Core Viewpoint - The recent launch of a high-priced commemorative liquor by Kweichow Moutai demonstrates the brand's strong appeal in the premium market, yet the overall liquor industry is facing significant adjustments and downward price pressures [1][3]. Group 1: Product Launch and Market Response - Kweichow Moutai's commemorative liquor, priced at 11,000 yuan per bottle, sold out quickly on the "i Moutai" app, reflecting the brand's strong market demand [1]. - The secondary market for the commemorative liquor showed a rational price correction, with initial prices soaring to 13,500 yuan per bottle before dropping to a wholesale reference price of 7,900 yuan, indicating a cooling enthusiasm for high-premium commemorative products [3][4]. Group 2: Industry Challenges - The price of Moutai's core product, "Feitian Moutai," has been declining, with the price dropping to 1,530 yuan per bottle, highlighting the broader challenges faced by the liquor industry [3][4]. - The average inventory turnover days in the liquor industry reached 900 days, a 10% year-on-year increase, indicating growing inventory pressure amid shrinking demand [4]. - The China Alcoholic Drinks Association reported a 20% to 30% year-on-year decline in liquor demand during key festivals, while inventory levels increased by 10% to 20% [4]. Group 3: Strategic Responses and Market Outlook - Liquor companies are taking proactive measures to alleviate channel pressures, such as Wuliangye's introduction of a rebate program for its core product, which effectively lowers the price to stimulate sales [5]. - Despite the current low sentiment in the secondary market, some brokerages believe the liquor sector is nearing a bottom and presents investment opportunities, with a focus on stabilizing Moutai's wholesale prices as a potential market recovery signal [5]. - The liquor market is undergoing a significant destocking and value restructuring process, with future recovery dependent on restoring consumer confidence and rebuilding healthy distribution channels [5].