茅台控量，批价回升！机构看好传统消费底部贝塔修复

Group 1 - The core message indicates that after the recent news regarding Moutai's control measures, the price of Moutai has started to rebound, with a cumulative increase of nearly 100 yuan over two days, bringing the price of the 25-year Flying Moutai from 1495 yuan to close to 1600 yuan as of December 14 [1] - Moutai's stock price stabilized and rebounded around 1400 yuan per share as of December 12 [1] - A recent meeting of Moutai's provincial distributors discussed the sales strategy for next year, focusing on three core products: Moutai 1935, Flying Moutai, and premium Moutai, while reducing the supply of non-standard products [1] Group 2 - China Galaxy Securities noted a slight adjustment in the food and beverage index since December, primarily due to a minor slowdown in monthly sales data, attributed to the timing of the Mid-Autumn Festival [1] - Looking ahead to 2026, China Galaxy Securities expects that the focus on expanding domestic demand and improving residents' income will positively impact the food and beverage sector, leading to a beta recovery [1] - In the context of the liquor industry, if sales and price declines narrow, it may gradually enter a bottoming phase, with liquidity improvements potentially driving slight valuation recovery [2]