Debon Securities's May 29 research report said that the sharp upward trend in volume and price in the beer industry continues, and performance during the Q2 peak season may be more elastic. Beer consumption gradually picked up after a few years, and improvements and recovery in scenarios such as restaurants and nightclubs led to sales growth, and the high-end logic of the industry continued to be interpreted. At present, the rapid rise in temperature across the country has ushered in the peak season preparation stage. Combined with the low base of industry sales in April-June last year, scenario recovery plus high growth of the low base is expected to drive the beer industry not to decline during the off-season. The sharp rise in volume and price of major beer companies can be expected to continue. The whole of '23 will focus on the industry's high-end process, consumer scenario repair, and cost pressure analysis. It is recommended to focus on Tsingtao Brewery, which has strong certainty of growth, Chongqing Beer, which is making concerted efforts with products and channels, China Resources Beer, which is steadily advancing in high-end development, and Yanjing Beer, which has a lot of room for flexibility.