Nanjing Securities research report pointed out that Mid-Autumn Festival and National Day stocking begins, pay attention to the sales situation of the food and beverage industry during the two holidays. As for baijiu, as Mid-Autumn Festival and National Day approach, various spirits companies have gradually started the peak season stocking. Compared with previous years, the expectations for Mid-Autumn Festival and National Day are relatively flat in terms of distribution channels. There may be a situation of late but relatively concentrated start of the peak season. Overall, leading spirits companies have a clear understanding of the industry. Mid-Autumn Festival and National Day payments have gradually begun, and it is expected that leading spirits companies will basically achieve their annual payment progress goals after the two holiday peak seasons. After the previous adjustments, the valuation of the baijiu sector is currently at a relatively low position since 2019, and the cost-effectiveness of the valuation is gradually emerging. With the launch of dividend plans by leading baijiu companies, the dividend rate of the sector is gradually increasing. As for popular food and beverage products, the short-term pressure on consumption has led to relatively weak demand. The cost of raw materials such as soybeans, packaging materials, and raw milk has decreased. It is expected that the festival effect of Mid-Autumn Festival and National Day will bring a slight improvement in performance.