东莞证券给予贵州茅台买入评级，2025年半年报点评：业绩稳健增长，彰显龙头韧性

Group 1 - The core viewpoint of the report is that Dongguan Securities has given Guizhou Moutai (600519.SH, latest price: 1423.76 CNY) a "buy" rating due to expected steady growth in performance in the first half of 2025 [2] - The company is expected to maintain a solid performance in Moutai liquor, with a coordinated development of direct sales and wholesale channels [2] - The company has increased its expenditure, resulting in a slight decrease in net profit margin in the first half of the year [2]