中国白酒追踪：茅台、五粮液批发价跌幅收窄；绍兴宴席受政策拖累情况有所缓解-China Spirits Tracker_ Moutai_Wuliangye wholesale price decrease narrowed; Mitigating policy drag on banquets in Shaoxing

8 September 2025 | 8:25PM HKT Leaf Liu +852-3966-4169 | leaf.liu@gs.com Goldman Sachs (Asia) L.L.C. Christina Liu +852-2978-6983 | christina.liu@gs.com Goldman Sachs (Asia) L.L.C. Valerie Zhou +852-2978-0820 | valerie.zhou@gs.com Goldman Sachs (Asia) L.L.C. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider t ...