According to the CITIC Securities Research Report, the overall Spring Festival consumer market showed a high level of prosperity in 2023. Liquor sales performance was excellent. It is expected that sales of famous liquor such as Wuliangye will increase by more than 20%. Considering that the business banquet and dinner scene in February-March will continue to recover, it is expected that sales will increase in 2023Q1. The short-term sector valuation has advanced to a reasonable level. We believe that the focus after the holiday season and 23Q2 will mainly focus on the price performance of large single products of famous wine. At the same time, on the basis of reasonable valuations, long-term stability in industry fundamentals, and rising short-term sentiment, any marginal rise in sector performance will drive sector performance. Continuing the previous recommendation logic of comprehensive sales and inventory.