Group 1 - The new product from Kweichow Moutai, a 53-degree, 1.1L bottle commemorating the 110th anniversary of the Panama International Exposition, sold out instantly on the iMoutai app at a price of 11,000 yuan per bottle [1] - A previous commemorative product, the 70th anniversary of the Five-Star Trademark, was sold at 7,000 yuan per bottle and also sold out in 2 minutes, with its price later peaking at 13,500 yuan before dropping to 7,900 yuan [4] - Overall, Moutai prices have been on a downward trend this year, with the 2025 vintage 53-degree 500ml Moutai dropping below key price points, recently reported at 1,530 yuan per bottle, down 5 yuan from the previous day [4][5] Group 2 - The Chinese liquor industry is facing increased inventory pressure, with average inventory turnover days reaching 900 days, a 10% year-on-year increase [4] - Demand for liquor has decreased by 20% to 30% during the recent Mid-Autumn and National Day holidays, with inventory levels rising by 10% to 20% [4] - Companies are implementing measures to alleviate channel pressure, such as Wuliangye offering subsidies to distributors, effectively lowering the price of its core product [6] Group 3 - Despite a generally low sentiment in the liquor sector, some brokerages suggest looking for bottoming opportunities, with Guotai Junan Securities highlighting improving sales feedback and a favorable policy environment [6] - Kaiyuan Securities notes that the liquor sector is at a dual bottom in terms of valuation and expectations, indicating potential for strategic investment [7]