Bei Jing Shang Bao·2025-09-04 07:29Core Viewpoint - The liquor sector is experiencing mixed performance, with high-end brands facing pressure from policy impacts, while leading companies maintain resilience due to strong brand and channel capabilities [1] Group 1: Market Performance - On September 4, the three major indices collectively rose, with the Shanghai Composite Index closing at 3765.88 points, down 1.25% [1] - The liquor sector index closed at 2335.97 points, showing a slight increase of 0.23%, with 13 liquor stocks rising [1] Group 2: Individual Stock Performance - Kweichow Moutai closed at 1472.66 CNY per share, down 0.53% [1] - Wuliangye closed at 125.51 CNY per share, down 0.88% [1] - Shanxi Fenjiu closed at 197.26 CNY per share, down 0.68% [1] - Luzhou Laojiao closed at 134.09 CNY per share, down 1.11% [1] - Yanghe Brewery closed at 72.76 CNY per share, up 0.50% [1] Group 3: Industry Insights - According to a report from China Merchants Securities, high-end liquor is significantly impacted by policy changes, leading to pressure on wholesale prices [1] - Despite the pressure, leading companies like Moutai and Wuliangye show performance resilience, with Moutai expected to slow down reasonably and Wuliangye and Luzhou Laojiao experiencing slight declines in Q2 2025, aligning with previous expectations [1] - The demand for mid-range liquor is under pressure, but company performance varies due to different adjustment rhythms, with attention on new products and channels for marginal growth [1] - Fenjiu is seeing growth from its foundational products, while other brands like Shui Jing Fang are beginning adjustments, and Shede is recovering from a low base [1] - The real estate liquor sector is undergoing significant clearance, but brands like Gujing maintain resilience in their home market [1]