KWEICHOW MOUTAI(SH:600519) 券商中国·2025-10-13 15:15Core Viewpoint - The article discusses the ongoing challenges faced by the Chinese liquor industry, particularly high-end liquor represented by Kweichow Moutai, amid weak consumer demand and market fluctuations [1][4]. Group 1: Market Performance - Kweichow Moutai's stock has been on a downward trend this year, with a decline of 5.16%, bringing its market capitalization to 1.78 trillion yuan [5]. - The sales performance during the recent National Day and Mid-Autumn Festival was weak, with an overall expected decline of about 20% compared to previous years [4]. Group 2: Investor Sentiment - Notable investor Duan Yongping expressed confidence in Kweichow Moutai by purchasing shares, indicating a long-term investment perspective, typically suggesting a holding period of at least ten years [2][3]. - Duan Yongping challenges the prevailing pessimism surrounding the liquor market, arguing that the brand's unique value and cultural significance cannot be easily replicated [3]. Group 3: Industry Trends - Recent data shows that while there was a marginal increase in the prices of Kweichow Moutai and Wuliangye before the holiday, overall sales still experienced a year-on-year decline of approximately 20% [4]. - The high-end liquor segment is showing signs of weak recovery, while the mass-market segment is performing better, indicating a divergence in consumer behavior [4].