Group 1 - The external demand market risk has increased, leading to a potential recovery in sectors with domestic demand resilience [1] - The Food and Beverage ETF (515170) has seen continuous capital inflow for 9 consecutive trading days, totaling over 1.8 billion yuan [1] - The food and beverage industry is primarily driven by growth, with beverage leaders maintaining structural prosperity through major products, while companies in food raw materials and health products are expected to see high growth or acceleration [1] Group 2 - The Q3 performance of the liquor industry shows improved sales compared to previous quarters, but the financial reports continue to reflect a clearing phase, with government and business demand under pressure [1] - Consumer goods performance is mixed, with snacks, beverages, pet products, and health products showing good market conditions, while traditional consumer goods like dairy products, condiments, and beer have weak demand [1] - The cost side shows a continued decline in raw material prices, although the rate of decrease is narrowing, while packaging material prices have increased on a month-on-month basis [1]