KWEICHOW MOUTAI(SH:600519) Xin Lang Cai Jing·2026-02-05 08:11Core Viewpoint - The stock price of Kweichow Moutai (600519.SH) has rebounded, reaching a market capitalization of over 2 trillion yuan again after more than eight months, indicating strong market demand and investor confidence in the brand's long-term value [1][5][8]. Group 1: Stock Performance - On February 5, Kweichow Moutai's stock price rose over 2%, closing at 1555 yuan per share, marking a 1.97% increase [1][5]. - The stock had previously reached a market cap of 2.05 trillion yuan on March 14, 2025, but faced adjustments due to market conditions before returning to this key level [1][5]. Group 2: Market Demand - As the Spring Festival approaches, Kweichow Moutai products are experiencing a surge in sales, with reports of high demand leading to difficulties in purchasing through the iMoutai app [2][7]. - The wholesale reference price for the 2026 Flying Moutai (53-degree, 500ml) is currently 1660 yuan per bottle, with retail prices around 1750 yuan [2][7]. - On January 30, the wholesale price increased by 100 yuan to 1710 yuan per bottle, indicating strong market demand [2][7]. Group 3: Investor Sentiment - Notable investor Duan Yongping disclosed multiple purchases of Kweichow Moutai shares, totaling 77,200 shares at a cost of approximately 103 million yuan, reflecting confidence in the company's long-term value [3][8]. - Research from the food and beverage team at CICC indicates that Kweichow Moutai's sales and pricing performance have exceeded expectations, with distributors achieving 25%-30% of their annual sales targets by January 26 [3][8]. Group 4: Industry Outlook - CICC's report suggests that the price of Flying Moutai is stabilizing around 1500 yuan, which is becoming a consensus price point among manufacturers, channels, and consumers [3][8]. - Zhongyin Securities believes the white liquor industry is still in a deep adjustment phase, with increasing competition highlighting the Matthew effect [4][9].