[ping an Securities: market bottom or now stick to Liquor allocation value] May 30, Ping an Securities Research report pointed out that the current valuation of the liquor sector is low, and the recovery of consumption and acceleration of mobile sales are expected to provide sustained performance support. It is suggested that attention should be paid to the current layout window period. From the price point of view, the certainty of high-end wine is not reduced, the performance is still robust, and the terminal feedback is positive; the inventory of sub-high-end wine enterprises is gradually digested, and the month-on-month decline; the performance of real estate wine is better this round, based on advantageous areas and promoting national layout. the effectiveness of the reform is being gradually realized; a number of new products of mid-end and public wines are on the market, paying attention to the resale of new products. We continue to be optimistic about the recovery opportunities of the whole plate and recommend three main lines: first, high-end liquor enterprises with strong demand, recommend Guizhou Moutai, Wuliangye and Luzhou laojiao; second, secondary high-end and regional leading liquor enterprises that benefit from the recovery of banquets. I recommend wine industry, Shanxi Fenjiu, this world fate, it is recommended to pay attention to Kouzi cellar, the third is to benefit from public consumption, light bottle liquor expansion of liquor enterprises, it is recommended to pay attention to Golden seed Liquor, Shunxin agriculture.