogram as of September 19, 2025 [37]. Meat Products Sector - The average wholesale price of pork was 19.44 RMB per kilogram as of September 25, 2025, down 0.49 RMB from September 11 [39]. Industry News - The report notes a slight decline in the national liquor price index in early September 2025, indicating ongoing market adjustments [41]. - The number of registered beer-related enterprises increased by 10.83% year-on-year from January to August 2025, reflecting a growing market [42]. Weekly Industry Perspective - The report emphasizes the importance of monitoring liquor sales during the upcoming holidays and suggests focusing on high-certainty liquor brands and mass-market products that benefit from policy catalysts [48].

Group 1 - The recent visit by the director of the local People's Congress, Bao Jian, to Shunxin Agriculture Pengcheng Food Company and Yanjing Brewery aimed to understand the operational status and challenges faced by these enterprises [1][3]. - At Shunxin Agriculture, the focus was on the pig slaughtering and meat processing production line, with an emphasis on recent operational data, market supply stability, and safety production measures [3][4]. - At Yanjing Brewery, the visit highlighted the efficiency of the beer production line and the progress in new product development, including discussions on brand upgrades and market feedback [3][4]. Group 2 - Bao Jian emphasized the need for a continuous communication mechanism to identify and address the challenges faced by enterprises, ensuring better support for innovation and development [4]. - The importance of aligning government and enterprise efforts to create a synergistic environment for innovation and market responsiveness was stressed [4]. - The role of the People's Congress in monitoring policy implementation and service efficiency was highlighted as crucial for supporting the construction of an integrated urban and industrial development [4].

Core Points - Zhao Wei, the Chief Financial Officer (CFO) of China Resources Beer, has resigned from his position due to other work arrangements and will take on a new role as CFO at China Resources Land starting September 23 [1][2] - Zhao Wei has over 20 years of experience in financial management and has been with the China Resources Group for 20 years, holding various key positions within China Resources Beer [1] - The company expressed gratitude for Zhao Wei's contributions during his tenure and will announce a replacement for the CFO position in due course [2] Company Changes - Zhao Wei's resignation marks the second high-level personnel change at China Resources Beer within a span of twenty days [1] - The current chairman of the board is Zhao Chunwu, who was appointed earlier this month [2] Background Information - Zhao Wei holds a PhD in engineering from Tianjin University and has served in multiple significant roles within the China Resources Group, including CFO of China Resources Pharmaceutical Commercial Group [1] - Since February 2024, Zhao Wei has also held key positions in the white liquor sector of China Resources, including directorships at several subsidiaries [2]

Core Points - The board of directors of Chongqing Beer Co., Ltd. held its third meeting of the eleventh session on September 25, 2025, to discuss and approve the revised management compensation and performance assessment plan for senior management for the year 2025 [1][5] - The revised compensation plan includes a salary system based on annual basic salary and performance bonuses, which are determined by the company's annual operating performance and individual work objectives [1][5] - The voting results for the proposal showed 7 votes in favor, with no votes against or abstentions, indicating strong support from the board [3] Summary by Sections Meeting Details - The meeting was convened in Guangzhou with both in-person and video conference attendance, ensuring compliance with the Company Law of the People's Republic of China and the company's articles of association [1] Proposal on Compensation - The board approved the revised senior management compensation and performance assessment plan, which emphasizes a structured approach to salary and performance evaluation [1][2] Voting Process - Two directors recused themselves from the vote due to conflicts of interest, ensuring the integrity of the voting process [2] - The proposal received unanimous support from the remaining board members, reflecting a consensus on the importance of the revised compensation structure [3]

2024年11月,国务院正式批复《青岛市国土空间总体规划(2021—2035年)》,为这座海滨城市擘画了面向 未来的发展蓝图。作为全国首个"多规合一"的国土空间规划,青岛以"活力海洋之都、精彩宜人之城"为 愿景,确立了"沿海重要的中心城市、国家历史文化名城、现代海洋城市、国际性综合交通枢纽城市"的 战略定位。到2035年,青岛将建成环湾引领、陆海统筹、创新驱动、生态宜居的现代化国际大都市,为黄 河流域高质量发展和海洋强国建设提供"青岛样板"。 今年6月10日8时32分,随着75052次中欧班列从青岛胶州站开出,中欧班列历年累计开行突破11万列,发送 货值超4500亿美元,保持安全稳定畅通运行,中欧班列高质量发展取得新成效。 近年来,青岛以"国际性综合交通枢纽城市"为定位,打造海港+空港双枢纽体系。青岛港（601298）加快前 湾港区自动化码头三期建设,2035年集装箱吞吐量目标达3000万标箱,开通国际航线200条,成为东北亚连 接"一带一路"的关键节点。预计到2035年,胶东国际机场二期工程将新增2条跑道,旅客吞吐量突破8000万 人次,建成面向日韩、联通上合组织国家的门户空港。 到2035年,青岛陆路交通 ...

Group 1 - The success of the Snowflake project provides a replicable "Mingshui experience" for national-level economic development zones, emphasizing ecological thinking as the core [1] - The Mingshui Economic Development Zone focuses on a "symbiotic" concept, creating a first-class hardware and industrial environment centered around the core needs of leading enterprises, forming a positive cycle of "gathering chains through production and revitalizing cities through chains" [1] - Innovative mechanisms such as "five unifications" management, parallel approval processes, land pre-reservation, and "project managers" effectively address landing bottlenecks, transforming "impossible" into "Mingshui speed" [1] Group 2 - The establishment of the China Resources Snow Beer million-ton factory in the Mingshui Economic Development Zone symbolizes the government's commitment, the dedicated service of the team, and the collaborative future between government and enterprises [2] - The Mingshui Economic Development Zone is setting a new benchmark for optimizing the business environment with the belief of "building a golden nest to attract the phoenix and sincere service to win the future" [2] - The Snowflake project drives cluster development, attracts headquarters relocation, contributes to tax revenue and employment, achieving a win-win situation for localities and enterprises, illustrating the ultimate value of investment attraction [1]

白酒：即时零售渠道兴起 [Table_Industry] 食品饮料 白酒新渠道专题报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 訾猛(分析师) | 021-38676442 | zimeng@gtht.com | S0880513120002 | | 颜慧菁(分析师) | 021-23183952 | yanhuijing@gtht.com | S0880525040022 | | 李美仪(分析师) | 021-38038667 | limeiyi@gtht.com | S0880524080002 | 本报告导读： 2025 年以来供需共同驱动即时零售渠道扩张，本轮渠道浪潮有望为酒类品牌提供结 构性机会，白酒、啤酒等领域具备较强渠道力和资金实力的企业有望受益。 投资要点： [Table_Invest] 评级： 增持 [Table_Report] 相关报告 食品饮料《关注低估值&确定性带来价值修复机 会》2025.09.20 食品饮料《社零环比降速，线上稳中有升》 2025.09.18 食品饮料《白酒报表逐步出清，茅 ...

Group 1 - The food and beverage sector is experiencing a downturn, with the Food ETF (515710) declining by 0.65% as of the market close on September 25 [1] - Key stocks in the sector, particularly in the liquor category, have seen significant declines, with brands like Wuliangye, Luzhou Laojiao, and Yili falling over 1% [1] Group 2 - The World Brand Lab announced the 2025 "Asia's 500 Most Valuable Brands" list, with Moutai ranking first in the Asian food and beverage industry and 28th overall, showing a stable upward trend [3] - Wanlian Securities indicates that the liquor industry is in a bottoming phase, with expectations for demand recovery as channel inventories clear and policy impacts ease [3] - Guizhou Moutai, as a leading high-end liquor brand, is expected to maintain steady growth due to its strong brand power and competitive moat [3] Group 3 - Current valuations in the food and beverage sector are low, with the Food ETF's price-to-earnings ratio at 20.38, indicating a favorable long-term investment opportunity [4] - Analysts suggest that the liquor sector is likely to see a recovery in demand as the industry moves past its worst phase, with a focus on high-end and resilient regional brands [5] Group 4 - The food and beverage sector is seeing increased innovation and channel reform among liquor companies to maintain market share, with a focus on the upcoming festive season for inventory and sales performance [6] - The Food ETF (515710) primarily invests in leading high-end and mid-range liquor stocks, with significant allocations to brands like Moutai, Wuliangye, and Yili [6]