Societe Generale Securities believes that liquor sales during the Spring Festival were better than expected, and that the recovery is speeding up. It suggests sticking to determining performance and recovering on dips. Wuliangye, with excellent sales and undervalued value, Gujing Gongjiu, which is leading in repayment progress and has strong channel control, is willing to add high-end core targets when it comes to low prices. It continues to recommend old cellars with incentives and support, Mao Fen, which has strong certainty, and regional wines that are popular during the Spring Festival.