Core Viewpoint - The white liquor industry is experiencing a downturn, with the Wind White Liquor Index dropping by 1.85% this week, indicating a widespread decline in the sector [1][3]. Industry Summary - The Wind White Liquor Index closed at 59015.65 points, with only a few companies, including Guizhou Moutai and Shunxin Agriculture, showing positive performance, while over ten stocks, including Yilite and Jinhui Liquor, saw declines [1][3]. - The overall market sentiment remains weak, with the main products of companies like Jiu Gui Jiu showing no signs of sales improvement, leading to a lack of investor confidence [1][4]. Company-Specific Summary - Jiu Gui Jiu reported a revenue of 198 million yuan in Q3, a year-on-year increase of 0.78%, but still incurred a net loss of 18.76 million yuan, although this loss was reduced by 70.93% compared to the previous year [4]. - The company's contract liabilities significantly decreased to 117 million yuan by the end of Q3, down 52% from the beginning of the year, indicating weakened prepayment willingness from distributors [4]. - Despite the launch of a new collaborative product with Pang Donglai, the main product lines of Jiu Gui Jiu have seen substantial declines, raising concerns about the sustainability of its recovery [4].

Group 1: Company Performance - Guizhou Moutai's revenue in Q3 2025 increased by 7.26% year-on-year, indicating a recovery in terminal sales since August after a period of reduced market supply from June to August [1] - The company plans to maintain market stability and respect market rules in Q4, focusing on sustaining the current growth momentum [1] - The terminal sales of Moutai 1935 wine saw significant year-on-year growth from September to October, validating the effectiveness of the "controlled quantity and price protection" strategy [1] Group 2: Market Strategy - Guizhou Moutai is addressing industry-wide challenges such as lack of consumer scenarios and channel pressures by implementing policy incentives to boost terminal sales and optimize product distribution [1] - The company aims to maintain channel resilience as a key focus in Q4, leveraging the growth in terminal sales to alleviate channel pressures [1] - The strategy of transforming consumer scenarios rather than engaging in price wars is expected to open up long-term growth opportunities for the company [1] Group 3: Investment Insights - 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 [2][3] - The food and beverage sector is currently experiencing low valuations, presenting a potential opportunity for left-side positioning in the market [5] - The Food ETF has seen significant net inflows, exceeding 120 million yuan in the last five trading days and over 280 million yuan in the last ten days, indicating strong investor interest [3]