On November 14, the Bank of China Securities Research Report pointed out that with a short-term focus on the cost improvement opportunities brought about by the cancellation of the two reversals between Australia and Macau, the long-term profit level of the industry is expected to continue to rise. 1) In the short term, we believe that with the abolition of anti-dumping duties and countervailing duties on Australia and wheat, the costs of beer companies are expected to continue to improve next year. 2) In the long run, compared to leading overseas beer companies, there is still plenty of room for improvement in the product structure and profit level of Chinese beer companies. We believe that under a stable competitive pattern, as consumption power continues to grow, the beer product structure is expected to continue to upgrade, driving the beer industry's profit level to continue to rise. 3) From the perspective of competition, we believe that with the continuous increase in sales volume and profit share of high-end products, enterprises that can occupy the core profit pool market and brand height are expected to take the initiative in the competition.