[P] . The research report of Shanghai Securities on September 18 pointed out that since the successful launch of Maotai Maotai Maotai Soy Sauce Latte with Ruixing, Maotai launched a joint brand of Jiuxin chocolate products, creating diversified products to lead the industry across borders, reaching more consumer groups, and also demonstrating that Maotai, as the leader of the Baijiu industry, actively supports young groups and expands brand influence. As the Mid Autumn Festival and National Day approaches, terminal demand is gradually warming up. We believe that this is a critical stage for inventory reduction, and liquor companies with strong brand influence and channel push are more likely to win. We continue to suggest paying attention to Luzhou Laojiao, Jinshiyuan, Laobaigan liquor, etc.