保价抢量两难，飞天茅台批发价跌破1499元价格线｜封面观酒

Group 1 - The price of Feitian Moutai has dropped below 1499 yuan per bottle, marking a significant event in the price protection battle for premium liquor [1] - A dealer reported that the wholesale price has fallen to 1515 yuan, down from 1810 yuan just two months prior, indicating a loss of over 2000 yuan on previous purchases [1] - The decline in prices is seen as a sign of market rationality returning, which may stimulate year-end liquor consumption and drive actual sales [4] Group 2 - The liquor industry is facing a dilemma between price protection and volume expansion, as maintaining price stability requires controlling supply, which complicates meeting annual targets [3] - Analysts suggest that the breach of the psychological price barrier of 1499 yuan could lead to deeper industry impacts, with cash flow pressures forcing distributors to sell at lower prices [4] - The true test for the industry may come after the first quarter of 2026, as weak sales during the Spring Festival could lead to increased social inventory and further price pressures [4]