Tianfeng: The valuation of the food and beverage industry has entered a historically low range. It is recommended to focus on two major investment themes.

Tianfeng released a research report stating that the valuation/sentiment of the food and beverage industry has entered a historical relative bottom range, with fund holdings reaching bottom, and they recommend focusing on two major investment themes. It is anticipated that by 2025, the industry will experience a situation where rationality & offense coexist/consumption upgrades & downgrades coexist. With the potential stimulus from policies and consumer activity, strong branded liquor companies with deep destocking may gradually bottom out and rebound. Tianfeng is optimistic about two main themes: first, strong brand lines that select strong branded liquor companies that can best grasp the "accelerated growth stage brought by changes in the structure of quantity and the dominance of high-quality production capacities" (with the ability to stable cross the cycle), such as Kweichow Moutai (600519.SH); second, elasticity lines that select liquor companies and liquor distribution companies with low performance bases and strong beta properties, such as Vats Liquor Chain Store Management Joint Stock (300755.SZ). Tianfeng's main points are as follows: 1. Liquor: The bottom of 2025, the rebound of 2025 2. Beer: Consolidation in 2024, rise in volume and price in 2025 3. Soft drinks: Superb performance in 2024, more differentiation in 2025 Their investment strategy is that valuation/sentiment has entered a historically relative bottom range, with fund holdings reaching bottom, and they recommend focusing on two major investment themes. It is anticipated that by 2025, the industry will experience a situation where rationality & offense coexist/consumption upgrades & downgrades coexist, with the potential stimulus from policies and consumer activity leading to the gradual bottoming out and rise of strong branded liquor companies. They see two main themes to focus on: strong brand lines and elastic lines. In terms of individual stocks, they recommend focusing on specific companies like Kweichow Moutai, Wuliangye Yibin, Tsingtao Brewery, Vats Liquor Chain Store Management Joint Stock, and others in the liquor and beverage industry.