Liquor stocks surge higher, with Jiu Gui Liquor, Kweichow Moutai and others rallying

Alcohol stocks surged during trading on the 16th. As of the latest report, Huangtai Liquor rose over 7%, hitting the daily limit at one point; Jiugui Liquor increased nearly 4%, while Kweichou Moutai and Shede Spirits rose close to 3%.

Xiangcai Securities believes that by the third quarter of 2025, only a few major listed white wine companies will see slight revenue growth, indicating that the industry’s development paradigm is shifting from pure scale expansion to a stage of limited total volume and structural optimization. This change is not only cyclical fluctuation but also a key point for restructuring growth logic, upgrading brand value, and adjusting corporate strategies. The industry landscape may undergo a reshuffle. In the face of significant industry changes, leading liquor companies are proposing different response strategies. The white wine industry in 2026 is more likely to follow a “low first, then high, with inventory bottoming out before financial reports, and then price and valuation resonance” weak recovery path, rather than a rapid reversal like in 2016.

Guojin Securities states that the current valuation of the white wine sector is promising, with a considerable win rate under low expectations, especially during a window when market risk sentiment is affected by external risks. Forward-looking signals from PPI, M1, and other indicators suggest demand for white wine may be catalyzed from the top down even during off-peak seasons after the holiday. With the continued implementation of policies against internal competition, corporate ROE is expected to improve, which will translate into increased corporate hospitality expenses and improved residents’ income expectations. The industry’s turning point is gradually approaching.