Core Viewpoint - The article discusses the recent price increases of Moutai liquor and the company's new volume control policy aimed at stabilizing the market and enhancing profitability [1][2]. Price Changes - On December 24, the wholesale reference price for 25-year Flying Moutai in original boxes rose to 1600 yuan per bottle, an increase of 40 yuan from the previous day; the price for scattered bottles also increased by 40 yuan to 1590 yuan [1][2]. - The 24-year Flying Moutai in original boxes is now priced at 1630 yuan, up 30 yuan, while scattered bottles are at 1615 yuan, up 35 yuan [1][2]. - The price for 23-year Flying Moutai remains stable at 1800 yuan for original bottles and 1700 yuan for scattered bottles [2]. Volume Control Policy - Guizhou Moutai has implemented a volume control policy that includes short-term and long-term measures. In December 2025, the company will stop supplying all Moutai products to distributors until January 1, 2026 [2]. - The long-term structural reform will involve a significant reduction in non-standard product quotas starting in 2026, aimed at decreasing the supply of products that reduce distributor profits [2]. Market Response - A representative from Guizhou Moutai stated that the company emphasizes demand-driven strategies and protects channel resilience, with product distribution based on terminal sales performance [3]. - The recent decline in Flying Moutai prices was attributed to platform subsidies and promotional pricing strategies, but prices have since rebounded [3].

Core Viewpoint - The market shows mixed performance with fluctuations in major indices, indicating a potential early start to the spring market driven by policy and technological catalysts [1][16]. Market Performance - The three major indices exhibited varied results, with the Shanghai Composite Index closing at 3900.50 points, down 0.23%, while the Shenzhen Component Index rose 0.29% to 13316.42 points [2][16]. - Over 2800 stocks declined, indicating a broader market weakness despite some sectors showing strength [2][16]. Sector Highlights Real Estate Sector - The real estate sector saw a rebound, with stocks like Vanke A and others hitting the daily limit [6][19]. - Data from the Shanghai E-House Real Estate Research Institute revealed that the cumulative transaction of second-hand homes in four first-tier cities reached 519,000 units by November, surpassing the same period in 2024 [6][19]. Hainan Sector - The Hainan Free Trade Zone and related stocks performed strongly, with Shennong Agriculture hitting the daily limit and other stocks like Xinhong Holdings and Luoniushan also performing well [4][18]. Consumer Sector - The consumer sector showed localized activity, particularly in retail, with stocks like Yonghui Supermarket and Central Plaza reaching their daily limits [2][16]. Education Sector - The education sector experienced a late surge, with stocks like Zhonggong Education hitting the daily limit [2][16]. Downward Trends - The consumer electronics sector faced adjustments, with Furong Technology leading the decline [2][16]. - The banking sector showed weakness, with China Merchants Bank experiencing notable declines [2][16]. Institutional Insights - Guotai Junan believes multiple factors support the performance of Chinese equities, maintaining a tactical overweight view on A/H shares, anticipating a more proactive economic policy as the 14th Five-Year Plan begins [11][22]. - Huachuang Securities noted a rebound in export growth in November, supported by resilient demand and a significant recovery in new export orders across manufacturing sectors [11][22].

今日酒价披露的批发参考价显示，12月10日， 25年飞天茅台散瓶较前一日下跌15元，报1500元/瓶。 25年飞天茅台原箱较前一日维持不变，报1520 元/瓶。 ...

格隆汇11月27日｜今日酒价披露的批发参考价显示，11月27日，25年飞天茅台散瓶批价较前一日下跌10 元，报1590元/瓶。25年飞天茅台原箱较前一日下跌10元，报1600元/瓶。 ...

Core Viewpoint - The latest wholesale reference prices for liquor indicate an increase in the prices of 25-year Flying Moutai, with the original box priced at 1670 RMB per bottle and the loose bottle at 1655 RMB, reflecting daily increases of 10 RMB and 15 RMB respectively [1] Price Summary - On November 14, the wholesale price for a 25-year Flying Moutai original box is reported at 1670 RMB per bottle, which is an increase of 10 RMB from the previous day [1] - The price for a 25-year Flying Moutai loose bottle is reported at 1655 RMB per bottle, showing a rise of 15 RMB from the previous day [1]

Core Viewpoint - The latest wholesale reference prices for liquor indicate an increase in the prices of 25-year Flying Moutai, with the original box priced at 1,670 RMB per bottle, up by 10 RMB from the previous day, and the loose bottle priced at 1,655 RMB, up by 15 RMB from the previous day [1] Price Summary - The price of 25-year Flying Moutai original box is reported at 1,670 RMB per bottle, reflecting a daily increase of 10 RMB [1] - The price of 25-year Flying Moutai loose bottle is reported at 1,655 RMB per bottle, reflecting a daily increase of 15 RMB [1]

Group 1 - The wholesale reference price for 25-year Flying Moutai has decreased by 20 yuan, now priced at 1735 yuan per bottle [1] - The wholesale price for 25-year Flying Moutai in loose bottles has dropped by 15 yuan, now at 1715 yuan per bottle [1] - The wholesale price for 24-year Flying Moutai in original boxes has also decreased by 20 yuan, now priced at 1800 yuan per bottle [1] - The price for 24-year Flying Moutai in loose bottles has fallen by 10 yuan, now at 1750 yuan per bottle [1]

今日酒价披露的批发参考价显示，10月26日，25年飞天茅台原箱较前一日下跌5元，报1755元/瓶；25年 飞天茅台散瓶较前一日持平，报1730元/瓶。（新浪财经） ...

Core Viewpoint - The wholesale reference price for 25-year Flying Moutai has decreased, indicating potential fluctuations in the premium liquor market [1] Price Summary - On October 25, the wholesale price for a case of 25-year Flying Moutai dropped by 10 yuan, now priced at 1760 yuan per bottle [1] - The price for a single bottle of 25-year Flying Moutai remains unchanged at 1730 yuan [1]

Core Viewpoint - The latest wholesale reference prices for liquor indicate that the price of 25-year Feitian Moutai remains stable as of October 18, with the original box priced at 1780 yuan per bottle and the loose bottle at 1750 yuan per bottle, showing no change from the previous day [1] Price Summary - On October 18, the wholesale price for 25-year Feitian Moutai in original boxes is reported at 1780 yuan per bottle, unchanged from the previous day [1] - The price for 25-year Feitian Moutai in loose bottles is reported at 1750 yuan per bottle, also remaining stable compared to the previous day [1]