Guohai Securities released a research report saying that performance is being cleared at an accelerated pace, and the bottom range is gradually becoming clear. High-quality leaders with strong operational certainty are preferred, and the industry's “recommended” rating is maintained. Starting with Kweichow Moutai, which prioritizes scale, has strong operational certainty, and high brand value, the company has a rich brand heritage and actively promotes market-based reforms, removing the burden of history. Pumao has a stable position in the 1,000 yuan price band. As the price goes along, sales in the market are improving, showing business resilience through cycles in the midst of industry difficulties. At the same time, under the logic of increasing share, it is expected to open up space for secondary growth, and the valuation is expected to accelerate improvement.

Guohai Securities released a research report saying that performance is being cleared at an accelerated pace, and the bottom range is gradually becoming clear. High-quality leaders with strong operational certainty are preferred, and the industry's “recommended” rating is maintained. Starting with Kweichow Moutai, which prioritizes scale, has strong operational certainty, and high brand value, the company has a rich brand heritage and actively promotes market-based reforms, removing the burden of history. Pumao has a stable position in the 1,000 yuan price band. As the price goes along, sales in the market are improving, showing business resilience through cycles in the midst of industry difficulties. At the same time, under the logic of increasing share, it is expected to open up space for secondary growth, and the valuation is expected to accelerate improvement.