Tianfeng Securities research report believes that following the implementation of a package to expand domestic demand and the effectiveness of promotion fee policies, baijiu demand is expected to rebound, and the sector's fundamentals are expected to be boosted. In the short term, pay attention to the tactical opportunities in the baijiu sector, and also focus on the medium to long-term opportunities among liquor companies with good fundamentals, cash flow, and valuation cost-effectiveness. Still recommend focusing on: ① Liquor companies with core products priced between 100-300 yuan and performing well: Shanxi Xinghuacun Fen Wine Factory / Jiangsu King's Luck Brewery Joint-Stock / Anhui Gujing Distillery / Anhui Yingjia Distillery, etc.; ② High-end liquors with demand resilience: Luzhou Laojiao / Wuliangye Yibin / Kweichow Moutai; ③ Beta symbols: Shede Spirits / Jiugui Liquor / Sichuan Swellfun, etc.