tianfeng research reports pointed out that under the background of continuous introduction and effective implementation of a package of policies, the baijiu sector, as a pro-cyclical sector, is expected to release the pro-cyclical elasticity. Currently in the closing stage of 2024, it is recommended to closely monitor the repayment progress of liquor companies and the destocking situation, bullish on liquor companies with better performance in the peak season sales and destocking in this round of rebound. In the short term, pay attention to the trading opportunities in the baijiu sector, while focusing on liquor companies with good fundamentals, cash flows, and valuation cost-effectiveness for medium to long-term opportunities.