Core Viewpoint - The price of certain white liquor products in the Southwest region has seen a rebound during the Dragon Boat Festival, but is expected to decline due to the upcoming "618" shopping festival and ongoing "billion-dollar subsidies" [2][9]. Price Trends - The average market price of Feitian Moutai (53 degrees/500ml) rose to 2606.8 RMB per bottle on May 31, up 20 RMB from 2586.8 RMB on April 31 [3]. - The average market price of the eighth generation Wuliangye (52 degrees/500ml) increased to 997.69 RMB per bottle, compared to 994.35 RMB on April 31 [3]. - The average price of Guojiao 1573 (52 degrees/500ml) also experienced an increase [3]. Inventory Levels - The fluctuation in white liquor prices is closely related to inventory levels, with recent reports indicating a reduction in high inventory situations for several brands [3][4]. - Wuliangye reported that some terminal inventories are running at zero, while Luzhou Laojiao stated that their inventory situation is currently safe and controllable [4]. Market Dynamics - The overall sales of premium liquor are slowing down, with a notable decline in demand for business and corporate group purchases [7]. - Despite the holiday season, the overall sales performance remains subdued, with many companies adjusting their revenue growth targets to align with macroeconomic indicators [7][8]. E-commerce Impact - The upcoming "618" e-commerce festival is expected to exert further pressure on retail prices, despite a slight price increase for high-end liquors during the Dragon Boat Festival [9]. - Analysts predict that while online sales may see growth during the "618" event, profit margins will be squeezed due to price reductions and high inventory levels among offline distributors [9].

"三是社会库存处于低位。春节后经销商库存、终端商库存等流通环节库存基本消化，部分社会终端'零 库存'运行。四是品牌地位持续巩固。从千元价位段品牌表现来看，基本拉开与竞品在千元价位段的价 差距离。"五粮液在业绩说明会中进一步指出。 今年端午节，西南地区的部分白酒产品价格有所回升。 具体到产品来看，《西南酒价》第十三期数据显示，飞天茅台、青花郎等白酒产品的回升幅度较大；此 外，第八代五粮液、国台国标等产品的价格也有所回升。白酒价格的波动与库存紧密相关，此次价格的 回升，业内人士分析认为，与此前酒企频频控量挺价、持续去库存等有关 。 从五粮液等近期召开的会议内容来看，不少白酒产品的库存高企情况有所缓解，五粮液就强调"部分终 端零库存运行"，泸州老窖也表示在"终端配额制"基础上，现阶段的库存情况安全可控。 第八代五粮液等价格回升，白酒库存水平有所好转 《西南酒价》第十三期数据显示，飞天茅台（53度/500ml）5月31日在西南市场均价为2606.8元/瓶，相 较于4月31日的市场均价2586.8元/瓶上涨了20元/瓶；五粮液第八代普五（52度/500ml）5月31日在西南 市场均价为997.69元/瓶，相较于4月31 ...