According to the Tianfeng Securities Research Report, with the subsequent implementation of a package of domestic demand expansion and promotion fee policies, demand for liquor is expected to pick up, and the sector's fundamental expectations are expected to be boosted. Focus on short-term opportunities in the liquor sector, and at the same time focus on medium- and long-term opportunities for liquor companies with good fundamentals & cash flow & valuation performance. It is still recommended to focus on: ① Liquor companies with good performance: Shanxi Fenjiu/Jinshiyuan/Gujing Gongjiu/Yingjiangjiangjiu, etc.; ② High-end wines with resilient demand: Luzhou Laojiao/Wuliangye/Kweichow Moutai; ③ Beta: Shede Liquor/Liquor Jiujiangfang, etc.

According to the Tianfeng Securities Research Report, with the subsequent implementation of a package of domestic demand expansion and promotion fee policies, demand for liquor is expected to pick up, and the sector's fundamental expectations are expected to be boosted. Focus on short-term opportunities in the liquor sector, and at the same time focus on medium- and long-term opportunities for liquor companies with good fundamentals & cash flow & valuation performance. It is still recommended to focus on: ① Liquor companies with good performance: Shanxi Fenjiu/Jinshiyuan/Gujing Gongjiu/Yingjiangjiangjiu, etc.; ② High-end wines with resilient demand: Luzhou Laojiao/Wuliangye/Kweichow Moutai; ③ Beta: Shede Liquor/Liquor Jiujiangfang, etc.