Huachuang Securities released a research report saying that the bottom of the liquor industry is gradually becoming clear, so it is better to sow in the long term and seize improvement opportunities on the right side of the quarter in the short term. Chips in the Q2 sector have been cleared at an accelerated pace, and the current bottom signal is gradually becoming clear. Looking at opportunities: first, it is recommended to “sow” a batch of high-quality blue-chip white horse stocks with fundamentals that have actually come out of winter, but stock prices are still experiencing severe cold; second, choose opportunities on the right side from the perspective of quarterly improvements. Specifically, Q2 wine companies generally relieved the pressure on channels, and reporting pressure is expected to be further released. Under the low base in the second half of the year, more wine companies' sales and reporting are expected to be corrected. Looking at wine companies from passive response to active adjustment throughout the year, the opportunity is that after Maotai's pricing stabilizes, it is expected to bottom out and stabilize. In terms of cycle rhythm, 26H1 wine companies actively adjusted and there was a slight dawn. 26H2 is expected to see an inflection point and gradually improve. Priority is given to Maotai, the leader that has gone through the cycle. Second, focus on Gujing Gongjiu and Jinshiyuan, which have bottomed out of stocks and are relatively fast-paced. The strategy focuses on Wuliangye, Shanxi Fenjiu, and Luzhou Laojiao, a resilient variety with a low base.

Huachuang Securities released a research report saying that the bottom of the liquor industry is gradually becoming clear, so it is better to sow in the long term and seize improvement opportunities on the right side of the quarter in the short term. Chips in the Q2 sector have been cleared at an accelerated pace, and the current bottom signal is gradually becoming clear. Looking at opportunities: first, it is recommended to “sow” a batch of high-quality blue-chip white horse stocks with fundamentals that have actually come out of winter, but stock prices are still experiencing severe cold; second, choose opportunities on the right side from the perspective of quarterly improvements. Specifically, Q2 wine companies generally relieved the pressure on channels, and reporting pressure is expected to be further released. Under the low base in the second half of the year, more wine companies' sales and reporting are expected to be corrected. Looking at wine companies from passive response to active adjustment throughout the year, the opportunity is that after Maotai's pricing stabilizes, it is expected to bottom out and stabilize. In terms of cycle rhythm, 26H1 wine companies actively adjusted and there was a slight dawn. 26H2 is expected to see an inflection point and gradually improve. Priority is given to Maotai, the leader that has gone through the cycle. Second, focus on Gujing Gongjiu and Jinshiyuan, which have bottomed out of stocks and are relatively fast-paced. The strategy focuses on Wuliangye, Shanxi Fenjiu, and Luzhou Laojiao, a resilient variety with a low base.