[Citic Securities: liquor enterprises are expected to digest inventory and grab share in the first half of the year and expect prosperity and confidence to resonate upward in the second half of the year to drive prices back up]. Citic Securities Research News pointed out that from a medium-to long-term perspective, the growth space of liquor-making enterprises is still clear, and the bottom of the value is expected to show gradually after the valuation correction. Looking at 2023, we expect wine enterprises to digest inventory and grab share first in the first half of the year, and expect prosperity and confidence to resonate upward in the second half of the year to drive prices back up. On the basis of low valuation, long-term sound industry fundamentals, and short-term economic margin, any marginal rise will promote the performance of the plate, and it is recommended to maintain configuration. Specific recommendations: ① continues to configure high-end, actively pay attention to economic expectations, wholesale price trends, while optimistic about the effective operation of terminals, release better mobile sales action of the second high-end; under the background of ② investment restart, it is recommended to pay attention to the economic release of related targets.