CITIC Securities: Maotai wholesale prices are expected to rebound, cherish the bottom opportunity of white liquor.

The Zhongxin Securities research report stated that since June, the wholesale price of Feitian Maotai has dropped significantly, with the lowest price falling below 1800 yuan according to "Today's Liquor Price". Following articles published by People's Daily Online and Xinhua News Agency, emphasizing "cracking down on illegal drinking and dining is not a temporary measure", the low-end liquor catering chain is expected to warm up. In addition to the end of the 6.18 e-commerce event, Zhongxin Securities believes that Maotai's wholesale price is expected to rebound. Liquor companies are actively seeking change, with Wuliangye and Laojiao conducting research on low-degree product innovation, while Laojiao and Jiuguijiu are also increasing their expansion efforts in the terminal market. There is still a large room for improvement in industry concentration, and leading white liquor companies still have good growth opportunities. Currently, the valuation of the white liquor sector is declining, with investors' expectations low. The bottom-up opportunities in the sector are worth cherishing.