Group 1 - The three major indices collectively declined, with the Shanghai Composite Index closing at 3844.84 points, down 0.79% [1] - The liquor sector also experienced a downturn, closing at 2372.83 points, down 0.41%, with 12 liquor stocks declining [1] - Individual stock performances varied, with Kweichow Moutai closing at 1488.07 CNY per share, up 0.81%, while Wuliangye closed at 128.85 CNY per share, down 0.02% [1] Group 2 - Guojin Securities reported that the liquor sector's semi-annual reports met market expectations, with liquor companies generally accelerating performance in Q2 2025 [1] - Market sentiment remains marginally positive despite recent declines in mainstream product prices, which aligns with expectations [1] - The recent drop in wholesale prices is attributed to channels preemptively moving inventory ahead of the Mid-Autumn Festival and National Day [1]