登录新浪财经APP 搜索【信披】查看更多考评等级 点击查看公告原文>> 责任编辑：小浪快报 从回购进展来看，此次回购最高成交价为8.30元/股，最低成交价为7.10元/股，成交总金额接近回购计 划上限3000万元。公司表示，回购股份符合相关法律法规的要求，也符合既定的回购股份方案。 在合规性方面，公司回购股份的时间、回购股份数量、回购股份价格及集中竞价交易的委托时段均符合 《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第9号——回购股份》的相关要 求。例如，公司未在可能对证券及其衍生品种交易价格产生重大影响的重大事项发生之日或者在决策过 程中，至依法披露之日内回购股份；同时，以集中竞价交易方式回购股份时，委托价格未达到公司股票 当日交易涨幅限制的价格，也未在深圳证券交易所开盘集合竞价、收盘集合竞价及股票价格无涨跌幅限 制的交易日内进行股份回购的委托。 公司后续将根据市场情况在回购期限内继续实施股份回购计划，并在回购期间根据相关法律、法规和规 范性文件的规定及时履行信息披露义务，提醒广大投资者注意投资风险。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的 ...

证券日报网讯燕京啤酒（000729）9月2日在互动平台回答投资者提问时表示，截至2025年8月29日，公 司股东总户数为53，481户。 ...

Group 1: Fixed Income Strategies - The strategy for credit bonds and sci-tech bonds ETFs focuses on four main considerations: cash retention versus bond allocation, seeking flexibility versus static returns, duration versus credit risk for yield, and the duration structure of holdings being either barbell or bullet [4] - Historical review indicates that cash retention is typically a short-term phenomenon during periods of weak market conditions, and the likelihood of holding cash is low [4] - In the current low interest rate and low spread environment, actively seeking static returns through credit bond ETFs is not cost-effective, and these ETFs tend to extend duration to seek flexibility when interest rates stabilize or decline [4][5] Group 2: Credit Bond ETF Preferences - Given the current market environment, the preference for sci-tech bond ETFs may align with that of credit bond ETFs during correction periods, focusing on high flexibility and high ratings while favoring a barbell strategy with increased allocation to long-duration bonds [5] - The credit dimension shows that during volatile periods, credit bond ETFs have increased their allocation to high-rated bonds, and this trend is expected to continue for sci-tech bond ETFs, maintaining a dominant position in AAA-rated and above securities [5] Group 3: Selection Strategies for Sci-Tech Bonds - The selection strategy for sci-tech bonds during expansion expectations is based on the excess spread between component bonds and non-component bonds, with a narrowing spread observed as of August 29 [6] - There is an anticipated increase in demand for perpetual (non-subordinated) sci-tech bonds due to expansion expectations, with three of the first ten sci-tech bond ETFs including such bonds [6] - The issuance space for new sci-tech bonds has increased, with an average weekly issuance of 427 billion since July, indicating a growing opportunity for new issuances [6] Group 4: Market Trends in Consumer Goods - The food and beverage sector is expected to show performance advantages in growth, with a stable revenue scale and a deceleration in profit growth, particularly in the beverage and snack segments [15] - The overall performance of the food and beverage sector in Q2 2025 showed a slight increase in revenue and a decrease in net profit, with specific segments like soft drinks and snacks experiencing significant growth [16][17] - The high-end and sub-high-end liquor segments are facing pressure on demand, leading to a notable divergence in performance among brands, with top brands maintaining stability while others struggle [16]

证券之星消息，9月2日非白酒板块较上一交易日下跌1.01%，*ST椰岛领跌。当日上证指数报收于 3858.13，下跌0.45%。深证成指报收于12553.84，下跌2.14%。非白酒板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000752 | ST西发 | 10.93 | 1.11% | 5.60万 | | 6137.95万 | | 600573 | 惠泉啤酒 | 12.26 | 0.74% | 4.08万 | | 4968.40万 | | 600132 | 重庆啤酒 | 55.03 | -0.07% | 4.94万 | | 2.72亿 | | 002461 | 珠江啤酒 | 10.79 | -0.37% | 7.63万 | | 8261.58万 | | 600084 | 中信尼雅 | 5.61 | -0.53% | 6.28万 | | 3528.72万 | | 600600 | 顾些创恤 | 69.04 | -0.58% | 9.84万 | | 6.8 ...

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry [3][5] Core Insights - The beer sector shows stable performance during peak season, with slight revenue decline but consistent cost benefits contributing to profits [1][9] - The soft drink sector faces intensified competition, yet leading companies continue to demonstrate strong performance [2][17] Summary by Sections Beer Sector - The beer industry achieved total revenue of 879.3 billion CNY in 25H1, a year-on-year decrease of 0.5%, while net profit rose by 5.9% to 152.3 billion CNY [9] - The gross margin improved to 48.1%, up 1.3 percentage points year-on-year, and net margin increased to 18.7%, up 1.2 percentage points [9][15] - The revenue decline is attributed to weak overall demand and diversified consumer preferences, while profit performance remains strong due to cost reductions and structural upgrades [9][10] - Key players like Yanjing and Zhujiang outperformed in revenue and profit growth, while Budweiser Asia faced challenges due to weak channel performance [9][10] Soft Drink Sector - The soft drink industry reported total revenue of 226.4 billion CNY in 25H1, reflecting a year-on-year growth of 7.5%, with net profit increasing by 1.7% to 39.5 billion CNY [17] - The gross margin for the sector was 41.8%, up 0.6 percentage points, while net margin decreased to 17.5%, down 1.0 percentage points [17][22] - Despite fierce competition, leading companies like Dongpeng Beverage and Quanyuan maintained strong growth, while other companies experienced varying degrees of decline [17][18] - In 25Q2, the soft drink sector saw revenue rise to 107.1 billion CNY, a 14.7% increase year-on-year, but profit margins were pressured due to increased competition and spending [18][20] Key Investment Recommendations - The report suggests focusing on companies with strong single products and distribution channels, highlighting high-growth leaders and stable dividend or undervalued stocks [5][6]

[Table_Reportdate] 2025年09月02日 [证券分析师： Table_Authors] 张季恺 S0630521110001 zjk@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 李嘉豪 lijiah@longone.com.cn [晨会纪要 Table_NewTitle] 20250902 重点推荐 财经要闻 ➢ 1.习近平主持上海合作组织成员国元首理事会第二十五次会议并发表重要讲话 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.康泰生物（300601）：收入端增长良好，研发快速推进——公司简评报告 ➢ 2.2025H1化工整体业绩同比修复，关注"反内卷"带来的供给弹性及科技新趋势下的国产 化需求——基础化工行业周报（2025/8/25-2025/8/31） ➢ 3.国茂股份（603915）：关注工业减速机下游复苏进程，精密减速器布局可期——公司简 评报告 ➢ 4.无人叉车进入加速渗透 ...

[Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 09 月 02 日 星期二 [Table_Summary] 概览 核心观点 【市场回顾】 周一，A 股三大指数集体上涨，上证指数收盘涨 0.46%，报 3875.53 点，深证成指涨 1.05%，创业板指涨 2.29%。沪深两市 A 股成交额约 2.75 万亿元人民币，超 3000 股上涨。申万行业方面，通信、综合领 涨，非银金融行业领跌；概念板块方面，金属锌、金属铅、黄金概念 涨幅居前。港股方面，恒生指数收盘涨 2.15%，恒生科技指数涨 2.20%。 受美国劳动节假期影响，美股 9 月 1 日休市一日。欧洲股市三大股指 收盘小幅上涨，亚太股市涨跌不一。 3261 【重要新闻】 【国家主席习近平主持上海合作组织成员国元首理事会第二十五次 会议，并发表重要讲话】成员国领导人签署并发表《上海合作组织成 员国元首理事会天津宣言》，批准《上合组织未来 10 年（2026－2035 年）发展战略》，发表关于第二次世界大战胜利和联合国成立 80 周年 的声明、关于支持多边贸易体制的声明，通过加强安全、经济、人文 合作和组织 ...

证券日报网讯 9月1日晚间，青岛啤酒发布公告称，公司将于2025年9月9日召开2025年半年度业绩说明 会。 （文章来源：证券日报） ...

销量企稳回升，盈利能力提升 [Table_StockName] ——青岛啤酒（600600）点评报告 [Table_ReportDate] [Table_Summary] 事件: 2025 年 8 月 26 日，公司发布 2025 年半年度报告。 投资要点: ⚫ 销量回暖，营收小幅增加。公司 2025 年上半年实现营业收入 204.91 亿 元（YoY+2.11%），实现归母净利润 39.04 亿元（YoY+7.21%），实现扣非 归母净利润 36.32 亿元（YoY+5.99%）。营收上升主因为销量增加，2025 年上半年青岛啤酒主品牌共实现产品销量 271.3 万千升，同比增长 3.95%，其中中高端以上产品实现销量 199.2 万千升，同比增长 5.06%。 2025Q2 单季，公司实现营收 100.46 亿元，同比+1.28%，实现归母净利 润 21.94 亿元，同比+7.32%。实现扣非归母净利润 20.29 亿元，同比 +6.02%。二季度啤酒销量同比增长 1.02%至 247.1 万千升，其中青岛啤 酒主品牌销量同比增长 3.88%，其他品牌同比增长 4.81%。 数据来源：聚源，万联证券研究所 ...

证券分析师： 吴康辉，执业证书编号：S0630525060001 姚星辰，执业证书编号：S0630523010001 邮箱：yxc@longone.com.cn // 报告摘要 // 事件：公司发布2025年中报业绩，2025H1公司实现营业收入204.91亿元（同比+2.11%，下同），归母净利润39.04亿元（+7.21%）。其中，Q2营业收入100.46亿元（+1.28%），归母净利 销量同增，价格稳定，结构保持优化。1）销量：根据国家统计局数据，2025H1啤酒规模以上企业实现产量1904万千升（-0.3%），公司实现销量473.2万千升（+2.3%），高于行业增速，其 成本红利持续释放，推动盈利能力改善。2025Q2毛利率为45.84%（+3.05pct），吨成本2201.94元/千升（-5.08%），主要受益于大麦、包材等原材料价格下行。2025Q2销售、管理、研发 修炼内功，稳健前行。上半年外部需求仍较疲软，叠加禁酒令的影响，酒类整体承压，但公司经营保持稳健。短期来看，下半年公司基数低，且渠道状态健康，2025H1合同负债较年初下降34. 投资建议：处于价值底部，建议积极布局。公司作为啤酒行业龙 ...