Core Viewpoint - The report from China Merchants Securities indicates a decline in participation and investor interest in the 2025 Autumn Sugar Exhibition, reflecting a decrease in industry enthusiasm, while the liquor sector's performance during the holiday season aligns with expectations [1][2]. Liquor Industry - The number of participating liquor companies at the Autumn Sugar Exhibition has decreased, with a shift in investment focus towards the consumer end, leading to a cautious attitude among liquor distributors [2]. - The performance of high-end liquor brands remains resilient, with Moutai's price stabilizing around 1800 yuan, which has positively impacted sales during the holiday season [3]. - The overall sales during the holiday season for liquor have declined, but leading brands have shown better performance compared to the industry average, indicating a trend towards increased industry concentration [3]. Food Industry - The beverage sector has shown significant inventory reduction during the holiday period, with leading brands like Nongfu Spring expected to achieve double-digit growth [4]. - The snack sector continues to expand, particularly in discount store formats, although same-store sales have seen a slight decline [4]. - The dairy sector remains under pressure, particularly for ambient liquid milk, with a need for structural improvements [4]. Investment Recommendations - The report suggests focusing on leading liquor brands such as Kweichow Moutai, Shanxi Fenjiu, Luzhou Laojiao, and Wuliangye, as well as emerging brands like Zhenjiu Lidu and Yingjia Gongjiu, which are expected to contribute positively [5][6]. - In the food sector, recommendations include leading snack brands like Ximai Foods and beverage leaders like Nongfu Spring and Dongpeng Beverage, while also highlighting opportunities in the dairy sector with companies like Yili [6].