CITIC Securities: Continuation of the recommendation for top-tier liquor allocation

Jins data on February 13th, CITIC Securities research report stated that the proportion of domestic fund heavyweights' alcohol Holdings in 24Q4 was 10.5% / -1.0pct month-on-month, and the proportion of northbound funds Holdings was 7.5% / -1.3pcts. Currently, leading liquor companies continuously improve shareholder returns by increasing dividend payout ratio, repurchasing, increasing holdings, etc., thereby enhancing the margin of investment safety. Considering the subsequent consumption stimulus and macroeconomic recovery, we continue to recommend the allocation of leading liquors. As for beer, looking ahead to the first half of 2025, we expect the overall industry sales volume to remain stable, and industry recovery will require policy stimuli related to consumption.