[Citic Securities: focus on economic improvement, upward pricing of high-end and sub-high-end liquor allocation opportunities] April 17, CITIC Securities believes that the steady trend of the liquor industry remains unchanged, the benefits of the head liquor enterprises are concentrated, and there is no need to worry excessively. At the same time, the adjustment provides layout opportunities. Continue the previous configuration thinking: ① pays attention to the economic improvement, the high-end and sub-high-end wine allocation opportunities brought about by the upward pricing, as well as the secondary high-end which is optimistic about the active and effective operation of terminals and the release of better mobile sales actions; under the background of ② investment restart, it is recommended to pay attention to the economic release of related targets.