According to the Wise News Finance APP, beer stocks surged at the close, as of the time of publication, Bud Apac (01876) rose by 5.24% to HK$8.44; China Res Beer (00291) rose by 4.61% to HK$30.65; Tsingtao Brew (00168) rose by 2.14% to HK$52.5.

Tianfeng Securities pointed out that the third quarter report is closing, with continued pressure on volume and price, increased investment dragging down profits. We believe that in the future cyclical logic, if dining and late-night demand improves, it is expected to drive beer sales and upgrade speed recovery. As winter weather sets in during Q4, entering the off-season, the focus will be on the progress of subsequent policy implementation and sales awaiting next year.

Industrial Securities stated that the fourth quarter is traditionally the off-season for beer, and the year-end sales will be mainly natural with the consideration that cost elasticity will continue. Performance resilience is expected to be realized throughout 2024; looking ahead to 2025, as financial and fiscal policies gradually take effect, subsequent dining and retail scenarios may recover more quickly, providing positive support for beer volume and price. At the same time, it is expected that cost pace will remain relatively moderate, and the leading beer companies are poised to continue stable growth.