Sou Hu Cai Jing·2025-04-07 18:36Group 1 - The A-share liquor sector experienced a decline of 6.58%, which is less than the overall market drop, indicating a certain level of defensiveness within the industry [2] - Leading companies like Kweichow Moutai (-4.39%) and Wuliangye (-3.95%) showed smaller declines compared to the industry average, while smaller firms like Huangtai Liquor (-10.00%) faced significant losses, highlighting a "stronger gets stronger" trend [2][3] - The first quarter of 2025 saw the liquor industry facing high channel inventories (averaging 3-4 months) and price inversions, prompting companies like Luzhou Laojiao and Xijiu to halt shipments to maintain prices [3] Group 2 - The export share of Chinese liquor is less than 1%, primarily targeting Southeast Asia and Chinese communities, thus limiting the direct impact of U.S. tariffs [5] - Kweichow Moutai and Wuliangye are accelerating their expansion into the European and American markets, but the 34% tariff imposed by the U.S. may delay their internationalization efforts [5] - Regional liquor companies like Gujing Gongjiu and Yanghe are less affected by tariffs due to their low export ratios and focus on domestic consumption upgrades [5]