KWEICHOW MOUTAI(SH:600519) Sou Hu Cai Jing·2025-10-28 06:58Core Viewpoint - The food and beverage ETF Tianhong (159736) is experiencing significant capital inflow and has reached a new high in share volume, indicating strong investor interest in the sector [3][4]. Fund Performance - As of October 27, the food and beverage ETF Tianhong (159736) has a total share volume of 7.86 billion, marking a one-year high [4]. - The fund has seen a net inflow of 117 million over the past nine days, reflecting robust demand [4]. Market Trends - The wholesale price of Feitian Moutai has dropped below 1,700 yuan per bottle for the first time, signaling a significant adjustment in the domestic liquor market [4][5]. - The current wholesale price for Feitian Moutai is reported at 1,690 yuan, down 25 yuan from the previous day, with a cumulative decline of over 31% from its initial price [4]. Industry Analysis - CITIC Securities expresses optimism about bottom-fishing opportunities in the liquor industry, anticipating that the industry's fundamentals may stabilize by the third quarter of 2025 [6][7]. - Pacific Securities notes that the liquor industry is currently in a phase of supply clearing, with the third quarter expected to accelerate this process [8]. Key Events - A significant personnel change at Moutai Group has been announced, which may impact the company's strategy during this adjustment period [8].