Donghai Securities research report suggests focusing on five investment themes in the food and beverage industry: 1) Baijiu: Baijiu competition intensifies, different price points continue to drive sales differentiation, and the market share of head distilleries continues to increase with relatively strong performance. Under the background of still facing great pressure in the industry, focus on high-end liquor and regional leaders such as Wuliangye and Shanxi Xinghuacun Fen Wine Factory. 2) Beer: With the release of cost dividends, the trend towards high-end beer remains unchanged, focus on Tsingtao Brewery and so on. 3) Snacks: The performance of snack companies continues to grow, focus on product and channel expansion, focus on Yanker Shop Food and so on. 4) Dairy products: With the increase of consumer health awareness, there is a large space for low-temperature fresh milk, focus on New Hope Dairy and so on. 5) Preserved foods: Focus on boosting sales of single stores, steadily expanding stores, focus on Juewei Food Co., Ltd.