HK Stock Market Move | Beer stocks collectively fell, the actual driving effect of the World Cup should not be overestimated. Institutions point out that beer sales volume is still a core validation indicator.

Beer stocks collectively fell, as of the time of publication, CHINA RES BEER (00291) fell by 5.57% to HK$22.38; BUD APAC (01876) fell by 3.41% to HK$6.79; TSINGTAO BREW (00168) fell by 2.51% to HK$48.1. On the news front, the opening of the America-Canada-Mexico World Cup is expected to bring a peak season for the beer industry. However, some industry insiders have pointed out that the enthusiasm for the World Cup in China is currently not high, and the actual boost effect should not be overestimated. This is mainly because about 70% of the America-Canada-Mexico World Cup matches are concentrated in the early hours of Beijing time, which is contrary to the viewing habits of the "late-night prime time" in previous World Cup events. Changjiang pointed out that looking at the performance from 2026, due to the weak recovery of the catering industry and the incomplete recovery of dealer confidence, after the Spring Festival postponed opening red sales in January and February, the beer industry data gradually weakened in March and April. The beer sector performed poorly for the first time before the World Cup compared to the Shanghai and Shenzhen 300 Index. After the slowing down of industry structure upgrades, beer sales volume has become the core indicator to test industry logic. The beer sector still needs to see a sustained recovery in sales volume to boost confidence in the sector, and attention should be paid to the performance in the low base period in the second half of the year.