Bei Jing Shang Bao·2025-10-09 05:21Core Viewpoint - The white liquor sector experienced a decline in stock prices despite a general market increase, indicating potential challenges in the industry [1]. Market Performance - On October 9, the Shanghai Composite Index rose by 1.24% to 3931.07 points, while the white liquor sector closed at 2232.28 points, down by 0.86% [1]. - Among 20 white liquor stocks, notable declines included: - Kweichow Moutai: closed at 1427.92 CNY/share, down 1.11% - Wuliangye: closed at 120.4 CNY/share, down 0.89% - Shanxi Fenjiu: closed at 188.09 CNY/share, down 3.05% - Luzhou Laojiao: closed at 128.87 CNY/share, down 2.31% - Yanghe Brewery: closed at 67.60 CNY/share, down 0.50% [1]. Industry Insights - According to Kaiyuan Securities, the improvement in the white liquor market's sales dynamics depends on two key factors: - The pace of social inventory reduction - The distribution strategies of liquor manufacturers [1]. - If manufacturers lower their payment collection requirements and slow down delivery schedules, it could alleviate channel inventory pressure and lay the groundwork for a sales recovery [1].