Gelonghui reported on November 22 that the Shanghai Securities research report pointed out that tsingtao brewery (600600.SH), having gone through a century of accumulation, possesses the leading brand value in the beer industry, a comprehensive product matrix covering all price ranges, and a flexible, multi-dimensional channel operation system. In the future, through product structure upgrades and internal management efficiency optimization, it will benefit in the short term from the decline in major cost prices such as imported barley and packaging materials, contributing profit elasticity. In the long term, with improvements in ton price and production efficiency, it is expected to achieve sustained and steady growth. This is the first coverage, with a rating of "buy."