茅台，“抄底”

Group 1: Company Actions - Guizhou Moutai has repurchased shares totaling over 5.3 billion yuan as of July 2025, signaling confidence to the market and stabilizing stock price expectations [1][3] - As of July 2025, Guizhou Moutai has repurchased 345,170 shares, accounting for 0.2748% of total share capital, with a total payment of 5.301 billion yuan [3] Group 2: Market Conditions - The stock price of Guizhou Moutai has decreased by 5.06% this year, reaching a low of 1,373.1 yuan per share, currently trading at 1,419 yuan [1] - The wholesale reference price for Moutai's Snake Year liquor has returned to 2,000 yuan per bottle, reflecting a 5 yuan increase from the previous day [4] Group 3: Industry Outlook - The white liquor industry is currently in an adjustment phase, facing challenges such as overcapacity, high inventory, and price inversions [3] - The valuation of the food and beverage sector is at a ten-year low, with the white liquor sector's valuation at 11.98 times, also at a ten-year low [6] - The industry is undergoing a destocking cycle, with multiple pressures from pricing, demand, and policy affecting liquor companies [6]