Core Viewpoint - The company has paused the shipment of its 1499 Flying Moutai to guide market demand and create space for other products, rather than due to price drops or sales volume concerns [1][5]. Market Situation - The 1499 Flying Moutai has become extremely popular among consumers, often selling out within seconds on e-commerce platforms, leading to an over-concentration of demand that suppresses sales of other product lines [3][5]. - Other series like Moutai 1935 and the "Walk into Five Nations" series are struggling to gain consumer attention due to the dominance of the Flying Moutai [3]. Strategic Intent - The company's decision to pause the shipment is aimed at restructuring the market dynamics and reducing reliance on the Flying series, thereby enhancing the scarcity perception of the product [5][7]. - By creating a sense of scarcity, the company can boost sales of other high-end products and increase overall profit margins [5][7]. Brand Positioning - This strategy is part of a broader effort to elevate the brand's high-end positioning, shifting consumer focus towards relatively higher-priced new products [7]. - The temporary halt in Flying Moutai shipments is seen as a clever marketing maneuver to enhance brand image and consumer interest in other premium offerings [7]. Long-term Viability - While the strategy may yield short-term benefits, its long-term effectiveness in balancing demand across different product lines remains uncertain, as consumer preferences can be unpredictable [8]. - The company’s ability to navigate between short-term control and long-term strategy will be crucial for sustaining brand value [8].

Core Insights - The 2025 "618" e-commerce event has set a record for its duration, lasting 37 days from May 13 to June 18, but has seen a decline in consumer enthusiasm and merchant participation compared to previous years [2][3] E-commerce Trends - The current "618" event is characterized by a focus on straightforward discount rules, replacing complex "full reduction" strategies with simpler "direct discounts," aiming to stimulate consumption [3] - Major beneficiaries of this year's "618" include home appliances and consumer electronics, while the white wine category has notably lost its previous popularity [3][4] White Wine Market Dynamics - White wine sales have not featured prominently in the initial sales reports, indicating a significant drop in consumer interest [3][4] - The overall transaction volume for white wine on platforms like Meituan has seen a dramatic increase, with a reported 200-fold growth year-on-year, but this is contrasted by a general decline in participation from white wine merchants [4][8] Merchant Sentiment - Many white wine merchants are losing interest in participating in major e-commerce promotions like "618," preferring to focus on regular promotions or traditional holiday sales [8][9] - The sentiment among merchants is that the extended duration of "618" has diluted its promotional impact, leading to a lack of excitement and lower expectations for sales outcomes [8][9] Pricing and Supply Control - The white wine industry is experiencing a trend of supply control, with manufacturers tightening online supply to stabilize prices, following previous price instability during past promotions [9][10] - Prices for major brands have been observed to decrease during the "618" event, with significant discounts being offered across various platforms [10][13] Conclusion - The white wine sector is facing challenges in adapting to the evolving e-commerce landscape, with a shift in focus towards regular sales strategies rather than reliance on large promotional events [8][9]

Group 1 - Southbound funds net bought Hong Kong stocks worth 35.78 billion HKD on May 28, with notable purchases including Meituan-W (10.74 billion HKD), China Mobile (5.97 billion HKD), and CNOOC (5.64 billion HKD) [1] - Southbound funds have continuously net sold Alibaba for 7 days, totaling 46.8408 billion HKD, while net buying Meituan for 9 consecutive days, amounting to 89.4159 billion HKD [1] Group 2 - Meituan's flash sale event for the 618 promotion saw overall sales of liquor exceed 300 million HKD within 12 hours, achieving over 200 times growth compared to last year [3] - CNOOC announced the safe production launch of its Mero4 project in Brazil, which includes 12 development wells and utilizes a traditional deepwater oil field development model [3] - Nomura's report on SMIC indicated strong local demand in Q1, but average selling prices (ASP) were negatively impacted, with a projected revenue decline of 4-6% in Q2 [3]