HK Stock Market Move | Beer stocks rebounded today; institutions expect beer consumption scenarios to see a favorable improvement in the fourth quarter on a low base.

Beer stocks rebounded today. As of press time, CHINA RES BEER (00291) rose 4.64% to HK$19.83; BUD APAC (01876) rose 3.71% to HK$5.87; TSINGTAO BREW (00168) rose 3.38% to HK$39.74. On the news front, Tsingtao Brewery announced that in the first three quarters, the company achieved cumulative revenue of RMB28.035 billion, down 4.53% year on year; net profit attributable to shareholders was RMB5.055 billion, down 4.16% year on year. Affected by factors such as weak consumption, in the first three quarters, the company achieved cumulative product sales volume of 6.465 million kiloliters, with the Tsingtao Brewery main brand achieving sales volume of 3.95 million kiloliters, of which sales volume of mid-to-high-end and above products reached 2.994 million kiloliters, up 2% year on year. Guosheng previously released a research report stating that beer is currently gradually entering the off-season, and we expect that in 26Q4, on a low base, beer consumption scenarios are expected to see a favorable improvement, reflecting the logic of catering recovery transmission and high-quality leaders taking the lead in repairing, and we recommend Beijing Yanjing Brewery and Guangzhou Zhujiang Brewery, whose major single products contribute strong alpha, and steady allocation to leaders and high-dividend targets such as Chongqing Brewery, CHINA RES BEER, and Tsingtao Brewery.