Huatai Securities: Baijiu Market Shows Flat Performance During Mid-Autumn and National Day Holidays; Industry Differentiation Continues

36Kr reports that Huatai Securities' research note indicates the overall baijiu market performance was flat during this year's Mid-Autumn Festival and National Day holidays, with industry differentiation persisting. By scenario, business banquets, high-end gifting, and large corporate purchases remain weak, while personal gifting, family gatherings, and mass-market feasts show relative support; by price band, Feitian Moutai, Moutai 1935, and select regional liquor bestsellers lead performance, whereas the mid-to-high-end business segment faces significant pressure. The trend of demand concentrating on top brands and leading products continues. Local inventory reduction helps alleviate channel operational pressures, but the industry's demand turning point requires continued monitoring, with attention needed on real bottle-opening rates, post-holiday restocking, and progress in channel profit recovery. Looking ahead, major liquor enterprises have prioritized long-term healthy development during this adjustment cycle, with financial statement pressures clearing rapidly; the industry is expected to steadily enter a phase of benign recovery. Investors are advised to focus on high-quality leaders showing signs of bottom reversal.