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founder securities released a research report "founder securities food and beverage industry events commentary report: politburo meeting supports the economy and is optimistic about opportunities to repair the valuation of leading food and beverage sector leaders". the content of the research report is as follows:

event: on september 26, the political bureau of the cpc central committee held a meeting to analyze and study the current economic situation and plan the next economic work.

sector valuations are at historically low levels, and frequent favorable policies have catalyzed a new round of deployment opportunities. recently, the political bureau of the cpc central committee and the state council information office and the national development and reform commission have held many meetings or press conferences, and introduced a series of favorable policies, and the momentum of economic development continues to improve. the current valuation of the food and beverage sector has been adjusted to a historical low under the background of low expectations in the early stage. the current pe-ttm of the sector is only 18.14x, the valuation quantile in the past three years is only 1.99%, and the valuation quantile in the past five years is 1.18 %, optimistic about the deployment opportunities brought by policy catalysis.

investment advice:

liquor: priority is given to stable operations, leading differentiation is intensifying, and there is room for repair in the valuation of procyclical high-quality assets

low expectations and low valuations of procyclical high-quality assets, focusing on the pace of macroeconomic recovery, and prioritizing operational stability when demand is flat. we believe that liquor, as a high-quality asset with strong economic correlation, has room for recovery in its valuation under procyclical conditions. after short-term price fluctuations and weakening fundamental expectations have brought down valuations, the current pe-ttm of the liquor sector is only 18 times. , the valuation quantile in the past three years is 2%. from a fundamental point of view, the demand has weakened significantly since 24q2, and the mid-autumn festival channel feedback is also mainly about a smooth transition. however, in the off-season, as the focus of wine companies turns to maintaining the industry price system, the current price leaders are relatively stable in terms of channel circulation and price system. , there is no need to worry too much about the resilience of leading companies.