HK Stock Market Move | Top enterprises face growth challenges. China Resources Beer (00291) fell over 4%, leading the decline in the beer sector.

Beer stocks continue to decline. At the time of publication, CHINA RES BEER (00291) fell by 4.06% to 27.2 Hong Kong dollars; BUD APAC (01876) fell by 3.52% to 7.68 Hong Kong dollars; TSINGTAO BREW (00168) fell by 3.05% to 49.35 Hong Kong dollars. On the news front, according to market reports, as the third-quarter reports are gradually disclosed, the beer industry, which has delivered "double-digit" growth in previous years, is facing growth difficulties, with some leading companies facing the dilemma of "increasing revenue but not increasing profit", "increasing profit but not increasing revenue", and "dual decline in performance". Haitong pointed out that beer companies' third-quarter financial reports are generally under pressure, with both revenue and profit slowing down compared to the first half of the year, with some experiencing a year-on-year decline. CITIC SEC stated that the macroeconomic recovery is still ongoing, and the recent trend of policy enhancement is clear. Although the driving force of consumption still needs time to verify, it is expected that under the background of anticipation, the overall attractiveness of consumption allocation will increase. The characteristics of the alcohol industry as a cyclical industry are obvious, and as a representative industry of consumption, there is a demand for allocation. Guolian believes that the cost dividend of beer continues and the base further decreases, demand is relatively weak, leading companies face some pressure on both quantity and price, and performance is expected to slow down.