Huatai Securities said it is optimistic about the performance of the food and beverage industry in the process of economic transformation to consumption. The importance of positions at this stage is superior to individual stock selection. It is recommended to follow two main lines of layout: 1) Value base: selecting leading companies in various sectors. The current valuation already reflects pessimistic expectations, and the performance of leading companies is resilient. 2) Growth anchor: It is recommended that segments have targets with independent alpha logic.

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