Group 1 - The Shanghai Municipal Government is actively promoting the city as a leading international economic, financial, trade, shipping, and technological innovation center, aiming to enhance its role in China's modernization efforts [1] - Bain & Company is encouraged to leverage opportunities in digitalization, intelligence, and green development, enhancing its professional service capabilities to support global enterprises [1] - An emphasis is placed on the importance of creating a market-oriented, law-based, and international business environment to attract both domestic and foreign companies to invest in Shanghai [1] Group 2 - Manny Maceda expressed confidence in deepening cooperation in areas such as artificial intelligence, green transformation, and corporate globalization, highlighting Shanghai's vibrant development [2] - Budweiser Group aims to enhance its brand activities and share best practices to contribute to Shanghai's night economy and its development as an international consumption center [2] - The upcoming 37th Shanghai Mayor's International Business Advisory Council meeting is seen as a valuable platform for international entrepreneurs to share experiences and provide suggestions for Shanghai's future development [2]

Core Insights - Shanghai is positioning itself as a leading international economic, financial, trade, shipping, and technological innovation center, aiming to play a significant role in China's modernization efforts [1][2] Group 1: Government Initiatives - The Shanghai government is committed to creating a market-oriented, law-based, and international business environment to support both domestic and foreign enterprises [2] - The government emphasizes the importance of long-term, stable, transparent, and predictable policies to foster business opportunities in Shanghai [2] Group 2: Company Engagement - Bain & Company, a global management consulting firm, is encouraged to leverage opportunities in digitalization, intelligence, and green development while enhancing its professional service capabilities [2] - AB InBev, a leading global player in its industry, is invited to capitalize on China's vast market and emerging consumer trends, focusing on product and service innovation [2] Group 3: Future Plans and Collaboration - Both Bain & Company and AB InBev expressed enthusiasm for the upcoming 37th Shanghai Mayor's International Entrepreneur Consultation Conference, sharing insights on AI, green transformation, consumer trends, and nighttime economy [3] - Bain & Company aims to deepen cooperation in areas such as AI and green transformation, reinforcing its commitment to the Chinese market [3] - AB InBev plans to enhance its brand activities and contribute to the development of Shanghai's nighttime economy, supporting the city's goal of becoming an international consumption center [3]

Core Viewpoint - *ST Lanzhou's financial performance in the first half of 2025 shows a significant decline in revenue and an increase in net losses, indicating ongoing challenges in the market and operational inefficiencies [1] Financial Performance - The company reported a revenue of 96.83 million yuan, a year-on-year decrease of 15.82% [1] - The net profit attributable to shareholders was -11.91 million yuan, with losses further expanding [1] - The net profit attributable to shareholders has been in continuous decline over the years, with losses of 29.24 million yuan in 2022, 46.72 million yuan in 2023, and 99.87 million yuan in 2024 [1] Business Overview - *ST Lanzhou is a regional brand beer and beverage producer, primarily operating under the "Yellow River" and "Qinghai Lake" brands [1] - The company focuses on the production and sales of beer, beverages, and malt, with these products accounting for over 90% of its main business [1] - The company primarily sells its products in the northwestern markets of Gansu and Qinghai [1] Strategic Initiatives - The company is strategically promoting the upgrade and innovation of its beverage products, as well as expanding its product categories [1] - There are plans to increase malt production and improve malt quality, focusing on high-end malt supply and market promotion [1] - However, the company faces challenges in market expansion and channel coverage compared to competitors, which has contributed to the decline in revenue [1]

Company Overview - *ST Lanhuang (SZ 000929) announced its 12th board meeting scheduled for August 25, 2025, in Lanzhou, Gansu Province, to review the 2025 semi-annual report and summary [1] - As of the report, *ST Lanhuang has a market capitalization of 1.6 billion yuan [1] Revenue Composition - For the year 2024, *ST Lanhuang's revenue composition is as follows: beer accounts for 80.65%, beverages for 10.05%, other businesses for 5.48%, and malt for 3.81% [1]

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry, indicating a positive outlook for the sector [4]. Core Views - The food and beverage industry is showing signs of bottoming out, with a shift from defensive to offensive strategies. The report emphasizes optimism regarding the white liquor sector, highlighting three main investment themes: leading brands, sustained regional benefits, and recovery beneficiaries [1][2]. - The beer segment is experiencing a mixed performance, with notable growth in companies like China Resources Beer, while the beverage sector shows a divergence in performance among various companies [3][6]. Summary by Sections White Liquor - The white liquor sector is expected to continue its trend of decreasing report speed, with companies focusing on inventory reduction and price stabilization. For instance, Yanghe's revenue for H1 2025 was 14.8 billion yuan, down 35.3% year-on-year, while its net profit fell by 45.3% [2]. - Jinhuijiu, a leading brand in the northwest, reported stable performance with H1 2025 revenue of 1.759 billion yuan, a slight increase of 0.31% year-on-year [2]. - The report suggests maintaining optimism for the white liquor sector, focusing on companies that are adapting to market changes and improving their operational quality [2]. Beer and Beverage - China Resources Beer achieved a revenue of 23.942 billion yuan in H1 2025, a year-on-year increase of 0.8%, with a net profit growth of 23.0% [3]. - The beverage sector is characterized by high growth potential, with companies like Yanjing Beer and Zhujiang Beer being highlighted for their strong performance [3]. - The report notes that the beverage industry is entering a competitive phase with new product launches, recommending a focus on companies with strong distribution networks and growth potential in key products [3][6]. Food Sector - The food sector is witnessing a verification of growth performance, with companies like Salted Fish and others showing resilience despite market challenges. Salted Fish reported a revenue increase of 13.5% in Q2 2025 [6]. - Wanchen Group plans to issue H-shares to enhance its international strategy and brand recognition, indicating a proactive approach to market expansion [6].

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for the sector [4]. Core Insights - The report highlights optimism for the liquor sector, particularly for premium brands like Moutai and Wuliangye, and suggests focusing on three main lines: leading brands, high-certainty regional wines, and elastic stocks benefiting from recovery [1][2]. - In the beverage segment, companies like Master Kong and Angel Yeast are noted for their strong profit growth, while Chongqing Beer shows stable volume but slight price declines [3][8]. - The report emphasizes the importance of innovative product strategies and market positioning for companies to capture emerging market opportunities [2][3]. Summary by Sections Liquor Sector - Moutai's H1 2025 revenue reached 91.094 billion yuan, up 9.16% year-on-year, with a net profit of 45.403 billion yuan, up 8.89% [2]. - The introduction of new products, such as the competitively priced "Dazhen" by Zhenjiu Li Du, is expected to drive sales growth and improve the company's fundamentals [2]. Beer and Beverage Sector - Chongqing Beer reported H1 2025 revenue of 4.48 billion yuan, down 1.8% year-on-year, with a net profit of 390 million yuan, down 12.7% [3]. - Master Kong's H1 2025 revenue was 40.09 billion yuan, down 2.7%, but net profit increased by 20.5% [3][8]. - The report suggests focusing on companies with strong growth potential and those benefiting from policy improvements or recovery [1][3]. Growth Opportunities - The report identifies high-growth companies such as Yanjing Beer and Zhujiang Beer as key players to watch in the beer segment [3]. - In the snack sector, companies like Wei Long and Sanhua are highlighted for their impressive revenue growth, with Wei Long's H1 2025 revenue increasing by 18.5% to 3.48 billion yuan [8].

Group 1 - The main consumption index (000932) increased by 0.44% as of July 11, 2025, with significant gains from stocks like Luzhou Laojiao (000568) up 2.09% and Wuliangye (000858) up 1.40% [3] - The major consumption ETF (159672) achieved a four-day consecutive increase, rising 0.53% and reporting a latest price of 0.77 yuan, with a weekly cumulative increase of 0.79% [3] - The liquidity of the major consumption ETF showed a turnover rate of 4.44% with a transaction volume of 3.36 million yuan, and the average daily transaction volume over the past year was 4.96 million yuan [3] Group 2 - Tianfeng Securities noted that higher summer temperatures across China are expected to boost beer consumption, with long-term growth anticipated from consumer policies and adjustments to alcohol regulations [4] - The major consumption ETF saw a scale increase of 112.25 million yuan over the past week, ranking second among comparable funds [4] - As of July 10, 2025, the major consumption ETF's net value increased by 5.19% over the past year, with a maximum monthly return of 24.35% since inception [4] Group 3 - The management fee for the major consumption ETF is 0.50%, and the custody fee is 0.10%, which are the lowest among comparable funds [5] - The latest price-to-earnings ratio (PE-TTM) for the major consumption index is 18.86, indicating a valuation below 92.49% of the historical data over the past year [5] - As of June 30, 2025, the top ten weighted stocks in the major consumption index accounted for 67.93% of the total, including companies like Yili (600887) and Kweichow Moutai (600519) [5]

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook with expected performance exceeding the benchmark index by over 10% [5]. Core Insights - The report highlights the strong performance of leading companies in the liquor sector, particularly focusing on the structural alpha opportunities in the market. It emphasizes three main lines of investment: leading brands, high-certainty regional brands, and resilient recovery stocks [1][2]. - In the beer and beverage segment, the acquisition of Jimo Huangjiu by Qingdao Beer is noted as a strategic move towards diversification, with expectations of continued growth in the beverage sector despite competitive pressures [3]. - The report also discusses innovative marketing strategies in the food sector, such as collaborations between brands to create unique products, which are seen as essential for maintaining market leadership [4]. Summary by Sections Liquor Sector - The liquor industry is transitioning from a performance window to a sales off-season, with companies focusing on enhancing brand strength, product structure, and marketing strategies. The report suggests that the pressures and risks in the industry are gradually being released, indicating a potential recovery in demand [2]. Beer and Beverage Sector - The beer segment is experiencing challenges, with Budweiser Asia reporting a decline in sales and prices. However, Qingdao Beer’s acquisition of Jimo Huangjiu is viewed as a step towards diversification and long-term growth. The beverage sector is expected to maintain high demand due to improved travel scenarios and extended holidays [3]. Food Sector - The food industry is witnessing innovative collaborations, such as the partnership between Weidong and Wufangzhai to launch new products for the Dragon Boat Festival. This trend of brand collaboration is seen as a key factor for sustaining leadership in a changing market [4].

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a relative performance increase of over 10% compared to the benchmark index [5]. Core Insights - The white liquor sector is focusing on enhancing internal capabilities and improving performance, with a long-term investment value becoming more apparent. Key themes include leading brands, sustained dividends, and strong recovery [2]. - The beer and beverage segment shows promising growth, with Qingdao Beer acquiring Jimo Yellow Wine, indicating a diversification strategy. The performance of Uni-President in Q1 2025 was notably strong, with a revenue increase and a 32% rise in net profit [3]. - The food sector is innovating through collaborations, such as the partnership between Wei Long and Wu Fang Zhai for new product offerings, highlighting the importance of product innovation and creative marketing strategies [4]. Summary by Sections White Liquor - The industry is transitioning from a performance peak to a seasonal slowdown, with companies focusing on brand strength, product structure, and marketing strategies. Notable companies include Guizhou Moutai, Wuliangye, and Shanxi Fenjiu, which are expected to enhance their market share [2]. - The report anticipates a gradual recovery in demand, suggesting that the pressures and risks faced by the white liquor industry are being alleviated [2]. Beer and Beverage - Budweiser APAC reported a decline in sales and price in Q1 2025, primarily due to weak performance in the ready-to-drink segment. However, Qingdao Beer’s acquisition of Jimo Yellow Wine is seen as a strategic move for long-term growth [3]. - Uni-President's Q1 2025 performance showed double-digit revenue growth and a significant increase in net profit, indicating a robust position in the beverage market [3]. Food - The introduction of new products for the Dragon Boat Festival, such as the collaboration between Wei Long and Wu Fang Zhai, reflects a trend towards innovative product offerings and marketing strategies in the food sector [4]. - The report emphasizes that both emerging and established brands must adapt to changing market dynamics through product innovation and creative marketing to maintain leadership positions [4].

点击小程序查看报告原文 提振内需的必要性与政策实施的有效性正在提升 外部冲击之下，"扩内需"必要性进一步提升。 美国近期实施的关税政策力度远超预期，扰动全球贸易秩序，加剧全球经济放缓风险。中美贸易摩擦动态 演绎，截至4月16日，中国出口美国的个别商品累计各种名目的关税已达到245%[1]。在此背景下，我国政府迅速采取针对性措施，包括对等关税、出口管 制、反倾销调查、WTO诉讼等[2]，维护多边贸易。与此同时，在外部尤其贸易前景尚不明朗的背景下，更为积极地实施内需刺激政策必要性提升，以国 内增长确定性应对外部环境的不确定性。 当前时点"扩内需"的效果或优于以往。第一，从政策空间来看， 近期公布的物价数据显示，CPI同比2月起再次进入负增长区间，PPI同比持续低位运行， 通胀低位为货币宽松和财政刺激提供了更大操作空间。 第二，从政策目标来看， 扩大内需是去年底经济工作会议以及两会明确的首要任务[3]。特别地， 2024年地方政府债务置换计划落地后，地方偿债压力缓解，为新增投资及民生支出释放财政空间，地方政府配合中央逆周期调控的能力和意愿增强。 第 三，私人部门信心逐步企稳。 3月统计局公布的商品房销售面积、销售金 ...