Group 1 - The core viewpoint of the article highlights the significant drop in the stock price of Zhenjiu Lidu (06979), which fell over 5% to HKD 8.36, with a trading volume of HKD 48.46 million [1] - The launch of the pre-sale for the 2026 Flying Moutai 53% vol 500ml by the direct e-commerce platform "i Moutai" under Kweichow Moutai is seen as a strategic move by the management to adapt to new market conditions, potentially impacting the traditional distribution channels and pricing system of Moutai [1] - The pricing system of Moutai is expected to exert pressure on the liquor industry, particularly affecting premium liquor brands, with the outcomes of this pressure test remaining uncertain [1] Group 2 - Huachuang Securities reported a pullback in the liquor sector in December, attributed to concerns over pricing strategies of high-end liquor companies and year-end fund rebalancing, indicating that overall pessimistic expectations have been priced in [1] - The report suggests that under the current pricing strategy of leading brands, there is still potential for demand to increase during the upcoming Spring Festival, particularly in the mass market segment priced under HKD 200, which has benefited from public banquets and gatherings [1] - As the Spring Festival approaches, there is an expectation for a recovery in demand, with the market likely to respond positively to the seasonal increase in consumption [1]