Citic Sec research reports pointed out that during the Mid-Autumn Festival and National Day, the performance of the liquor industry's payment end is expected to be stable, while the sales end may decline. Looking ahead to the second half of 2024 and the first half of 2025, liquor companies may consider slowing down their financial reports to achieve a more sustainable industry development. Taking into account the continuous implementation of current macro policies, we recommend two main lines of layout. ① Policy stimulus: Mainly focus on targets whose payment progress has been slower than last year, and dealers lack confidence; ② Fundamental improvement: With the overall baijiu demand improving.