Orient Securities released a research report saying that the bottom characteristics of liquor are becoming increasingly clear, and it is recommended to select leaders with strong corporate governance capabilities and deterministic performance. The bank believes that the industry is still in the bottom-building stage of removing inventory first and stabilizing prices; next year, the Spring Festival will be early and the stocking window will be short, and the channel will not prepare large quantities of goods for a good start. It is expected that the decline in sales during the Spring Festival will narrow, but it is still under pressure. However, channel inventory was low, batch prices stabilized, and medium- to long-term allocation value gradually became apparent.

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