Citi's Profit Forecast Adjustment: Citi has lowered its core net profit forecasts for TSINGTAO BREW for 2025-26 by 2% and 3%, along with a 1% reduction in revenue forecasts.

Valuation Benchmark Update: The valuation benchmark has been adjusted to 2026 EV/EBITDA, with an unchanged estimated target EV/EBITDA multiple of 12 times.

Target Price Increase: Citi raised its target price for TSINGTAO BREW from HKD75.2 to HKD76.1 while maintaining a Buy rating.

Short Selling Data: As of January 9, 2026, short selling for TSINGTAO BREW was reported at $41.58 million, with a ratio of 21.474%.

Stock Performance: Several stocks experienced declines, with CATL dropping 3.44% and BABA-W down 1.57%, while some stocks like WUXI APPTEC and Luckin Coffee saw gains.

Short Selling Activity: High short selling ratios were noted for multiple companies, including NETEASE MUSIC at 32.83% and SHENZHOU INTL at 34.31%, indicating significant bearish sentiment.

Market Predictions: Analysts from Goldman Sachs and Morgan Stanley provided forecasts, predicting weak construction activity in China's housing market and potential upside for metal stocks driven by ESS demand.

Overall Market Trends: The overall market showed mixed results, with some stocks facing pressure while others managed to gain, reflecting a volatile trading environment.

Market Performance: The US DJIA rose by 135 points (0.3%), while Hong Kong's stock market also opened higher, with the HSI up 101 points (0.4%).

Tech Sector Movements: XIAOMI-W gained 1.8% after a credit rating upgrade, and SUNNY OPTICAL increased by 0.06% ahead of Apple's product launch, while major players like TENCENT and KUAISHOU saw modest gains.

Automaker Highlights: NIO-SW surged 8.1% following a JPMorgan upgrade, with other automakers like GEELY AUTO and BYD COMPANY also experiencing slight increases.

Consumption Sector Updates: TSINGTAO BREW reported a 7% rise in interim net profit, leading to a 1.4% increase in its stock, while NONGFU SPRING jumped 3.2% after a significant profit rise, contrasting with CTG DUTY-FREE's decline due to a drop in profits.

Financial Performance: CHINA RES BEER reported a 17% year-on-year increase in core net profit for its beer business, surpassing Citi Research's expectations, with revenue up 3% YoY.

Market Comparison: The company's performance significantly outperformed BUD APAC, which experienced a 10% YoY decline in sales in China and an 11% drop in core EBITDA.

Baijiu Business Resilience: Despite a 34% YoY revenue decline in the baijiu segment, there was no goodwill impairment, and the company declared a 24% YoY increase in interim dividends, reflecting confidence in future performance.

Broker Recommendations: Citi Research maintains a "Buy" rating on CHINA RES BEER, setting a target price of $35.6, favoring it over competitors like BUD APAC and TSINGTAO BREW.