[Huatai Securities: The performance of the liquor market during the "Double Festival" was flat and industry differentiation continued] On October 8, Huatai Securities research reported that the overall performance of the liquor market during the Mid-Autumn Festival and National Day this year was flat, and the industry continued to differentiate. Looking at different scenarios, business banquets, high-end gifts and large-scale corporate purchases are still weak, while personal gifts, family gatherings and public banquets are relatively supported; looking at price bands, Feitian Moutai, Moutai 1935 and some real estate wines perform at the top, and business sub-high-end pressure is more obvious. The current trend of demand concentrating on leading brands and advantageous single products continues. Partial destocking will help release channel operating pressure. The inflection point of industry demand still needs to be tracked, and the progress of actual bottle opening, post-holiday replenishment and channel profit restoration needs to be observed in the future. Looking forward to the market outlook, the leading wine companies in this round of adjustments are all focusing on long-term and healthy development. The pressure on the reporting side is quickly clearing. The industry is expected to steadily enter the stage of benign repair. It is recommended to pay attention to the leading targets with high quality and bottom reversal.