终端价普涨，茅台9月动销同比增20%，机构称白酒行业底部愈发清晰

Core Insights - Guizhou Moutai's autumn market research indicates a positive trend in the overall market, showing stability and growth despite industry pressures [1][5] - Moutai's sales performance has significantly improved, with terminal sales increasing approximately 100% month-on-month and over 20% year-on-year since September [1][5] - The recent rise in wholesale prices for Moutai products suggests a recovery in market confidence, driven by seasonal demand and effective market strategies [2][4] Company Performance - Moutai's sales strategies, including precise market deployment, have stabilized sales during challenging months [1] - The company reported a notable increase in sales volume across various regions, with some areas experiencing a 15%-35% increase compared to the previous month [1][3] - The company's channel system has shown resilience, with a significant decrease in the inventory-to-sales ratio, indicating improved market vitality [6] Market Trends - The overall white liquor market remains under pressure, with year-on-year sales still declining despite recent improvements in month-on-month performance [5][7] - Analysts suggest that while Moutai's performance is strong, the broader industry is still facing challenges, including high inventory levels and the impact of consumption restrictions [7] - The upcoming holiday season is expected to drive demand, but the market sentiment remains cautious due to previous trends of "旺季不旺" (busy season not busy) [6][7] Price Movements - Recent data shows a rebound in the wholesale prices of Moutai, with the price of the 25-year flying Moutai returning above 1800 yuan per bottle [2] - Terminal prices for Moutai have also increased, with reported price hikes of 20-50 yuan for different bottle types [2][3] - The price fluctuations are attributed to seasonal demand and the overall market recovery efforts by leading liquor companies [4] Stock Performance - As of September 26, Guizhou Moutai's stock closed at 1435 yuan per share, reflecting a slight decline of 0.28% with a total market capitalization of 1.8 trillion yuan [8]