中国白酒追踪-市场情绪从低位回升，需求仍在逐步改善；茅台 - 五粮液批发价走弱-China Spirits Tracker_ Market sentiment recovering from low, demand still improving gradually; Moutai_Wuliangye wholesale price weakens

25 August 2025 | 3:47PM HKT China Spirits Tracker: Market sentiment recovering from low, demand still improving gradually; Moutai/Wuliangye wholesale price weakens We have recently observed market sentiment rotation to laggards as investors take a "worst is over" stance on the spirits space (ie. sequential normalization of anti-graft policy impact), with the spirits P/E gap vs. A-share P/E approaching a decade low at c.2-3x (18% premium vs. last decade average at 103%, see Exhibit 1) and Northbound fund flo ...