KWEICHOW MOUTAI(SH:600519) 2 1 Shi Ji Jing Ji Bao Dao·2025-10-27 01:59Group 1 - The three major indices opened higher, with the China Securities Food and Beverage Index down 0.10% as of the report, featuring stocks like Jinzi Ham reaching the daily limit up, while Jingliang Holdings fell over 4% [1] - The Tianhong Food and Beverage ETF (159736) saw a decline of 0.28% with a premium rate of 0.13%, and it experienced a significant net subscription of 6 million units in real-time [1] - The Tianhong Food and Beverage ETF has attracted substantial capital, accumulating over 77 million yuan in net inflow over the last week, and has seen net inflows on 9 out of the last 10 trading days, reaching a record high of 7.836 billion units as of October 24 [1] Group 2 - On October 25, Moutai Group announced a significant personnel change, with Zhang Deqin stepping down as chairman and Chen Hua, the director of the Guizhou Provincial Energy Bureau, taking over [2] - CITIC Securities anticipates that the basic fundamentals of the industry may bottom out by the third quarter of 2025, with the second half of this year expected to be the most challenging period for the financial performance of listed liquor companies [2] - The outlook for the liquor industry remains positive, with expectations of a gradual recovery trend following the current pressures on sales, prices, and market confidence [2]