研报掘金丨东吴证券：维持贵州茅台“买入”评级，2026加速营销转型，多元渠道构建更进一步

Core Viewpoint - The report from Dongwu Securities highlights the strategic focus of Kweichow Moutai on consumer-centric approaches and product diversification for 2026, aiming to strengthen its market position and stabilize sales [1] Group 1: Product Strategy - Kweichow Moutai will introduce a new 500ml classic series product in 2026, reinforcing the "tower base" advantage of the 500ml Flying Fairy [1] - The company plans to enhance its premium and zodiac products, with a focus on creating a flagship product priced around 2000 yuan, while emphasizing the collectible nature of zodiac offerings [1] - The product strategy includes a "2+N" system for Moutai sauce-flavored liquor, with a scientific approach to product deployment [1] Group 2: Market Positioning - The company aims to focus its 2026 product offerings on the 500ml Flying Fairy and premium products, indicating a clear and pragmatic adjustment direction [1] - A multi-faceted and flat "forest-style" channel ecosystem is expected to better tap into consumer demand, with a pricing system that adapts to market conditions to prevent speculation [1] - The adjustments in strategy are anticipated to help stabilize sales and establish a solid foundation for future growth [1]