Shenguang Securities: Under the current stock price position, the liquor sector's market may stabilize and rebound before the fundamentals.

At present, the white liquor industry may be under pressure leading up to the Spring Festival. The demand for white liquor during the peak season of the Spring Festival is still uncertain. It is expected that the inventory, pricing, and performance of liquor companies may lag behind the improvement in demand. During a period of declining performance, indicators such as channel inventory, pricing, and sales may drive the sector's market. Shen Gang Securities stated that the sector's market may stabilize and rebound before the fundamentals, and recommends focusing on structural opportunities. It is advised to first look for white liquor investment targets from the perspective of channel clearance, operational improvement, scenario acceptance, and dividend yield.