Group 1 - The core viewpoint is that the liquor industry is rapidly bottoming out, with leading companies likely to seize the opportunity to adjust channel structures and enhance market development capabilities [1] - If consumer demand gradually improves, leading liquor companies that have made proactive adjustments to their channels are expected to enjoy more development opportunities [1] - The beer industry is anticipated to maintain a steady growth trend in sales in the second half of the year, despite the impact of alcohol restrictions, due to a lower sales base [1] Group 2 - Considering the industry's ton price, the expected revenue growth rate for the industry is projected to be in the range of 2% to 5% [1] - Overall profit margins are expected to remain flat year-on-year [1]

Core Viewpoint - The article emphasizes the booming "event economy" in China, particularly in 2025, highlighting its potential as a significant consumer trend driven by various sporting and cultural events [4][5]. Group 1: Event Economy Trends - The event economy has seen a surge in recent years, with numerous high-profile events like the Sudirman Cup and local sports events becoming city trademarks [8][10]. - The number of events hosted in regions like Hebei and Shanghai has dramatically increased, indicating a strong push from local governments to leverage events for economic growth [4][5]. - The growth of middle-class families in China, with an 8.3% increase, has led to a rise in spending on leisure and travel, further fueling the event economy [10]. Group 2: Consumer Behavior and Demographics - The Z generation is identified as the fastest-growing consumer group in the sports industry, with 90% engaging in social media interactions and immersive experiences while watching events [11]. - Women's participation in sports is projected to increase by 15% to 30% in the next three to five years, reshaping the event economy landscape [11]. - The demand for unique experiences and health-conscious options is driving new trends in consumer behavior, particularly among younger demographics [12][25]. Group 3: Beer Industry Insights - The beer market in China is closely linked to the event economy, with significant sales spikes during major events, as evidenced by data from the Super Bowl and World Cup [15][19]. - The Z generation is the fastest-growing segment in beer consumption, with female consumers showing a remarkable growth rate of 39.8% [15][19]. - The article discusses the concept of a "beer index," which reflects economic conditions, noting that high-end beer sales often correlate with economic recovery [19][21]. Group 4: Future Opportunities and Strategies - The article outlines three key trends in the beer industry: flavor premiumization, health consciousness, and innovative consumption scenarios [23][25][27]. - Companies like Budweiser are focusing on high-end products and strategic partnerships with major events to enhance brand value and market presence [29]. - The article concludes that the event economy and the beer industry are poised for growth, driven by changing consumer preferences and economic recovery [32].

Group 1 - The liquor industry is rapidly bottoming out, with leading companies likely to adjust channel structures and enhance market development capabilities during this period [1] - If consumer demand gradually improves, leading liquor companies that have made proactive adjustments to their channels are expected to enjoy more growth opportunities [1] - The beer industry is anticipated to maintain steady growth in sales in the second half of the year, despite the impact of alcohol restrictions, due to a lower base [1] Group 2 - Considering the industry's ton price, the revenue growth rate is projected to be in the range of 2%-5%, with overall profit margins expected to remain stable year-on-year [1]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The liquor sector experienced a slight pullback, with stable prices for Feitian liquor. The white liquor index PE-TTM is at 18.06X, which is 5.23% below the reasonable low level over the past decade. Strong alpha companies such as Shanxi Fenjiu and Guizhou Moutai are recommended, along with beta companies like Luzhou Laojiao and Water Well [2][12] - The beer sector saw a decline, with Budweiser Asia reporting a 3.9% decrease in revenue and a 6.2% drop in sales in Q2 2025. However, there is optimism for recovery in beer sales due to upcoming consumption promotion policies and adjustments to alcohol bans [3][13] - The consumer goods sector is experiencing a pullback, with a focus on new products and performance data catalysts. Companies that can enhance efficiency and market share are highlighted as strong investment opportunities [4][20] Summary by Sections Market Performance Review - The food and beverage sector declined by 2.17%, while the Shanghai Composite Index fell by 0.94% and the CSI 300 Index dropped by 1.75%. Specific declines included snacks (-3.03%) and soft drinks (-4.28%) [1][21] Liquor Sector Insights - The white liquor sector saw a 2.40% decline, with notable drops in companies like Shanxi Fenjiu and Shede Liquor. Despite this, the mid-term value of the sector remains promising [2][12] - The yellow wine sector is also under observation, with companies like Gu Yue Long Shan actively repurchasing shares [12] Beer and Beverage Sector Insights - The beer sector's decline was led by companies like Qingdao Beer and Budweiser Asia. The latter's performance was impacted by weak demand in China and Korea [3][13] - The soft drink sector also faced challenges, with companies like Nongfu Spring and Master Kong showing declines [15] Consumer Goods Sector Insights - The consumer goods sector is focusing on new product launches and performance data. Companies like Qiaqia Food and Jinzai are expanding their product lines [4][20] - The dairy sector remains stable, with average milk prices at 3.03 RMB/kg, showing a year-on-year decline of 5.90% [18] Investment Recommendations - Strong alpha liquor companies such as Shanxi Fenjiu and Guizhou Moutai are recommended, along with consumer goods companies that focus on cost reduction and market share growth [5][20]

Investment Focus - The report highlights a focus on structural opportunities driven by policy catalysis, particularly in essential consumer sectors such as dairy products and liquor, while cautioning against the risks in the soft drink sector [7]. Demand Analysis - In July, among the eight tracked essential consumer sectors, six maintained positive growth, while two experienced negative growth. The sectors with single-digit growth included dining (+4.4%), soft drinks (+2.7%), frozen foods (+1.7%), condiments (+1.1%), dairy products (+1.1%), and beer (+0.6%). The declining sectors were high-end and above liquor (-4.0%) and mass-market liquor (-3.9%) [3][9]. - The report notes that five sectors saw a deterioration in growth rates compared to the previous month, while three improved. The new alcohol ban and adverse weather conditions were identified as significant negative factors affecting demand [3][9]. Price Trends - In July, most liquor wholesale prices stabilized after a period of decline. Specific prices included Feitian at 1915/1880/655 yuan for different packaging, with year-on-year declines of 665/500/155 yuan. The price of Wuliangye was 930 yuan, showing a slight increase of 10 yuan from the previous month [3][22][24]. - The report indicates that the prices of liquid milk and beer saw a reduction in discount rates, while soft drink discounts increased, with stable prices for infant formula, convenience foods, and condiments [4][19]. Cost Analysis - The report states that the spot cost index for various sectors, including dairy, soft drinks, frozen foods, and beer, generally decreased in July, while futures cost indices showed mixed results. For instance, the spot cost index for dairy products fell by 2.92% [4]. Fund Flow - As of the end of July, net inflows into Hong Kong Stock Connect amounted to 124.1 billion yuan, with the essential consumer sector's market capitalization share rising to 5.05%. The food additives sector saw a decrease in share, while the dairy sector experienced an increase [5]. Valuation Insights - By the end of July, the historical PE ratio for the food and beverage sector was at 16% (20.2x), remaining stable from the previous month. The report notes that the median valuation for leading A-share companies was 20x, a decrease of 1x from the previous month [6]. Sector Recommendations - The report recommends focusing on sectors benefiting from policy support, particularly dairy and liquor, while being cautious about the soft drink sector's marginal deterioration. Specific companies to watch include China Feihe, Yili, Mengniu, Master Kong, Uni-President, Yanghe, WH Group, and China Foods [7].

证券日报网讯 燕京啤酒8月4日在互动平台回答投资者提问时表示，公司积极探索品牌年轻化、高端化 路径，始终将体育营销作为品牌战略的核心构成之一，通过系统性资源整合与场景化创新，持续赋能品 牌价值提升及市场竞争力构建。当前，公司正以年度营销规划为指引，系统化、高标准推进体育营销全 链路工作。公司高度重视投资者建议，将持续优化涵盖体育营销在内的全链路营销策略，与投资者、消 费者共同成长，酿造美好生活。 （编辑 王雪儿） ...

证券之星消息，8月4日非白酒板块较上一交易日上涨0.65%，燕京啤酒领涨。当日上证指数报收于 3583.31，上涨0.66%。深证成指报收于11041.56，上涨0.46%。非白酒板块个股涨跌见下表： 从资金流向上来看，当日非白酒板块主力资金净流入486.12万元，游资资金净流出1988.45万元，散户资 金净流入1502.33万元。非白酒板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000729 | 燕京郎 | 1936.52万 | 5.34% | -246.19万 | -0.68% | -1690.33万 | -4.66% | | 600600 | 関普明細 | 1761.12万 | 5.83% | -3269.29万 | -10.83% | 1508.17万 | 5.00% | | 600132 | 重庆啤酒 | 306.77万 | 2.19% | 1179.53万 | 8.41% | ...

Investment Rating - The investment rating for the Chinese consumer staples sector is "Outperform" for multiple companies including Guizhou Moutai, Wuliangye, and Yili [1]. Core Insights - In July 2025, among the eight key tracked consumer staples industries, six maintained positive growth while two experienced negative growth. The industries with single-digit growth include catering, soft drinks, frozen foods, condiments, dairy products, and beer, while the only declining industry was Baijiu [30]. - The growth rate of most industries has deteriorated compared to the previous month, with five industries showing a decline in growth rates and three showing improvement. The new alcohol ban and adverse weather conditions are significant negative factors impacting the sector [3][30]. Summary by Industry Baijiu (Chinese Liquor) - For the high-end and above Baijiu segment, July revenue was 19 billion yuan, down 4.0% year-on-year, with cumulative revenue from January to July at 243.1 billion yuan, a decrease of 0.8% [10]. - The low-end Baijiu segment saw July revenue of 11 billion yuan, down 3.9% year-on-year, with cumulative revenue from January to July at 115.9 billion yuan, down 12.8% [12]. Beer - The domestic beer industry reported July revenue of 17.6 billion yuan, a year-on-year increase of 0.6%, with cumulative revenue from January to July at 111.9 billion yuan, up 0.7% [15]. Condiments - The condiment industry generated July revenue of 36.6 billion yuan, a year-on-year increase of 1.1%, with cumulative revenue from January to July at 261.6 billion yuan, up 1.6% [17]. Dairy Products - The dairy industry reported July revenue of 38.4 billion yuan, a year-on-year increase of 1.1%, with cumulative revenue from January to July at 267.8 billion yuan, up 0.3% [19]. Frozen Foods - The frozen food industry had July revenue of 7.58 billion yuan, a year-on-year increase of 1.7%, with cumulative revenue from January to July at 64.5 billion yuan, up 1.4% [21]. Soft Drinks - The soft drink industry reported July revenue of 71 billion yuan, a year-on-year increase of 2.7%, with cumulative revenue from January to July at 425 billion yuan, up 2.5% [23]. Catering - The catering sector generated July revenue of 16.7 billion yuan, a year-on-year increase of 4.4%, with cumulative revenue from January to July at 103.9 billion yuan, up 3.0% [25].

Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" [4][5][76]. Core Views - The industry is entering the mid-year performance reporting period, with a focus on structural opportunities within the sector [10]. - In the liquor segment, there is a slight decline in high-end liquor prices during the off-season, and attention is drawn to mid-year performance [10][11]. - The beer and beverage sectors are entering a peak season, with stable performance from leading companies in basic condiments [13][18]. - The report emphasizes the importance of consumer engagement and market health for liquor companies, with a shift towards internationalization and youth-oriented strategies [12][10]. Summary by Sections Liquor - The liquor sector saw a 2.4% decline this week, with high-end liquor prices slightly dropping [12][11]. - Key companies are focusing on cultural engagement and market health, with initiatives like the opening of cultural experience centers by Kweichow Moutai [10]. - Recommended stocks include Kweichow Moutai, Shanxi Fenjiu, and Wuliangye, which have demonstrated strong risk resilience [12][10]. Consumer Goods - The beer sector is experiencing a slight decrease in fund holdings, with Yanjing Beer seeing an increase in its fund holding ratio [13]. - The snack sector has seen a significant increase in fund holdings, particularly in companies like Yanjing and Wancheng Group [14]. - The condiment sector is expected to perform steadily, with a focus on mid-year performance windows [15]. Frozen Foods - Companies are actively developing new products during the off-season, with a long-term benefit from industrialization [16]. - Recommended companies include Anjijia and Qianwei Central Kitchen, which are focusing on stable operations and product innovation [16]. Dairy Products - The dairy sector is expected to see a gradual recovery in demand, with supply adjustments leading to improved conditions in 2025 [17]. - The report suggests positioning in leading dairy companies that have a safety margin in valuations [17]. Beverages - The beverage sector is entering a peak season, with significant performance differentiation among leading companies [18]. - Recommended stocks include Nongfu Spring and Dongpeng Beverage, which are accelerating national expansion and platform development [18].

（文章来源：证券日报） 证券日报网讯燕京啤酒8月4日在互动平台回答投资者提问时表示，截至2025年7月31日，公司股东总户 数为50060户。 ...