Tianfeng Securities released a research report on April 8 stating that it gave Kweichow Moutai (600519.SH) a purchase rating. The main reasons for the rating include: 1) the volume of Maotai liquor increased significantly in 23, and the trend of upgrading the series wine structure continued; 2) iMaotai's revenue was over 20 billion, and high-margin direct sales channels accounted for 46% of revenue; 3) the profit side was stable and the cash flow/contract debt performance was excellent. (Mainichi Keizai Shimbun)