Feitian Moutai officially announces price increase, is the bottom of the liquor market approaching? The eating and drinking sector's valuation remains at a historic low, and institutions suggest it may be worth actively monitoring.

Gfeitian Moutai officially announces a price increase! On March 30, Guizhou Moutai Co., Ltd. stated in its announcement that, effective from March 31, 2026, the sales contract price of Feitian Moutai Liquor 53% ABV, 500 mL Guizhou Moutai Liquor (2026) from 1169 yuan per bottle adjusts to 1269 yuan per bottle, and the retail price in its own retail system from 1499 yuan per bottle adjusts to 1539 yuan per bottle.

Some analysis suggests that this is happening right after the Spring Festival during a relatively quieter small off-season period. Moutai’s modest adjustment upward of its official price, helps stabilize the pricing system, and maintain channel and market confidence; it can also coordinate with the iMoutai APP’s direct sales to expand volume, reshaping the anchoring role of the “official guidance price” and regaining pricing dominance from the source. In the context of high-end baijiu prices generally pulling back, Moutai’s modest price increase is a “signals-advance while stabilizing” move that is beneficial for offsetting downward market expectations and maintaining the brand’s own high-end value.

Other analysis believes that this “double pricing adjustment at the same time” is a landmark move indicating that Moutai’s market-oriented reform has entered the deep-water zone. In the short term, it helps the company repair channel profits and improve operating conditions; in the long term, it means Moutai is shifting away from reliance on channel stockpiling—the “scarcity myth”—toward a “healthy market” driven by real consumption, making it closer to consumers. For the industry, Moutai’s price increase may also be a positive bottoming-out signal, which is conducive to driving the high-end baijiu price range to recover.

From a valuation perspective, in the food and beverage sector, valuations are still at relatively low levels. Data show that as of yesterday (March 30) at closing, the Huabao Food and Beverage ETF (515710)’s benchmark index’s sub-food index P/E ratio is 19.43 times, which is at the low end in the 2.54% percentile over the past 10 years, highlighting the attractiveness of mid-to-long-term allocation on a cost-performance basis.

Looking ahead, Kaiyuan Securities stated that both market expectations and valuations for the food and beverage sector are currently at low levels; the intention of future capital allocation is likely to rebound significantly, and you may consider paying proactive attention. For sub-sectors, regarding baijiu, it is recommended to prioritize industry-leading targets; for consumer staples, focus on three main lines: first, the snack sector with improving mid-term cyclical conditions; second, pay attention to the raw milk and dairy products industry; third, the restaurant supply chain sector may benefit from the continued recovery of restaurant scenarios.

One-click allocation to the core assets of the food and beverage sector, with key focus on Huabao Food and Beverage ETF (515710). According to statistics by the China Securities Index Company, Huabao Food and Beverage ETF (515710) tracks the CSI Sub-Food and Beverage Industry Thematic Index; the allocation ratio of baijiu leaders is close to 60%. The top ten weight stocks include “Mao Wu Lu Fen Yang”, Yili股份, Haitian Flavor Industry, etc. Off-exchange investors can also build a position in the core assets of the food and beverage sector through Huabao Food and Beverage ETF Connect Fund (A share 012548/C share 012549).

Note: When investors apply for subscription or redemption of fund shares, subscription and redemption agent securities firms may charge commissions of no more than 0.5% as the standard, which includes the relevant fees charged by the stock exchanges, registration institutions, and so on. For fund fee rates, please refer to the fund legal documents.

Source: Shanghai and Shenzhen stock exchanges, etc., as of 2026.03.30. Reminder: Recent market volatility may be relatively large, and short-term price fluctuations do not indicate future performance. Investors should make rational investment decisions based on their own financial situation and risk tolerance, and pay close attention to position sizing and risk management.

Risk warning: Huabao Food and Beverage ETF passively tracks the CSI Sub-Food and Beverage Industry Thematic Index. The index base date is 2004.12.31, and it was published on 2012.4.11. The composition of the index constituent stocks is adjusted from time to time according to the index compilation rules, and its backtested historical performance does not predict the index’s future performance. The individual stocks mentioned in this article are only objectively listed as index constituent stocks and do not constitute any recommendation for any individual stock; they do not represent the fund manager and the direction of the fund’s investment. Any information appearing in this article (including but not limited to individual stocks, commentary, forecasts, charts, indicators, theories, any form of statements, etc.) is for reference only; investors are responsible for any investment decisions they make independently. In addition, any opinions, analyses, and forecasts in this article do not constitute any form of investment advice to readers, nor do they bear any responsibility for direct or indirect losses arising from the use of this article’s content. Investors should read fund legal documents such as the “Fund Contract,” “Prospectus,” and “Fund Product Information Summary” carefully, understand the risk-return characteristics of the fund, and choose products that are suitable for their own risk tolerance. Past performance of the fund does not predict its future performance; the performance of other funds managed by the fund manager does not constitute a guarantee of fund performance. Based on the fund manager’s assessment, the risk level of Huabao Food and Beverage ETF is R3—medium risk. It is suitable for balanced investors (C3) and above; for the appropriateness matching opinions, please refer to the sales institutions. Sales institutions (including the fund manager’s direct sales institutions and other sales institutions) conduct risk assessments of the above fund based on relevant laws and regulations. Investors should promptly pay attention to the appropriateness opinions issued by the fund manager. The appropriateness opinions of different sales institutions do not necessarily agree with each other, and the risk level evaluation results of fund products issued by sales institutions must not be lower than the risk level evaluation results made by the fund manager. Differences exist in the fund contract regarding fund risk-return characteristics and fund risk levels because factors considered are different. Investors should understand the fund’s risk-return situation, make a cautious selection of fund products in combination with their investment objectives, time horizon, investment experience, and risk tolerance, and bear risks themselves. The registration of the above fund by the China Securities Regulatory Commission does not indicate any substantive judgment or guarantee regarding the investment value, market prospects, and returns of this fund. Fund investing involves risks and you should proceed with caution.

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