[Zhongtai Securities: inventory is still the top priority waiting for liquor consumption catalysis] June 16, China and Thailand Securities Research newspaper pointed out that in the middle of the year, the overall liquor consumption showed a weak recovery trend. at present, due to the impact of inventory, sales prices are under pressure. According to the price, we believe that the rhythm of high-end wine remains stable in "more than half the time and more than half the task", the overall mobile sales performance of real estate wine brands is ahead of schedule driven by the flow of people, and the sub-high-end brands are closely related to business consumption. at present, the pace of recovery is synchronized with the mainstream consumption scene. Looking ahead, we believe that the Dragon Boat Festival will be an important turning point in liquor consumption. Driven by the peak season of liquor consumption, brands that enter the peak season with low inventory and high profile are expected to enjoy dividends first. Standing at the current point in time, we believe that high-end wine may continue to grow steadily, real estate wine sales will accelerate driven by banquet consumption, and secondary high-end wine will achieve month-on-month improvement driven by business consumption.