There will be more serious updates going forward.

Mainly, I’ll look at company hotspots and earnings reports.
Turning things around isn’t easy—you have to work hard to earn the money back.

After the valuation history bottom in the liquor spirits industry was published last week,
the new tech stocks pulled back, and liquor spirits began to rebound.
Then the next new tech flagship is set to list immediately.

Moutai was also surpassed by SMIC, becoming the valuation #2.
Wuliangye released a guidance for profit growth.
But its year-over-year profit doubling is actually meaningless,
because it only recovers to less than half of the normal level in 2024.

Moutai’s first profit growth rate decline in 2025—
the more than 20-year growth miracle comes to an end here.

In the past, liquor spirits didn’t face the pressure of destocking—when the goods came out, they were sold.
Now, the situation is that they can’t be sold.

But Moutai has already reached the tail end of clearing channels.
Inventories are generally below 1 month.
The market has already priced in the ending of this miracle in advance.

When Moutai’s inventory price started falling,
it stopped shipments and cleared inventory as early as late 2024.
Price cuts began in early 2026.

The “Feitian” Moutai batch price has fallen
from 3,000 yuan in 2022,
all the way down to the 1,450–1,650 yuan range.

Currently, the leading stock Moutai is basically close to finishing this cycle,
but its #2, Wuliangye, is still in the early stage of destocking.

In China, when interest rates are still at 4.8%, it remains very attractive.
In the liquor spirits “hunting” positions, you can at least hold until next year’s Spring Festival.
In my view, this valuation range can even be treated as an alternative to bonds.