Fangzheng Securities released a research report saying that there is still plenty of high-end space and strong certainty. The current valuation is at a historically low level, which has ushered in value layout opportunities. The bank believes that the current leading valuation has fallen back to a low level of nearly five years, and there are value layout opportunities. It is recommended to focus on China Resources Beer (00291.HK), which has “an alpha single product Heinekinek+strong channel control”; Tsingtao Brewery (600600.SH), which has “strong control of the base market and obvious acceleration of the non-base market”; “Yanjing Beer (000729.SZ), where the reform process is accelerated and profits continue to be realized”; “Continuous channel reform, outstanding brand matrix characteristics” (600132.SH); Budweiser, which highlights the “brand+channel” advantage Asia Pacific ( 01876.HK)