摩根士丹利：贵州茅台董事长人选变动对公司短期运营影响有限

Core Viewpoint - The resignation of Guizhou Moutai's chairman, Zhang Deqin, due to work adjustments, and the recommendation of Chen Hua as the new chairman, is expected to have limited short-term operational impact on the company according to Morgan Stanley [1] Company Summary - Zhang Deqin has resigned from his position as chairman of Guizhou Moutai, with Chen Hua being recommended as his successor [1] - This change marks a continuation of appointing government officials without a background in the liquor industry to leadership roles [1] - The new chairman is tasked with developing medium to long-term strategies, which are deemed more critical than before due to the current demand downturn in the industry [1] Industry Summary - The liquor industry is currently experiencing a demand downcycle, presenting various challenges that require effective strategies to boost retail demand [1] - The new leadership will need to balance channel transformation while maintaining brand positioning amidst these challenges [1]