中信建投：茅五回暖信号凸显

Core Viewpoint - The high-end liquor industry is showing significant recovery, driven by iMoutai, with strong performance in the capital market and a rebound in the liquor index after hitting a low point [1] Group 1: iMoutai Performance - iMoutai launched the 500ml Flying Moutai in January, resulting in rapid growth with 6.28 million new users and over 15.31 million monthly active users [1] - The conversion efficiency is notable, with Flying Moutai orders accounting for 67.45% of total orders, effectively lowering the purchasing threshold for ordinary consumers [1] - The sales and fulfillment performance of iMoutai is strong, with the new shipping warehouse significantly improving delivery efficiency [1] Group 2: Market Demand and Industry Trends - The market demand remains robust, with the first batch of Flying Moutai's March quota sold out and the second batch currently under application, indicating a release of genuine consumer demand in the liquor industry [1] - The terminal sales of Wuliangye during the 2026 Spring Festival exceeded expectations, showcasing strong market demand and excellent performance of core products [1] Group 3: Valuation and Investment Opportunities - The liquor sector's valuation is at a historical low, presenting strong bottom-fishing investment opportunities [1] - The investment logic focuses on performance clearing, strong brand support for sales, operational empowerment of channels, and exploration of new marketing models [1]