According to the Huatai Securities Research Report, food rations mainly include bottled wine under 100 yuan and low-grade boxed wine. From a top-down perspective, they are optimistic about the future development space of the food and wine industry, and bottled wine is expected to become the mainstream category in the industry. Light bottled wine is a good fit for consumers' demand for “price-quality ratio (product quality that can be obtained per unit price)” of food rations. Currently, the light bottle wine industry is expanding significantly, and the market has entered an era of systematic competition, that is, multi-dimensional competition such as brand/quality/channel. All participants have different advantages, and the industry concentration is low (CR10 is far less than half). It is expected that in the future, the industry will still be dominated by product competition starting with the famous wine layout+light bottle. Currently, 30-50 yuan is the core price for capacity expansion. We are optimistic that the country's famous wine companies will radiate light bottle products from the top down through their brand potential to achieve a national layout.