Wanlian Securities Research Report points out that in the short term, as the economy continues to recover and the peak season of the Spring Festival approaches, there is still room for improvement in demand for liquor business banquets; in the long run, the liquor industry is in an era of competitive inventory. Branding and quality are the direction of development, industry concentration continues to increase, and differentiation continues to intensify. It is recommended to focus on high-end liquors with stable performance and regional wine leaders with good performance under the K-shaped recovery structure. Individual stocks to watch: Wuliangye, Luzhou Laojiao, Yanghe Co., Ltd.