CITIC Securities: Continuing the allocation recommendation for leading liquor brands

On February 13th, Jinshi Data reported that CITIC Securities' research indicated that in Q4 2024, the proportion of liquor holdings in mainland funds was 10.5% / down 1.0 percentage points quarter-on-quarter, while the proportion of northbound capital holdings was 7.5% / down 1.3 percentage points quarter-on-quarter. Currently, leading liquor companies are continuously enhancing shareholder returns through increasing dividend rates, share buybacks, and additional purchases, thereby strengthening investment safety margins. Considering the subsequent consumption stimulus and macroeconomic recovery, we maintain our allocation recommendation for leading liquor brands. In terms of beer, looking ahead to the first half of 2025, we expect overall industry sales to remain stable, and the industry's recovery will require consumption-related policy stimulation