_ 10 October 2024 | 2:40AM HKT China Consumer Staples: Expert call takeaways: Spirits still through the cycle; Beverage improving into Sept On Oct 9, we hosted a virtual conference with a large-scale Spirits and F&B distributor located in Hunan province for the regional update. Key highlights included: 1) Spirits decline in National Day Holiday narrowed vs. MAF: The distributor believes that the policy stimulus will still take time to translate into enhanced sales momentum, despite observing somewhat of an ...