Di Yi Cai Jing·2025-08-27 07:34Group 1 - The core viewpoint is that the position of Kweichow Moutai as the "king" of A-shares is under threat due to the rise of domestic AI chip stocks like Cambricon, which have seen significant price increases this year [1][2] - On August 25, Cambricon's stock price surged to 1384.93 yuan, approaching Moutai's price of 1490.33 yuan, but later fell to 1329 yuan, widening the gap [1] - Moutai's stock price has been relatively stable, closing at 1448 yuan on August 27, despite the competitive pressure from Cambricon [1] Group 2 - Moutai has held the title of A-share king since 2019, with its stock price peaking at 2627.88 yuan in February 2021, reflecting strong market interest in companies with solid performance and competitive advantages [2] - The high-end liquor industry, including Moutai, is currently facing challenges such as slow sales and price inversions, leading to a deep adjustment phase starting in the second half of 2023 [2] - For the first half of 2025, Moutai reported total operating revenue of 91.09 billion yuan, a year-on-year increase of 9.2%, and a net profit of 45.4 billion yuan, up 8.9%, indicating a slowdown compared to previous years' double-digit growth [2]