[Huatai Securities: the main Line of short-term layout recovery of the Liquor Industry pays attention to the growth return in the medium and long term] the Huatai Securities Research newspaper pointed out that the liquor industry will recover steadily in the short term, and the product structure will be slightly adjusted. The trend of medium-and long-term industry volume price reduction and concentration increase is expected to continue, and structural upgrading is still the main theme. It is suggested that the layout of three major strategic lines: 1) the management of high-end liquor is resilient and will benefit from the follow-up business activities. It is recommended to pay attention to the high-end liquor enterprises with low valuation. 2) the recovery of the second high-end liquor is slow, the current management rhythm turns to attack, the investment / promotion / marketing is active, and the channel and market resume the expansion rhythm, which will benefit from the accelerated replenishment of the demand for subsequent holidays and banquets. it is expected to usher in the elastic release under the low base compared with the same period last year. It is recommended to pay attention to the nationalization of sub-high-end liquor enterprises. 3) the expansion and upgrading of liquor consumption in the stronghold of the regional leader market, liquor enterprises have both offensive and defensive, strong business toughness, it is recommended to pay attention to Huizhou liquor / Su liquor leader.