

Core Viewpoint - The liquor industry is currently undergoing a destocking cycle, facing multiple pressures from pricing, demand, and policy, prompting companies to actively respond to market conditions [1] Industry Summary - The Shanghai Composite Index closed at 3821.83 points, down 0.18% on September 23 [1] - The liquor sector index closed at 2263.61 points, down 1.15%, with 20 liquor stocks declining [1] - Major liquor companies experienced the following stock price changes: - Kweichow Moutai: closed at 1447.42 CNY/share, down 0.41% [1] - Wuliangye: closed at 122.19 CNY/share, down 0.25% [1] - Shanxi Fenjiu: closed at 193.81 CNY/share, down 1.12% [1] - Luzhou Laojiao: closed at 132.61 CNY/share, down 0.73% [1] - Yanghe Brewery: closed at 69.32 CNY/share, down 0.66% [1] Company Response - Huaxin Securities indicates that liquor companies are actively addressing challenges related to channels, organization, and sales in response to the pressures from the destocking cycle [1]