Core Viewpoint - The report from Zhongtai Securities highlights the rapid development of emerging beverage categories such as sugar-free drinks, tea, and functional beverages, which have led to a significant recovery in equipment demand due to continuous new product launches and capacity expansion by second and third-tier brands [1][2]. Domestic Market - The domestic beverage consumption has undergone significant structural changes, benefiting from the widespread adoption of health-conscious consumption, with emerging categories like sugar-free drinks and functional beverages experiencing rapid growth [2]. - The demand for liquid packaging machinery is driven by the need for line upgrades, with a strong demand for ultra-clean and sterile lines [2]. - The domestic market is expected to see steady growth, with listed companies entering an expansion cycle since 2019, despite intense competition [2]. Overseas Market - Emerging markets have shown overall growth over the past decade, with accelerated growth post-pandemic, particularly in regions like India, Southeast Asia, and Latin America, where consumer spending power is increasing [3]. - Chinese companies are experiencing accelerated export growth due to their significant cost-performance advantages and after-sales service, although their market share remains low, indicating substantial future growth potential [3][4]. - The Asia-Pacific market is witnessing a decline in German companies' deliveries in 2024, while imports from China are on the rise [3]. Industry Outlook - The overall industry is experiencing a positive development trend, with simultaneous increases in revenue scale and profitability due to the resonance of domestic and international market demands [4]. - The global packaging equipment market is projected to grow at a compound annual growth rate (CAGR) of 3.8% from 2025 to 2032, while China's packaging machinery industry is expected to grow at an average annual rate of around 8% during the 14th Five-Year Plan period [2]. - Domestic manufacturers have established strong competitive advantages for overseas expansion, including lower costs and faster delivery times compared to Western brands, as well as stable technical service capabilities [4].