Investment Rating - The industry investment rating is "Recommended" [2][29] Core Viewpoints - The food and beverage sector is expected to benefit from ongoing policies aimed at boosting consumption and expanding domestic demand, with a focus on personal consumption loan interest subsidy policies [4][26][29] - The sector has shown resilience, with the overall food and beverage index rising by 0.48% recently, while sub-sectors like condiments, baked goods, health products, and liquor have performed well [4][15][29] - The report emphasizes the importance of focusing on companies with strong fundamentals and stable performance during the current earnings disclosure period [4][29] Summary by Sections Recent Market Performance - In the week of August 11-15, 2025, the food and beverage index increased by 0.48%, ranking nineteenth among all sectors [15] - Key sub-sectors that performed well include condiments (+2.19%), baked goods (+1.46%), health products (+1.31%), and liquor (+0.93%) [15][29] Consumer Demand and Retail Sales - In July 2025, the total retail sales of consumer goods reached 38,780 billion yuan, growing by 3.7% year-on-year, despite a slight decline in growth rate compared to June [30] - Online retail sales increased by 9.2% year-on-year in the first seven months of 2025, indicating a strong shift towards e-commerce [30] Key Company Announcements - Kweichow Moutai reported a total revenue of 91,094 million yuan in the first half of 2025, a year-on-year increase of 9.16%, with net profit reaching 45,403 million yuan, up 8.89% [27][31] - Yanjing Beer achieved a revenue of 855,824.35 million yuan, a 6.37% increase, with net profit soaring by 45.45% [27][31] - Angel Yeast reported a revenue of 7,899 million yuan, growing by 10.10%, and a net profit increase of 15.66% [27][31] Focused Companies and Earnings Forecast - Companies to watch include Kweichow Moutai, Shanxi Fenjiu, Haitian Flavoring, Ximai Food, Dongpeng Beverage, and Yili [5][31] - Earnings per share (EPS) and price-to-earnings (PE) ratios for these companies indicate a generally positive outlook, with recommendations to "Increase Holdings" for several [32][34]

Group 1: Company Announcements - Kewei Medical plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its global strategy and brand image [1] - Shuangdeng Group has passed the listing hearing on the Hong Kong Stock Exchange, with joint sponsors including CICC, Huatai International, and Jianyin International [2] Group 2: Financial Issues and Consumer Concerns - Zhonggong Education faces criticism for a refund policy that could take 17 years to process, attributed to financial chain issues [3] - ST Gaohong is under investigation for serious financial fraud, with a proposed fine of 160 million yuan and potential delisting risks [4] - Crocs' stock plummeted nearly 30% after announcing expected revenue declines due to cautious consumer spending and increased tariffs, with an estimated additional cost of $40 million in the second half of the year [5] Group 3: Real Estate Trends - In Hegang, the average price of new commercial housing has risen from 3046 yuan/m² to 3860 yuan/m² over five years, with a significant increase in transactions from 1134 units in 2019 to 5680 units in 2024 [4] Group 4: Market Insights - A survey indicates that only about one-third of large Japanese companies expect economic growth due to uncertainties from U.S. tariffs, a significant drop from 70% earlier in the year [9][10] - The U.S. government’s tax credit for electric vehicles is set to end, leading to a surge in electric vehicle sales, which reached a record 9.1% of total passenger car sales in July [11]

1 纪念中国人民抗日战争暨世界反法西斯战争胜利80周年大会第一次综合演练圆满结束 记者从中国人民抗日战争暨世界反法西斯战争胜利80周年纪念活动新闻中心获悉，8月9日夜间至8月10日凌晨，北京天安门地区举行了纪念中国人民抗日 战争暨世界反法西斯战争胜利80周年大会第一次综合演练，约2.2万人参加演练及现场保障工作。北京市有关方面表示，本次演练活动顺利完成。（央视 新闻） 每经记者｜王琳 每经编辑｜程鹏 张喜威 袁东 ~~~文末有福利~~~ 标题点睛： 近日，中国人民银行、国家金融监督管理总局、中国证监会联合发布《金融机构客户尽职调查和客户身份资料及交易记录保存管理办法（征求意见 稿）》，该征求意见稿中最引人注目的变化是：取消了2022年版监管规则中关于个人办理单笔5万元以上现金存取业务需"了解并登记资金来源或用途"的 硬性要求。 据岳阳日报，湘阴县居民肖某良因网上发表有关评论被行政拘留一案，近日湖南省高级人民法院再审判决撤销原行政处罚决定。针对该案涉及的执法司法 行为，岳阳市公安局、市中级人民法院已启动调查程序，并将依据调查结果依法依规作出处理。据报道，2023年7月，上述男子在一段30秒视频下发布一 条12字 ...

Core Viewpoint - Beijing Yanjing Beer Co., Ltd. has revised its "Reception and Promotion Work System" to enhance communication with investors and ensure compliance with regulatory requirements [1][7]. Summary by Sections Revision Details - The board of directors approved amendments to the "Reception and Promotion Work System" to align with legal and regulatory frameworks [1][7]. - The revised document will be published on August 11, 2025, on the official information disclosure platform [1]. Reception and Promotion Activities - The system defines reception and promotion activities as engagements with investors through various means such as one-on-one communication, site visits, shareholder meetings, and analyst conferences [2]. - The board secretary is designated as the head of reception and promotion activities, ensuring that all communications are properly managed [2]. Information Disclosure Protocols - The company aims to avoid investor relations activities within 30 days prior to the disclosure of regular reports to prevent the leakage of undisclosed significant information [3]. - Any communication regarding the company's operational and financial status must not disclose non-public significant information, adhering strictly to public disclosure protocols [3]. Compliance and Accountability - The company requires specific commitments from individuals involved in direct communications to prevent the unauthorized disclosure of significant information [4]. - A detailed record of all reception and promotion activities must be maintained, including participant details and the content discussed [6][19]. Confidentiality Measures - In cases where confidential information must be shared, the company mandates the signing of non-disclosure agreements to protect sensitive information [6]. - Any leaks or unusual market activities must be reported immediately to the Shenzhen Stock Exchange [6]. Implementation and Effectiveness - The revised system will take effect upon approval by the board and will remain in force unless further amendments are made [7].

Core Viewpoint - The training management system for directors and senior management of Beijing Yanjing Beer Co., Ltd. aims to enhance compliance, governance, and operational standards through structured training programs based on relevant laws and regulations [1][2]. Group 1: Training Objectives and Applicability - The purpose of the training is to strengthen self-discipline and improve corporate governance by ensuring that directors and senior management understand relevant laws and regulations [1][2]. - The training applies to all directors and senior management, including the chairman, vice-chairman, general manager, and other key positions, with the possibility of including other management personnel as needed [1][2]. Group 2: Training Content and Requirements - Training for the chairman and general manager includes understanding capital market conditions, disclosure requirements, governance principles, and the latest policies on financing and mergers [2][3]. - Directors (excluding independent directors) will focus on the legal framework of listed companies, their rights and responsibilities, and policies on related transactions and refinancing [2][3]. - Independent directors will be trained on the latest laws, accounting standards, and their specific rights and responsibilities [2][3]. - The chief accountant's training will cover the legal framework, accounting standards, and disclosure rules for public offerings [3]. - The board secretary's training will include governance frameworks, responsibilities, and operational practices related to refinancing and mergers [3]. Group 3: Training Organization and Format - Training will consist of both external and internal sessions, with external training organized by regulatory bodies like the China Securities Regulatory Commission (CSRC) [3][4]. - Internal training will be organized by the board office or through hired intermediaries, ensuring that all directors and senior management participate in required training [4][5]. Group 4: Training Management - The board office is responsible for managing training records, ensuring attendance, and maintaining training archives for all directors and senior management [5][6]. - Directors and senior management are required to participate in at least one CSRC-organized training within their first year of service [5][6]. - The board secretary must pass a qualification exam and participate in ongoing training every two years [6]. Group 5: Financial Responsibility and Implementation - The company will cover all costs related to training, including fees and travel expenses incurred during participation in regulatory training [7]. - The training management system will be effective upon approval by the board and will be subject to updates as necessary [7].

第一条 为贯彻证券市场公开、公平、公正原则，规范本公司接待和推广的行 为和管理，加强本公司的推广以及与外界的交流和沟通，根据《公司法》、《证券 法》、中国证监会《上市公司信息披露管理办法》、《深圳证券交易所股票上市规 则》及《深圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》 等法律、法规和规范性文件，并结合本公司具体情况，制定本制度。 第二条 本制度所述的接待和推广工作是指公司通过接受投资者调研、一对一 沟通、现场参观、股东会、投资者说明会、分析师会议、路演和业绩说明会、新闻 采访等活动，加强与投资者及潜在投资者之间的沟通，增进投资者对公司的了解和 认同的工作。 北京燕京啤酒股份有限公司 接待和推广工作制度 （2025年8月） 第三条 制定本制度的目的是：规范本公司接待和推广的行为，在本公司接受 调研、沟通、采访或进行对外宣传、推广等活动时，为中小股东、机构投资者到公 司现场参观、座谈沟通提供便利，合理、妥善地安排活动过程，做好信息隔离，不 得使来访者接触到未公开披露的重大信息，增加公司信息披露透明度及公平性，改 善公司治理，促进公司与投资者之间的良性关系，增进外界对公司的进一步了解和 认知 ...

（2025 年 8 月） 第一章 总 则 第一条 为适应公司战略发展需要，增强公司核心竞争力，确定公司发展规 划，健全投资决策程序，加强决策的科学性，提高重大投资决策的效益和质量， 完善公司治理结构，根据《中华人民共和国公司法》（以下简称"公司法"）《上 市公司治理准则》《公司章程》《深圳证券交易所股票上市规则》《深圳证券交易 所上市公司自律监管指引第 1 号——主板上市公司规范运作》及其他有关规定， 依照董事会决议，公司特设立董事会战略委员会（以下简称"战略委员会"或"委 员会"），并制定本工作细则。 第二条 董事会战略委员会是董事会下设的专门工作机构，主要负责对公司 发展战略和重大投资决策进行研究并提出建议。 第二章 人员组成 第三条 战略委员会由五名董事组成，其中至少包括一名独立董事。 第四条 战略委员会委员由董事长、二分之一以上独立董事及全体董事的三 分之一以上提名，并由董事会选举产生。 北京燕京啤酒股份有限公司董事会 战略委员会工作细则 第五条 战略委员会设主任委员一名，负责主持委员会工作，由公司董事长 担任。 委员会主任负责召集和主持委员会会议，当主任不能或无法履行职责时，由 其指定一名其他委员代 ...

北京燕京啤酒股份有限公司 领导责任追究制度 第六条 对安全、环保、生产事故及工作责任事故的追究，按公司相关事故 认定和追究办法执行。 第七条 追究责任的形式和种类 （2025 年 8 月） 第一条 为进一步促使公司各级领导者全面、认真履行岗位职责，加强领导 队伍建设，在严格管理、严肃追究中养成和打造责任意识，根据国家有关法律、 法规制定本办法。 第二条 责任追究是指领导者在履行职责过程中由于个人原因发生失职、渎 职、失误等，对公司利益造成损失的，必须追究其行政、经济责任。 第三条 本制度适用于公司高层管理人员、部门及子公司负责人。 第四条 责任追究坚持以下原则： 第五条 有下列情形之一者，追究公司高层管理人员、部门及子公司负责人 责任： 差或造成不良影响的； 任审计后追究相关责任人； 第十六条 公司高层管理人员、子公司负责人进行岗位变动、在离任审计工 作中发现问题的，由公司内部审计部门将有关资料书面反馈给公司领导，按第十 五条要求开展工作。 第十七条 被追究责任者有不同意见时，可以提出书面的申诉并上报公司。 申诉期间不影响处理决定的执行。经调查确属处理错误的，公司给予纠正并出具 书面撤销处理决定书。 第十八条 ...

重大事项报告制度 （2025 年 8 月） 第一条 为规范、完善北京燕京啤酒股份有限公司（以下简称"公司"）管理 体制，加强董事会对公司重大事项的监督控制，防范风险，维护公司及投资者合 法权益，根据《中华人民共和国公司法》（以下简称"公司法"）《中华人民共和 国证券法》 （以下简称"证券法"） 《深圳证券交易所股票上市规则》 《深圳证券交 北京燕京啤酒股份有限公司 易所上市公司自律监管指引第 1 号——主板上市公司规范运作》的有关规定制定 本制度。 第二条 本制度所称公司重大事项是指出现、发生或即将发生可能对公司股 票及其衍生品种交易价格产生较大影响的情形或事件。 第三条 本制度所称报告义务人（以下简称"报告人"）包括公司董事、高级 管理人员、各部门负责人、公司实际控制人、持有公司 5%以上股份的股东、各 控股子公司、分公司或分支机构负责人、公司派驻控股子公司的董事、高级管理 人员、公司派驻参股子公司的人员以及公司各部门中重大事项的知情人等。 第四条 下列重大事项自发生或决定之日起两个工作日内由公司主管董事、 高级管理人员或其授权部门向公司董事会书面报告，并由公司及时履行披露义务。 上的重大诉讼、仲裁事项；连 ...

Investment Rating - The report maintains a positive outlook on the food and beverage industry, particularly on traditional consumer brands and companies with long-term competitive advantages [3][7]. Core Insights - The report highlights that traditional consumer brands have adjusted and now possess long-term investment value from a dividend and yield perspective. The food sector is expected to see performance differentiation based on company fundamentals [3][7]. - In the liquor segment, the report anticipates continued pressure on sales due to slow macroeconomic recovery and limited consumption scenarios, with key recommendations including Kweichow Moutai, Shanxi Fenjiu, and Luzhou Laojiao [3][7]. - The report emphasizes the growth potential in the dairy sector, driven by supply-demand rebalancing and supportive policies, recommending companies like Yili and Qingdao Beer [3][9]. Summary by Sections 1. Weekly Insights on Food and Beverage - The food and beverage sector saw a 0.74% increase last week, with liquor up 0.94%, but underperformed the broader market by 0.93 percentage points [6][39]. 2. Market Performance of Food and Beverage Sectors - The liquor sector's heavy stock holdings in public funds decreased to 6.79% in Q2 2025, down 1.71 percentage points from the previous quarter, indicating a low position compared to historical averages [8][39]. 3. Industry Events and Updates - The report notes that the liquor sector is currently in a consumption off-season, with significant downward pressure expected in Q3, particularly in August [8][9]. 4. Valuation Table - The food and beverage sector's dynamic PE is at 18.72x, with a premium rate of 29%, while the liquor sector's dynamic PE is at 17.35x, with a premium rate of 19% [22].