转自：中国质量报 □ 何京晶 赵一阳 本报记者 孙 圆 春节前夕见到赵伟时，她正伏案梳理今年顺义区北京市政府质量管理奖的培育计划，字里行间都是对新一年质量工作的谋划。"春节前，我们再去企业走访 一遍，听听他们的工作安排。"作为顺义区市场监管局一线工作人员，也是土生土长的顺义人，她始终觉得，能用自己的专业所长服务家乡、助力属地企业 提质升级，既是职责所在，也是心底最踏实的一份坚守。 "去年我们成功拿下北京市政府质量管理奖提名奖，这份荣誉离不开区局的全程贴心助力！"燕京啤酒生产中心质量管理部中心实验室经理陈爽说。 这一点，燕京啤酒生产中心总经理，同时也是企业首席质量官的万少平深有感触。"每项工作都要落实落细，才能让先进的管理理念真正转化为企业的发展 动能，让质量战略落地生根、发挥实效。"他说。 市场监管部门匠心培育的服务理念，与企业深耕质量的发展战略高度契合、同频共振，一大批龙头企业正向着高质量发展的目标全面迈进。自卓越管理体系 全面推行以来，燕京啤酒实现了产品品质稳步提升、生产成本持续降低、生产效率显著提高等目标，产品质量与品牌口碑获得市场和消费者的广泛认可，交 出了一份"质"效双升的优异答卷。 燕京啤酒的质量 ...

2026年春节假期，国内消费市场呈现出蓬勃生机，节日经济活力加速释放。"乐购新春"主题活动如火如 荼，普惠消费、商圈新业态、以旧换新等多重利好叠加，推动消费潜力集中释放，为全年经济发展注入 了强劲动力。记者从多家深市消费龙头企业获悉，春节期间，各企业紧扣消费热点，推出丰富多样的营 销活动，积极抢抓旺季机遇，为新一年市场拓展打下坚实基础。机构分析认为，在春节消费旺季的良好 开局带动下，消费类企业有望在今年实现业绩持续回暖。 "春节期间，我们积极拓展广告宣传渠道，成效显著。多维度、广覆盖的广告投放，有效提升了公司的 品牌知名度与影响力，为新一年的市场拓展奠定了良好基础，这不仅是品牌传播的有力实践，更彰显我 们迈向国际舞台、引领行业发展的坚定决心与强大实力。"燕京啤酒相关负责人告诉记者，公司在北 京、长春、广州、合肥、石家庄、济南、西安、南京、昆明9座城市投放户外LED大屏广告，覆盖核心 商圈，吸引大众目光；在天津、哈尔滨、沈阳、长春、赣州、贵阳、昆明等22个城市高铁站投放灯箱广 告，精准触达出行人群。国际市场上，公司也通过在热门区位投放LED广告大屏，展示"中国燕京邀请 世界欢度中国年"的品牌气度，向全球展示品牌 ...

新春佳节，年味儿满盈。一对跨国夫妻——在中德示范区工作的北京小伙张鼎然和他的德国太太珍妮， 在家中解锁中国春节仪式感。各类新春糖果和零食、装满中国年货的冰箱、"中西合璧"的饺子……他们 的春节，既有中国传统年俗的烟火暖意，又藏着德式浪漫。 餐桌上摆放了零食、酒饮。 走进珍妮家，浓浓的年味儿扑面而来。金色的福字贴在门窗上，桌上摆着五颜六色的新春糖果、零食和 酒饮，有北京稻香村糕点、燕京啤酒，也有德国年轮蛋糕和葡萄酒。 冰箱内放着各种食材。 "过年最不能少的就是烟火气，而冰箱里的好物，就是年味儿的证明。"珍妮一边打开冰箱一边介绍。燕 京啤酒、顺鑫鹏程鲜肉等顺义本土好物，成为他们冰箱里的"新春主角"。 采访中，张鼎然和珍妮你一言我一语，满是欢喜："我们准备了燕京啤酒、牛栏山二锅头，还有鹏程肉 制品。"张鼎然说。珍妮接过话茬，说道："对，肉好吃，酒好喝，在顺义过年，非常开心。" 珍妮正在剁馅儿。 接着，珍妮和张鼎然开始包饺子，和面、调馅儿、擀皮，动作娴熟又默契。洁白的饺子皮中，包裹着德 国特色的酸菜与香肠馅料，碰撞出别样的"跨国年味儿"。 夫妻俩包饺子。 一瓶牛栏山二锅头、一罐燕京啤酒、一块顺鑫鹏程鲜肉，看似寻常的几 ...

Investment Rating - The report maintains a stable investment rating for the Chinese liquor industry, indicating that the overall credit quality of the industry is not expected to change significantly in the next 12 to 18 months [5]. Core Insights - The liquor industry is closely tied to macroeconomic conditions and per capita income levels. Recent years have seen consumption pressures due to economic slowdown, low investment, and policy restrictions, leading to negative revenue and profit growth for large-scale enterprises [6][8]. - The white liquor sector has been experiencing a continuous decline in production since 2017, with a "volume and price drop" scenario expected to persist into 2025 due to high inventory and slow market movement [6][14]. - The beer industry remains stable with high market concentration, but faces challenges from reduced consumption in dining and entertainment venues. The trend towards product premiumization and innovation continues to drive growth [5][26]. - Overall, the liquor industry is under pressure from weak economic recovery and consumption policies, with expectations of continued downward pressure on revenue and profits in the future [10][39]. Summary by Sections Key Points - The liquor industry's demand is significantly affected by macroeconomic conditions and per capita income. Recent economic factors have led to a decline in revenue and profit growth for large-scale enterprises [6][9]. - White liquor production has been decreasing since 2017, with a projected "volume and price drop" scenario continuing into 2025 due to high inventory levels and slow market activity [14][25]. - The beer industry maintains a high concentration level, with stable production capacity utilization. However, the reduction in dining and entertainment venues has negatively impacted beer consumption [26][37]. Analytical Approach - The analysis focuses on the credit fundamentals of the liquor industry, examining key indicators affecting consumption since 2025, including disposable income, consumer confidence, and policy adjustments [7]. Industry Fundamentals - The liquor industry's demand is closely linked to macroeconomic conditions and disposable income levels. Recent years have seen consumption pressures due to economic slowdown and policy restrictions [8][9]. - The white liquor sector has been facing a continuous decline in production, with a significant drop in output expected in 2025 due to high inventory and slow market movement [14][25]. Financial Performance - Since 2025, white liquor enterprises have generally experienced significant declines in operating performance, while beer companies have benefited from optimized product structures [39][40]. - The overall debt levels of liquor companies are low, and while debt service indicators have declined, they remain favorable. Group companies have access to financing channels that support their debt repayment capabilities [39][40].

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][18] Core Views - The food and beverage sector is expected to perform well in 2026, driven by several key themes including cost benefits, efficiency improvements, innovation, and potential recovery opportunities in the liquor segment [3][10][11] - The report highlights the ongoing differentiation in the fundamentals of various categories, with liquor outperforming food and beverages [2][10] Summary by Relevant Sections Liquor - The report indicates that the sales of liquor, particularly high-end brands like Moutai, are showing positive trends as the Spring Festival approaches, with Moutai expected to see double-digit growth [2][10] - Investment recommendations include Moutai, Shanxi Fenjiu, and Luzhou Laojiao, with a focus on brands that are gaining market share despite overall market challenges [2][10][11] Beer - The beer industry is currently managing inventory well and is poised for recovery as demand is expected to improve [11] - Recommended companies include Yanjing Beer and China Resources Beer, which are seen as strong players in the market [11] Snacks - The report emphasizes the importance of focusing on companies with strong growth potential in the snack sector, particularly those involved in konjac products, which are expected to continue their growth trajectory [12][18] - Key players in this segment include Weidong and Yanjinpuzi, which are noted for their innovative product offerings [12][18] Prepared Dishes - The report discusses the public consultation on national standards for prepared dishes, which may lead to a clearer industry structure and the elimination of less compliant players [13][14] - Recommended companies in this space include Yihai International and Haidilao, which are expected to benefit from improved compliance and operational efficiency [13][14] Dairy Products - The dairy sector is experiencing a steady recovery, with a focus on leading companies like Yili, which are expected to benefit from improved margins and reduced inventory pressures [14][15] - The report suggests that the demand for dairy products will continue to improve, particularly in the second half of 2026 [14][15] Beverages - The beverage sector is currently in a seasonal inventory reduction phase, with stable preparations for the Spring Festival [15] - Companies like Nongfu Spring and Dongpeng Beverage are highlighted for their strong operational performance and market expansion strategies [15][16]

"十四五"时期，北控集团交出了一份厚重的高质量发展答卷：经营业绩持续提升，业务布局持续优化，科技创新驱动高质量发展，在服务国家战略和新时 代首都发展中彰显了国企的使命担当。五年间，集团牢牢把握新时代国有企业的职责使命，完整、准确、全面贯彻新发展理念，主动融入新发展格局，开 启"二次创业"新航程，主要经营指标稳居市管国有企业前列，胜利完成"十四五"目标任务。 编者按： 五年耕耘，锚定首都"四个中心"功能建设；五载笃行，扛起国有经济战略支撑使命。"十四五"时期，是首都国企深化改革、提质增效的关键五年，更是与 新时代首都发展同频共振、向高质量发展笃定前行的五年。值此"十四五"收官之际，本报开设专栏，聚焦首都国企的使命担当与创新实践。通过一个个鲜 活案例、一组组亮眼数据、一段段奋斗故事，立体呈现首都国企以改革破解发展难题、以创新驱动产业升级、以担当服务首都大局。 隆冬时节，海陀山上的延庆奥林匹克园区游人如织。2022年冬奥会同款雪道—— "雪飞燕"在阳光下熠熠生辉。北控集团运营团队忙碌如常，他们要用最 严谨的态度守护好这张"双奥城市"名片。这样的坚守已成为常态。从雁栖湖畔"国家会客厅"到城市副中心的智慧管廊，从天津南 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5]. Core Views - The food and beverage sector is expected to perform well in 2026, with a focus on four main investment themes: cost advantages, efficiency improvements, innovation-driven growth, and opportunities for recovery in distressed segments [3][10]. - The report highlights the increasing bottom signals in the liquor market, particularly for baijiu, and emphasizes the importance of sales performance during the Spring Festival [2][10]. Summary by Relevant Sections Liquor - Baijiu prices, particularly for Moutai, are stable with a slight increase, and attention is drawn to the sales rhythm during the Spring Festival. The report recommends Moutai, Shanxi Fenjiu, and Luzhou Laojiao as top picks, while also suggesting to monitor other brands like Gujing Gongjiu and Wuliangye [2][10]. - The report anticipates a continued trend of small liquor companies exiting the market, with a projected production decline of 12.1% for baijiu in 2025 [10]. Beer - The beer industry is experiencing healthy inventory levels, with expectations for demand recovery. The report recommends Yanjing Beer and China Resources Beer as key players to watch [11][10]. Snacks - The report emphasizes the importance of strong alpha stocks in the snack sector, particularly focusing on konjac snacks, with companies like Weilong and Yanjinpuzi showing strong product innovation and competitive advantages [12][10]. Food Supply Chain - The food supply chain is entering a peak season for stocking and sales, with a focus on pre-prepared dishes. The report recommends leading companies like Yihai International and Haitian Flavoring, as well as companies that are expanding their channels like Qianwei Yangchun [13][14]. Dairy Products - The report suggests a cautious outlook for dairy companies due to competitive pressures, but highlights the potential for recovery in 2026, particularly for leading companies like Yili [14][10]. Beverages - The beverage sector is currently in a de-stocking phase, with stable preparations for the Spring Festival. The report continues to recommend companies like Nongfu Spring and Dongpeng Beverage, which are accelerating their national expansion [15][10].

Core Viewpoint - Yanjing Beer (000729) reported that as of January 30, 2026, the total number of shareholders is 47,607 [1] Summary by Relevant Categories Company Information - Yanjing Beer has a total of 47,607 shareholders as of the specified date [1]

Core Viewpoint - Yanjing Beer (000729) announced a profit forecast for 2025, expecting a net profit between 1.584 billion to 1.742 billion yuan, representing a year-on-year growth of 50.00% to 65.00% [2] Stock Performance - The stock closed at 12.51 yuan, up 3.30%, with a turnover rate of 1.28% and a trading volume of 397 million yuan, showing a 5-day increase of 3.56% [2] - Historical data indicates that 63.33% of stocks with a profit forecast increase of over 50% saw a price increase on the announcement day, with 3 stocks hitting the daily limit [2] - Over a 5-day period post-announcement, 71.11% of these stocks experienced price increases [2] Capital Flow - The stock saw a net inflow of 46.51 million yuan from main funds today, with a total net inflow of 36.79 million yuan over the past 5 days [2] - As of January 19, the margin balance was 303 million yuan, with a financing balance of 301 million yuan, reflecting a 2.63% decrease from the previous trading day, but a cumulative increase of 1.29% over the past 5 days [2] Institutional Ratings - In the past month, 2 institutions rated the stock as a buy [2] - The highest target price forecast is 17.75 yuan, as per a report from Guotai Junan Securities on January 4 [2]

Core Viewpoint - Yanjing Beer (000729.SZ) expects a significant increase in net profit for the year 2025, indicating strong financial performance and growth potential in the beverage industry [1] Financial Performance - The company forecasts a net profit attributable to shareholders ranging from 1.58352 billion to 1.74187 billion yuan for the year 2025, representing a year-on-year growth of 50.00% to 65.00% [1] - The net profit after deducting non-recurring gains and losses is expected to be between 1.45689 billion and 1.56096 billion yuan, with a year-on-year growth of 40.00% to 50.00% [1]