白酒业务方面，25H1 白酒收入7.81 亿元，同比-33.7%，其中大单品摘要占白酒收入接近80%，政策趋 严使得商务、高端宴席等明显受损，对销售拖累明显。 机构：东吴证券 研究员：苏铖/郭晓东 投资要点 事件：华润啤酒公告2025 年中报，25H1 实现营收239.42 亿元，同比+0.8%，归母净利润57.89 亿元，同 比+23.0%，不计特别项目的EBIT 为71.05 亿元，同比+11.3%，不计特别项目的EBITDA 为83.36 亿元， 同比+10.7%。公司派发中期股息0.464 元/股，同比+24.4%，中期派息率保持26%。 啤酒韧性升级，白酒主动调整。啤酒业务方面，25H1 啤酒收入231.61亿元，同比+2.6%，量价拆分来 看，25H1 销量648.7 万吨，同比+2.2%，吨价3570 元/吨，同比+0.4%。上半年面临消费弱β，公司积极 拥抱新消费趋势，一方面传统大单品仍韧性增长，次高档及以上销量增速中至高单位数，其中喜力销量 增长超20%，老雪销量增长超70%，红爵销量增长超100%；另一方面，开发德式小麦啤酒、茶啤、果 啤、青稞啤酒等特色产品，满足个性化和差异化消费需求，亦 ...

近日，南都湾财社记者从多个渠道获悉，8月30日，舍得酒业(600702.SH)将推出首款低度酒高风味型老 酒"舍得自在"，该产品度数为29度。8月18日，古井贡酒(000596.SZ)推出新品"古井贡酒·年份原浆轻度 古20"，酒精度26度，容量分别为375ml和100ml，这是古井贡酒近年推出的首款低度白酒新品。 此外，五粮液(000858.SZ)将推出29度"一见倾心"，泸州老窖(000568.SZ)研发出了28度国窖1573，甚至 已在研发6度超低度产品。水井坊(600799.SZ)在部分市场试点38度以下新品，洋河升级33.8度微分子 酒，酒鬼酒更是准备了多达四款40度以下的低度产品……一场"降度竞赛"正在白酒行业席卷开来。 酒企密集布局，低度酒里到底藏了啥？ 今年6月以来，低度酒赛道越来越热闹。 从五粮液到泸州老窖，从水井坊到古井贡酒，再到舍得酒业等，为啥白酒上市公司都在密集布局低度白 酒赛道？ 关键在于增量。在白酒价格倒挂、库存高企的背景下，白酒上市公司业绩要么增长失速，要么断崖式下 滑，各大酒企都急需增量市场。 以舍得酒业为例，公司2024年实现营收53.57亿元，同比下滑24.41%；同期归属 ...

沪指续创近十年新高。 8月20日，沪指早盘弱势下探，午后在金融、半导体等板块带动下强势上攻，最终收涨1.04%，报 3766.21点，续创近10年新高。深成指涨0.89%，报11926.74点；创业板指涨0.23%，报2607.65点。 不过，在上冲过程中，周三两市成交有所萎缩，共成交24082亿元，较前一交易日减少1802亿元。 对此，有券商投顾表示，周三沪指表现良好，光头中阳形态预示着还有进一步上冲的可能，但阳量相比 周一萎缩是瑕疵，周四如果上冲过程中不能进一步放量，要防范形成技术上的背驰衰竭结构。不过即便 背驰后市场出现调整消化，也大概率会在3731上方进行，跌到3731会有权重站出来护盘。 "但8月最后一周最好要谨慎些，因为半年报会集中在这周披露，业绩预期不好的个股出现调整的概率较 大，所以8月剩余时间要把注意力放在各行业的大市值龙头品种上，这些品种可能会有超过大盘的表 现。"该券商投顾建议。 淡水泉投资认为，当前市场环境下，两个趋势的演进将有望对市场动量的持续性形成支撑：一个是，低 利率及"资产荒"的背景将推动资金为寻求收益而提升风险偏好；二是家庭负债表从超额储蓄到增配股市 的逐步转变。 "当前市场 ...

China Resources Beer (0291.HK) Earnings Review: Look for sequential acceleration in beer and gradual normalizing policy impact; Strong cash flow and potential for yield; Buy 0291.HK 12m Price Target: HK$37.00 Price: HK$28.28 Upside: 30.8% 20 August 2025 | 12:58AM HKT On Aug 19, CR Beer reported 1H25 results with better-than-expected core EBIT on cost tailwinds and operating efficiency, and we attended the earnings briefing. While the macro situation remains fluid and deflation risks persists, we remain posi ...

Market Overview - The A-share market showed a positive trend with the Shanghai Composite Index up by 0.30%, Shenzhen Component Index also up by 0.30%, and the ChiNext Index rising by 0.39% [3][4] - The total trading volume in the Shanghai and Shenzhen markets exceeded 1.64 trillion yuan during the first half of the trading day [3][4] Sector Performance - The market saw over 3200 stocks rising, with notable gains in sectors such as liquor, Huawei HiSilicon, CPO, and rare earth permanent magnets [4] - Conversely, sectors like military industry, PEEK materials, securities, and gaming experienced declines [4] Notable Stocks - The North China 50 Index surged over 3%, reaching a historical high with a trading volume of 33 billion yuan [5] - The stock price of Cambrian Technology broke the 1000 yuan mark for the first time, with a peak increase of over 5% [8][10] - Cambrian's stock price reached a new high of 989.0 yuan per share, reflecting a 4.11% increase [10] Trading Activity - The trading volume in the Shanghai and Shenzhen markets has surpassed 1 trillion yuan for 59 consecutive trading days [10] - The market opened with mixed results, with the Shanghai Composite Index slightly up by 0.01% and the Shenzhen Component Index down by 0.06% [24][25] Economic Indicators - The People's Bank of China conducted a reverse repurchase operation of 580.3 billion yuan with a 1.40% interest rate [27] - The RMB to USD exchange rate was adjusted down by 37 basis points, with the central parity rate reported at 7.1359 [28]

Core Insights - Dogfish Head has launched a new crowd-sourced Rewind Variety Pack, featuring four off-centered ales, two of which were selected by social media followers [1][2][12] - The Rewind Variety Pack includes Raison D'Etre, Chicory Stout, Punkin Ale, and 60 Minute IPA, with three cans of each beer [2][12] - Liquid Truth Serum, a fan-favorite IPA, is also making a comeback as part of Dogfish Head's Small Batch Series, available in select East Coast markets [3][6] Company Overview - Dogfish Head has been committed to brewing unique beers with high-quality culinary ingredients for nearly 30 years, expanding its offerings to include spirits and ready-to-drink cocktails [4] - The company operates multiple venues, including a production brewery, distillery, brewpub, and a beer-themed hotel [4][7] Product Details - 60 Minute IPA (6.0% ABV): Known for its hoppy yet balanced flavor, first brewed in 2003 [6] - Punkin Ale (7.0% ABV): A full-bodied brown ale with real pumpkin, brown sugar, and spices, first brewed in 1994 [6] - Raison D'Etre (8.0% ABV): A Belgian-style brown ale brewed with beet sugar and raisins, first brewed in 1996 [6] - Chicory Stout (5.2% ABV): A dark beer with roasted chicory and organic Mexican coffee, first brewed in 1995 [6] - Liquid Truth Serum (7.0% ABV): An unfiltered IPA brewed using hops in four states, first brewed in 2016 [3][11]

Core Insights - Heineken N.V. is progressing with its €1.5 billion share buyback program, having reported on the first €750 million tranche [1][4] Group 1: Share Buyback Program Details - From August 11 to August 15, 2025, Heineken repurchased a total of 179,455 shares at an average price of €68.17 [2] - During the same period, an additional 179,385 shares were repurchased from Heineken Holding N.V. [2] - As of August 15, 2025, a cumulative total of 3,945,537 shares have been repurchased under the program, amounting to €297,280,524 [2] Group 2: Communication and Reporting - Heineken publishes a weekly overview of the share buyback program on its website every Monday [3] - The company adheres to regulatory obligations as outlined in EU regulations regarding buyback programs [4] Group 3: Company Overview - Heineken is recognized as the world's most international brewer, with a diverse portfolio of over 340 beer and cider brands [5] - The company operates in more than 70 countries, emphasizing sustainability and innovation in its business practices [5]

Core Viewpoint - The 2025 Zibo Qingdao Beer Festival, themed "Gathering in Zibo, Cheers to the World," is set to provide a unique experience for citizens and tourists with a variety of activities and attractions [3][8]. Group 1: Event Overview - The beer festival spans 10 days, starting from August 15, and is held at the Haiyue Longgong West Square, covering an area of 20,000 square meters [3][5]. - The festival adopts an innovative model combining a main venue celebration with sub-venue interactions and city-wide popular check-in points [3][8]. Group 2: Venue and Attractions - The main venue is meticulously designed with various functional areas including a stage area, drinking zone, VIP tent, gathering camp, food area, and a time corridor [8]. - A high-standard seafood kitchen is featured in the food area, allowing visitors to select fresh seafood on-site [8]. Group 3: Entry and Attendance - The festival does not require tickets or reservations; attendees can enter by scanning their ID or QR code [8]. - There is a total capacity limit for the venue, and entry will be restricted once the maximum number of attendees is reached [8].

Core Viewpoint - Beijing Yanjing Beer Co., Ltd. has revised its "Whistleblower Protection and Complaint Reporting System" to enhance compliance and protect the interests of the company and its shareholders [2][3]. Summary by Sections Revision Details - The revision includes changing references from "Supervisory Board" to "Internal Audit Department" in certain articles [2][4]. - The purpose of the system is to regulate the professional conduct of the company's board members, supervisors, senior management, and employees, ensuring adherence to laws, industry standards, and company regulations [2][3]. Applicability - The revised system applies to all employees of the company, with departments allowed to create specific guidelines based on this system [4]. Reporting and Complaints - The system outlines various misconducts that can be reported, including violations of the company's articles, internal control systems, and ethical standards [5][6]. - The internal audit department is responsible for recording and assessing complaints within 24 hours, categorizing them into different levels for appropriate handling [6][7]. Investigation and Feedback - Upon completion of investigations, the internal audit department will report findings to the management or relevant committees, ensuring that all financial misconduct is reported to the internal audit department [8][9]. - The company guarantees that whistleblowers will not face retaliation for reporting non-malicious complaints, and their identities will be kept confidential [9][10].

Core Perspective - American Rebel Holdings, Inc. is positioning itself as a patriotic lifestyle brand through its sponsorship of motorsports events, particularly the Knoxville Nationals, to engage with a core demographic of loyal, patriotic fans and promote its American Rebel Light Beer as their preferred choice [1][6][9]. Company Overview - American Rebel Holdings, Inc. has evolved from a designer and marketer of branded safes and personal security products to a diversified patriotic lifestyle company, now including offerings in beer, apparel, and accessories [12]. - The company emphasizes its commitment to American values and aims to resonate with freedom-loving consumers nationwide [11]. Product Details - American Rebel Light Beer is marketed as a "better-for-you" option, featuring approximately 100 calories, 3.2 carbohydrates, and 4.3% alcohol by volume (ABV) per 12 oz serving, brewed without corn, rice, or added sweeteners [10][14]. - The beer is positioned as a premium domestic light lager that aligns with a healthier lifestyle while maintaining a bold flavor [10][14]. Marketing and Sponsorship - The company is leveraging its sponsorship of Spencer Bayston's No. 14 Sprint Car to enhance brand visibility and connect with motorsports fans, showcasing the beer at one of the most iconic events in the sport [6][9]. - American Rebel Light Beer is featured prominently at the Knoxville Raceway and the Dingus Lounge, reinforcing its community engagement and support for local businesses [7][9]. Expansion and Distribution - Since its launch in September 2024, American Rebel Light Beer has expanded its distribution across multiple states, including Tennessee, Connecticut, and Iowa, marking significant growth in the beverage market [13]. - The partnership with Mahaska Bottling Company signifies a major milestone in the company's Midwest expansion efforts [9].