Citic Construction Investment said that during the period of New Year's Day, local catering showed a recovery trend. Some cities have gradually passed the infection peak and entered the recovery stage. New Year's Day's offline consumption has revived due to the cancellation of various entry and exit restrictions during this short holiday. In terms of catering, hot pot, barbecue and other industries have improved significantly, which also shows that catering will enter the recovery stage, and it is also good for condiments-quick-frozen, liquor and other food chain-related product channels to complete the Spring Festival stock preparation task. Continue to be optimistic about the repair opportunities of spirits, beer, condiments, catering and other sectors this year, and then grasp the three main lines on the basis of full liberalization: liquor, catering & condiments, beer.