中信证券研报表示，宏观经济修复仍在途中，近期政策加力趋势明确，虽然对消费的拉动仍待时日检验，但预期先行背景下预计消费总体配置吸引力将提升，酒类顺周期特征明显、并作为消费代表性行业，存在配置需求。Liquor stocks declined in early trading. As of press release, China Resources Brewery (00291) fell 6.37% to HK$29.4; Tsingtao Brewery shares (00168) fell 5.14% to HK$51.7; Budweiser Asia Pacific (01876) fell 3.58% to HK$8.35; and Zhenjiu Li Du (06979) fell 3.87% to HK$7.45.
The Zhitong Finance App learned that alcohol stocks were lower in early trading. As of press release, China Resources Beer (00291) fell 6.37% to HK$29.4; Tsingtao Brewery shares (00168) fell 5.14% to HK$51.7; Budweiser Asia Pacific (01876) fell 3.58% to HK$8.35; and Zhenjiu Li Du (06979) fell 3.87% to HK$7.45.
According to the news, the overall revenue of the 19 listed liquor companies in the third quarter was 96.4 billion yuan, up 1.3% year on year; net profit to the mother was 36 billion yuan, up 2.3% year on year; in the first three quarters, the overall revenue of the industry was 339.8 billion yuan, up 9.7% year on year; and the net profit to the mother was 131.8 billion yuan, up 10.9% year on year. Furthermore, according to data from the Beer Branch of the China Liquor Industry Association, the total production of beer companies above the national scale in the first three quarters of 2024 was 29.3 million kiloliters, a year-on-year decline of 1.5%.
The CITIC Securities Research Report said that macroeconomic recovery is still in progress, and the recent trend of policy strengthening is clear. Although the impact on consumption is still being tested over time, it is expected that the overall consumption allocation attractiveness will increase in the context of expectations. Alcohol has obvious procyclical characteristics, and as a representative consumer industry, there is allocation demand.
