KWEICHOW MOUTAI(SH:600519) Xin Lang Cai Jing·2025-12-15 01:26Core Viewpoint - The price of Feitian Moutai is on the rise due to new control measures and strategic focus on core products, indicating potential stabilization in wholesale prices and stock prices for the company [1][7]. Group 1: Moutai Pricing and Strategy - Moutai's distributors recently discussed a strategy focusing on three core products for 2026: Moutai 1935, Feitian Moutai, and premium Moutai, while reducing non-standard products like zodiac and kilogram Moutai [1][7]. - Following the announcement of new control measures, the price of Feitian Moutai in Tianjin reached 1,630 yuan per bottle on December 14, with a two-day increase of over 150 yuan per bottle [1][7]. - Analysts suggest that Moutai's control measures indicate a potential stabilization of both wholesale prices and stock prices [1][7]. Group 2: ETF and Market Performance - Guizhou Moutai is the largest holding in the Food ETF (515710), with a holding ratio of 14.89% as of the end of Q3 2025 [1][8]. - The Food ETF has seen significant net inflows, with a total of 65.61 million yuan in net subscriptions over the last five trading days and over 100 million yuan in the last ten trading days [8][11]. - The valuation of the food and beverage sector is currently at a historical low, with the food index's price-to-earnings ratio at 19.97, indicating a favorable long-term investment opportunity [9][11]. Group 3: Market Outlook and Recommendations - Analysts from CITIC Securities highlight that the current low valuations in the food and beverage sector present a good opportunity for investment, particularly in quality assets like Moutai [10][11]. - The demand for liquor is expected to stabilize, with potential improvements in sales during the 2026 Spring Festival, suggesting a recovery in the sector's performance [10][11]. - Investors are encouraged to focus on core assets in the food and beverage sector through the Food ETF, which has a diversified portfolio including leading brands in high-end and mid-range liquor [11].