Guangfa Securities: The Baijiu sector enters the window period for mid-cycle layout.

Guangfa Securities research report stated that after four years of adjustment, the liquor industry is expected to reach a "valuation + performance" double bottom by 2025. The sector has entered a medium-term layout window, with a high proportion of dividend yield compared to the yield of ten-year government bonds, showing a good value for investment. Optimistic about the recovery of demand after industry consolidation.