金吾财讯 | 华润啤酒（00291）早盘高开逾2%，惟随后持续下探并由升转跌，暂报20.62港元，转跌2.09%，成交额1.63亿港元。消息面上，华润啤酒上半年增加派息比率2个百分点至28%，并上调今年派息比率至55%以上。管理层承诺不会因盈利波动而下调派息率。招商证券指，华润啤酒上半年啤酒产业整体疲软，但该行看到华润啤酒透过持续优化产品结构实现高于市场的增速，且稳健提升的派息率反映管理层对长期成长的信心，2026/27年股息率预计为6.4%/7.7%。维持“增持”的投资评级，目标价26港元基于2027年中期前瞻6.2倍EV/EBITDA，对应自2024年以来平均估值水准下约1个标准差。
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