Guotai Junan's research report pointed out that the fluctuation of this round of Feitian pricing of Kweichow Moutai (600519.SH) is due to the short-term behavior of some channels under the background of weak demand. According to calculations, the current downward space of the batch price is relatively limited, and it is expected to gradually stabilize after the risk is cleared. The Maotai batch price and stock price are expected to enter a new balance. Maintain a "shareholding" rating and a target price of 2286.53 yuan. The bank proposed in two updated reports on the baijiu industry, "Two Changes in the Baijiu Industry" released on April 7, 2024, and "Towards New Balance" released on April 11, that baijiu currently has the characteristics of low reality and low expectations, and industry expectations, especially the Maotai batch price, after a series of adjustments and revisions, will be matched with the economy and reach a new stability, which is an important observation indicator for the industry. Through three ways of calculation, it is estimated that the retail price of Feitian for bottled wines will reach a stage low of 2000-2200 yuan, corresponding to the relatively limited downward space of the current batch price. This calculation result is for reference only.