证券研究报告 非金融公司|公司点评|青岛啤酒（600600） 2024 年半年报点评：高基数下收入承 压，成本红利驱动盈利增长 glzqdatemark1 证券研究报告 |报告要点 考虑到消费弱复苏，我们预计公司 2024-2026 年营业收入分别为 333.93/347.15/360.64 亿 元，同比分别-1.60%/+3.96%/+3.89%，归母净利润分别为 46.29/49.86/53.21 亿元，同比分别 增长 8.45%/7.72%/6.71%，对应三年 CAGR 为 7.63%，对应 2024-2026 年 PE 估值分别为 18/16/15X。鉴于公司是国产啤酒高端化龙头，吨价提升仍有空间，且下半年成本红利有望延 续，维持"买入"评级。 |分析师及联系人 邓周贵 徐锡联 刘景瑜 吴雪枫 SAC：S0590524040005 SAC：S0590524040004 SAC：S0590524030005 请务必阅读报告末页的重要声明 1 / 5 青岛啤酒(600600) 2024 年半年报点评：高基数下收入承压，成 本红利驱动盈利增长 股价相对走势 -40% -23% -7% 10% 2023/8 ...

增持 ( ＃ investSug gestionCh ange＃ 维持 ） | --- | --- | |--------------------------------|--------------------------------------| | ＃市场数据 marketData ＃ | | | 日期 | 2024-8-29 | | 收盘价（元） | 57.90 | | 总股本（百万股） | 1364.20 | | 流通股本（百万股） | 709.03 | | 净资产（百万元） | 28393.99 | | 总资产（百万元） | 52805.91 | | 每股净资产（元） 来源： WIND | 20.81 ，兴业证券经济与金融研究院整理 | ＃相关报告 relatedReport＃ 《青岛啤酒一季报点评：Q1 利 润超预期，分季度景气向上》 20240430 《青岛啤酒年报点评：还原年金 计提后 23Q4 符合预期，升级韧 性兑现》20240327 《青岛啤酒三季报点评：Q3 销 量有所承压，升级节奏仍稳健》 20231028 ＃分析师： emailAuthor＃ 郭晓东 guoxiaodong@xy ...

青岛啤酒（600600.SH） 销量短期承压，成本红利兑现 中高端表现更优，吨价短期受结构扰动。24Q2 公司啤酒实现销量 245 万 千升，同比-8.0%；其中青岛品牌/其他品牌销量分别-8.7%/-7.3%，青岛 品牌中高档销量-5.5%，我们认为消费力偏弱、餐饮渠道承压致啤酒销量 整体承压，中高端销量表现更优。24Q2 啤酒吨价同比-0.9%，预计吨价短 期主要受产品结构变化影响。 吨成本显著下行，成本红利贡献利润。24Q2 公司吨成本-5.4%，预计主要 受益于原材料和包材成本下降红利持续兑现、产品结构变化。吨成本下降 贡献下，24Q2 公司毛利率同比+2.7pct 至 42.8%。24Q2 销售/管理/研发 /财务费用率分别同比+0.4/+0.2/持平/-0.4pct，费率管控整体稳定。24Q2 其他收益同比增长 1.0 亿元，预计主要为政府补助贡献。成本红利贡献下 24Q2 公司净利率+2.7pct 至 21.1%。 短期销量承压，利润端有望维持稳健表现，提升分红率提高股东回报。今 年啤酒旺季一方面受消费力承压、终端消费场景减少影响，另一方面全国 多地受酷暑、降雨偏多等天气扰动，2024 年 7 ...

Financial Performance - Revenue for the first half of 2024 was RMB 20,068,307,930, a decrease of 7.06% compared to the same period last year[11] - Net profit attributable to shareholders of the listed company was RMB 3,641,652,772, an increase of 6.31% year-on-year[11] - Net cash flow from operating activities increased by 24.20% to RMB 5,713,872,510[11] - Basic earnings per share (EPS) for the reporting period was RMB 2.672, up 6.20% compared to the same period last year[12] - Total assets as of the end of the reporting period were RMB 52,805,909,965, an increase of 7.21% compared to the end of the previous year[11] - The weighted average return on equity (ROE) was 12.44%, a slight decrease of 0.14 percentage points compared to the same period last year[12] - The company's net assets attributable to shareholders of the listed company increased by 3.44% to RMB 28,393,988,614[11] - Domestic beer market consumption recovery was weak in the first half of 2024, with industry-wide production reaching 19.088 million kiloliters, a year-on-year increase of 0.1%[16] - The company achieved product sales of 4.63 million kiloliters, with revenue of RMB 20.07 billion and net profit attributable to shareholders of RMB 3.64 billion, a year-on-year increase of 6.31%[16] - The company's main brand achieved sales of 2.61 million kiloliters, with mid-to-high-end products accounting for 1.896 million kiloliters, driving a 1.0% year-on-year increase in revenue per kiloliter[17] - The company's R&D expenses increased by 32.70% year-on-year, driven by increased investment in new product development[18] - The company's operating cash flow increased by 24.20% year-on-year, mainly due to reduced raw material costs and tax payments[19] - The company's monetary funds increased by 26.89% year-on-year, accounting for 46.33% of total assets[21] - The company's inventory decreased by 37.49% year-on-year, reflecting improved inventory management[21] - The company's other non-current financial assets increased by 74.84% year-on-year, indicating strategic financial investments[21] - The company's monetary funds increased by 26.89% compared to the beginning of the period, primarily due to net cash inflows from operating activities[22] - Trading financial assets increased by 46.18% compared to the beginning of the period, mainly due to an increase in structured deposits and other debt instruments[22] - Accounts receivable increased by 39.16% compared to the beginning of the period, driven by an increase in receivables from subsidiaries[22] - Inventory decreased by 37.49% compared to the beginning of the period, as some subsidiaries entered the peak sales season[22] - Other non-current financial assets increased by 74.84% compared to the beginning of the period, due to the purchase of bank-issued bonds by a subsidiary[22] - Construction in progress increased by 59.42% compared to the beginning of the period, due to relocation and expansion projects by some subsidiaries[22] - Other non-current assets increased by 129.05% compared to the beginning of the period, due to prepayments for engineering and equipment procurement by subsidiaries[22] - The company's debt-to-capital ratio was 0% as of June 30, 2024, unchanged from December 31, 2023[23] - The company invested approximately 1.045 billion yuan in capital projects during the first half of 2024, including new construction, relocation, and expansion projects[24] - The fair value of the company's financial assets, including structured deposits, bonds, and funds, totaled 5.335 billion yuan as of the end of the reporting period[25] - Total investment in funds amounted to 3,371,461 units, with a net value of 2,277,041 units, showing a decrease of 71,501 units[28] - The company held 2,802,545 units of trading financial assets, with a total value of 595,997 units[28] - Total assets increased to RMB 52.805 billion as of June 30, 2024, up from RMB 49.256 billion at the end of 2023[78] - Cash and cash equivalents rose to RMB 24.467 billion, a 26.9% increase compared to RMB 19.282 billion at the end of 2023[78] - Trade receivables grew to RMB 139.7 million, a 39.2% increase from RMB 100.4 million at the end of 2023[78] - Inventory decreased to RMB 2.213 billion, down 37.5% from RMB 3.540 billion at the end of 2023[78] - Total liabilities increased to RMB 23.590 billion, up 12.3% from RMB 21.001 billion at the end of 2023[79] - Contract liabilities decreased to RMB 5.560 billion, down 27.7% from RMB 7.691 billion at the end of 2023[79] - Shareholders' equity increased to RMB 29.216 billion, up 3.4% from RMB 28.255 billion at the end of 2023[79] - Retained earnings grew to RMB 21.247 billion, a 4.5% increase from RMB 20.334 billion at the end of 2023[79] - Fixed assets decreased to RMB 10.820 billion, down 2.9% from RMB 11.146 billion at the end of 2023[78] - Construction in progress increased to RMB 794.9 million, up 59.4% from RMB 498.6 million at the end of 2023[78] - Revenue for the first half of 2024 was RMB 20,068,307,930, a decrease of 7.1% compared to RMB 21,591,789,633 in the same period of 2023[81] - Net profit attributable to shareholders of the parent company was RMB 3,641,652,772, an increase of 6.3% compared to RMB 3,425,652,286 in the first half of 2023[81] - Basic earnings per share (EPS) for the first half of 2024 was RMB 2.672, up 6.2% from RMB 2.516 in the same period of 2023[81] - Operating profit for the first half of 2024 was RMB 4,912,043,695, an increase of 6.7% compared to RMB 4,602,276,999 in the first half of 2023[81] - Total comprehensive income for the first half of 2024 was RMB 3,721,343,256, up 6.7% from RMB 3,487,105,492 in the same period of 2023[81] - R&D expenses increased by 32.7% to RMB 29,405,848 in the first half of 2024 compared to RMB 22,160,455 in the same period of 2023[81] - Interest income rose by 33.4% to RMB 315,777,423 in the first half of 2024 from RMB 236,690,677 in the same period of 2023[81] - Other income increased by 68.6% to RMB 286,034,209 in the first half of 2024 compared to RMB 169,697,462 in the same period of 2023[81] - Income tax expense for the first half of 2024 was RMB 1,188,505,811, up 5.8% from RMB 1,122,838,779 in the same period of 2023[81] - Sales expenses decreased by 9.1% to RMB 2,169,269,528 in the first half of 2024 compared to RMB 2,387,993,047 in the same period of 2023[81] - Sales revenue from goods and services received in cash for the first half of 2024 was RMB 20,708,991,798, a slight decrease from RMB 21,163,135,135 in the same period of 2023[83] - Net cash flow from operating activities for the first half of 2024 increased to RMB 5,713,872,510, up from RMB 4,600,493,439 in the same period of 2023[83] - Net cash flow from investing activities for the first half of 2024 was negative RMB 6,951,897,440, compared to negative RMB 3,727,732,890 in the same period of 2023[83] - Total comprehensive income for the first half of 2024 was RMB 3,721,343,256, with a significant portion attributed to the parent company's shareholders[85] - The company's total equity as of June 30, 2024, was RMB 29,215,608,926, up from RMB 28,254,747,175 at the beginning of the year[85] - Cash received from tax refunds in the first half of 2024 was RMB 18,723,526, a significant increase from RMB 2,971,662 in the same period of 2023[83] - Cash paid for the construction of fixed assets, intangible assets, and other long-term assets in the first half of 2024 was RMB 1,045,436,663, up from RMB 640,345,509 in the same period of 2023[83] - The company's undistributed profits as of June 30, 2024, were RMB 21,247,324,492, up from RMB 20,334,065,296 at the beginning of the year[85] - Cash received from other operating activities in the first half of 2024 was RMB 735,366,385, compared to RMB 527,646,468 in the same period of 2023[83] - The company's cash and cash equivalents at the end of June 2024 were RMB 7,959,172,830, down from RMB 9,292,085,271 at the beginning of the year[83] - Share capital remained stable at 1,364,232,790 RMB in 2023, with a slight decrease to 1,364,196,788 RMB in 2024 due to share repurchases[86][88] - Capital reserve increased by 62,926,564 RMB (1.5%) in 2023 and 22,346,243 RMB (0.4%) in 2024, reaching 4,217,003,541 RMB and 5,293,375,615 RMB respectively[86][88] - Treasury stock decreased by 17,697,593 RMB (10.3%) in 2023 and 10,359,615 RMB (13.3%) in 2024, totaling 154,157,067 RMB and 67,284,191 RMB respectively[86][88] - Comprehensive income for 2023 was 7,174,606 RMB, contributing to a total comprehensive income of 3,425,652,286 RMB for the year[86] - Retained earnings grew by 970,033,264 RMB (5.2%) in 2023 but decreased by 386,826,735 RMB (4.4%) in 2024, ending at 19,498,424,119 RMB and 8,444,582,131 RMB respectively[86][88] - Total equity increased from 16,597,457,346 RMB to 16,304,000,733 RMB in 2023, and decreased slightly to 16,348,128,723 RMB in 2024[89][88] - The company repurchased and canceled 36,002 shares in 2023, reducing total shares to 1,364,196,788[91] - Profit distribution to shareholders amounted to 2,455,619,022 RMB in 2023 and 2,728,393,576 RMB in 2024[86][88] - Share-based compensation contributed 62,637,798 RMB to capital reserve in 2023 and 22,343,836 RMB in 2024[86][88] Market and Operations - The company operates 57 wholly-owned and controlled beer production enterprises across 20 provinces, municipalities, and autonomous regions in China[15] - Tsingtao Beer is sold in over 120 countries and regions worldwide, making it one of the most internationally recognized Chinese brands[15] - The company's products are sold in over 120 countries and regions, with rapid growth in Eastern Europe, the Middle East, and the South Pacific[17] - The company launched new products such as "Nika White Beer, Whole Wheat Augustiner A6 and A3, and Alcohol-Free White Beer" to meet diverse consumer demands[17] Environmental and Sustainability - Qingdao Beer Factory's COD emission concentration is 980 mg/L, with a total emission of 341.3 tons, and a permitted annual emission of 6763.75 tons[38] - Qingdao Beer Second Factory's COD emission concentration is 1300 mg/L, with a total emission of 814.7 tons, and a permitted annual emission of 2625.0 tons[38] - Qingdao Beer Third Factory's COD emission concentration is 1680 mg/L, with a total emission of 1069.914402 tons, and a permitted annual emission of 12724.7 tons[38] - Qingdao Beer Fourth Factory's COD emission concentration is 1310 mg/L, with a total emission of 284.3 tons, and a permitted annual emission of 675 tons[38] - Qingdao Beer Fifth Factory's COD emission concentration is 911 mg/L, with a total emission of 223.6778 tons, and a permitted annual emission of 4278.63 tons[38] - Qingdao Beer (Shouguang) Co., Ltd.'s COD emission concentration is 1200 mg/L, with a total emission of 180.7 tons, and a permitted annual emission of 1481.69 tons[38] - All factories' emissions are within the permitted limits, with no超标排放情况 reported[38] - Wastewater treatment compliance across all Qingdao Beer subsidiaries with no超标排放 reported[39] - COD levels in treated wastewater range from 2.814092 to 352.6 mg/L across different subsidiaries[39] - Ammonia nitrogen levels in treated wastewater range from 0.098874 to 9.02 mg/L across different subsidiaries[39] - Total phosphorus levels in treated wastewater range from 0.018012 to 0.6071 mg/L across different subsidiaries[39] - Total nitrogen levels in treated wastewater range from 0.359127 to 6.37 mg/L across different subsidiaries[39] - COD discharge limits range from 509.10 to 1754.46 mg/L across different subsidiaries[39] - Ammonia nitrogen discharge limits range from 16.45 to 126.00 mg/L across different subsidiaries[39] - Total phosphorus discharge limits range from 3.29 to 24.44 mg/L across different subsidiaries[39] - Total nitrogen discharge limits range from 20.61 to 213.82 mg/L across different subsidiaries[39] - All subsidiaries adhere to the Beer Industrial Pollutant Discharge Standard (GB 19821-2005) and the Water Quality Standard for Sewage Discharged into Urban Sewer (GB/T 31962-2015)[39] - Wastewater treatment at Qingdao Beer (Suizhou) Co., Ltd. shows COD levels at 1690, ammonia nitrogen at 16.8, total phosphorus at 4.13, and total nitrogen at 25.3, all within acceptable limits[40] - Qingdao Beer (Huangshi) Co., Ltd. reports COD levels at 117, ammonia nitrogen at 29.6, total phosphorus at 0.86, and total nitrogen at 33.7, compliant with discharge standards[40] - Qingdao Beer (Ma'anshan) Co., Ltd. achieves COD levels at 333, ammonia nitrogen at 18.3, total phosphorus at 0.59, and total nitrogen at 22, meeting regulatory requirements[40] - Qingdao Beer Shanghai Songjiang Manufacturing Co., Ltd. maintains COD levels at 78, ammonia nitrogen at 7.69, total phosphorus at 0.39, and total nitrogen at 17.3, within permissible limits[40] - Qingdao Beer (Yangzhou) Co., Ltd. records COD levels at 855, ammonia nitrogen at 16.8, total phosphorus at 1.75, and total nitrogen at 43.4, all within acceptable ranges[40] - Qingdao Beer (Xuzhou) Pengcheng Co., Ltd. shows COD levels at 2090, ammonia nitrogen at 16.1, total phosphorus at 2.88, and total nitrogen at 32, compliant with discharge standards[40] - Qingdao Beer (Xuzhou) Co., Ltd. reports COD levels at 453, ammonia nitrogen at 16.2, total phosphorus at 4.30, and total nitrogen at 19.3, within permissible limits[40] - Qingdao Beer (Suqian) Co., Ltd. maintains COD levels at 142, ammonia nitrogen at 6.81, total phosphorus at 0.37, and total nitrogen at 10, meeting regulatory requirements[40] - Qingdao Beer (Kunshan) Co., Ltd. achieves COD levels at 167, ammonia nitrogen at 10.5, total phosphorus at 2.66, and total nitrogen at 38.2, all within acceptable ranges[40] - Qingdao Beer Shanghai Minhang Co., Ltd. records COD levels at 35, ammonia nitrogen at 0.922, total phosphorus at 0.29, and total nitrogen at 5.68, compliant with discharge standards[40] - COD emissions from Qingdao Beer (Fuzhou) Co., Ltd. were 133, with a reduction to 24.31785 after treatment, achieving a reduction rate of 81.7%[41] - Ammonia nitrogen emissions from Qingdao Beer (Jiujiang) Co., Ltd. were 5.11, reduced to 0.7022 after treatment, achieving a reduction rate of 86.3%[41] - Total phosphorus emissions from Qingdao Beer (Zhuhai) Co., Ltd. were 2.4, reduced to 0.439 after treatment, achieving a reduction rate of 81.7%[41] - COD emissions from Shenzhen Qingdao Beer Asahi Co., Ltd. were 1780, reduced to 358.9781 after treatment,

二、董事会会议审议情况 会议由公司董事长黄克兴先生召集并主持，经全体董事审议表决，通过了以 下议案： 1、审议通过公司 2024 年半年度报告（未经审计），授权公司董事会秘书根 据公司上市地交易所上市规则的规定和要求进行相关信息披露。在董事会召开之 前，公司于 2024 年 8 月 28 日召开董事会审计与内控委员会 2024 年第四次会议 审议通过了本项议案，同意将本项议案提交公司董事会审议。 2、审议通过关于公司开展结构性存款业务的议案，同意未来 12 个月(2024 年 9 月 30 日-2025 年 9 月 29 日）开展单日最高余额不超过 60 亿元人民币的结构 性存款业务，期限一年以内，预期收益率不低于青岛啤酒财务有限责任公司同期 的同业存放利率水平。在上述额度范围内，董事会授权公司管理层负责决策及实 施有关事项，包括但不限于：选择具体商业银行作为受托方、明确投资金额、期 限、挂钩衍生产品品种、签署合同及协议等。 上述议案的同意票数均为 8 票，无反对票或弃权票。 证券代码：600600 证券简称：青岛啤酒 公告编号：2024-026 青岛啤酒股份有限公司 第十届董事会第十七次会议决议公告 本公司 ...

证券代码：600600 证券简称：青岛啤酒 公告编号：2024-028 青岛啤酒股份有限公司 关于使用自有资金认购结构性存款产品的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 履行的审议程序：青岛啤酒股份有限公司（以下简称"公司"或"本公司"） 第十届董事会第十七次会议、第十届监事会第十七次会议分别审议通过了《关于 公司开展结构性存款业务的议案》，本议案无需提交公司股东会审议。 一、 年度投资计划概况 （一）投资目的 为提升公司闲置自有资金的使用效率、实现公司资本的保值增值，本着稳健、 谨慎的操作原则，在确保公司生产经营资金需求和资金安全的前提下，利用闲置 自有资金进行结构性存款投资。 投资结构性存款的资金来自于公司的闲置自有资金。 （三）产品的基本情况 1、产品类型 挂钩型银行结构性存款，银行承诺本金按时兑付，并实现浮动收益。 2、投资额度 1 ● 受托方：已上市的股份制商业银行 ● 未来 12 个月内公司计划继续进行结构性存款业务，单日最高余额不超过人民 币 60 亿元，且认购资金可循环使用。 ...

第十届监事会第十七次会议决议公告 证券代码：600600 证券简称：青岛啤酒 公告编号：2024-027 青岛啤酒股份有限公司 监事会认为，公司 2024 年半年度报告的编制和审议程序符合现行法律、法 规和相关监管规定，报告内容真实、准确、完整地反映了公司的经营情况和财务 状况。监事会同意通过该议案。 2、审议通过关于公司开展结构性存款业务的议案。 上述议案的同意票数均为 5 票，无反对票或弃权票。 特此公告。 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 青岛啤酒股份有限公司（"公司"）第十届监事会第十七次会议（"会议"） 于 2024 年 8 月 28 日在青啤大厦会议室以现场结合视频会议的方式召开，会议通 知及会议材料已于会前向全体监事发出，会议应出席监事 5 人，实际出席监事 5 人，其中，监事会临时召集人李燕女士通过接入视频会议方式参加。本次会议的 召集和召开程序符合《中华人民共和国公司法》等法律、行政法规、部门规章、 规范性文件和《青岛啤酒股份有限公司章程》（"《公司章程》"）的规定。 二 ...

证券代码：600600 证券简称：青岛啤酒 公告编号：2024-025 青岛啤酒股份有限公司 关于召开2024年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： （一）会议召开时间：2024 年 8 月 30 日（星期五）下午 15:00-16:00 （二）会议召开地点：全景网"投资者关系互动平台"（https://ir.p5w.net） （三）会议召开方式：网络文字互动 三、参加人员 公司执行董事、总裁姜宗祥先生，执行董事、财务总监侯秋燕先生，董事会 秘书张瑞祥先生及独立董事张然女士将参加本次业绩说明会。 四、投资者参加方式 （一）投资者可在 2024 年 8 月 30 日（星期五）下午 15:00-16:00，通过互 联网登录全景网"投资者关系互动平台"（https://ir.p5w.net），在线参与本 次业绩说明会，公司将在线回答投资者的提问。 投资者可于 2024 年 8 月 29 日（星期四）15:00 前通过电子邮件方式将 所关注的问题发送至公司投资者关系邮箱 secreta ...

公 司 研 究 [Table_Reportdate] 2024年08月22日 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 吴康辉 wkh@longone.com.cn | --- | --- | |-------------------------|-------------| | 数据日期 Table_cominfo] | 2024/08/21 | | 收盘价 | 59.19 | | 总股本(万股) | 136,420 | | 流通A股/B股(万股) | 70,903/0 | | 资产负债率(%) | 40.85% | | 市净率(倍) | 2.71 | | 净资产收益率(加权) | 5.65 | | 12个月内最高/最低价 | 99.99/59.03 | [Table_QuotePic] -42% -35% -27% -19% -11% -4% 4% 12% 23-08 23-11 24-02 24-05 青岛啤酒 沪深300 [Table_invest] 买入（首次覆盖） [青岛啤酒（ Table_NewTitle] 6 ...

结构升级成本优化，旺季表现可期 买入 （维持） 核心观点 ⚫ 持续推进结构升级，出海布局高瞻远瞩。24Q1 公司年产 100 万千升高端特色啤酒 生产基地于青岛开工，啤酒行业存量竞争背景下，公司持续推进产品结构升级，先 后推出一世传奇、奥古特、皮尔森等创新型高端产品，24Q1 公司中高端产品实现销 量 96 万千升。受益结构升级，公司 15 年至今吨价持续上升，近五年吨价复合增速 5%， 23 年营收 334.06 亿元，销量 801 万千升，折算吨价 4171 元/吨，同比上升 6.2%。出海布局方面，据媒体报道，青啤长期占据中国啤酒出口量 80%，过去十年 青岛啤酒的海外业务出口总额 CAGR 达 7%，公司积极将产品渠道向国际市场拓 宽，通过境外子公司和当地代理商进行海外市场拓展谋求增量，青岛啤酒登顶全球 权威品牌评估咨询公司 Brand Finance 发布的 2024 年度全球啤酒品牌力榜单冠军。 ⚫ 8 月高温叠加体育赛事，Q3 销量预计环比改善。据中国气象局，今年盛夏全国大部 分地区气温将有所偏高，8 月以来多地区高温天气快速发展，且有持久态势，高温 有利于啤酒销售，今夏季奥运会和欧洲杯两大体育 ...