Group 1 - Industry Investment Rating: Buy [2] - Previous Rating: Buy [2] - Report Date: February 24, 2026 [2] Group 2 - Core Viewpoint: The report summarizes feedback from six liquor distributors across five provinces regarding the sales performance of liquor during the Spring Festival, indicating a narrowing decline in sales of famous liquor compared to the Mid-Autumn Festival. The C-end scenarios, such as banquets, performed well with an upgrade trend, while B-end scenarios are still recovering [6][9][14] - Feedback from Henan liquor distributors indicates that Moutai and Wuliangye are leading in sales, with Moutai's return rate exceeding 35% and Wuliangye's at 30%. There is a trend of consumers concentrating on famous liquor across different price ranges [6][9] - In Shandong, Fenjiu is performing well in the mid-range segment, with a reported sales growth of approximately 8% during the Spring Festival [10] - In Anhui, the wedding market showed strong performance, particularly in the 200 CNY price range, which is experiencing growth [11] - Jiangsu distributors reported a mixed performance, with strong sales at both ends of the market but weakness in the mid-range, indicating a systemic price-driven volume increase [13] - In Sichuan, overall sales volume is expected to decline by 8% and sales amount by 15%, with personal and gift consumption performing better than expected [13] Group 3 - Investment Recommendations: For liquor, the sector is expected to enter a new development cycle in 2026 after four years of adjustment. Key recommendations include Luzhou Laojiao, Shanxi Fenjiu, Shede Liquor, Guizhou Moutai, Jianshe Liquor, and Gujing Gongjiu. For consumer goods, the industry is expected to see a moderate price increase in 2026, with opportunities in new products and channels. Key recommendations include Anjoy Food, Lihua Food, Angel Yeast, Yanjing Beer, Qianhe Flavor Industry, Dongpeng Beverage, New Dairy, Guoquan, and Tianwei Food [14]