Mei Ri Jing Ji Xin Wen·2025-08-10 08:15Core Viewpoint - The white liquor sector continues to show weak rebound momentum due to persistent demand-side issues, with the Wind white liquor index rising only 0.78% this week, significantly lower than the Shanghai and Shenzhen indices [1] Industry Summary - The white liquor sector is transitioning from a volume-price logic to a share logic, leading to weakened growth potential for most stocks in the sector. White liquor may no longer be considered a cyclical growth stock, with a few stocks becoming "quasi-debt assets" due to competitive advantages, making stable ROE increasingly important for pricing [1][5] - Despite a slight increase in the white liquor index this week, several companies, including Jinshiyuan, Shunxin Agriculture, Jinzongzi Liquor, Shede Liquor, and Huangtai Liquor, saw their stock prices decline. Jinshiyuan reported significant operational difficulties, indicating that the industry is unlikely to see a turnaround in the short term [4][5] Company-Specific Summary - *ST Yanshi and *ST Yedao have experienced significant stock price fluctuations due to restructuring expectations, with market speculation evident [3] - *ST Yanshi's actual controller is under criminal investigation, which may lead to a change in company control if the judicial disposition of his shares occurs. *ST Yedao is backed by state-owned assets in Haikou, with the CSRC supporting state-led restructuring of troubled companies [4] - Jinshiyuan has reported a decline in terminal sales growth in June and July compared to April and May, primarily due to policy factors and seasonal influences. The company anticipates a substantial industry recovery may not occur until the second half of 2026 [5]