ZJLD (06979) rose nearly 4%, with the stock up 3.94% to HK$8.97 by the time of writing, recording a turnover of HK$38.25 million. On the news front, Huachuang Securities released a report stating that during the Spring Festival period, Moutai Feitian saw double-digit growth in sales, while Wuliangye exceeded expectations in both volume and price. The peak season effect of the holiday was prominently reflected in leading brands. Currently, the liquor sector is at a low point in terms of expectations and positioning. Looking at the full year of 2026, liquor companies are transitioning from passive responses to proactive adjustments. Opportunities are expected to emerge after Moutai’s wholesale prices decline and stabilize, with expectations bottoming out and becoming clearer as the year progresses. Guojin Securities pointed out that based on post-holiday channel research feedback, overall liquor sales during the Spring Festival were in line with pre-holiday market expectations, with an estimated year-on-year decline of approximately 10%–15% in full-channel sales volume. Slightly better-than-expected observations included: 1. Moutai Feitian’s wholesale prices performed relatively well before and during the holiday, showing no significant decline, with current case prices remaining above ¥1,700; 2. Some regions saw sporadic restocking of mid-to-low-priced products during the holiday, which is also related to the recent trend of small-batch, high-frequency purchasing by retailers aimed at minimizing capital occupancy and inventory depreciation risks. This nonetheless reflects a degree of sales resilience.