It is expected that liquor may welcome strong investment opportunities in 2023. Positions will be the decisive winner, anchoring the main logic of consumption recovery & upgrading (the Q3 peak season may be obvious). It is expected that “high-end wine will continue to rise, and regional wine - sub-high-end wine” will rise on a rotating basis. Looking at the short term, strengthen “high-end wine+regional wine” and focus on laying out sub-high-end points in February-April. Relevant targets: Shede Liquor/Alcoholic Liquor, etc. Looking at the medium to long term, there are definitive targets for focusing on fundamentals: Wuliangye (annual gold stock), Kweichow Moutai/Luzhou Laojiao/Gujing Gongjiu (annual gold stock), Shanxi Fenjiu, etc.