白酒春节动销符合预期，分化延续

Investment Rating - The industry investment rating is maintained as "Recommended" [1] Core Insights - The sales performance of liquor during the Spring Festival met expectations, with high-end products showing strong performance while mass-market segments remained stable. Overall sales declined by 10-20%, with regional variations noted [1] - Moutai's market-oriented reforms are showing initial positive effects, with significant user growth and improved sales data. The company is focusing on consumer-centric strategies and enhancing its direct sales system [1] - Other brands are experiencing continued differentiation, with first and second-tier brands performing relatively steadily. Strategies include rational inventory reduction and promotional sales [1] - Looking ahead, the post-festival season may see a bottoming out of prices, with potential improvements expected in Q2 due to low comparative bases from the previous year [1] Summary by Sections Sales Performance - Spring Festival liquor sales declined by 10-20%, with high-end products performing well and mass-market segments remaining stable. Specific regions like Henan and Sichuan saw around a 10% decline, while Shandong and Anhui experienced about a 20% drop [1] - Different price segments showed varied performance, with high-end products like Moutai performing strongly, while mid-tier products faced significant pressure [1] Moutai's Market Reforms - Moutai's consumer-focused market reforms are yielding positive results, with a notable increase in users and sales orders. The company is effectively managing its inventory and pricing strategies [1] Brand Differentiation - The liquor industry is seeing a continuation of brand differentiation, with first and second-tier brands maintaining stable performance. Strategies include inventory reduction and promotional activities to stimulate sales [1] Future Outlook - The industry is expected to enter a traditional consumption off-season post-Spring Festival, with potential price stabilization and improvements anticipated in Q2. The upcoming Mid-Autumn Festival will be a critical period for assessing demand recovery [1]