The institution believes that liquor industry has always been regarded as a cyclical industry in the past. Now, after time of refining, it has finally accepted the consumption attribute of liquor, and the overall valuation will move up. In the future, it will be normal. The industry trend will continue to rise in the future at least five years. The performance of high-end and secondary high-end will continue to improve, and liquor will be given a new valuation system. It is suggested that we should grasp the rising market of high-end liquor. The performance of high-end liquor is stable and high-end, and the trend of secondary high-end price is becoming more and more clear. We can see the growth of more than three years.
Bo Bohai Securities believes that as a pro cyclical variety for optional consumption, the performance of liquor sector will continue to improve on a month on month basis, the industrys natural attributes still exist, the demand will continue to be confirmed, and from the perspective of rating, the industry is still operating in the business cycle, it is recommended to select high-end liquor with high certainty, and continue to pay attention to the specific situation of secondary high-end mobile sales. In addition, it is suggested that we should pay attention to the leaders in the fine molecular fields with reasonable valuation level and long-term growth.