本报讯 （记者袁传玺）天眼查工商信息显示，近日，青岛啤酒集团有限公司发生工商变更，注册资本由约13.4亿元增至约 16.3亿元。 （编辑 黄力） ...

Investment Focus - The report emphasizes prioritizing midstream dairy companies for consumer staples exposure in China, suggesting that this sector is expected to recover first in terms of performance and valuation [1][6]. Industry Overview - In December 2025, among the eight tracked essential consumer sectors, four showed positive growth while four experienced declines. The growing sectors included condiments, frozen foods, soft drinks, and dining, while the declining sectors were premium and mass-market baijiu, dairy products, and beer [3][9]. - The report indicates that the overall demand in most sectors remains subdued, with traditional categories like baijiu, beer, and dairy under pressure due to weakened consumer sentiment and competition from substitutes [3][9]. Price Trends - Baijiu wholesale prices mostly stabilized in December, with notable price changes for various brands. For instance, the price for Moutai (飞天) was reported at 1600 RMB for a full box, down 50 RMB from the previous month [4][22]. - Discounts on liquid milk and convenience foods increased significantly, reflecting a lack of demand, while discounts on condiments and soft drinks decreased [4][36]. Cost Analysis - The cost index for six categories of consumer goods showed mixed results in December, with soft drinks and instant noodles experiencing slight increases, while dairy products and beer saw modest declines [4][5]. - The prices of raw materials such as aluminum cans and paper increased year-on-year, impacting overall production costs [4]. Market Capitalization and Valuation - As of the end of December, net inflows into Hong Kong Stock Connect amounted to 20.825 billion RMB, with the consumer staples sector's market capitalization share rising to 5.61% [5]. - The report notes that the historical PE ratio for A-share food and beverage companies was at 16% (20.3x), indicating a decrease of 5 percentage points from the previous month [5]. Recommendations - The report suggests a two-pronged investment strategy for January: focusing on high-risk preference stocks like Luzhou Laojiao and Wuliangye, and on stocks with improving fundamentals and dividend yields such as Yili and Mengniu [6].

第七届全球华人生活短视频大赛展映暨中外视频博主开平采风行在江门开平市举办。海外网 杨皓铭摄 2025年12月21日，江门开平赤坎，大型多媒体实景剧《归途》正在上演。海外网 牛 宁摄 中外视频博主采风团走进开平碉楼文化旅游区自力村景区。海外网 谢 明摄 俄罗斯视频博主艾利克斯在开平碉楼采风。海外网 谢 明摄 风从南海吹来，带着湿润的水汽，拂过赤坎古镇的骑楼长廊。这里的冬天温润如春。 广东江门开平市，2025年12月23日，"第七届全球华人生活短视频大赛展映暨中外视频博主开平采风行"在这里拉 开帷幕。 本届大赛以"四季·城市"为主题，通过线上征集与线下推广相结合，借助多媒体平台搭建起一座中外文化交流的桥 梁。自2025年4月启动以来，共征集到来自40多个国家和地区的作品约96万件，综合阅读量达118亿次，参与规模 与传播影响力均创历届新高。 展映现场，中外博主们用镜头呈现四季流转的动人画卷——烟花三月，在江苏镇江体验"半城山水半城诗"的盎然 春意；炎炎夏日，到广西柳州喝一碗沁凉冰粥；秋风送爽，前往内蒙古额尔古纳欣赏枫叶层林尽染；瑞雪纷飞， 看北京紫禁城银装素裹换冬装…… 采风活动中，来自丹麦、马来西亚、尼日利亚、 ...

2026 年 01 月 04 日 茅台调整线上渠道 落实市场化转 食品饮料 行 业 研 究 / 行 业 点 评 证 券 研 究 报 行 业 及 产 业 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 告 相关研究 《茅台经销商会定调务实转型 临近旺季密 切关注动销——食品饮料行业周报 20251222-20251226》 2025/12/28 《政策重视扩内需提消费 26 年重申看好顺 周期方向——食品饮料行业周报 20251215-20251219》 2025/12/21 证券分析师 吕昌 A0230516010001 lvchang@swsresearch.com 周缘 A0230519090004 zhouyuan@swsresearch.com 王子昂 A0230525040003 wangza@swsresearch.com 联系人 王子昂 A0230525040003 wangza@swsresearch.com 本期投资提示： 型 看好 ——食品饮料行业周报 20251229-20260102 ⚫ 投资分析意见：25 年 12 月中旬以来，权威媒体和高 ...

在临沂，司机彭汉柱载着满满一车地毯驶向莫斯科，这是新年"首发"的TIR货车。 在青岛栈桥畔，朴镇相用中文说着"新年快乐"，他是新年首个抵青的韩国旅行团的游客之一。 在济南地铁驾驶室，"00后"司机李子岳准时发出新年"首班"列车，载着早行的人们驶向晨光。 在山东港口青岛港（601298），技术经理刘方超轻点鼠标，30秒便将366米长的巨轮稳稳"吸"在码头，全国"首套"真空式自动系泊系统惊艳亮相。 新年首日，从物流枢纽到智慧港口，从海滨名城到城市动脉，山东各地各行业都涌动着奋楫争先的热潮。一个个热气腾腾的场景、一张张充满干劲儿的面 孔，汇聚成"十五五"开局之年齐鲁大地昂扬向上的蓬勃气象。 1月1日，山东临满欧国际物流有限公司司机彭汉柱驾驶国际公路运输(TIR)车辆缓缓驶出停车场，这是临沂今年发出的第一辆TIR货车。"这趟也要和以前 一样，稳稳当当把货送到莫斯科，再平平安安地回家。" 彭汉柱来自黑龙江哈尔滨，在国内跑了近20年运输，2025年来到临沂。"跑国际运输虽然路程长，路况比国内复杂，但赚钱要多一些。"出发前，彭汉柱边 检查车辆情况边说，俄罗斯现在冰雪多，路上可能会比较滑，不过他并不担心，"我们在冰雪天气行车 ...

齐鲁晚报.齐鲁壹点杨雪 2025年12月31日至今年1月2日，100余名韩国游客跨越海峡奔赴青岛，开启一场融合山海风情、啤酒文化与甜蜜氛围的跨年文旅盛宴，为冬日岛城注入别 样生机与活力。而这背后，是近一年36万人次韩国旅客来青岛的热潮延续，韩国已稳固成为青岛最大的入境游客源国。 一站打卡多元地标尽赏青岛山海人文 此次行程串联起青岛自然、人文、休闲等多类核心地标，让韩国游客沉浸式感受城市魅力。作为青岛城市名片的青岛啤酒（600600）博物馆，122年的酿 造历史与浓郁麦芽香气交织，从9步专业打酒流程到蒙眼盲品全品类啤酒的新奇体验，让常年经销青啤的韩国商户们震撼不已，直呼"规模与自动化程度远 超预期"。而青岛港（601298）码头的"靠岸第一杯青啤"，更成为游客们解锁青岛的仪式感开场。 小鱼山巅，红瓦绿树与碧海蓝天相映成画，登高俯瞰的游客仿佛融入诗意景致；即墨路市场内，琳琅满目的特色商品与熙攘市井烟火，让游客触摸到青岛 的生活温度。海泉湾温泉的热气驱散冬日寒意，为旅途卸下满身疲惫；崂山景区以雄奇山景与深厚道教文化，通过VR全景体验等方式成为韩国游客关注 焦点，"崂山+青啤博物馆"的精品线路更受追捧。 这些活动既为 ...

Group 1: Core Insights - The report emphasizes the recovery stage of consumer spending, highlighting that different sectors exhibit both commonalities and differences in their recovery rhythms, driven by supply-demand dynamics and industry structure [4][5] - ROA (Return on Assets) is identified as a leading indicator for the operational recovery of consumer companies, with a focus on analyzing various sub-sectors [4][13] Group 2: Sector Performance - The current recovery sequence indicates that soft drinks and snacks are leading, followed by the catering supply chain, condiments, dairy products, beer, and finally, liquor [5][25] - The report draws parallels with Japan's 1990s consumption differentiation, noting that sectors addressing consumer pain points and with low penetration rates are likely to succeed [5][6] Group 3: Investment Strategy - The report suggests focusing on sectors where ROA is stabilizing, indicating potential valuation recovery opportunities, particularly in traditional sectors like liquor, beer, and dairy [6][8] - It recommends identifying sub-sectors with either price or volume growth, with a preference for price-driven strategies [6][8] Group 4: Detailed Sector Analysis - The frozen food sector is showing signs of marginal improvement, with leading companies enhancing operational efficiency through product innovation and channel reforms [27][28] - The snack sector is experiencing high demand, driven by new channel developments, although competition is intensifying [33][35] - The beer industry is under pressure, with a focus on high-end products, but overall growth is slowing due to external economic factors [39][41] - The dairy sector is nearing the end of its adjustment phase, with expectations of improved performance as raw milk prices rise [41][42] - The liquor sector is currently in a phase of inventory reduction, with performance risks gradually clearing as channels stabilize [43][48]

Core Viewpoint - Qingdao Beer emphasizes its commitment to providing reasonable returns to shareholders through a stable profit distribution policy, increasing cash dividends in line with business performance growth [1] Summary by Categories Dividend Policy - The company will distribute a cash dividend of 2.20 yuan per share (including tax) for the fiscal year 2024, representing a 10% increase compared to the 2023 fiscal year [1] - The dividend payout ratio has reached 69%, indicating a strong commitment to returning profits to shareholders [1] Financial Commitment - The total amount allocated for dividends in 2024 is set to be 3 billion yuan [1]

Tax Contribution - During the "14th Five-Year Plan" period, the total tax revenue from state-owned enterprises in Qingdao remained stable at over 14 billion, representing a 46.7% increase compared to the end of the "13th Five-Year Plan" [4][20]. Social Welfare - The construction of transportation hubs has accelerated, including the world's largest and longest underwater highway, the Jiaozhou Bay Second Tunnel, which is being advanced by Guoxin Group [4][23]. - The Jiaodong International Airport has won the Excellent Service Quality Award for airports with over 10 million passengers for the third consecutive year [4][23]. - Public transport improvements have enhanced travel experiences, with annual passenger volume exceeding 940 million [4][23]. - Infrastructure projects, such as the largest LNG receiving station in the country and the comprehensive renovation of old heating pipelines, have been implemented [4][23]. Industry Leadership - Seven enterprises, including Qingdao Beer, Aucma, and Haigang, have been cultivated as "chain leaders" in the food and beverage, smart home appliances, and high-end chemical industries [5][24]. Asset Management - The Qingdao State-owned Assets Supervision and Administration Commission has developed a three-year action plan to revitalize idle assets, establishing an asset ledger and guiding enterprises in formulating revitalization plans [25]. - A dual-driven platform has been created for asset revitalization, including an online cloud platform for asset management and a physical platform for market-driven operations [25][26]. Innovation and Digital Transformation - The Qingdao State-owned Assets Supervision and Administration Commission has implemented a special action plan to cultivate new productive forces, with R&D funding expected to exceed 3.3 billion by 2025, more than doubling from 2020 [28]. - A digital transformation action plan for state-owned enterprises has been established, significantly enhancing digital management capabilities in finance, investment, and procurement [29]. - Notable achievements include the establishment of the first "Lighthouse Factory" in the global beer and beverage industry by Qingdao Beer and the development of the first autonomous train operation system in the country by the Metro Group [29].

半岛网12月19日讯12月18日，市北区人民政府新闻办召开"奋力推进中国式现代化市北实践"主题系列新 闻发布会——激发消费活力专场。市北区政府党组成员、副区长卜涛；区商务局党组书记、局长隋淼； 区投资促进工作领导小组办公室专职副主任、商务局副局长马新婷；青岛国际邮轮港区服务管理局投资 促进运营部一级主管宋珊珊；即墨路街道党工委副书记、办事处主任傅晓慧；敦化路街道党工委副书 记、办事处主任胡俊昌出席发布会并回答记者提问。 "十四五"以来，市北区以激发消费活力作为推动高质量发展、服务新发展格局的关键抓手，主动顺应消 费升级趋势，持续增强市场内生动力。 重大项目取得历史性突破 商业版图加速重塑，青岛山姆会员商店高速建设，主体结构提前4个月封顶，外立面正式完工，室内装 修有序推进，预计2026年上半年正式开业，有力引领北部商圈加速崛起。台东吸引力持续提升，中粮大 悦城完成土地招拍挂，打造全新青岛啤酒文化休闲商务区，成为振兴台东商圈的核心引擎。商业新地标 建成运营，京东MALL山东首店"一超多店"格局加速形成，正成长为全省最大的家电数码零售企业。免 税经济提质增效，中免免税店青岛城市店元旦开业，构建"口岸+城市"免税体 ...