Guosen Securities: Beer industry consumption is expected to remain stable, high-end trend is still the main trend in the medium and long term, as well as competition outcomes.

Guosen Securities released a research report stating that looking ahead, the number of core consumer groups will continue to be supported in the next 5 years. The consumption of the beer industry is expected to remain stable. At the same time, drawing on overseas experience and combining with the high-quality development of the Chinese economy, as well as the differences in upgrade pace between regions, which bring sufficient market depth and a higher proportion of current consumption channels, leading to a higher degree of autonomy in price increase and upgrade potential. The bank believes that beer high-end is still the main trend in the medium and long term and a key factor in competition. In addition, the exploration of the second-tier extension is expected to open up long-term imagination space.