CITIC SEC Research Reports suggest that various Dealers' conferences in the Baijiu Industry are being held one after another, with a deceleration likely being the main theme. Leading liquor companies are expected to make steady progress, solidifying their foundation for long-term healthy development. Meanwhile, the inventory preparation for the New Year's Day and Spring Festival in 2025 has started, with Dealers generally reporting they are currently in the stage of receiving payments at retail liquor stores, and most liquor companies offering support policies no less robust than during the Mid-Autumn Festival peak season. Although current demand has not shown a significant recovery, considering the extended Spring Festival holiday in 2025 and the slight recovery in the banquet market, it is determined that sales during the Spring Festival are likely to remain stable. Additionally, considering the current macro policies and the stimulus of consumer policies, the Baijiu Industry is more capable of achieving dynamic balance and crossing the cycle, emphasizing the value of Baijiu allocation.