飞天茅台，急速下跌！

Core Viewpoint - The price of Feitian Moutai has experienced a significant decline, reversing previous gains, indicating volatility in the market for this premium liquor [1][3]. Price Movement - On November 20, the wholesale price of boxed Feitian Moutai dropped to 1640 yuan per bottle, down over 50 yuan from the peak price of 1695 yuan on November 19 [3]. - The wholesale price of bulk Feitian Moutai also fell to 1630 yuan per bottle, compared to a high of 1670 yuan on November 19 [3]. Market Behavior - Some large-scale resellers, referred to as "huangniu," have ceased purchasing due to expectations of further price declines, indicating a cautious market sentiment [3]. - On November 21, there were attempts to stabilize prices, with some resellers quoting high prices of 1670 yuan per bottle, but no transactions occurred [4]. Supply Dynamics - The recent price increase prior to the decline was attributed to a lack of new stock from distributors, as some had sold out their old inventory [4]. - Starting November 20, new products began arriving from distributors, leading to increased supply and downward pressure on prices [4]. Other Products - In addition to Feitian Moutai, other Moutai products such as Moutai Jingpin and Moutai 15-year also saw price declines, with Moutai Jingpin dropping approximately 50 yuan to around 2100 yuan per bottle [4].