经导财评｜茅台的金融属性正在消退

Core Insights - The wholesale reference price of the 2025 Flying Moutai has dropped to 1770 RMB per bottle, marking a decline of over 20% from the previous price of 2220 RMB, reaching a new low since its market introduction [2] - The financial attributes of Moutai are diminishing, with annualized returns falling below 5%, prompting investors to seek more stable assets [2] - The decline in price is attributed to the lack of collectible appeal for the 2025 vintage, as collectors prefer earlier years, and aggressive promotions on e-commerce platforms have further pressured prices [2][3] Industry Trends - The impact of e-commerce and the decline in financial attributes has led to a resurgence in personal consumption of Moutai, with over 40% of consumption now occurring in self-drinking scenarios [3] - Moutai has increased market supply through targeted promotions, such as the "Mid-Autumn Family Feast Exclusive Package," which aims to reduce speculative trading and further diminish its financial attributes [3] - The price reduction has lowered the consumption threshold, allowing more consumers to experience Moutai at a lower cost, shifting consumption from business banquets to family gatherings and self-drinking [4] Market Implications - Moutai's price adjustments may encourage the entire industry to focus more on product quality and cost-effectiveness, promoting healthier industry development [4] - The adjustments could lead to increased brand concentration within the industry, favoring companies with core brand advantages, stable quality, and reasonable pricing structures during market corrections [4]