CITIC Securities: Currently, the valuation of the liquor sector is at a historically low level, with strong bottom allocation value.

Sina Finance News on March 31st, CITIC Securities research report stated that the current spring sugar festival is in the midst of a deep adjustment phase in the liquor industry, and in this round of adjustment period, the liquor industry is undergoing industrial restructuring in which it is shifting from the business to the consumer end, and channels are shifting towards consumers. Therefore, this year's spring sugar festival presents a phenomenon of "cold and hot" coexistence. This phase is not only about clearing inventory and performance, but the measures and strategic direction taken by liquor enterprises at present will affect the industry landscape in the next 3-5 years. It is important to focus on four dimensions of measures: price layout, category innovation & new channel layout, product line layout, and national strategy adjustment. Currently, the valuation of the liquor sector is at a historically low level, with strong bottom allocation value.