华创证券：建议把握节前白酒修复行情 建议优先布贵州茅台

Group 1 - The report from Huachuang Securities suggests seizing the opportunity in the pre-festival liquor recovery market, with short-term price and stock declines affecting dealer sentiment, reflecting supply-demand conflicts and concerns about next year's trajectory [1] - The company recommends prioritizing investments in Kweichow Moutai (600519.SH), which has a lower risk of significant earnings downgrades [1] - Moutai's channel confidence is expected to recover as the price of its flagship product rebounds from a low of around 1500 yuan to approximately 1600 yuan, following measures to address market concerns [1] Group 2 - Wuliangye is implementing significant subsidies to support channel turnover, including a price adjustment for its flagship product and various incentives for market expansion and promotions [2] - The company is enhancing digital management and establishing new service systems to strengthen the relationship between channels and end-users [2] - The report emphasizes that changes in pricing and channel support are essential for restructuring market order and overcoming current challenges [3] Group 3 - The liquor industry is expected to see volume growth precede price recovery, with Moutai stabilizing prices and Wuliangye influencing the pace of market clearing [4] - The report indicates that after the Spring Festival, Moutai and Wuliangye's prices are likely to stabilize, which will be crucial for other companies to manage inventory and pricing strategies [4]