[Guohai Securities: the worst time for the fundamentals and mood of the liquor sector has passed the current layout window]. On April 26, the Guohai Securities Research report pointed out that the food and beverage sector has entered a period of performance disclosure, and the performance is leading the market. The trend of consumer recovery is certain, and confidence needs to be strengthened in the period of depressed market sentiment. Spirit plate fundamentals and mood of the worst time has passed, the current layout window period. The demand is gradually picking up, the cost is high, and the performance of Volkswagen is expected to improve quarter by quarter. On the whole, the sector as a whole benefits from the demand repair after the liberalization of the epidemic policy, and the sector valuation is cost-effective, based on which we maintain the "recommended" rating of the food and beverage industry.