股票代码：000752 股票简称：ST 西发 公告编号：2025-065 西藏发展股份有限公司 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。 西藏发展股份有限公司（以下简称"公司"）于 2025 年 8 月 29 日在巨潮资讯网及公司 指定信息披露媒体披露了《关于召开 2025 年第二次临时股东会的通知》 （公告编号：2025-062）， 定于 2025 年 9 月 15 日以现场投票表决和网络投票相结合的方式召开公司 2025 年第二次临时 股东会。 公司于 2025 年 9 月 3 日召开了第十届董事会第五次会议，审议通过了《关于资金占用解 决方案的议案》，鉴于前述议案亦需提交股东会审议且公司已定于 2025 年 9 月 15 日召开 2025 年第二次临时股东会，为提高会议效率、减少会议召开成本，西藏盛邦控股有限公司（以下 简称"盛邦控股"）于同日以书面形式向公司提交了《关于提请增加公司 2025 年第二次临时 股东会临时提案的函》，提议将前述议案作为临时提案提交公司 2025 年第二次临时股东会审 议。前述议案的具体内容详见本通知附件 1 及公司于 ...

Core Viewpoint - The company is addressing a significant issue of fund occupation, with a total outstanding balance of approximately 331.39 million yuan, and has proposed a resolution plan involving its controlling shareholder and restructuring investors [1][2]. Group 1: Fund Occupation Situation and Resolution - The total amount of funds occupied by related parties is 331,390,718.71 yuan, which includes 185,223,152.69 yuan owed to the company and 146,167,566.02 yuan owed to Lhasa Beer [1]. - The proposed resolution includes the controlling shareholder, Xizang Shengbang Holdings Co., Ltd., compensating 150 million yuan of the occupied funds through its existing debt, and restructuring investors providing 35,223,152.69 yuan and 146,167,566.02 yuan to repay the respective amounts [2]. Group 2: Related Transactions - The transaction involving Xizang Shengbang Holdings is classified as a related party transaction, having been approved by the company's board and independent directors [2][3]. - The related party transaction does not involve any other interest arrangements and is subject to approval at the upcoming temporary shareholders' meeting [3]. Group 3: Impact and Purpose of the Transaction - The transaction aims to support the company's development, improve its asset situation, and enhance its operational sustainability, which is expected to positively impact the company's financial condition and eliminate historical issues related to fund occupation [5]. - The company has not engaged in other significant related transactions with Shengbang Holdings apart from a donation of 182 million yuan earlier in the year [5].

Group 1 - Zhao Chunwu has been officially appointed as the Chairman of China Resources Beer, transitioning from acting to formal leadership after the resignation of Hou Xiaohai [2][4] - Zhao Chunwu, a veteran with extensive experience in the company, has held various key positions since joining in 2003, including Vice President and General Manager of several core regional companies [4][6] - Under Zhao's leadership, the company aims to focus on practical management and continue its high-quality and premium development strategy, particularly in the beer sector [4][7] Group 2 - In the first half of 2023, China Resources Beer reported a total revenue of 23.942 billion yuan, a year-on-year increase of 0.8%, and a record net profit attributable to shareholders of 5.789 billion yuan, up 23% [7] - The growth in revenue was primarily driven by the surge in high-end beer sales, while the white liquor segment experienced a significant decline, with revenue dropping over 33% to 781 million yuan [7] - Zhao Chunwu indicated that the company will continue to enhance its "beer + liquor" dual empowerment business model despite challenges in the white liquor segment [7]

Core Viewpoint - The appointment of Zhao Chunwu as the new chairman of China Resources Beer marks a significant leadership transition following the resignation of Hou Xiaohai, with expectations for a pragmatic management style and a focus on high-quality and premium product strategies [1][3][6]. Group 1: Leadership Transition - Zhao Chunwu has been promoted from president to chairman and chairman of the finance committee, officially taking over the leadership role after serving in an interim capacity [1][3]. - Zhao Chunwu, a veteran with extensive experience in the company, has held various key positions since joining in 2003, indicating a deep understanding of the company's operations and market dynamics [3][6]. Group 2: Company Performance - In the first half of the year, China Resources Beer reported a total revenue of 23.942 billion yuan, a year-on-year increase of 0.8%, while net profit attributable to shareholders reached 5.789 billion yuan, up 23%, marking a historical high [7]. - The growth in revenue is primarily attributed to the surge in high-end beer sales, although the white liquor segment experienced a significant decline, with revenue dropping over 33% to 781 million yuan [7]. Group 3: Market Strategy - Zhao Chunwu emphasized the ongoing potential for premiumization in the beer industry and the need to cater to diverse consumer preferences by introducing more personalized and niche products [6][7]. - The company aims to maintain a dual empowerment business model of "beer + white liquor," focusing on high-quality and premium development strategies despite challenges in the white liquor segment [7].

Group 1 - The new chairman of China Resources Beer, Zhao Chunwu, will officially take over on September 3, 2025, after being appointed as the chairman and chairman of the finance committee [1] - Zhao Chunwu has extensive experience in the company, having joined China Resources Snow Beer in 2003 and held various key positions, including general manager of several regional companies [1] - The previous chairman, Hou Xiaohai, resigned on June 27, 2023, to focus on personal matters, leading to Zhao Chunwu temporarily assuming the chairman's responsibilities [2] Group 2 - Under Hou Xiaohai's leadership, China Resources Beer saw significant growth, with the company achieving a revenue of 23.942 billion yuan in the first half of 2025, a year-on-year increase of 0.8%, and a net profit of 5.789 billion yuan, up 23% [4] - The beer business generated revenue of 23.161 billion yuan, reflecting a 2.6% year-on-year growth, while the liquor business contributed 0.781 billion yuan, accounting for nearly 80% of the liquor business revenue [4] - The company is committed to a long-term and high-end development strategy, focusing on a dual empowerment business model of "beer + liquor" to navigate the complex consumer environment [4]

Core Viewpoint - The appointment of Zhao Chunwu as the new chairman of China Resources Beer marks a significant leadership transition within the company, following the departure of the previous chairman, Hou Xiaohai, less than three months ago [3]. Group 1: Leadership Transition - Zhao Chunwu has been promoted from president to chairman and will also serve as the chairman of the company's finance committee [2]. - Zhao has been with China Resources Snow Beer for 22 years, having held various managerial positions across different regions before becoming the vice president of China Resources Beer in May 2022 [3]. - During the interim period after Hou Xiaohai's departure, Zhao assumed the responsibilities of the chairman, indicating a smooth transition within the leadership [3][5]. Group 2: Business Performance - In the first half of the year, China Resources Beer reported a 2.6% year-on-year increase in beer revenue and a 2.2% increase in sales volume, outperforming the overall industry, which saw a 0.3% decline in beer production among large enterprises [3][4]. - The growth in sales is attributed to the positive impact of high-end product offerings, with premium and above beer sales growing by over 10% year-on-year [4]. - The "Heineken" brand maintained a growth rate of over 20%, while "Old Snow" saw a more than 70% increase in sales, and "Red Duke" sales doubled [4]. Group 3: Strategic Focus - Zhao Chunwu's primary tasks will include maintaining China Resources Beer's leadership position in the Chinese beer market and further enhancing the product mix towards high-end offerings to improve profitability [4]. - The board of directors expressed confidence in Zhao's management and leadership capabilities, believing he is the best candidate to drive the company's further development [4].

Core Viewpoint - Qingdao Beer reported a strong performance in the first half of 2025, achieving a revenue of 20.49 billion yuan, a year-on-year increase of 2.1%, and a net profit of 3.9 billion yuan, up 7.2%, marking a historical high for the same period [1] Group 1: Business Performance - The company maintained steady growth in key operating indicators by leveraging its brand, quality, and channel network to expand both domestic and international markets [2] - Qingdao Beer focused on innovation-driven high-quality development, optimizing product structure and improving operational efficiency [2] - The company achieved a product sales volume of 2.713 million kiloliters, a year-on-year increase of 3.9%, with mid-to-high-end products seeing a sales volume of 1.992 million kiloliters, up 5.1% [3] Group 2: Market Strategy - The company implemented a brand strategy of "Qingdao Beer main brand + Laoshan Beer as a national second brand," focusing on sports and music marketing to enhance brand promotion and consumer interaction [2] - Qingdao Beer continued to strengthen its position in mainstream channels while leading in emerging channels, with online channels deepening operations on traditional platforms and focusing on new media and new channels [2] - The company launched several innovative products, including "light dry, cherry-flavored white beer, hazy IPA, and whole wheat national trend," catering to diverse consumer needs [3] Group 3: Industry Outlook - The beer industry is expected to benefit from stable raw material costs, with lower prices for barley and glass positively impacting profits [3] - The trend of premiumization in the beer industry remains a key long-term strategy, with leading companies likely to see stable growth in performance amid consumer upgrades [3]

★ 宏观动态 ★ 上金所：调整部分合约保证金水平和涨跌停板 9月3日，上海黄金交易所发布通知，根据《上海黄金交易所风险控制管理办法》的有关规定，我所对黄金延期品种与白 银延期合约交易保证金水平和涨跌停板比例进行调整。现将相关事项通知如下：自2025年9月5日（星期五）收盘清算时 起，Au（T+D）、mAu（T+D）、Au（T+N1）、Au（T+N2）、NYAuTN06、NYAuTN12等合约的保证金水平从13%调 整为14%，下一交易日起涨跌幅度限制从12%调整为13%；Ag（T+D）合约的保证金水平从16%调整为17%，下一交易日 起涨跌幅度限制从15%调整为16%。 乘联分会：初步统计8月全国乘用车新能源市场零售107.9万辆 乘联分会数据显示，初步统计，8月1—31日，全国乘用车新能源市场零售107.9万辆，比去年同期增长5%，较上月增长 9%，全国新能源市场零售渗透率55.3%，今年以来累计零售753.5万辆，同比增长25%；8月1—31日，全国乘用车厂商新 能源批发129.2万辆，比去年同期增长23%，较上月增长9%，新能源厂商批发渗透率53.6%，今年以来累计批发892.6万 辆，同比增长33%。 ...

Quantitative Models and Construction Methods Model Name: Quantitative Market Trend Analysis Framework - **Model Construction Idea**: The model aims to solve the systematic rotation problem of styles by conducting a bottom-up quantitative market trend analysis. It identifies the dominant asset characteristics that represent the future market's mainstream style through a comprehensive comparison of assets[1][5] - **Model Construction Process**: - The model considers five style stages based on the asset's industry lifecycle: external growth, quality growth, quality dividend, value dividend, and bankruptcy value[1][5] - The priority for asset comparison is based on the sequence: growth (g) > return on equity (ROE) > dividend (D)[1][5] - The model uses the spread of asset advantage differences to capture the trend changes of top assets, similar to factor timing[20] - **Model Evaluation**: The framework has shown good explanatory power for past A-share style rotations, achieving an annualized return of 27.25% since 2009[15] Model Backtesting Results - **Quantitative Market Trend Analysis Framework**: - 2009: Asset Comparison Strategy 133%, Wind All A 82%, Excess Return 51%[18] - 2010: Asset Comparison Strategy 7%, Wind All A -7%, Excess Return 14%[18] - 2011: Asset Comparison Strategy -33%, Wind All A -22%, Excess Return -11%[18] - 2012: Asset Comparison Strategy 5%, Wind All A 5%, Excess Return 0%[18] - 2013: Asset Comparison Strategy 41%, Wind All A 5%, Excess Return 36%[18] - 2014: Asset Comparison Strategy 48%, Wind All A 52%, Excess Return -4%[18] - 2015: Asset Comparison Strategy 55%, Wind All A 38%, Excess Return 16%[18] - 2016: Asset Comparison Strategy -14%, Wind All A -13%, Excess Return -1%[18] - 2017: Asset Comparison Strategy 32%, Wind All A 5%, Excess Return 27%[18] - 2018: Asset Comparison Strategy -21%, Wind All A -28%, Excess Return 7%[18] - 2019: Asset Comparison Strategy 41%, Wind All A 33%, Excess Return 8%[18] - 2020: Asset Comparison Strategy 69%, Wind All A 26%, Excess Return 44%[18] - 2021: Asset Comparison Strategy 47%, Wind All A 9%, Excess Return 38%[18] - 2022: Asset Comparison Strategy 44%, Wind All A -19%, Excess Return 62%[18] - 2023: Asset Comparison Strategy 5%, Wind All A -5%, Excess Return 10%[18] - 2024: Asset Comparison Strategy 62%, Wind All A 10%, Excess Return 52%[18] - 2025 (Aug): Asset Comparison Strategy 27%, Wind All A 23%, Excess Return 4%[18] Quantitative Factors and Construction Methods Factor Name: Expected Growth (gf) - **Factor Construction Idea**: The factor focuses on the highest analyst forecasted growth rates, regardless of the cycle stage[6] - **Factor Construction Process**: - The factor is constructed by selecting industries with the highest expected growth rates as forecasted by analysts[6] - The spread of expected growth advantage differences (Δgf) is used to capture the trend changes in top assets[20] - **Factor Evaluation**: The factor has shown significant excess returns since 2019, with notable performance in 2014-2015[34] Factor Name: Actual Growth (g) - **Factor Construction Idea**: The factor focuses on industries with the highest actual growth rates, particularly during transition and growth periods[6] - **Factor Construction Process**: - The factor is constructed by selecting industries with the highest actual growth rates (Δg)[6] - The spread of actual growth advantage differences (Δg) is used to capture the trend changes in top assets[24] - **Factor Evaluation**: The factor has shown significant excess returns in growth-dominant environments[36] Factor Name: Profitability (ROE) - **Factor Construction Idea**: The factor focuses on industries with high ROE and low valuation under the PB-ROE framework, concentrated in mature periods[6] - **Factor Construction Process**: - The factor is constructed by selecting industries with high ROE and low PB-ROE residuals[6] - The spread of ROE advantage differences is used to capture the trend changes in top assets[26] - **Factor Evaluation**: The factor has shown significant excess returns from 2016 to 2020, with weaker performance since 2021[39] Factor Name: Quality Dividend (DP+ROE) - **Factor Construction Idea**: The factor focuses on industries with the highest DP+ROE scores, concentrated in mature periods[6] - **Factor Construction Process**: - The factor is constructed by selecting industries with the highest DP+ROE scores[6] - The spread of DP+ROE advantage differences is used to capture the trend changes in top assets[42] - **Factor Evaluation**: The factor has shown significant excess returns in 2016, 2017, and 2023[43] Factor Name: Value Dividend (DP+BP) - **Factor Construction Idea**: The factor focuses on industries with the highest DP+BP scores, concentrated in mature periods[6] - **Factor Construction Process**: - The factor is constructed by selecting industries with the highest DP+BP scores[6] - The spread of DP+BP advantage differences is used to capture the trend changes in top assets[45] - **Factor Evaluation**: The factor has shown significant excess returns in 2009, 2017, and 2021-2023[46] Factor Name: Bankruptcy Value (PB+SIZE) - **Factor Construction Idea**: The factor focuses on industries with the lowest PB+SIZE scores, concentrated in stagnation and recession periods[6] - **Factor Construction Process**: - The factor is constructed by selecting industries with the lowest PB+SIZE scores[6] - The spread of PB+SIZE advantage differences is used to capture the trend changes in top assets[48] - **Factor Evaluation**: The factor has shown significant excess returns in 2015-2016 and 2021-2023[49] Factor Backtesting Results - **Expected Growth (gf)**: - Cable: 12 stocks, largest weight stock Zhongtian Technology, average market cap 21.791 billion yuan, 3-month performance 49.62%[34] - Cement: 19 stocks, largest weight stock Conch Cement, average market cap 17.929 billion yuan, 3-month performance 12.71%[34] - Glass Fiber: 6 stocks, largest weight stock China Jushi, average market cap 26.657 billion yuan, 3-month performance 63.67%[34] - Rare Earth and Magnetic Materials: 17 stocks, largest weight stock Northern Rare Earth, average market cap 31.018 billion yuan, 3-month performance 98.77%[34] - White Goods III: 10 stocks, largest weight stock Midea Group, average market cap 113.675 billion yuan, 3-month performance -1.21%[34] - **Actual Growth (g)**: - Integrated Circuits: 104 stocks, largest weight stock Cambricon-U, average market cap 45.058 billion yuan, 3-month performance 42.93%[37] - PCB: 38 stocks, largest weight stock Shenghong Technology, average market cap 27.163 billion yuan, 3-month performance 112.10%[37] - Tungsten: 4 stocks, largest weight stock Xiamen Tungsten, average market cap 30.523 billion yuan, 3-month performance 69.26%[37] - Lithium Battery Equipment: 12 stocks, largest weight stock Lead Intelligent, average market cap 11.731 billion yuan, 3-month performance 60.15%[37] - Weapons and Equipment III: 12 stocks, largest weight stock Great Wall Military Industry, average market cap 21.307 billion yuan, 3-month performance 80.22%[37] - **Profitability (ROE)**: - Beer: 7 stocks, largest weight stock Tsingtao Brewery, average market cap 26.758 billion yuan, 3-month performance -3.94%[39] - Liquor: 20 stocks, largest weight stock Kweichow Moutai, average market cap 162.722 billion yuan, 3-month performance 4.12%[39] - Non-dairy Beverages: 7 stocks, largest weight stock Eastroc Beverage, average market cap 32.754 billion yuan, 3-month performance -4.45%[39] - Network Connection and Tower Setup: 19 stocks, largest weight stock Zhongji Xuchuang, average market cap 64.299 billion yuan, 3-month performance 202.29%[39] - Building Decoration III: 28 stocks, largest weight stock Gold Mantis, average market cap 3.436 billion yuan, 3-month performance 4.42%[39] - **Quality Dividend (DP+ROE)**: - Automotive Motor Control: 15

Market Overview - The Hong Kong stock market indices experienced a collective decline, with the Hang Seng Index down by 0.6%, the Hang Seng China Enterprises Index down by 0.64%, and the Hang Seng Tech Index down by 0.78% [2] Sector Performance - Chinese brokerage stocks led the declines, with notable drops including Guotai Junan down 5.02%, Zhongzhou Securities down 3.9%, and CICC down 3.26% [2] - The consumer sector also faced downward pressure, with companies like China Southern Airlines down 2.37% and BYD down 2.53% [2] - Real estate, property management, and building materials sectors showed weakness, with Shimao Group down 7.69% and Yuexiu Property down 2.46% [2] Emerging Trends - The robotics, Tesla, and brain-computer interface sectors also performed poorly, with Lijiang Technology down 7% and Nanjing Panda Electronics down 4.17% [3] - Conversely, the pharmaceutical sector saw gains, with companies like Chuangsheng Group-B up 33.25% and Sanleaf Biotech-B up 29.75% [3] Catalysts for Market Movements - Recent comments from the State-owned Assets Supervision and Administration Commission emphasized the need to accelerate the development of the biopharmaceutical industry, which has positively influenced related stocks [4] - The upcoming World Lung Cancer Conference is expected to showcase significant clinical data from domestic new drugs, further boosting investor sentiment in the biopharmaceutical sector [4] Commodity and Other Sectors - Gold and precious metals stocks rose due to increasing international gold prices, with Lingbao Gold up 6.09% and Zhaojin Mining up 4.03% [4] - The solar energy sector also showed positive momentum, alongside certain consumer stocks, including luxury goods and dairy products [5]