On June 3, Guolian News: Huaxin Securities' research report pointed out that Zhang, the new chairman of Kweichow Moutai (600519.SH), clearly stated in his speech at the shareholders' meeting that Maotai was born in the mountains and destined to have the same responsibility as the mountains. The company does not forget its original intention, returns to its origin, and its contribution to the economic development of Guizhou Province is well known. In addition, he also emphasized the importance of adhering to and maintaining Maotai's core competitiveness. The company's core competitiveness includes quality, brand, technology, environment, and culture. Among them, quality is emphasized as the most important, and efficiency, speed and output are all subordinate to quality. This is the most important reason why Maotai's moat is solid. In addition, regarding the competition between Guizhou liquor companies, especially Xijiu and Maotai, the company believes that under the competitive relationship, they can complement each other and make progress together in the end. The bank is bullish on the company's steady and far-reaching progress and self-improvement. It maintains a “buy” investment rating.