茅台，“抄底”！

Group 1 - Guizhou Moutai has repurchased shares worth over 5.3 billion yuan, signaling confidence in the market and stabilizing stock price expectations [1][2] - As of July 2025, Guizhou Moutai has repurchased a total of 3.45 million shares, accounting for 0.2748% of its total share capital, with a total payment of 5.3 billion yuan [2] - The wholesale price of Moutai's Snake liquor has returned to 2,000 yuan per bottle, reflecting a slight increase of 5 yuan from the previous day [2] Group 2 - The white liquor industry is currently facing challenges such as overcapacity, high inventory, and price inversion, prompting Guizhou Moutai's share repurchase [2] - The valuation of the food and beverage sector is at a ten-year low, with the white liquor sector's valuation dropping to 11.98 times, also at a ten-year low [4] - The industry is undergoing a destocking cycle, with multiple pressures affecting pricing, demand, and policy, leading companies to actively adjust their channels and operations [4]