Tianfeng Securities: The valuation and sentiment of liquor have entered a historically relative bottom range, suggesting attention to two major investment lines
Tianfeng Securities pointed out that the valuation/emotion of liquor has entered a historically relative bottom range, and fund holdings have bottomed out, suggesting attention to two major investment lines. It is expected that by 2025, the industry will experience a situation of rationality & aggression coexisting/consumption upgrading & downgrading coexisting. Under the potential positive catalysis of policies & consumption, the performance of strong brand liquor companies with deep destocking may gradually bottom out and rebound