According to the CITIC Construction Investment Research Report, following the Politburo meeting of the Central Committee at the end of September, the Ministry of Finance continued to release clear policy signals aimed at completing economic and social development goals for the whole year. In addition to major policies such as downgrading, interest rate cuts, and stock mortgage interest rates already issued, this time the food and beverage industry is expected to usher in an inflection point to boost consumption and expand effective domestic demand. The focus is on the three sections, 1) Liquor. Institutional allocations are low, valuations are low, shareholder returns continue to increase, and sales are expected to recover markedly, and expectations are reversed. 2) Beer. Benefiting from the recovery of catering, the second half of 2024 had a low base. Tonnage prices continued to rise year-on-year, and costs declined markedly. 3) Restaurant chain segmentation leader multi-product channel layout, with month-on-month increase in prosperity and marginal improvement on the cost side.

According to the CITIC Construction Investment Research Report, following the Politburo meeting of the Central Committee at the end of September, the Ministry of Finance continued to release clear policy signals aimed at completing economic and social development goals for the whole year. In addition to major policies such as downgrading, interest rate cuts, and stock mortgage interest rates already issued, this time the food and beverage industry is expected to usher in an inflection point to boost consumption and expand effective domestic demand. The focus is on the three sections, 1) Liquor. Institutional allocations are low, valuations are low, shareholder returns continue to increase, and sales are expected to recover markedly, and expectations are reversed. 2) Beer. Benefiting from the recovery of catering, the second half of 2024 had a low base. Tonnage prices continued to rise year-on-year, and costs declined markedly. 3) Restaurant chain segmentation leader multi-product channel layout, with month-on-month increase in prosperity and marginal improvement on the cost side.