GOLDEN SUN SECURITIES·2026-01-18 06:32Investment Rating - The report suggests a positive investment outlook for the liquor and frozen food sectors, particularly highlighting the upcoming Spring Festival as a catalyst for sales growth in the liquor industry [1][2]. Core Insights - The liquor market is expected to see improved sales performance as the Spring Festival approaches, with Moutai leading the way. The report indicates that Moutai's pricing strategy and sales performance are likely to drive industry-wide improvements [1][2]. - The frozen food sector is experiencing a recovery, with demand rebounding and price competition easing. Leading companies in this sector are expected to benefit significantly from this trend [2]. - The snack food segment is also showing signs of recovery, with companies that faced challenges in 2025 beginning to emerge from their operational lows. The upcoming Spring Festival is anticipated to boost inventory levels and sales [2]. Summary by Sections Liquor Sector - The report indicates that as the Spring Festival approaches, channel collections are progressing normally, and sales are expected to improve slightly despite year-on-year pressure. Moutai is expected to perform strongly, with its pricing strategy showing a stabilizing effect [2]. - The report emphasizes that liquor companies are prioritizing volume over price and focusing on quality to gain market share [2]. Frozen Food Sector - The frozen food market is currently in its peak sales season, with demand showing a month-on-month recovery. The report notes that leading companies are likely to see revenue growth due to a low base effect and improved profit margins [2]. Snack Food Sector - Companies in the snack food sector that faced challenges in 2025 are now gradually recovering. The report highlights that the upcoming Spring Festival will significantly enhance inventory levels and sales opportunities for these companies [2]. Specific Companies - Moutai, Guizhou Moutai, and other leading liquor brands are recommended for short-term investment due to their strong performance during the Spring Festival [1]. - Companies like Sanquan Foods and others are noted for their innovative product launches and channel strategies, which are expected to drive revenue growth [4].