2 February 2026 | 10:48PM HKT Equity Research Kweichow Moutai (600519.SS): Feitian Moutai's order reaching 1.4mn on i-Moutai in Jan 2026, indicating broadening demand reach; Buy Feitian Moutai's accelerating roll-out on i-Moutai in the first month of 2026: Following the official launch of Feitian Moutai series across 53% vol 500ml, 100ml/1,000ml Feitian, and multiple series on its own DTC platform i-Moutai on 1 Jan 2026, i-Moutai continues to broaden demand reach, reaching 6.3mn new users, over 15.3mn activ ...

Group 1 - JD.com announced that its "Qixian Xiaochu" will offer New Year's Eve dinner package reservations from February 2 to February 14, with delivery on February 16, catering to different group sizes of 2-6 people [1][4][7] - The company will also hold a "Order Gifts" promotion, where customers can receive brand liquor worth up to 168 yuan with their meal orders, enhancing both cost-effectiveness and the festive atmosphere [1][4] - The dinner packages are priced at 88.8 yuan for a 2-person A/B package, 188.8 yuan for a 3-4 person A/B package, and 288.8 yuan for a 5-6 person A/B package, each with additional complimentary items [1][4][7] Group 2 - From February 2 to February 11, customers purchasing the 288.8 yuan New Year's Eve dinner package will receive an extra gift worth over 100 yuan, specifically a Qingdao craft beer gift box [7] - JD's Qixian Xiaochu is a quality catering platform launched by JD Group, focusing on an "online delivery + self-pickup" model, leveraging JD's supply chain for direct sourcing, standardized processing, and cold chain delivery to reduce costs while ensuring quality [7] - The company plans to open 10,000 stores within three years, aiming to reshape the food delivery supply chain and promote high-quality, transparent development in the catering industry [7]

Core Insights - The article discusses the industrial development strategy of Zunyi City, focusing on the construction of a modern industrial system and the growth of key industries, particularly the liquor industry and non-liquor sectors [1][2]. Group 1: Industrial Growth Targets - Zunyi aims for a 6.5% growth in industrial added value for the year 2026, marking the beginning of the 14th Five-Year Plan [1]. - During the 13th Five-Year Plan, Zunyi's total industrial output exceeded 200 billion yuan, with industrial added value surpassing 100 billion yuan, achieving an average annual growth rate of over 10% [1]. Group 2: Industrial Structure and Focus - The city is focusing on a dual strategy of stabilizing the liquor industry while promoting breakthroughs in non-liquor industries, with a goal to increase the non-liquor industry's share by approximately 1 percentage point [1]. - Zunyi is reinforcing its advantages in the sauce-flavored liquor industry by supporting 110 enterprises, including Moutai and Xijiu, to stabilize production and expand markets [1]. Group 3: Development Zones and Industrial Clusters - Zunyi has established 2 national-level and 13 provincial-level development zones, with significant contributions to industrial output, where over 90% of industrial output comes from these zones [2]. - Recent upgrades of Wuchuan and Daozhen industrial parks to provincial-level development zones highlight the city's commitment to enhancing industrial growth [2].

Core Insights - Many companies view Chapter 11 bankruptcy as an opportunity for financial restructuring and negotiation with creditors, which can lead to recovery and growth [1][2] - However, a significant number of companies do not successfully emerge from bankruptcy, with only 53% of those filing between 2005-2016 completing reorganization [3] Company-Specific Insights - Cotton House Brewery filed for Chapter 11 bankruptcy with hopes of restructuring and continuing operations, expressing optimism in their public statements [4][5] - Despite initial hopes, Cotton House Brewery ultimately decided to close its doors due to insurmountable financial challenges, highlighting the difficulties faced in the brewery industry [6][7] Industry Insights - The brewery industry is currently experiencing rising costs and declining demand, exacerbated by tariffs that have increased packaging expenses [7] - The closure of well-known beer brands indicates a broader trend of financial struggles within the industry [7]

Group 1: Sapporo Holdings - Sapporo Holdings is nearing a definitive agreement to sell its real estate business, including the Yebisu Garden Place complex, to a consortium led by KKR and PAG for approximately ¥400 billion ($2.7 billion) [2][3][9] - This strategic divestment is driven by investor pressure for enhanced capital efficiency and a focus on the core beverage business [3][9] Group 2: Australian Critical Minerals - Australian critical minerals stocks are experiencing a significant surge, particularly in copper production, due to strong global demand and supply constraints [4][9] - Recent supply disruptions, such as incidents at the Grasberg mine in Indonesia and El Teniente mine in Chile, have tightened global copper supply, benefiting Australian producers [5][9] Group 3: Rio Tinto - Rio Tinto reported a 54% year-on-year increase in copper output from its Oyu Tolgoi mine in Mongolia during the first half of 2025, contributing to a 69% rise in group copper earnings to $3.1 billion [6][9] - The overall copper production for Rio Tinto increased by 16% to 438,000 tonnes during the same period [6][9] Group 4: ASX Market Dynamics - The gains in the mining sector have contributed to a 0.3% increase in the broader ASX 200 index [7][9] - The ASX is preparing for increased competition in the market, particularly from players like Cboe [7][9]

Economic Activity in Eurozone - France's private sector continues to contract, with HCOB Composite PMI at 48.1, down from 48.4 and August's 49.8, indicating a five-month low driven by weak customer demand and declining new orders [2][7] - Italy's service sector shows significant growth, with HCOB Services PMI rising to 52.5, marking the fastest growth since May, while manufacturing PMI fell to 49.0, indicating a contraction [3][7] Kurdish Oil Exports - Kurdish oil exports from Iraq have resumed after a 30-month halt, with initial volumes expected between 190,000 and 230,000 barrels per day, potentially scaling up to 400,000-500,000 bpd [4][5][7] - The suspension had resulted in estimated losses exceeding $35 billion for Iraq, and ongoing discussions aim to establish long-term agreements beyond December 31, 2023 [5] Cyberattack on Asahi Group - Asahi Group Holdings faces a severe supply crisis for Asahi Super Dry beer due to a cyberattack, halting production at most factories and threatening imminent shortages [6][8] - The crisis has led to a 12% drop in Asahi's shares, with retailers warning of shortages and restaurants considering switching to rival brands [8] Germany's Defense Initiatives - Germany is reinforcing its defense capabilities amid European security concerns, emphasizing accelerated defense procurement and a potential unified European defense industry [9] - The focus on strengthening national and continental defense follows a significant shake-up in the German Defence Ministry, with calls for faster action to improve procurement processes [9]

Industry Trend - Beer and music pairings are a popular trend [1] - Bands are collaborating with breweries on beers, hop waters, and other drinks [1] Marketing & Sales - These collaborative drinks are sold at shows and stores [1]

Core Insights - Montauk Brewing Co. and Faherty have partnered to create a limited-edition summer beer and apparel collection that reflects the essence of coastal living [1][2] - The collaboration celebrates Montauk Brewing's 13th anniversary with a new tropical beer called The Après Surf Beer, featuring pineapple and coconut flavors [2][4] - The partnership aims to enhance community engagement through a beach cleanup event in collaboration with the Eastern Long Island Chapter of Surfrider Foundation [6] Company Overview - Montauk Brewing Company was founded in 2012 and focuses on crafting exceptional brews while promoting a lifestyle of adventure and enjoyment [8] - Tilray Brands, Inc. is a global lifestyle and consumer packaged goods company with a diverse portfolio, including cannabis, beverages, and wellness products [10] - Faherty, established in 2013, is a family-owned brand committed to sustainable craftsmanship and social impact, with over 78 stores nationwide [12]

Market Overview - The three major A-share indices collectively adjusted today, with the Shanghai Composite Index down 0.07%, the Shenzhen Component Index down 0.47%, and the ChiNext Index down 0.84% [1] - The total market turnover was 1,091.6 billion, a decrease of 189.2 billion compared to the previous day [1] - Over 3,600 stocks in the market closed in the red [1] Sector Performance - The liquor, photovoltaic equipment, and solid-state battery sectors saw the largest gains [1] - The brain-computer interface and short drama gaming sectors experienced the most significant declines [1] Notable Stocks - The port and shipping sector rebounded, with Ningbo Marine (600798) and Xingtong Co. (603209) hitting the daily limit [1] - The solid-state battery sector was active, with Haike Energy, Nord Co. (600110), and Xiangtan Electric (002125) also hitting the daily limit [1] - Photovoltaic concept stocks performed well, with Saiwu Technology (603212) and GCL-Poly Energy (002506) reaching the daily limit [1] - Liquor stocks rebounded, with Huangtai Liquor (000995) hitting the daily limit, and Yingjia Gongjiu (603198) and Jinzhongzi Liquor (600199) rising over 5% [1] - Stablecoin concept stocks were partially active, with Chutianlong (003040) experiencing a significant rise and Annie Co. (002235) hitting the daily limit [1] - The brain-computer interface sector saw declines, with Aipeng Medical (300753) dropping over 10% [1] - The short drama gaming concept stocks collectively adjusted, with Yuanlong Yatu (002878), Chuanwang Media (300987), Zhongwen Online (300364), and Huanrui Century (000892) all falling over 5% [1]