B[The concept of liquor fluctuated and rose, Huangtai Liquor Industry had 2 boards in 3 days] On October 15th, the concept of liquor fluctuated and rose, Huangtai Liquor Industry had 2 boards in 3 days, with Golden Seed Liquor, Jinhui Liquor, Yingjia Gong Liquor, and Jinshiyuan following the rise. According to the news, dealers, wholesalers and terminal retailers in Henan, Shandong, Guangdong, Anhui and other places have learned that overall channel inventory is still being reduced. The inventory of some interviewed wine merchants has dropped by about 10%-20% year-on-year. The turnover of large single products of famous wines is relatively fast, and some terminal inventories have been controlled within 1-2 months. B[Liquor sector bucked the trend and rose, Huangtai Liquor Industry rose by the daily limit] October 13th, the liquor sector bucked the trend and rose by the daily limit, Huangtai Liquor Industry rose by the daily limit, Golden Seed Liquor, Jiugui Liquor, Shuijingfang, and Shede Liquor Industry followed suit. According to the news, dealers, wholesalers and terminal retailers in Henan, Shandong, Guangdong, Anhui and other places have learned that overall channel inventory is still being reduced. The inventory of some interviewed wine merchants has dropped by about 10%-20% year-on-year. The turnover of large single products of famous wines is relatively fast, and some terminal inventories have been controlled within 1-2 months. B[Inventories of some wine merchants fell by 10%-20% The turnover of mainstream famous wines is accelerating] On October 11, according to dealers, wholesalers and terminal retailers in Henan, Shandong, Guangdong, Anhui and other places, it was learned that channel inventory is still being depleted in general, and the inventory of some wine merchants interviewed has dropped by about 10%-20% year-on-year. The turnover of large-scale famous wines is relatively fast, and some terminal inventories have been controlled at 1-2 months; however, some developed products, small and medium-sized brands and historical legacy inventory are still difficult to digest, and inventory pressure remains more in the dealers and wholesalers. More and more wine merchants are adopting the form of quick replenishment for small orders and investing limited funds in products with more stable sales. The destocking of liquor channels is moving from quantity reduction to a new stage of structural adjustment. (wine trader) B[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. B[The concept of liquor fluctuates and rises, Tianyoude Wine rises by the daily limit] On September 23, the concept of liquor fluctuates and rises, Tianyoude Wine rises by the daily limit, Huangtai Liquor Industry, Kouzijiao, Golden Seed Wine, and Luzhou Laojiao followed suit. In terms of news, CICC’s research report pointed out that with the Mid-Autumn Festival and National Day approaching, channel inventory pressure has eased, and peak season sales are expected to be better than current cautious expectations; GF Securities’ research report pointed out that Moutai and Wuliangye inventories have declined, Feitian wholesale prices have rebounded to around 1,750 yuan, and the volume and price performance of leading liquor companies have improved. B[Chen Ting, deputy general manager of the Financial Market Department of Moutai (Shanghai) Financial Leasing Co., Ltd., is subject to disciplinary review and supervisory investigation] On September 15, the Liupanshui City Commission for Discipline Inspection and Supervision website reported on September 15 that according to the Discipline Inspection and Supervision Team dispatched by the Guizhou Provincial Commission for Discipline Inspection to Kweichow Moutai Distillery (Group) Co., Ltd. , Zhongshan District Discipline Inspection and Supervision Committee News: Chen Ting, deputy general manager of the Financial Market Department of Moutai (Shanghai) Financial Leasing Co., Ltd., is suspected of serious violations of discipline and law. He is currently undergoing a disciplinary review by the Discipline Inspection and Supervision Team assigned by the Guizhou Provincial Commission for Discipline Inspection and Supervision to Kweichow Moutai Distillery (Group) Co., Ltd. and a supervisory investigation by the Zhongshan District Supervisory Committee. B[The concept of liquor is active and Gujing Gongjiu is approaching the daily limit] On September 1st, the concept of liquor is active and Gujing Gongjiu is approaching the daily limit. Jinshiyuan, Golden Seed Liquor, Huangtai Liquor, Yingjia Gongjiu and Jinhui Liquor are following the rise. On the news, CITIC Securities Research reported that the fundamentals of the liquor industry have gradually stabilized at the bottom, and have shown characteristics such as stabilization of wholesale prices under supply control, marginal repair of dynamic sales under a low base, and the beginning of destocking. Since August, as consumption scenarios such as college entrance banquets have heated up, liquor dynamic sales have shown a certain improvement month-on-month. It is expected that the pessimistic sentiment of channels about dynamic sales expectations for this year's Mid-Autumn Festival peak season may have improved.
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