飞天茅台批价历史新低！贵州茅台股价面临考验？

Group 1 - The wholesale reference price for 53-degree 500mL Feitian Moutai has dropped to 1500 yuan per bottle as of December 10, 2025, marking a decrease of 15 yuan and reaching a historical low, just 1 yuan below the official guidance price of 1499 yuan [2] - Guizhou Moutai's stock price has also shown weakness, dipping below 1400 yuan during trading on December 10, reaching a nearly one-year low, but closing at 1402 yuan [2] - Huachuang Securities' Dong Guangyang team anticipates that the white liquor cycle will accelerate its bottoming process in 2026, monitoring two key indicators: the stabilization and volume increase of Feitian Moutai's wholesale price and the narrowing of distributor losses, indicating improved cash flow [2] Group 2 - Although the current wholesale price of Feitian Moutai is still in a downward trend, the stock price of Moutai has gradually stabilized after approximately five years of adjustment, with institutional holdings dropping to a nearly ten-year low, indicating a weakening correlation between stock price and wholesale price [2] - Once the wholesale price of Feitian Moutai completes its bottoming and volume increase, the stock price performance is expected to be more promising [2]