Industry destocking continues to advance, baijiu sector rallies against the trend, Huangtai Liquor hits daily limit

NightAirdropper · 2026-03-16T10:13:08+00:00

On March 16, the liquor sector reversed trends and rallied intraday, with Huangtai Liquor (000995.SZ) hitting the daily limit, followed by gains in Jinhui Liquor (603919.SH), Jiugui Liquor (000799.SZ), Kweichow Moutai (600519.SH), Jinzhongzi Liquor (600199.SH), and Shede Liquor (600702.SH).On the news front, a China Golden Securities food and beverage research report noted that Kweichow Moutai has implemented a non-standard product agency sales policy, with industry pricing showing signs of bottoming out simultaneously. With the arrival of a low-base window and solid post-Chinese New Year C-end consumer demand, industry destocking continues to advance and is expected to gradually stabilize.A CITIC Securities research report stated that the current valuation of the liquor sector has retreated to near 10-year historical lows, with the CSI Liquor Index PE-TTM at only approximately 17x, at the lower percentile over the past 10 years. Combined with smooth sales momentum during Chinese New Year, gradually improving channel inventory, and high dividend support providing a floor, the safety margin is sufficient, and medium-to-long-term allocation value is becoming prominent.

NightAirdropper

2026-03-16 10:13:08

On March 16, the liquor sector reversed its trend and surged during trading, with Huangtai Liquor (000995.SZ) hitting the daily limit. Jinhui Liquor (603919.SH), Jiugui Liquor (000799.SZ), Kweichow Moutai (600519.SH), Jinzhongzi Liquor (600199.SH), and Shede Spirits (600702.SH) also rose.

On the news front, Guojin Food & Beverage Research report pointed out that Kweichow Moutai has implemented a non-standard product resale policy, and industry price stabilization signs are emerging. With the arrival of a low-base period and good consumer reception during the Spring Festival, industry destocking continues to advance and is expected to gradually stabilize.

CITIC Construction Investment Securities research report states that the valuation of the liquor sector has fallen to its lowest level in nearly 10 years. The CSI Liquor Index PE-TTM is only about 17 times, at a 10-year low. Coupled with stable sales during the Spring Festival, gradually improving channel inventories, and high dividend support, the sector has ample safety margins. The medium- to long-term allocation value is prominent, with significant room for valuation recovery, making it worth close attention and strategic positioning.

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