(Citic Securities: looking forward to the upward Resonance of Liquor Prosperity and confidence in the second half of the year will be an important window during the Mid-Autumn Festival National Day peak season)-- Citic Securities Research News pointed out that liquor sales have maintained the pace of recovery since 2023, in line with expectations, but the market's weakening long-term consumer confidence suppresses sector valuations. We believe that, from a medium-to long-term point of view, liquor companies benefiting from the concentrated head of the industry will still maintain steady growth, and the bottom of the value will gradually appear 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. In the second half of the year, the economy and confidence will resonate under the background of gradual economic repair. The Mid-Autumn Festival peak season will be an important window. On the basis of lower valuation, sound industry fundamentals and upward margin of short-term prosperity, any marginal rise will promote plate performance and it is recommended that configuration be maintained.