Capital Securities released a research report on April 11 stating that it gave Kweichow Moutai (600519.SH) a purchase rating. The main reasons for the rating include: 1) the annual performance target for '23 was exceeded with high quality, and both Maotai and wine series went hand in hand; 2) excellent profitability and direct sales channels continued to expand; 3) the 24-year target was set reasonably and scientifically, and the probability of reaching the target for the whole year was high; 4) the batch price was basically stable, and the medium- to long-term layout opportunities were highlighted. (Mainichi Keizai Shimbun)