封面观酒｜实访多地经销商，茅台市场呈现稳态需求

Core Viewpoint - The high-end liquor market, particularly Moutai, is experiencing stable demand as the dual festivals approach, benefiting from increased consumer activity and strategic measures taken by the company [1][3][18]. Group 1: Market Demand and Performance - The high-end liquor market is showing concentrated demand as the dual festivals approach, with Moutai performing particularly well in key regions like Beijing and Shanghai [3][5]. - In Beijing, Moutai sales are stable, while in Shanghai, customer inquiries for Moutai have surged, with sales expected to increase by 30% year-on-year, potentially reaching a 60%-70% increase by mid-January [3][5]. - In Guangdong, family consumption is a core driver, with Moutai sales expected to rise by 50% as the festival approaches, and prices have increased by 100-150 yuan per bottle [3][5]. Group 2: Supply and Channel Management - Moutai's recent stable performance is attributed to precise supply-demand regulation and channel management strategies [4][18]. - The company has implemented measures to optimize channel management, including reducing high-value product quotas and eliminating distribution models, which are seen as beneficial for dealers [10][12]. - Moutai is enhancing its online and offline marketing channels, encouraging dealers to engage in live streaming sales to reach younger consumers [11][12]. Group 3: Pricing and Future Outlook - Moutai's prices have recently increased due to improved dealer confidence and heightened demand as the consumption season begins [18]. - Analysts expect strong price performance leading up to the Spring Festival, with future price stability dependent on the company's product release strategies [18]. - The brand's resilience and strong consumer base are viewed as key factors for navigating industry cycles, with optimism about Moutai's future performance amid ongoing market adjustments [18].