研报掘金丨东吴证券：维持贵州茅台“买入”评级，量价调控思路清晰，长期韧性值得信赖

Core Viewpoint - Dongwu Securities report indicates that Guizhou Moutai's provincial dealer association recently held a meeting to discuss the 2026 distribution channel strategy, conveying Moutai's product and channel adjustment ideas [1] Group 1: Strategic Adjustments - The company is implementing a "control quantity policy" to reduce short-term burdens and release structural pressure on non-standard Moutai liquor in the medium term [1] - The "14th Five-Year Plan" is set to focus on being "active, scientific, and rational," aiming to seize market initiative through marketing transformation [1] Group 2: Market Outlook - Short-term certainty is expected to improve, with strong stability in investor returns [1] - The company's adjustment direction is considered pragmatic, and short-term price system adjustments are not expected to hinder long-term brand value enhancement [1] Group 3: Historical Context and Price Stability - A review of the liquor market cycle from 2013 to 2014 suggests that volume stabilization will precede price improvements, with stock price stabilization points to be first observed through sales feedback [1] - Current Moutai prices are aligned with market conditions, which is expected to facilitate an earlier bottoming and stabilization of the fundamentals [1] - The company maintains a "buy" rating [1]