白酒板块午盘上涨 贵州茅台收涨1.78%

Group 1 - The core viewpoint of the article highlights that the three major indices in the market collectively rose, with the Shanghai Composite Index reaching 3653.50 points, an increase of 0.51% [1] - The liquor sector closed at 2231.06 points, up by 1.07%, with Guojingong Liquor leading the gains at 4.98% [1] - Notable individual stock performances include Kweichow Moutai closing at 1446.21 CNY per share, up 1.78%; Wuliangye at 123.83 CNY, up 1.32%; Luzhou Laojiao at 125.41 CNY, up 2.67%; Yanghe at 69.48 CNY, up 1.00%; and Shanxi Fenjiu at 185.13 CNY, up 3.35% [1] Group 2 - Guotai Junan's research report indicates that the core contradiction in the liquor industry in the medium term lies in the demand side, with the essence of industry adjustment revolving around the "three bottoms" of channel, performance, and inventory, in that order: channel bottom > performance bottom > inventory bottom [1] - The liquor sector is viewed as a cyclical growth stock, and a trend-based investment opportunity will only arise after experiencing a performance bottom [1] - It is anticipated that the earliest performance bottom could be reached in the first half of 2026, with liquor stock prices likely to show a trend reversal ahead of the demand side, based on high-frequency signals such as batch prices [1]