According to the Zhixun Finance APP, beer stocks fell collectively. As of press time, China Resources Beer (00291) fell by 6.71% to HKD 29.2, Bud APAC (01876) fell by 5.89% to HKD 9.11, and Tsingtao Brew (00168) fell by 3.96% to HKD 53.35.

On the news front, Guosen Securities pointed out that due to the weak consumption environment and high base last year, beer industry sales volume in May is expected to be under pressure. Beer manufacturers in the second quarter pay more attention to inventory health. Inventory in channels has been alleviated in April and May. Looking forward to June and the second half of the year, with the gradual warming of the weather and the successive opening of large-scale sports events, it is expected that the prosperity of the beer industry will marginally improve, bringing about stable and upward growth in sales and revenue, and more catalysts for the rise of the beer sector.

In addition, according to statistics from the National Bureau of Statistics, the output of beer enterprises with a scale of more than 10 million liters in April was 2.764 million kiloliters, a year-on-year decrease of 9.1%, which has declined for two consecutive months. Guotai Junan pointed out that due to factors such as the base and weather, the bank estimates that the industry's total volume of beer from January to May of 2024 may have declined. However, the above suppression factors are expected to gradually improve and drive sales recovery. At the same time, high-end single products in the beer sector are still showing a trend of increasing volume. Since May, there has been an acceleration of sales of high-end single products in the high-end price zone, and the trend of upgrading structure and improving cost continues.