CITIC Securities: In the short term, the supply and demand relationship of Maotai factory prices remains unchanged.

CITIC Securities pointed out that in the short term, the supply and demand relationship of Maotai's ex-factory price remains unchanged. The quotas for the year have been basically fulfilled before the Chinese New Year, distributor inventory is low, and supply is relatively tight. Double-digit growth in demand compared to the same period last year provides support, and prices may continue to rise, providing support for stock prices. From a long-term perspective, in the context of the cycle, the current stage is at the bottom of the cycle. Economic pressure and multiple negative factors such as the ban on alcohol consumption restrict demand. The supply-demand balance at the bottom is solid, and the release of future constraints or the formation of price upward momentum will drive valuation and performance improvement.