研究报告 Research Report 29 Aug 2025 青岛啤酒 Tsingtao Brewery (600600 CH) 2025 半年报点评：品质为锚，稳健前行 1H25 Results: Rooted in Quality, Forging Ahead Steadily [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 Rmb69.50 目标价 Rmb88.00 HTI ESG 2.4-1.7-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 义利评级 BBB+ 来源 : 盟浪 . Reproduced by permission; no further distribution 市值 Rmb79.27bn / US$11.10bn 日交易额 (3 个月均值) US$67.60mn 发行股票数目 704.70mn 自由流通股 (%) 40% 1 年股价最高最低值 Rmb8 ...