Debon Securities released a research report on April 28 stating that it gave Shanxi Fenjiu (600809.SH) an increase in its holdings. The main reasons for the rating include: 1) revenue performance is in line with expectations, and the high increase in advance payments is expected to be driven by price increases in Qing20; 2) high-end consumption during the Spring Festival was good, and the product structure was bright in the first quarter; 3) simultaneous development within and outside the province in 2023, and the growth rate outside the province was faster in the first quarter; 4) an increase in gross margin or a decrease in sales expenses, driving continuous optimization of profitability. (Mainichi Keizai Shimbun)