Guohai Securities Research Report points out that the liquor industry is showing a trend of spiral upgrading, and the long-term upward momentum has not changed. Short-term macro-demand pressure only affects the speed of price upgrades in the industry and does not change the direction of upgrading. In the long run, as long as there is moderate inflation, the industry's price upgrade logic will not change, and the sub-high-end will continue to expand at an accelerated pace. Currently, the industry has entered the second stage of growth, shifting from high-end first-tier growth to flexible growth with a subhigh-end trend. It is expected that the industry will continue to be structurally prosperous in the future, and the next high-end will still have sufficient potential.