[Introduction] The key to investment is choosing the right track, choosing the right track, and waiting for the roses of time to bloom. “Liquor Investment Daily” is delivered on time at 8:00 every trading day. It is your little secretary on the way to liquor investment, sorting out important information and analyzing investment opportunities.

　　Sorting out incidents in the wine industry

　　　01. DAN BIN: Liquor differentiation is normal, and I don't agree with the concept of a group to warm up.

　　Recently, with the recent pullback in the liquor sector, some companies reached new highs, while others did not perform as expected, but Bin said that polarization is normal. However, Bin did not agree with the concept of group heating. He said that if a company is bad, can it hold on? I can't hold back. I need to find good companies and invest in good industries that can cross time, rivers, and cycles. Value investment is worldwide.

　　02. Diageo: Net sales for the first half of fiscal year 2021 fell 4.5%.

　　Recently, Diageo's official website reported that in the first half of the 2020-2021 fiscal year (ending December 31, 2020), Diageo achieved net sales of £6.9 billion, down 4.5% year on year; operating profit was £2.2 billion, down 8.3% year on year.

　　03. Guizhou alcohol sales revenue increased 245% year on year.

　　On February 2, Zhu Wei, chairman and general manager of Guizhou Liquor, chairman and general manager of Zhijiang Liquor, posted on his personal social media platform that during the Spring Festival this year, Guizhou alcohol sales revenue increased 245% year on year. Earlier, he said that on the basis of a 206% increase in sales of Guizhou alcohol last year, sales growth during the Spring Festival is expected to be over 150% this year, and the development target for the next three years will continue to double every year.

　　04. Kweichow Moutai Sales Company did not issue a document to stop conditional promotions.

　　On February 3, there were media reports that it regulated the promotional behavior of supermarkets and e-commerce. Kweichow Moutai Sales Co., Ltd. required all newly developed online and offline merchants not to set thresholds with promotional conditions such as points or spending amounts, and restricted some consumers from snapping up Flying Moutai liquor. The media learned through people familiar with the matter that the sales company did not publish an article. Some dealers also said that they have not received this notice so far.

　　05. Maotai wants dealers to keep no inventory.

　　The relevant person in charge of the Maotai Liquor Sales Company explained that at present, all distribution units have put all of the planned volume of Maotai liquor in 2020 on the market before New Year's Day to achieve zero inventory. It is expected that by February 11, distributors will sell 100% of the January-February Maotai liquor, so that it should be sold out and no inventory left.

　　06. Qingqing Liquor: Vice Chairman reduced his holdings by a total of 21,800 shares.

　　On February 3, Qingqing Liquor announced that on February 3, 2021, the company received Vice Chairman Guo Shouming's “Notice Concerning the Completion of the Implementation of the Stock Reduction Plan”. Guo Shouming's current share holdings reduction plan has been completed, and his holdings have been reduced by a total of 21,800 shares, accounting for 0.0049% of the total share capital.

　　07. Brokers: Liquor's purchase points after adjustments have been made.

　　Judging from recent channel research by Northeast Securities, sales of high-end alcohol and sub-high-end alcohol during the Spring Festival are normal in non-epidemic regions. Demand for high-end alcohol is strong. Maotai expanded its consumer base after unpacking sales, and the supply and demand pattern tightened; Wuliangye's batch price remained above 960 yuan, and Spring Festival deliveries increased significantly year-on-year; Guojiao's Q1 quota has been implemented, and the planned quota for February 2021 has been cancelled. With the recent adjustments in the liquor sector, it believes that the prosperity of the industry continues to rise, and it has now reached a buying point.

　　08. Guohai Securities: First to give Wuliangye a “buy” rating.

　　According to a research report released by Guohai Securities, Wuliangye's 13th Five-Year Plan ended successfully, and the 14th Five-Year Plan had a good start, and there is a high degree of certainty. It is believed that the company has taken many measures in recent years to reform and improve brands, products, prices, channels, etc., with remarkable results and high market recognition.

　　The company took the initiative to develop group buying channels in 2020. The group purchase sales target is 20%, and the group buying target is expected to rise to 30% in 2021. The EPS for 2020-2022 is expected to be 5.11/6.15/7.32 yuan, respectively, and the current stock price corresponding to PE is 60/49/42 times, respectively, giving the “buy” rating for the first time.

　　09. Kweichow Moutai reached a new high, but was sold 700 million dollars to the north.

　　On the last trading day, the liquor index pulled back 1.18% again. The liquor sector and index fluctuated sharply in recent trading days, and the price-earnings ratio (TTM) closed at 62.68. The sector was clearly divided. The 19 liquor companies rose 6 and fell 13. The top three: ST Shede (+5.01%), Guizhou Granny (+2.09%), and Jin Shiyuan (+1.83%); the top three declines: disrupted by performance loss, Qingqing Liquor (-4.83%), Huangtai Liquor (-4.83%), and Elite (-4.49%).

　　The net capital inflow to the north was 3,423 billion yuan throughout the day, a net inflow for 4 consecutive days. Ningde Era, Sunshine Power, Ping An Bank, Ping An Bank of China, Ping An of China, and Longji Co., Ltd. had a lot of net capital purchases from northbound capital, with net purchases of 952 million yuan, 630 million yuan, 568 million yuan, 502 million yuan, and 278 million yuan respectively; Shanghai Airport, Kweichow Moutai, Huayou Cobalt, and BYD's northbound capital sales were high, with net sales amounts of 1,467 million yuan, 729 million yuan, 571 million yuan, and 261 million yuan respectively.

　　List of shares held by Northbound Capital of major liquor companies

　　Recently, the overall valuation of the liquor sector has been at an all-time high. Stock prices have been continuously adjusted, and the flow of capital has received widespread attention from investors, especially the entry and exit of Hong Kong capital. Today, the Hong Kong shareholding situation of the top 10 liquor companies in the industry has been specially sorted out so that investors can use it as a reference for investment.

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　　Disclaimer: The listed companies mentioned in the Investment Daily only involve objective information and market interpretation and sorting, and are not used as a basis for individual stock trading. Investors are kindly requested to pay attention to risks.

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